Sensex Trades Marginally Lower, Dow Futures Up by 50 Points

Fri, 17 Sep 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 24 points, down 0.04%, at 59,117 levels.

Meanwhile, the NSE Nifty is trading down by 32 points.

Bajaj Finserv and Kotak Bank are among the top gainers today. Tata Steel and Coal India are among the top losers today.

The BSE Mid Cap index is trading down by 1.1%

The BSE Small Cap index is trading down by 1.4%.

On the sectoral front, stocks from the metal sector are witnessing most of the selling pressure.

On the other hand, stocks from the software sector are witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 11 points (up 0.1%) while Dow Futures are trading up by 50 points (up 0.1%).

The rupee is trading at 73.48 against the US$.

Gold prices are trading up by 0.1% at Rs 46,130 per 10 grams.

Gold prices struggled in Indian markets today after a sharp fall in the previous session. On MCX, gold futures were down slightly to Rs 46,050 per 10 grams. In the previous session, gold had dropped 1.7% or Rs 807 per 10 grams, extending its fall to Rs 1,200 in three days.

In global markets, spot gold rates were flat at US$ 1,754.9 per ounce after a sharp fall in the previous session. A firmer dollar hurt the allure of gold for holders of other currencies.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock-specific news...

Among the buzzing stocks today is Kotak Mahindra Bank.

Kotak Mahindra Bank announced that it has acquired the vehicle financing loan portfolio of Volkswagen Finance (VWFPL), Volkswagen Group's Indian captive financing arm.

Kotak Mahindra Prime (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, while Kotak Mahindra Bank (KMBL) will acquire the commercial vehicles portfolio of VWFPL.

With this, the company will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 13.4 bn.

The acquired loans are classified as 'Standard Loans' as per the current Reserve Bank of India (RBI) guidelines. In addition to the standard loans, Kotak has also acquired the non-performing assets portfolio of VWFPL.

D Kannan, Director of Kotak Mahindra Prime said,

• The strategic intent behind this acquisition is to further strengthen Kotak's vehicle financing loan portfolio and expand our market share. VWFPL has been operating in the country since 2009 and during this time has built a strong customer portfolio.
  
  The long-term growth prospects of the Indian vehicle market are very attractive and this acquisition reinforces Kotak's standing as one of the leading vehicle financing players.

Kotak Mahindra Bank is an Indian banking & financial services company. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Kotak Mahindra Bank shares were trading up by 2.6% on the BSE.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani talks about a critical aspect of trading, in his latest video for Fast Profits Daily.

Moving on to news from the pharma sector...

Biocon Biologics, Serum Institute Life Sciences Announce Strategic Alliance

Biocon Biologics (BBL), a subsidiary of Biocon, and Serum Institute Life Sciences (SILS), a subsidiary of Serum Institute of India, have announced a strategic alliance under which BBL will receive access to 100 m doses of vaccines per annum for 15 years in return for an equity stake to SILS.

Under the terms of the agreement, BBL will offer a 15% stake to SILS, at a post-money valuation of US$ 4.9 bn.

BBL will also generate a committed revenue stream and related margins from the second half of the financial year 2023. Adar Poonawalla will have a seat on the board of Biocon Biologics.

In addition to vaccines, the strategic alliance will develop antibodies targeting several infectious diseases like Dengue, HIV, etc.

The two companies will enter Service Level Agreements (SLAs) to manufacture and distribute the vaccines and antibodies. Vaccines are a complementary business fit to BBL and provide a new dimension to improving global healthcare.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics, said,

• This alliance will complement the strengths and resources of the two leading players in vaccines and biologics. Our shared vision of building large scale businesses having global impact makes it a unique and synergistic value creation opportunity.

Biocon Biologics will also establish, at its cost, a vaccine research and development (R&D) division to support the strategic alliance in developing both vaccines and biologics for communicable diseases.

How this collaboration pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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