IT & Healthcare Stocks Rally

Tue, 27 Sep 01:30 pm

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<>The Indian stock market is trading marginally higher during the post-noon trading session despite mixed global markets. Major sectoral indices are trading on mixed note with stocks from capital goods, oil & gas witnessing maximum selling pressure while IT & healthcare leading the pack of gainers.

The BSE Sensex is trading higher by 50 points (up 0.2%) while the NSE Nifty is trading higher by 19 points (up 0.2%). The BSE Mid Cap index is trading up by 0.4% and BSE Small Cap index is trading up by 0.6%. Gold prices, per 10 grams, are trading at Rs 31,149 levels. Silver price, per kilogram is trading at Rs 46,335 levels. Crude oil is trading at Rs 3,046 per barrel. The rupee is trading at 66.45 to the US$.

Pharma stocks are trading on a mixed note with Orchid chemicals and Elder Pharma leading the gains. As per an article in The Hindu Business line, Pfizer announced that it has completed the process of transferring four products to Piramal Enterprises after getting necessary regulatory approvals.

Reportedly, the deal, valued at Rs 1.1 billion, was first struck in May this year when Piramal Enterprises agreed to buy Ferradol, Neko, Sloan's and Waterbury's compound from Pfizer. Presently, Pfizer has completed its transaction with requisite formalities and receipt of necessary regulatory approvals for the transaction.

The collective market size of these brands is estimated at Rs 70 billion. Moreover, the deal also included trademark rights for Ferradol and Waterbury's Compound in Bangladesh and Sri Lanka, the reports noted.

Meanwhile, Piramal Enterprises is also looking forward to buy OTC business of Morepen Laboratories. One must note that, the consumer products division of the company currently ranks 7th in India. The deal is seen as a move by the Piramal to strengthen its Over the Counter (OTC) products portfolio. Larger Indian companies such as Piramals and Dr Reddy's Laboratories are acquiring OTC brands in India and abroad to strengthen their presence.

As the M&A activity has been heating up globally, the M&A activity in the Indian pharma space has been on the rise in recent times. At the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for going forward.

Moving on to the news from power sector. As per an article in a leading financial daily, NTPC is planning to raise US$500-US$700 million in Masala bonds from the financial markets in London, Hong Kong and Singapore from November this year. The masala bonds are rupee denominated bonds where the investor takes the currency fluctuation risk while the borrowers don't bear the risk.

Reportedly the capital raised will be used for several projects under construction. The bonds will be listed on Singapore Exchange (SGX).

Radhika Pandit, Managing Editor of ValuePro has spoken about how firms are looking to tap cheap funds from overseas market through masala bonds (Subscription Required) in one of the edition of The 5 Minute WrapUp.

Notably, NTPC had also raised more than US$ 300 million in August this year through Green Masala bonds for solar projects. We have recently pointed out that a few of the solar projects are already running into financial troubles. Can we rule out a similar fate for the other solar projects? Click here to read more.

NTPC also expects to raise US$835 million from overseas markets. Domestically, it expects US$2.12 billion to support its capital outlay in 2016-17, the reports noted. NTPC's annual capital expenditure (Subscription Required) is more than US$4.5 billion for FY2016-17, most of which will be raised through financial markets.

NTPC was trading down by 0.3% at the time of writing.

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