Sensex Deep in Red; Realty & Metal Stocks Hit the Most

Thu, 13 Oct 01:30 pm

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Indian share markets continued to witness heavy selling pressure in the noon session amid weak global markets. All the sectoral indices are trading in red with realty, metal and FMCG stocks leading the losses. Share price of TCS has dropped almost 2% ahead of its September quarter result.

The BSE Sensex is trading lower by 427 points and the NSE Nifty is trading lower by 132 points. The BSE Mid Cap index & the BSE Small Cap index are trading down by 1.8% each. The rupee is trading at 66.55 to the US$.

According to an article in the Livemint, the central government has asked state-owned Oil and Natural Gas Corp. (ONGC) and Oil India Ltd to appraise the hydrocarbon potential of previously unexplored sedimentary basins spread across 23 states. This accounts for about half of the total acreage in the country with possible fossil fuel resources.

The appraisal programme was launched by oil minister Dharmendra Pradhan in Odisha's Baleswar district, part of the Mahanadi basin, where the national seismic programme will commence. Appraisal of the resource potential of the country's sedimentary basins with no or scanty data is meant to add to the petroleum mining leases available for auctioning. The government has reportedly been making efforts to attract investments into the oil and gas industry to improve output and reduce import dependence.

In another development, ONGC is reportedly planning to expand its footprint in the Russian market. The company is eyeing the same, as supply of crude oil in the global market exceeds demand by around 1.2 million barrels per day.

Recently, the company had inked a preliminary agreement to take an operating stake in Gujarat government firm Gujarat State Petroleum Corp (GSPC)'s KG basin gas block. The stock price of ONGC is trading on a firm note (up 2.4%) on the BSE.

Oil & Gas stocks are trading negative with Cairn India and Reliance Industries leading the losses.

Share price of Sun Pharma is trading down by 2% after an article in Business Standard reported that, the company has initiated a recall of 31,762 bottles of its antidepressant drug Bupropion Hydrochloride Extended Release tablets in the United States. After the drug failed to meet dissolution specifications in Food and Drug Administration (FDA) tests, the extended-release tablets, USP (SR) in the strength of 150 mg were recalled.

According to USFDA, the present action is a class 3 recall. It is a situation in which the use of or exposure to a violative product is not likely to cause adverse health consequences.

Reportedly, the US market contributes half the company's consolidated revenue. In FY16, the company earned 48% of its revenue from the US market itself. Sun Pharma has since requested the FDA to re-inspect the Halol unit.

Considering the pharma's regulatory distresses, are Indian pharma companies now adapting to the scrutiny by the USFDA? Bhavita Nagrani, our pharma sector analyst, shares her insights in one of our premium editions of The 5 Minute Wrap Up (Subscription required).

In another development, it was reported that, Dr Reddy's Laboratories Ltd has launched generic Lamotrigine orally disintegrating tablets in the US market. The drug is used for treatment of certain types of seizures in epileptic patients.

Following an approval by the USFDA, tablets in the strengths of 25 mg, 50 mg, 100 mg and 200 mg were launched. They are the generic version of GSK Group of companies' Lamictal tablets. Moreover, the Lamictal brand and generic had sales of approximately US$65.5 million in the US during the 12 months ended July 2016.

The shares of Dr Reddy's were trading down by 1% at the time of writing.

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