Sensex Ends the Week on Dull Note, Infosys Falls 2.3%

Fri, 14 Oct Closing

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Indian share markets continued to trade range-bound in the afternoon session thus ending on a flat note. At the closing bell, the BSE Sensex stood higher by 30 points, while the NSE Nifty finished higher by 10 points. The S&P BSE Mid Cap & the S&P BSE Small Cap finished higher by 0.8% each. Barring IT and metal sectors, all the sectoral indices finished in the green. Gains were largely seen in oil & gas & capital goods stocks.

Infosys shares tumbled as much as 5.3% to their lowest since July 20, 2015 after the company cut its fiscal-year revenue growth target for a second time in three months on an uncertain business outlook. Click here to access the Q2 results for Infosys Ltd.

Asian markets finished higher with shares in Hong Kong leading the region. The Hang Seng is up 0.88%, while Japan's Nikkei 225 is up 0.49% and China's Shanghai Composite is up 0.08%. European markets are also broadly trading higher today with shares in France leading the region. The CAC 40 is up 1.76%, while Germany's DAX is up 1.59% and London's FTSE 100 is up 0.83%.

The rupee was trading at 66.85 against the US$ in the afternoon session.

As per an article in Livemint, Cipla received clearance from the US Food and Drug Administration (USFDA) pertaining to its plant in Indore.

The company had received a warning letter pertaining to this plant in October 2015. This clearance will open up opportunities to get approvals for products filled from this facility for the US generics market.

However, it is imperative to note that Cipla's main market is India and it gets 40% of its revenues from here. US just accounts for around 18% of the company's revenues. Hence, the clearance of this facility may not prove to be a great revenue booster for the company in the near term.

Having said that, lately the company has been aiming for a much bigger presence in the US generics market. This is evident in this quarter's result, wherein sales in the US territory increased by a robust 30% as compared to the same quarter in the previous year.

Hence, the clearance of this facility could possibly matter a lot in the long run wherein the company will increasingly focus its concentration in the US. The share price of Cipla ended the day trading higher by 0.8%.

In another news update, the government is seeking a parliamentary approval to spend about US$ 7.5 billion more on roads, railways and other public programmes.

The decision comes at a time when private investments have continued to remain weak. This is on account of their highly leveraged balance sheets coupled with excess capacities and banks' reluctance to lend to the corporate sector on the back of the ongoing bad loan scenario.

It is imperative to note that the government has already exhausted around 73.7% of the annual fiscal deficit budget targets in the first four months of this fiscal year.

A point that needs to be mentioned here is that the expenditure of the government is front loaded, whereas a major chunk of its revenues start to come in only in the second half of the year. However, even with this disclaimer, the expenditure of government looks far more than its receipts in FY17.

Going by the current scenario, the government's fiscal deficit target seems to be under stress. And this begs the question: What shall the government do to keep its bargain on the fiscal deficit front?

Vivek Kaul, editor of Vivek Kaul's Diary, has answered this question in one of his recent articles. He has also just launched the Vivek Kaul Letter which outlines the Indian economy and its many challenges.

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