Sensex Trades Flat; Infosys Down on Weak Q2 Results

Fri, 14 Oct 01:30 pm

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The Indian share market continue to trade near the dotted line during the noon trading session amid mixed international markets. Major sectoral indices are trading mixed with stocks from metal and IT sector are leading the losses. While oil & gas stocks are leading the gains.

Infosys stock fell as much as 5.3% as the company has cut the revenue growth forecast to 8-9% in constant currency terms 2016-17. Infosys reported a 4.95% quarter-on-quarter (QoQ) rise in net profit to Rs 3,606 for the quarter ended September 30.

The HYPERLINK "https://www.equitymaster.com/india-markets/bse-replica.asp" BSE Sensex is trading higher by 64 points (up 0.2%) while the NSE Nifty is trading higher by 20 points (up 0.2%). The BSE Mid Cap index and BSE Small Cap index are both trading up by 0.8%. Gold prices, per 10 grams, are trading at Rs 29,708 levels. Silver price, per kilogram is trading at Rs 41,917 levels. Crude oil is trading at Rs 3,397 per barrel. The rupee is trading at 66.81 to the US$.

As per an article in a leading financial daily, Lupin Ltd has announced an alliance with Germany's Boehringer Ingelheim GmbH to co-market the latter's diabetic drug empagliflozin in India.

Reportedly, Empagliflozin is a novel sodium glucose co-transporter-2 inhibitor. Gibtulio tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes. According to the latest agreement, Lupin will market and sell the drug under a separate brand name Gibtulio.

Earlier in October 2015, they had signed a similar partnership to co-market another anti-diabetes medicine Linagliptin. Now, the inclusion of Empagliflozin is a significant addition to this partnership.

Quoting IMS data (US-based healthcare information provider), Indian diabetes market is valued at Rs 90 billion which is growing at 19.5% as on July 2016. India is known as the diabetes capital of the world with 69 million people being diabetic. The Type 2 diabetes is expected to increase to 87 million by 2030, the reports noted. Further, Lupin's anti-diabetic portfolio contributes 11% to its India formulations sales as on March 2016.

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.

Our pharma sector analyst, Bhavita Nagrani, is of the opinion that Lupin was able to insulate its growth despite rising pressures in the sector. She has recently shared a detailed view on the company and valuations in the latest recommendation report of The India Letter. Click Here to know more.

Shares of Lupin were trading down by 0.9%.

Moving on to news from stocks in oil & gas sector. As per an article in Livemint, Bharat Petroleum Corporation Ltd (BPCL) has planned to spend US$ 6.75 billion through 2022. It is aiming to raise refining capacity by 62% to meet rising fuel demand and lift its crude processing capacity to 1.18 million barrels per day (bpd) by 2022 from the current 730,000 bpd.

According to the International Energy Agency, India will account for a quarter of global energy use by 2040. India is replacing China as the driver of global oil demand growth as its economy expands and a rising middle class buys motor vehicles.

Moreover, in the fiscal year March 2016, Indian fuel demand rose to its highest level in at least 15 years. It was partly because of the nation's renewed manufacturing push under Prime Minister Narendra Modi's Make in India drive.

Reportedly, about half of the planned refinery expansion spending will be used to raise the capacity of the Bina plant in central India to 320 Mbpd from 120 Mbpd. The company also intends to spend about US$1.5 billion to expand its coastal plants at Kochi in southern India and Mumbai in the west.

Besides meeting local demand, the refinery is positioned to also supply products from the plant to Myanmar, Bangladesh and Nepal. The company would invest about US$2.2 billion, drawn by the potential to export to neighboring countries.

In oil & gas sector, government is looking to merge 13 state oil companies to create a giant corporation. The idea is that the creation of such a giant firm will catapult India into a much bigger league. Whether this highly ambitious plan will be successfully executed is a big question.

Share price of BPCL was trading up by 1.8% at the time of writing.

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