Sensex & Nifty in Green; Auto-Ancillary Stocks Up on Good Q2 Results

Mon, 24 Oct 01:30 pm

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The Indian share market rose marginally during the noon trading session amid mixed <>Asian cues. Sectoral Indices are trading on a mixed note with stocks from PSU & banking sector leading the gains. While IT sector & consumer durables stocks are trading in the red.

The BSE Sensex is trading higher by 119 points (up 0.4%) while the NSE Nifty is trading higher by 29 points (up 0.3%). The BSE Mid Cap index is trading up by 0.3% while BSE Small Cap index is trading up by 0.7%. Gold prices, per 10 grams, are trading at Rs 29,860 levels. Silver price, per kilogram is trading at Rs 42,155 levels. Crude oil is trading at Rs 3,405 per barrel. The rupee is trading at 66.86 to the US$.

As per an article in Business Standard, Mahindra & Mahindra (M&M) on Friday said that it has acquired UK-based two-wheeler maker BSA Company for Rs 0.3 billion. The company was acquired through its subsidiary Classic Legends Private Limited (CLPL).

According to the company, CLPL acquired 100% of BSA, at the rate of GBP 28.33. BSA is the British classic bike company and has its presence in Japan, Singapore, Malaysia, USA, Mexico and Canada. The principal activity of BSA is licensing of brands related to motorcycles (Subscription required). With Mahindra gaining a majority stake in the company, India could soon be added to that list of countries.

Notably, M&M had subscribed to and was allotted 60,00,000 equity shares of Rs 10 each of CLPL, constituting 60% of its equity share capital.

Reportedly, the acquisition of BSA will enable it to use the iconic motorcycles brand name to sell, market and distribute it globally.

In another development, it was reported that, Tata Motors is lining up a slew of new products, including a compact SUV, premium hatchback and an executive sedan. This step has been taken with a view to become the third biggest passenger vehicle maker in India by 2019-20.

Reportedly, the company is looking to fill in gaps in its product portfolio as its current models cover only 60% of the passenger vehicles segment. The move would help the company consolidate its position.

Further, with large auto makers already investing in these emerging technologies, it is clear that Tata Motors needs to make the move quickly to avoid losing out the race particularly when also technologically assisted driving can soon become a reality.

M&M's share price was Rs 1330.8 at the time of writing, up by 0.3%.

Moving on to news from stocks in pharma sector. As per an article in a leading financial daily, Sun Pharmaceutical Industries has completed the divestment of its seven prescription brands in India to RPG Life Sciences. This has been done after receiving approval of the Competition Commission of India.

Earlier in July 2016, Sun Pharma had signed a pact with RPG Life Sciences to divest seven brands in India. The deal was signed for a consideration of Rs 0.4 billion. The seven divested brands include those used for treatment of respiratory-track infections, urological disorders, cardiovascular diseases and brands in health supplements segment.

Meanwhile, it was reported that, Sun Pharma is planning to set up a new research facility in Madhya Pradesh. The company has a significant investment plans for its facility to expand the existing pharma product facility at Dewas.

Further, the company had also recently signed an agreement with ICMR and Madhya Pradesh government to work towards eradicating malaria.

Reportedly, the company is present in the state because of Ranbaxy, which has a large manufacturing facility in Madhya Pradesh state. Sun Pharma had acquired Ranbaxy in a US$4-billion deal in 2014. 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.

Shares of Sun Pharma were trading up by 0.6% at the time of writing.

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