Sensex Opens Flat; Tech Mahindra Up 2% on Q2 results

Fri, 28 Oct 09:30 am

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Asian markets are trading on a mix note in early trade. The Nikkei 225 is up 0.3% while the Hang Seng is down 1.2%. The Shanghai Composite is down 0.6%. Meanwhile, US markets closed lower in previous trades.

Meanwhile, Indian stock markets have opened the day on a flat note. <>BSE-Sensex is trading lower by 64 points and <>NSE-Nifty is trading lower by 17 points. Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.5% and 0.3% respectively. Sectoral indices are trading mixed with banking and IT stocks witnessing majority of the selling activity. The rupee is trading at 66.85 against the US$.

According to an article in The Economic Times, power ministry has decided to factor in indexed imported coal prices into tariff for new ultra mega power projects (UMPPs). The ministry has agreed to use an index of prices of imported coal from Indonesia, South Africa and other coal exporting countries for calculation of electricity tariff from such plants.

This will safeguard companies against unexpected changes in fuel costs that have adversely impacted the existing UMPPs based on imported coal. While the ministry has agreed to provide for the escalation clause in bid rules, the final go-ahead has to be given by the Cabinet.

The Association of Power Producers has been advocating linking the tariff with international coal price index. The draft documents had provided that imposition of sanctions by foreign countries on India with regard to exporting of coal. This resulted in the cessation of coal supply to developers of UMPPs and the consequent inability of the companies to locate coal from any other source.

The government also proposes to offer environmental clearances, in-principle water allocation, transmission connectivity, land title and stage-1 forest clearances to the UMPPs, in line with its plan to offer the projects in plug-and-play mode.

As per the reports, the Appellate Tribunal for Electricity had in April allowed imported coal-based power plants of Tata Power and Adani Power in Mundra to recover higher fuel costs from consumers under force majeure provisions.

Moving on to news from stocks in pharma sector. According to a leading financial daily, Sun Pharma has executed definitive agreements through its wholly owned subsidiary for the acquisition of 100% of Ocular Technologies, Sarl (OTS), a portfolio company of Auven Therapeutics (Auven). Ocular Technologies is an international private equity company focused on accelerated development of breakthrough therapeutic drugs.

As per the reports, OTS owns exclusive, worldwide rights to Seciera (cyclosporine A, 0.09% ophthalmic solution). Sun Pharma will pay Auven US$40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera as consideration for this acquisition.

In another development, Sun Pharma has launched generic versions of Japanese pharmaceutical firm Daiichi Sankyo's Benicar, Benicar HCT, Azor and Tribenzor in the United States. These brands are used to treat high blood pressure.

These brands together reportedly recorded US sales of approximately US$2.5 billion between August 31, 2015 and August 31, 2016.

The launch is pursuant to a distribution and supply agreement between Sun Pharma's wholly owned subsidiary and Daiichi Sankyo Inc, which grants the Sun Pharma subsidiary exclusive rights to distribute these tablets in the US for a pre-determined period.

Share price of Sun Pharma opened the trading day up by 0.5% on the BSE.

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