Indian Share Markets Open in the Red; Realty Stocks Drag

Mon, 21 Nov 09:30 am

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Asian markets are higher trading today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.08%, while the Hang Seng is up 0.61%. The Shanghai Composite is trading up by 0.8%. Meanwhile, stock markets in THE US finished lower on Friday by 0.2%.

Meanwhile, Indian share markets have opened the trading week on a negative note. The BSE Sensex is trading lower by 89 points while the NSE Nifty is trading lower by 24 points. The BSE Mid Cap index opened down by 0.2%, while BSE Small Cap index opened down by 0.1%. The rupee is trading at 68.09 to the US$.

Sectoral indices have opened the day on a mixed note with metal, oil & gas stocks leading the pack of gainers. Whereas, realty & auto stocks are witnessing the selling pressure.

Pharma stocks are trading positive with Elder Pharma and Panacea Biotech leading the gains. As per an article in The Economic Times, United States Food & Drug administration (USFDA) began its inspection of the Sun Pharma's Halol manufacturing facility.

Reportedly, this inspection is the most crucial for the company. Its Halol site produces a range of products from tablets to nasal sprays to injectables and contributes over 15% of Sun Pharma's revenues in the US.

One must note that, Sun Pharma had received a warning letter from the USFDA in last December. The action followed over 20 observations that were detected in 2014 as part of the USFDA's routine inspections. Moreover, Sun Pharma had also stated that the remedial exercise at the site had been completed. As per reports, the USFDA has been requested for a re-inspection.

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).

Successful inspection and re-approval of the facility, if it happens, will open doors for new launches in the US. It will also provide a leg up to the company's overall performance. Sun Pharma currently has 144 products in the US that are awaiting regulatory approval, the reports noted.

Sun Pharma's share price opened the trading day up by 0.3%.

In another development, as per the Confederation of Indian Industry's (CII) report analysis, the Indian mining sector has the capacity to push growth and add around US$70 billion (Rs 4.77 trillion) to India's economy. In return, this would also help generate 6-8 million jobs.

Reportedly, the vivacious mining sector has the potential to propel economic growth not just through its contribution to gross domestic product (GDP) but also through its forward and backward linkages.

In this regard, the government has taken some important steps for removing stagnation in the sector over the last two years. A major step is the enactment of Mines and Minerals (Development and Regulation) Act, 2015, which has made the process of allocation of mines transparent by introducing auctions. Recently, Rahul Shah, Co-head of Research has penned an interesting article stating how the amended law will be a big positive for mining companies (subscription required). Here's an excerpt from the article:

"Amended law will surely be a big positive for mining, cement, and metal companies. It will enable quicker and smoother transfer of assets among resource-based firms. It will greatly help distressed metal and cement producers sell their production units to companies with stronger balance sheets. And it will be a relief to banks with large exposure to such companies"

Meanwhile, the tenure of the mineral concessions has also been increased from the existing 30 years to 50 years. Further, there is a significant possibility for improvement in the clearance system in terms of efficiency, the speed of decision making, predictability and transaction, the reports noted.

Mining Stocks have opened the day on a mixed note with NMDC Ltd and <MOIL Ltd> leading the losses.

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