Sensex Plummets by 320 Points; IT Stocks Buck the Trend

Mon, 21 Nov 01:30 pm

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The Indian share markets are trading down sharply with stocks from across several sectors witnessing selling pressure during the noon trading session. The rupee's decline against the US dollar and near term liquidity concerns following demonetization move appear to be weighing on the market. Barring information Technology stocks, all sectoral indices are trading in the red with realty & metal stocks bearing the maximum brunt.

The BSE Sensex is trading lower by 321 points (down 1.2%) while the NSE Nifty is trading lower by 116 points (down 1.4%). The BSE Mid Cap index is trading down by 2.3% and BSE Small Cap index is trading down by 2.8%. Gold prices, per 10 grams, are trading at Rs 29,070 levels. Silver price, per kilogram is trading at Rs 40,721 levels. Crude oil is trading at Rs 3,210 per barrel. The rupee is trading at 68.09 to the US$.

Information Technology stocks were trading in green with only HCL Infosys and Oracle financial services witnessing the selling pressure. According to an article in a leading financial daily, Infosys has invested about US$2 million in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis. The investment comes just within a week after the IT firm, through its innovation fund, backed US-based TidalScale. The investment will be completed upon receipt of regulatory approvals.

The primary aim of this partnership, is to extend the Infosys' artificial intelligence and machine learning technology to its global clients. This will enable their clients to better streamline their workflow using text analysis techniques at Unsilo.

Moreover, the deal comes at a time when companies around the globe, including Infosys clients, are trying to find better ways to make sense of a large amount of unstructured text.

Prior to this, Infosys has also pumped in capital into numerous startups in the country and outside. These include a US$4 million investment in Cloudyn, US$15 million in Stellaris Venture Partners, US$3 million in US-Based wearabls Startup WHOOP and US$2 million into air monitoring techmaker AirWiz, among others. It has recently also made numerous acquisitions.

India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

Infosys' share price was trading up by 0.5% at the time of writing.

Moving on to the news from stocks in pharma sector. As per an article in The Economic Times, Cadila Healthcare's arm Zydus Cadila has received the final approval from the US Food & Drug Administration (USFDA) to market Metronidazole Tablets.

Reportedly, the drug which is used to treat infections caused by bacteria. Further the tablets will be produced at the Cadila's formulations manufacturing facility at Baddi in strengths of 250 mg and 500 mg.

Recently, it was reported that Cadila Healthcare will transfer its India human formulations business to Zydus Healthcare on a slump sale basis for Rs 693 million. The move comes as the company looks to hive off its India human formulations undertaking in India and consolidate into Zydus Healthcare.

Cadila has entered into multiple alliances and joint ventures in the India (Subscription Required) and other geographies with big MNC players. Tanushree Banerjee, Co-head of Research is of the view that the subsidiaries and joint ventures are expected to pitch in to boost the topline growth of the company. She has recently shared a detailed view on the company and valuations in the recommendation report of The India Letter.

Meanwhile, Alembic Pharmaceuticals has also received approval from the USFDA for its Telmisartan and Amlodipine tablets used for treatment of hypertension. The drug is a generic version of Boehringer Ingelheim Pharmaceuticals Inc's Twynsta tablets.

USFDA granted approval for the tablets in the strengths of 40mg/5 mg, 40mg/10 mg, 80mg/5 mg and 80mg/10 mg, the reports noted.

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