BSE Sensex Trades in Red, Sun Pharma under Pressure

Thu, 24 Nov 01:30 pm

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After opening the day on a negative note, the <>Indian share market continues to trade in a similar fashion.

BSE Sensex is trading lower by 144 points (down 0.6%) and NSE Nifty is trading lower by 50 points (down 0.6%). While, the <>BSE Mid Cap and <>BSE Small Cap index are trading lower by 0.4% and 0.1% respectively.

Sectoral indices are trading in red with stocks from automobile sector are witnessing maximum selling pressure.

Gold prices, per 10 grams, are trading at Rs 28,712 levels. Silver price, per kilogram is trading at Rs 40,279 levels. Crude oil is trading at Rs 3,316 per barrel. The rupee is trading at 68.47 to the US$.

As per an article in Livemint, Sun Pharmaceutical Industries acquired an 85.1% stake in Russian company named JSC Biosintez at an acquisition price of US$ 24 million. As a part of the deal, the company has also taken over the debt of approximately US$ 36 million of JSC Biosintez.

Biosintez mainly focuses on the hospital segment and had revenues to the tune of US$ 52 million in the calendar year 2015. Reportedly, Biosintez has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels and suppositories, as well as active pharmaceutical ingredients.

Alok Sanghvi, head of emerging markets division at Sun Pharma stated that the acquisition is consistent with Sun Pharma's philosophy to invest in strategic emerging markets. The transaction gives the company the access to local manufacturing capability across multiple dosage forms in Russia, enabling them to serve the Russia pharmaceutical market more effectively.

Recently the company declared its results for the quarter ended September 2016. The company's gross sales grew by 13.2% YoY during the quarter. The sales grew on the back of a good performance from Indian as well as US geography. Sales in the US geography grew by 9% YoY in dollar terms.

Further, operating income grew by 69% YoY during the quarter led by a strong spurt in other operating income. Other operating income grew by 3240% YoY to Rs 5 billion during the quarter as the company received a milestone payment of US$ 45 million from Almirall SA as part of the licensing agreement for the development and commercialization of tildrakizumbak for psoriasis in Europe.

However, the main over hanging regulatory issue pertaining to its Halol plant has not been cleared yet. The company has addressed all concerns as pointed by the US FDA and have taken appropriate remedial measures. Once the plant is compliant again, it will be a huge positive for the company. The share price of Sun Pharma is trading down by 1.7%.

In another news update, HYPERLINK "https://www.equitymaster.com/result.asp?symbol=SBI&name=SBI-Stock-Quote-Chart" State Bank of India has slashed bulk term deposit rates between 1.2-1.9% across various tenors from November 24. Bulk deposits cover funds over Rs 1 crore but less than Rs 10 crore.

The rates for 7-45 days have been cut by 1.25% to 3.75%, while the largest cut is in the 180-210-days deposit by 1.9% to 3.85%.

The cut was imperative given credit offtake is low and fund inflows have been huge following demonetization of 500 and 1,000 rupee notes.

Lending rates too are expected to come down in tandem with the deposit rates. The Prime Minister's Office (PMO) has been focusing on how this whole demonetisation exercise and the deposits that have been flowing into the bank chest should be utilised to extend loans to the rural sector, the rural economy, bring down lending rates.

Tanushree Banerjee, Co-Head of Research, had recently written an excellent piece on how demonetization can adversely impact the household savings rate in the country as 70% of the country's household savings is in bank deposit.

Further, Vivek Kaul has come out with a special report on how demonetization can have an impact on your investments, properties and effectively your wealth. It's a mind boggling read and you can claim this copy for free.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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