Markets Trade Near the Dotted Line

Mon, 30 Nov 11:30 am

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After opening the day on a flat note, the Indian stock markets registered some early gains but failed to hold up at those levels and are presently trading just below the dotted line. Sectoral indices are trading on a mixed note with stocks from the auto and consumer durables sectors leading the gains. FMCG and energy stocks are trading in the red.

The BSE-Sensex is trading down by 20 points (down 0.1%) and the NSE-Nifty is trading down by 11 points (down 0.1%). The S&P BSE Midcap index and the S&P BSE Smallcap index are trading positively, up by 0.2% and 0.7% respectively. The rupee is trading at 66.79 to the US$.

Pharma stocks are trading mixed with Wockhardt Ltd leading the gains and Torrent Pharma leading the losses. Cipla Ltd has inked an investment agreement with FIL Capital Investment (Mauritius) II Limited concerning the Cipla's consumer healthcare business. To remember, the same business was divested by the company to Cipla Health, a wholly owned subsidiary, by way of a slump sale for a consideration of Rs 105 million.

The investment is subject to approvals from the Foreign Investment Promotion Board (FIPB) and the Competition Commission of India (CCI). The company further added that the investment would also be subject to the transfer of Cipla's consumer healthcare business to Cipla Health Ltd.

Cipla's board in July had approved an investment by Fidelity Growth Partners India and US-based Fidelity Biosciences. This was through FIL Capital Investments (Mauritius) II or its affiliates in its recently launched consumer healthcare business.

Indian consumer health care is a US$ 4 billion market. It is growing at a CAGR of 15%. It is expected to be a US$10 billion market by 2020. Cipla, through the consumer healthcare business, has entered the over-the-counter (OTC) healthcare market in India. Presently, its stock is trading up by 0.9%.

Stocks in the power space are trading positively with Rattan India Power and Reliance Power witnessing maximum buying interest. As per an article in Economic Times, the government is aiming at increasing renewable purchase obligation (RPO) targets for distribution companies (discoms) from 3% to 10%. The same is to meet the one lakh MW solar capacity target by 2022.

Under the RPO, discoms have to purchase a certain amount of their power from renewable sources. As per the current tariff policy, there are separate percentages of RPO mentioned for solar and non-solar sources.

Moreover, the recently announced UDAY package that aims at revival of power distribution companies also includes a rule that they will now have to comply with the RPO. The same has to be complied within a period, which will be decided in consultation with the power ministry.

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