Sensex Opens Weak; Realty and Banking Stocks Under Pressure

Fri, 2 Dec 09:30 am

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Asian shares were subdued in early trade following mostly sluggish sessions on Wall Street and Europe, as 10-year US Treasury yields surged to near 18-month highs. The Shanghai Composite is off 0.22% while the Hang Seng is down 0.94%. The Nikkei 225 is down 0.47%.

Meanwhile, Indian share markets have opened the day on a negative note. <>BSE-Sensex is trading lower by 149 points and <>NSE-Nifty is trading lower by 40 points. Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading lower by 0.5% respectively. The rupee is trading at 68.37 against the US$. Losses are largely seen in realty and banking stocks.

Maruti Suzuki India reported 12.2% rise in total sales for November at 1,35,550 units, as against 1,20,824 units in the corresponding month of 2015. The company's domestic sales stood at 1,26,325 units, up 14.2% from 1,10,599 units in November 2015.

Sales of mini segment cars increased by 8.1%, while the compact segment comprising Swift, Estilo, Ritz, Dzire and Baleno increased by 10.8% to 49,431 units in November this year as against 44,626 units last year. Exports during the month under review declined by 9.8% to 9,225 units as compared to 10,225 units in November last year.

Nearly 50% of the cars sold in India are from the Maruti stable. The pole position of the country's largest carmaker is likely to continue. Thanks to its endeavour to be present across several car segments and price points, along with strong pipeline of car launches over the next five years. Increasing demand has helped Maruti boost its average realisation per vehicle. Maruti Suzuki India boasts of the highest price multiple among conventional car makers in the world.

Maruti Suzuki's Performance Over the Week

Maruti Suzuki's share price opened the trading day down 0.7% on the BSE.

According to an article in The Financial Express, automobile dealers around the country have reported seeing a sharp fall in sales after Prime Minister Narendra Modi's surprise move to ban 500 and 1,000 rupee denominated notes last month, which accounted for 86% of currency in circulation.

Sales of two-wheelers are likely to be impacted the most since around 40% of transactions are financed by cash.

The move has sparked concern, it will dent growth in India's consumer demand-reliant economy at a time when gross domestic product had expanded at an annual 7.3% between July and September, the fastest rate for a large economy.

Moving on to news from stocks in pharma sector. According to a leading financial daily, Lupin and Eli Lilly and Company (India) (Lilly) have expanded their partnership in India with the launch of Eglucent. Eglucent is a new brand of Lilly's rapid-acting insulin analog Lispro.

According to the agreement, Lupin will market and sell Eglucent through its own specialty field force, while Lilly will be responsible for manufacturing and import. Lilly will continue to sell Lispro under the brand name Humalog through its existing channels. Lupin had earlier collaborated with Lilly (July, 2011) to promote and distribute Lilly's Huminsulin range of products in India and Nepal.

Eglucent is indicated for the treatment of patients with diabetes mellitus. It is an injectable medication designed to improve blood sugar control in patients with type 1 and 2 diabetes. Eglucent will be available in the Indian market in both, the cartridge and disposable pen form.

As per the reports, Lupin is the 5th largest company in the Anti-Diabetes segment with a market share of 6.34% growing at 18%. Lupin also has the distinction of being the only company in the Anti-Diabetes market with a contemporary portfolio comprising of oral anti-diabetes drugs (OAD) and injectable drugs like conventional and analog insulins. The company's anti-diabetic portfolio contributes 11% to its India formulations sales.

Lupin's share price opened the trading day down by 0.5% on the BSE.

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