Sensex Opens on Positive Note Tracking Global Cues

Tue, 6 Dec 09:30 am

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Asian markets are higher today. Japanese shares are higher today as the Nikkei 225 gains 0.44%. The stock markets in Hong Kong are up by 0.84% and Shanghai Composite is up by 0.08%. Stock markets in the US closed their previous session in the green.

Meanwhile, Indian share markets have opened the day on a positive note. The BSE Sensex is trading higher by 97 points while the NSE Nifty is trading higher by 39 points. The BSE Mid Cap index opened up by 0.7% and BSE Small Cap index too opened up by 0.7%. The rupee is trading at 68.17 to the US$.

Barring consumer durables and FMCG stocks, all sectoral indices have opened the day on a positive note with realty, oil & gas stocks witnessing maximum buying interest.

As per an article in The Economic Times, Cipla's idea of delivering insulin via inhaler, rather than by injection has failed to get permission to conduct trials on Indian patients by an expert committee. In November, the Subject Expert Committee, comprising experts in diverse fields of endocrinology and metabolism noted that Cipla's study data on bioavailability/bioequivalence is not acceptable and not scientifically justified with respect to inhaled insulin.

Cipla had based its application to the panel on the bioequivalence studies with Exubera, an inhalation drug and device combination. One must note that this type of combination was marked by Pfizer in the past. However, the marketplace proved surprisingly resistant. Pfizer dropped Exubera shortly after its launch. Recently Sanofi followed suit after its Afrezza saw disappointing sales ended its deal with US-based Mannkind.

Reportedly, carrying out large-scale studies and improving on the product design would enable Cipla to prove that it has bettered the safety and technology profile of the product. Although drug makers have explored technological disruptions to deliver insulin in forms other than needles and bring inconvenience to the patients, those have met with little success.

However, the hope is not entirely lost for inhalable insulin. That said, any drug company entering this space will need to keep a close eye on market conditions, ensuring their product makes it to the patients who need it most.

Meanwhile, it was reported that with Donald Trump in the White House, the pharmaceutical sector could be set for a new era of mega-mergers. A potential influx of foreign cash and improved stock valuations under the Trump administration would likely boost deal-making in the industry.

Moreover, foreign pharmaceutical companies are aggressively targeting opportunities to acquire both businesses and new products, including medicines at different stages in the developmental pipeline.

Top global pharma deals in recent times

As the M&A activity has been heating up globally, the M&A activity in the Indian pharma space has been on the rise in recent times. At the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for going forward.

Cipla's share price was trading up by 0.3%

Moving on to the news from stocks in energy sector. As per an article in a leading financial daily, Vedanta group is planning to invest Rs 300 billion to ramp up the capacity of Cairn India in the next three years. In order to produce an additional 100,000 barrels per day of oil and oil equivalent gas, Vedanta has lined up this investment.

Meanwhile, Cairn India is in the process of being merged with Vedanta, for which the shareholders of both the entities have already given their nod. With this investment, the production capacity of Cairn India would go up to 350,000 barrels of oil equivalent per day. Oil prices will be around US$50 a barrel after the Organization of Petroleum Exporting Countries (OPEC) reached a deal to reduce output targets.

Notably, the average production of Cairn India, which has its producing assets located in Rajasthan, (Subscription Required) Cambay and Ravva, was 211,671 boepd in Financial Year 2015.

It is also looking to increase gas production to 40-45 million standard cubic feet per day (mscfd) by 2017 and 100 mscfd by 2018-19.

Cairn India's share price opened the day down by 0.1%.

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