Indian Share Markets Open Flat; GAIL Down by 0.9%

Tue, 13 Dec 09:30 am

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Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.15% while the Hang Seng is down 0.44%. The Shanghai Composite is not trading. Stock markets in US and Europe closed their previous session in the red.

Meanwhile, Indian share markets have opened the day on a flat note. The BSE Sensex is trading higher by 19 points while the NSE Nifty is trading lower by 10 points. The BSE Mid Cap index opened down by 0.1% while BSE Small Cap index opened flat. The rupee is trading at 67.58 to the US$.

Sectoral indices have opened the day on a mixed note with auto and consumer durables stocks witnessing maximum buying interest. Whereas PSU&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" https://www.equitymaster.com/stockquotes/sector.asp?sector=0,PSU&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" target="_blank">PSU" target="_blank">banking, PSU, oil & gas stocks opened the day in red.

As per an article in The Economic times, Alkem Laboratories said that the US health regulator has issued three observations after inspection of the company's Active Pharmaceutical Ingredient (API) facility at Ankleshwar in Gujarat.

United States Food and Drug Administration (USFDA) had conducted an inspection at the company's API manufacturing facility located at Ankleshwar from 5 December to 9 December this year. In this regard, the Company has received the inspection report which contains three 483 observations. The Company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA Observations.

Notably, the USFDA had conducted an inspection at the Alkem Lab's manufacturing formulations facility (Subscription Required) located at Daman from September 20 to September 29 this year. For which it received 13 observations.

Meanwhile, Natco Pharma has launched the first generic equivalent of Tamiflu oral capsules through its marketing partner Alvogen in the American market. Tamilflu capsules are used for treatment of influenza.

The company's capsules are generic versions of Roche's Tamiflu drug and are in the strengths of 30 mg, 45 mg and 75 mg. According to IMS Health, Tamiflu oral capsules had US sales of approximately US$403 million for the 12 months ended December 2015. In August, Natco Pharma received final approval for its abbreviated new drug application (ANDA) for generic versions of Tamiflu capsules from the USFDA.

Moving on to the news from stocks in energy sector. In a major fillip to the natural gas infrastructure in Kerala, the oil and natural gas regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has revised the deadline for laying Kochi-Koottanad-Bengaluru-Mangalore natural gas pipeline network to February 2019.

The ministry's appeal came on the back of the unprecedented socio-political hindrance in execution of the pipeline project. The project worth Rs 44.9 billion was originally to be completed in March 2013 but the deadline was first relaxed to June 2015.

Reportedly, GAIL has to finish the pipeline laying by February 2019. Any failure on the part of the entity to comply with the targets prescribed in the time schedule shall have consequences, said the PNGRB order.

Notably, Phase-I of the pipeline has been commissioned, which takes the gas imported at Kochi LNG terminal to the fertilizer plant in the city. However, the Phase-II has been languishing despite the Supreme Court supporting it. This has led to Petronet LNG Ltd's 5 million tons a year liquefied natural gas (LNG) import facility at Kochi running at less than 5% of the capacity as there is no pipeline to take the fuel to consumers.

Meanwhile, as per The International Energy Agency (IEA) expects global oil consumption to peak no sooner than 2040, leaving its long-term forecasts for supply and demand unchanged despite the 2015 Paris Climate Change Agreement entering into force.

Oil Consumption in India (2010-2016)

However, The IEA's central scenario assumes demand will reach 103.5 million barrels per day by 2040 from 92.5 million bpd in 2015, for which India will be the leading source of demand growth. While, China will overtake the United States to become the single largest oil-consuming nation. Due to the expected strong growth in demand, India's dependency on oil imports is likely to increase further.

GAIL's share price opened the day down by 0.9%.

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