Sensex & Nifty Flat; Sun Pharma Down 0.9%

Fri, 16 Dec 01:30 pm

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The Indian share markets continue to trade near the dotted line with negative bias as metal, energy and PSU stocks witness selling pressure. Meanwhile, gains are largely seen in consumer durables and auto sectors.

The BSE Sensex is trading lower by 25 points while the NSE Nifty is trading lower by 13 points. The BSE Mid Cap index is trading down by 0.3% while BSE Small Cap index is trading down by 0.1%. Gold prices, per 10 grams, are trading at Rs 27,085 levels. Silver price, per kilogram is trading at Rs 39,570 levels. Crude oil is trading at Rs 3,459 per barrel. The rupee is trading at 67.80 to the US$.

Power stocks are trading on a mixed note with Jaiprakash Power and JSW Energy leading the losses. According to an article in The Economic Times, The Oil India Limited today installed a 40kW solar power plant for the Sasoni Merbeel eco-tourism project in Dibrugarh district.

Reportedly, the company had sanctioned Rs 10 million for the project. It included the power plant and other components like 13 pedal boats, a four-wheeler, two eco-friendly vehicles and a bio-digester for sewage disposal. The move is part of the company's corporate social responsibility (CSR) initiatives.

Recently, the Solar Energy Corporation of India (SECI) called for bids to install 1GW of rooftop solar power projects on central government buildings, its largest tender yet in this segment. India just unveiled the world's largest solar power plant. The plant was constructed in just eight months in the Kamuthi solar plant in Tamil Nadu. The new plant stretches over 4 square miles of land and it comes with 648 megawatts of electricity.

According to a Bloomberg New Energy Finance report, the solar sector has had an impressive compound annual growth rate of 59% in the last four fiscal years and its installed capacity at the end of the FY2016 was pegged at 6.8GW. Similarly, the share of renewable energy in India's total energy mix has also increased from 12.5% in FY2013 to 14.1% in FY2016.

Installed Solar Power Photovoltaic Capacity in India

Specifically, India seems to be on track to achieve its Intended Nationally Determined Contribution, promised as part of the Paris pact to fight climate change, to get at least 40% of its total installed power from non-fossil fuel sources by 2030.

However, India still has to make available the necessary capital for developing renewable energy infrastructure, the former Planning Commission had estimated under the 12th Five Year Plan that more than a trillion dollars will be required.

Rahul Shah, Co-head of Research, pointed out that a few of the solar projects are already running into financial troubles. Can we rule out a similar fate for the other solar projects? In his view, investors should not get carried away by the hoopla surrounding solar power projects. It's a much-needed initiative to reduce the pollution levels across the country. However, investors in this space must be extremely cautious.

Moving on to the news from stocks in pharma sector. Sun Pharmaceutical Industries Ltd has concluded all the necessary formalities with regards to acquisition of 100% equity stake of Ocular Technologies, Sarl. Ocular is a portfolio company of Auven, an international private equity company focused on accelerated development of breakthrough therapeutic drugs.

In a bid to boost its ophthalmic pipeline, the Sun pharma had executed definitive agreements through its wholly owned subsidiary for the acquisition of 100% of Ocular in October 2016.

Under the deal, Sun Pharma will pay Auven US$40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Ocular's eye disease treatment drug Seciera.

Reportedly, Seciera is currently in a Phase-3 confirmatory clinical trial for the treatment of an inflammatory eye disease affecting approximately 16 million people in the US alone. Going ahead, coupled with existing pipeline consisting of BromSite, DexaSite and Xelpros, whether this initiative enable Sun Pharma to significantly expand its ophthalmic presence and reach patients globally (Subscription Required) will be the key thing to watch out for.

Sun Pharma's share price was trading down by 0.9% at the time of writing.

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