Sensex Surges Over 400 Points; ITC & Tata Steel Gain the Most

Tue, 27 Dec Closing

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Indian share markets continued to witness strong buying momentum in the afternoon session on the back of value buying in blue chip companies. ITC and Tata Steel gained the most and finished up by 4% and 3.2% respectively. Sentiments also remained positive amid firm European markets.

At the closing bell, the BSE Sensex stood higher by 406 points, while the NSE Nifty finished up by 125 points. The S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 1.7% and 1.5% respectively. Gains were largely seen in FMCG, consumer durables and metal stocks.

Asian shares finished mixed amid low-volume holiday trading, despite strong growth in China's industrial profits in November. The Nikkei 225 gained 0.03%, while Shanghai Composite 0.25%. European markets are higher today as French and German shares show gains. The CAC 40 is up 0.05%, while the DAX is up 0.15%.

The rupee was trading at 68.00 against the US$ in the afternoon session. Oil prices were trading at US$ 53.21 at the time of writing.

Bharti Airtel's share price finished the trading day up by 1.2% on the BSE after it was reported that the company has given network modernization and expansion contract worth over US$120 million to Swedish gear maker Ericsson for Delhi. This comes at a time when the company is looking to spruce up service and counter the threat from Reliance Jio Infocomm in the country's most lucrative market.

The new four-year contract, being initiated in this quarter, will bring these new airwaves into use for the telco to offer enhanced coverage and capacity, thereby improving the network performance in the national capital.

The latest contract follows Bharti Airtel's recent acquisition of additional 10 MHz spectrum in the 2300 MHz band and 5 MHz spectrum in the 2100 Mhz band for Rs 1430 crore and Rs 27.70 billion, respectively. Besides, Ericsson will also help Airtel launch a 4G carrier aggregation by combining FDD to offer faster speeds.

Airtel recently awarded a big-ticket 4G deployment and expansion contract worth around US$500 million to Finnish telecom gear vendor Nokia for deployment in three new circles in addition to existing six circles.

Ericsson had earlier this year had won a two-year 4G network deployment contract from Idea Cellular for Maharashtra, Madhya Pradesh, North East and Himachal Pradesh telecom circles.

Moving to news from stocks in the pharma sector. According to a leading financial daily, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Tretinoin Capsules, 10 mg, the generic version of Vesanoid Capsules, 10 mg, of Hoffmann La Roche, Inc. (which is no longer being marketed in the United States).

According to IMS Health sales data for the 12 month period ending October 2016, the Vesanoid Capsules, 10 mg market achieved annual sales of approximately US$22.0 million. Glenmark's current portfolio consists of 112 products authorized for distribution in the US marketplace and 63 ANDA's pending approval with the USFDA.

Meanwhile, Glenmark pharma recently announced its "Strategic Blueprint to Transition into an Innovation-led Global Pharmaceutical Organization over the next decade." The Blueprint conveys the Company's greater business alignment expanding generics to prioritizing research and development efforts in three key therapeutic areas: oncology, respiratory and dermatology.

According to an article in The Livemint, Glenmark expects its revenues to grow by 15-20% (compounded annual growth rate or CAGR) over the next five years. On profitability, it expects EBITDA will increase from about 20% in FY16 to 23% by FY20 and 25% by FY25. In the near term, its profitability will jump from the launch of generic Zetia (a cholesterol drug) in the US market, with a 180-day exclusivity period.

Glenmark has outperformed its peers in the last six months

Glenmark's share has returned 15% gains, in the past six months, compared to a flat performance by the BSE Healthcare Index.

Glenmark Pharma's share price finished the trading day up by 0.2% on the BSE.

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