Sensex falls 151 points, M&M declines 5%7 min read . Updated: 11 Feb 2019, 04:26 PM IST
- RIL, ONGC, Bajaj Finance and SBI were among the other top losers
- Investors looking ahead to US-China trade talks, which are set to continue later this week
Indian markets fell today, with investors keeping an eye on US-China trade talks, which are set to continue later this week. The Sensex settled 151 points lower at 36,395 while Nifty ended at 10,888, down 0.50%. Auto stocks were among the top losers, with M&M falling 5%. Dr. Reddy's Laboratories was the biggest loser among the Nifty50 pack, falling 5.5%. The generic drugmaker's Hyderabad-based plant was issued a Form 483 with 11 observations by the US Food And Drug Administration. Bucking the trend, IT stocks were among the handful of gainers among the Sensex stocks, with Infosys, HCL Tech and TCS ending in the green.
Other highlights of SpiceJet Q3:
Capacity (in terms of Seat Kilometers) up by 16 %
Net profit of ₹55.1 crore vs ₹240 crore in the same quarter last year
Profit of ₹135.5 crore on EBITDA basis
Total income rose to ₹2,530.8 crore in Q3 of FY19 as against ₹2,096 crore in the same quarter of the previous year
Oil India Ltd's (OIL) divestment could happen shortly, said the company’s chairman and managing director Utpal Bora. "We are ready and all approvals for the divestment are in place, but I think the government is waiting for the right market condition and the divestment could happen anytime now," said Bora on the sidelines of Petrotech 2019. The government plans to offload a 10% stake in Oil India, shares of which were flat at ₹170.30 in late trade.
The Indian rupee on Monday strengthened against the US dollar ahead of consumer price inflation data due this week. At 2 pm, rupee was trading at 71.21 a dollar, up 0.15% from its previous close of 71.31.
The brokerage retained Buy on the pharma company with target price of ₹925. In a note the brokerage said: "Strong US business and an emerging EU (transitioning from negative OPM into the double digits) show drivers are in place. Further, the Sandoz acquisition seems to be transacted at attractive valuations (1x sales and 5x EBITDA), which will give Aurobindo higher scale (USD 2.3bn of consolidated US sales) and diversification in the US (derma portfolio). The incorporation of Sandoz business will increase our FY20E EPS by 15-20%. We retain Buy with a TP of INR 925."
Auto parts maker Motherson Sumi Systems Ltd posted a 6.7 % rise in third-quarter profit, helped by a strong order book. Net profit for the quarter ended December 31, 2018 was ₹389 crore as compared to Reuters estimate of ₹453 crore. Shares were flat at ₹134, down about 0.74%.
Prime Minister Narendra Modi exuded confidence on Monday that India would continue to be the fastest-growing large economy, and could be the second-largest economy in the world by 2030.
"Leading agencies such as IMF and World Bank project the same trend to continue in the coming years. In an uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy," Modi said addressing inaugural address of Petrotech 2019 at Greater Noida.
Modi said, currently, India is fastest-growing large economy in the world... and it "recently became the sixth-largest economy in the world. According to a recent report, by 2030 India could be the second-largest world economy." As per a Standard Chartered report, India is likely to pip the United States to become the world’s second-largest economy by 2030. China will on the top spot surpassing US, which will be at the third place, the report said.
Glenmark Pharmaceuticals Monday said it has received final approval from the US health regulator for Sevelamer Hydrochloride tablets, used to control serum phosphorus in patients with chronic kidney disease on dialysis.
The approved product is a generic version of Genzyme Corporation's Renagel tablets. "Glenmark Pharmaceuticals Inc, USA (Glenmark) has been granted final approval by the United States Food and Drug Administration (USFDA) for Sevelamer Hydrochloride tablets in the strengths of 400 mg and 800 mg," the company said in a BSE filing.
For the 12 months to December 2018, Renagel tablets market achieved annual sales of approximately USD 102.1 million, Glenmark said, citing IQVIA sales data.
The company's current portfolio consists of 149 products authorised for distribution at the US marketplace and 53 Abbreviated New Drug Applications (ANDAs) pending approval with the USFDA.
The company's stock was trading at ₹604.25, down 1.66 per cent, on BSE. (PTI)
Dr. Reddy's Laboratories Ltd was the biggest loser on the NSE index after falling as much as 5.6 percent. The generic drugmaker's Hyderabad-based plant was issued a Form 483 with 11 observations by the U.S. Food And Drug Administration after market hours on Friday.
The FDA Form 483 notifies the company's management of objectionable conditions.
Bucking the trend, IT stocks were among the handful of gainers on the NSE index, with Infosys Ltd and Tata Consultancy Services Ltd gaining up to 0.8 percent each. (Reuters)
Prime Minister Narendra Modi today said the oil demand is growing by 5% annually. He said India is the fourth-largest refiner in the world and will add 200 million tonnes refining capacity by 2030.
Gold prices traded lower 0.29 per cent to ₹33,144 per 10 gram in futures trade Monday after participants cut positions amid a weak global trend.
At the Multi Commodity Exchange, gold for delivery in April was trading lower by ₹98, or 0.29 per cent, at ₹33,144 per 10 gram in a business turnover of 630 lots. (PTI)
China stocks rose on Monday as U.S. and Chinese trade negotiators geared up for a fresh round of discussions this week, while investor sentiment was lifted after a lacklustre corporate earnings season came to an end
In the Asian region, Hong Kong's Hang Seng was up 0.13 per cent and Shanghai Composite Index, which reopened after a long week, was up 0.83 per cent in their late morning deals. Japan's financial markets are closed for a public holiday. Korea's Kospi fell 0.16 per cent and Singapore Straits Times was down 0.58 per cent.
The US Dow Jones Industrial Average ended 0.25 per cent lower on Friday.
The rupee was higher 71.24 against the US dollar, as compared to previous close of of 71.31. Most Asian currencies were lower against the US dollar today. (Read more)
Shares of Dr Reddy's Lab was down 3% at ₹2,684 on NSE. The drugmaker on Friday informed that US FDA has completed audit of its Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad and has issued a Form 483 with 11 observations. "We will address them comprehensively within the stipulated timeline," the drugmaker said.
Pharma major Lupin on Friday announced the completion of the United States Food and Drug Administration inspection at its Goa manufacturing facility. The inspection was carried out between January 28 to February 8, 2019. The inspection at the Goa facility closed with 2 observations. The observations are procedural in nature and the company is confident of addressing them satisfactorily, Lupin said.
Foreign investors have infused close to ₹5,300 crore in the Indian equity markets in the last six trading sessions. This comes following a pullout of ₹5,264 crore by foreign portfolio investors (FPIs) in January. Prior to that, they had put in ₹5,884 crore in the stock markets during November-December 2018.
Drugmaker Dr Reddy's Lab on Friday informed the stock exchanges that "the audit of our Formulations Manufacturing Plant - 3 at Bachupally,
Hyderabad by the US FDA, has been completed today. We have been issued a Form 483 with 11 observations. We will address them comprehensively within the stipulated timeline."
Tata Steel on Friday a big surge surge in Q3 standalone net profit, aided by robust domestic production. Standalone profit came in at ₹2,456 crore, compared with ₹1,338 crore in the same period a year earlier. On a consolidated basis, the company posted a net profit of ₹2,284 crore. However, the numbers were not comparable due to its recent acquisition of Tata Steel BSL Limited (formerly Bhushan Steel Ltd)
The U.S. Federal Reserve has signalled patience on policy after it delivered four hikes in 2018, citing growing economic risks from a slowdown in global growth.
The dollar index held near a six-week high around 96.625 against a basket of currencies, after notching up its strongest weekly gain in six months as traders piled into the greenback in a safe-haven move.