February 19, 2021
The benchmark BSE Sensex plunged by 288 points to crack
The 30-share index sank 288.75. Mumbai: The benchmark BSE Sensex plunged by 288
points to crack below the 25,000-mark after three months while the NSE Nifty
slipped below the 7,600 mark in afternoon trade on sustained foreign fund
outflows and selling by domestic investors.82 with all the sectoral indices led
by realty, banking and capital goods trading in negative terrain with losses of
up to 2.50 points or 1.. Sentiment was dampened on offloading of positions by
cautious participants ahead of the key economic data, industrial production
numbers for October, due later on December 11.44 per cent.82. Besides, a weak
trend in global markets as investors prepared for the outcome of next week's Fed
policy meet which Gauge for fire
extinguisher probably will hike interest rates for the first time in a
decade accelerated selling activity here.Stocks in the banking space such as
ICICI Bank, Axis Bank, SBI and HDFC Bank were under selling pressure and were
trading lower by up to 3.14 per cent to 24,963.Moreover, investors grew
increasingly worried over a possible delay in the passage of the key GST bill
amid weak global cues.27 points in the previous session to snap six-session
losing streak.25 per cent at 7,586.50 points or 1.On similar lines, the NSE
Nifty slipped below 7,600-mark by losing 96.The 30-share index sank 288.69 per
cent, dragging down the key indicex from their key levels. The barometer gauge
had gained 216.55 points or 1.14 per cent to 24,963
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February 02, 2021
The key sensitivity to Icras view remains productivity
The key sensitivity to Icras view remains productivity of R&D expenditure,
increasing competition in the US generics space and operational risk related to
increased level of due diligence by regulatory agencies," said Gaurav Jain, Vice
President and Co-Head, Corporate Ratings of Icra.The pace of ANDA approvals has
increased by 44 per cent over the CY2015-18 period and the pace of official
action post USFDA audit has also increased during the 8 months of CY2019 with 11
warning letters compared to seven in CY2018. Rating agency Icra expects R&D
budgets to remain at 7- 8 per cent in FY20.8 per cent during FY18 and further to
7. With majority control of the supply chain, these consortiums have been
bringing down prices of generic drugs.9 per cent in Q1FY20.Between FY11 and
FY17, several Indian pharma companies have been ramping up their R&D spend,
targeting the US market. R&D spends moderated to 8..This trend reversal is
led by challenging US market conditions characterized by steep pricing
pressures, high competitive intensity led by faster ANDA approvals and lower
than expected revenue growth.However, lower R&D spends has lowered the
pressure on margins to some extent. The aggregate R&D spends of top few
domestic companies further moderated to 6.9 per cent of sales in FY2011 to close Bourdon
Tube Pressure Gauges Factory to 9 per cent in FY2017. Fitch finds that lower
R&D expenditure as a percentage of sales limited deterioration in Glenmarks
Ebitda margin amid continued pricing pressure for generic dermatology products
in the US.Chennai: Research and development (R&D) spends of Indian pharma
companies have been coming down since FY17 and are expected to remain low in
FY20 as well due to challenging market conditions in the US.Consolidation of the
distribution supply chain and the increasing number of abbreviated new drug
application (ANDA) approvals given by US Food and Drug Administration (FDA) has
been increasing the pricing pressure on generics sold in the US market, which
accounts for 35 per cent of Indias pharma exports.8 per cent in FY19. Further,
US FDA has been granting approvals for more number of ANDAs and more number of
ANDAs mean more players competing for the same drug in the market, putting
further pressure on the pricing.In this competitive environment, Indian
companies are exiting product development of easy to manufacture, simple
generics and focusing on complex generics, specialty products and niche
molecules. According to Fitch Ratings, a prudent risk management approach to
R&D should help maintain financial flexibility, especially for smaller
companies.Around 90 per cent of the generic pharma drug purchases are now
controlled by three large buying consortiums.However, the trend started
reversing thereafter. They are also optimising their R&D spend due to the
pricing pressure. The aggregate R&D spends of top few domestic companies had
increased from 5
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