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US FDA’s Alert On Wockhardt: Much Ado About Nothing?

| 5/30/2013 9:02 PM Thursday

Pharma giant Wockhardt has received a strong setback after the US FDA sounded an alert on its Waluj manufacturing facility, after which the stock was hammered by more than 25 per cent in just two trading sessions. The market, however, seems to be overreacting to these developments. Shrikant Akolkar tells us more.

One of the worst things to happen to any stock is for it to get hit by factors which are apparently serious but on deeper exploration seem to be routine. This happens chiefly due to investors’ knee-jerk reaction to news flows which creates humongous negativity around it. One company which has recently been hit by this syndrome is Wockhardt.

We had recommended Wockhardt in DSIJ Vol. 28, Issue # 9 (dated 21 April, 2013) in our cover story ‘Cherry Picking’. The scrip was severely hammered following the recent US FDA alert on its manufacturing facility located in Waluj, Aurangabad district of Maharashtra. In just two trading sessions alone (May 23 and 24, 2013) it lost more than 25 per cent in value. Currently, the stock is down 35 per cent from where we had recommended it. Investors who have acted on our advice would surely be jittery in the wake of such a slide in the stock’s price. What should their future course in this counter be? Should one sell and book losses or wait out the depression? Here are the answers that you would be looking out for.

To start with, the hammering of the stock was a knee-jerk reaction arising out of fears fuelled by a particular event. This fear was accentuated by many other factors that were external to the company. The principal factor among these was the developments in Ranbaxy earlier in the same week.

Ranbaxy, the pharma company now owned by Daichhi Sankyo, pleaded guilty before the United States Department of Justice on compliance related issues in two of its manufacturing facilities. This was in any case weighing heavily on pharma stocks. The alert on Wockhardt’s Waluj facility came immediately after this, and dampened the sentiment on the stock.

What is worth noting is that Ranbaxy had ignored earlier malpractices, the consequences of which it had to bear. Wockhardt, however, had invited the US FDA team to audit its new injectables unit at Waluj. This is what differentiates between the two companies.

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BSE Capital Goods index sizzles on back of Capital Good Policy

BSE Capital Goods index sizzles on back of Capital Good Policy

BSE capital Good index cheered the government policy more than the broader index Sensex as the sectoral index rose a whopping 8.78 percent. Sensex was up by almost 1.88 percent. 

Jet Airways flys on posting net profits of Rs. 397 crores in Q4FY16

Jet Airways flys on posting net profits of Rs. 397 crores in Q4FY16

Jet airways on Thursday posted good set on numbers surprising market watchers by posting a net profit of Rs. 397 crore in fourth quarter of FY16. The total income for the company in Q4 rose 3.6 percent at Rs. 5245.3 crore compared to Rs. 5064 crore YoY.

Nifty Above 8000 mark, L&T Surges by 14.1 %

Nifty Above 8000 mark, L&T Surges by 14.1 %

 The Indian markets witnessed handsome rally on May F&O expiry session. Capital Goods stocks provide handsome support to the benchmark indices, as it was ended up by 1166 points. The Nifty rally by over 134 points up at 8069. The Sensex ended 485 points up at 26366.

Overnight Digest – Stocks to look out for on May 27

Overnight Digest – Stocks to look out for on May 27

The stocks which could witness significant movement on May 27 are SBI, Gail India Ltd., ONGC, TVS Motor Company Ltd., and Tata Communication Ltd.

Mphasis' profitability stumbles in Q4FY16

Mphasis' profitability stumbles in Q4FY16

Mphasis has announced Q4FY16 results on Thursday. The company’s revenue has increased by 6.17 per cent to Rs 1517 crore in Q4FY16 as compared to previous fiscal year.

USFDA approval & dividends keeps traders interested in Indoco remedies

USFDA approval & dividends keeps traders interested in Indoco remedies

Indoco has received the establishment inspection report (EIR) from US Food and Drug Administration (US FDA) for its Goa Plant II. The Goa plant will be primarily a sterile and solid dosages facility situated in Veran Industrial Estate in Goa. 

Hinduja Global Solutions posts PAT at Rs 20.9 crore in Q4

Hinduja Global Solutions posts PAT at Rs 20.9 crore in Q4

Hinduja Global Solutions, the business process outsourcing arm of Hinduja Group, has posted 138.41 per cent jump on QoQ basis in consolidated net profit at Rs 20.9 crore for the quarter ended March 31, 2016 as against Rs 17.11 crore in Q3FY16; but is flat on YoY basis. The turnaround in their Canada operations in Q4 helped improve the profitability.

Mid Market Commentary May 26

Mid Market Commentary May 26

Indian stock markets continued with the buying spree where Nifty hit just below the 8000 mark while SENSEX hit 26000 levels by gaining nearly 150 points. On an intraday basis markets remain range bound so far, ahead of May F&O expiry.

16 IPOs cleared so far by SEBI in 2016 alone

16 IPOs cleared so far by SEBI in 2016 alone

SEBI has approved so far in this year alone launching of 16 IPOs from various sectors with companies  looking to fund capital expansion and working capital.

 

Gail India elevates on impressive Q4 earnings

Gail India elevates on impressive Q4 earnings

The shares on Thursday have increased over 1.15 per cent on an intra – day basis and are trading at Rs 885.70. The shares are up by 6 per cent in the duration of 6 months. The share prices are up, nearly after 2 weeks; good results have certainly boosted the investment sentiment in the stock.

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Samraj Prataprao May 27 12:49AM
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Samraj Prataprao May 27 12:47AM
mandhana ind being human (mvrl) fast track demerger is on. this being salman khan is worth 900 rs. when being human gets listd it will b compared to kewal kiran. frm 40 crs sale now 234 in 4 yrs
Samraj Prataprao May 27 12:42AM
v r in a bull mrkt, yestrday postd fiirst stn @ nif 8300 today we climd 2 8076, by expry its in. if jain irri declares exp good rsults, the dvr will shoot more. big upsid when jain fresh farm lists.
Samraj Prataprao May 27 12:38AM
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PUSHPAK PARMAR May 26 04:18PM
Short *CENTURY* from high and buy double from deep on monday