Published on 15/03/2017 5:23:20 PM | Source: Angel Broking Pvt Ltd
The Indian rupee strengthened for the third session to hit a fresh 16-month high against the US dollar - Angel
Below is the views It and Pharma Sector By Ms. Sarabjit Kour Nangra (VP Research- IT & Pharma, Angel Broking Pvt Ltd)
The Indian rupee strengthened for the third session to hit a fresh 16-month high against the US dollar. The same is said to be reflective of the Indian economical strength. Since January 2017, the Rupee has strengthened by 3.6% (till date). While the long term trend depends on the fundamentals of both economies, the quarterly numbers could impact on back of this trend. While this bodes well for importers like many MNC pharma companies, which are net importers, while for rest of the Pharmaceutical companies, it could be company specific, as pharmaceutical companies especially Indian companies are marginal to medium net exporters. The major impact will be felt on the IT companies, which are net exporters especially to US, especially of the likes of Infosys, which has 70% of its billing in US. We maintain our recommendations in both the sectors. In IT we recommend Infosys and HCL tech and in pharmaceuticals Sun Pharmaceutical, Lupin, Aurobindo Pharmaceuticals.
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