Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (up 0.3%) and Singapore (up 0.2%) trading firm. However, markets in China (down 0.4%) and South Korea (down 0.3%) are facing selling pressure. The Indian stock markets have opened the day on a flat note. Stocks in the realty and metal sectors are trading n the green.
The BSE-Sensex is trading marginally higher by 7 points (0.04%), while the NSE-Nifty is up by around 5 points (0.1%). Mid cap and small cap stocks are trading in the green with the BSE Mid cap and BSE Small cap indices up by 0.5% and 0.6% respectively. The rupee is trading at 52.98 to the US dollar.
Pharma Stocks have opened the day on a mixed note with Dishman Pharma, Ranbaxy Laboratories and Lupin trading in the red. However, Indoco Remedies and Biocon are trading firm. India's premier biotech company, Biocon, announced positive results for treat-plaq study with Itolizumab in chronic plaque psoriasis (skin related disease). The company came out with a press release stating that its double blind, placebo controlled, phase III treat-Plaq study of the first humanised anti CD-6 monoclonal antibody, successfully met the pre-specified primary end-point of significant improvement in PASI-75 (Psoriasis Area and Severity Index) score. Many other secondary end-points were also met by the trials after 12 and 28 weeks of treatment. The Chairman of Biocon commented that Itolizumab has shown significant advancement in the treatment of psoriasis. If the success of the phase III trials goes in a similar manner, this can well become India's first novel discovery of biologic.
Auto Stocks have opened the day on a mixed note with Ashok Leyland and Tata Motors trading in the green. However, Mahindra & Mahindra (M&M) is facing selling pressure. TVS Motor has announced that it will re-launch one of its best selling motorcycles 'Victor' in India in December 2012. The two-wheeler maker had discontinued the Victor four years back and the same was replaced by Centra. However, the company believes that Victor still has a lot of consumer demand. TVS also plans to introduce three more products in 2012. It is planning a capex of Rs 1.25 bn for the financial year 2012-13 (FY13). The company is also considering an increase in its overall production capacity to about 32 lakh units annually by 2013-14 (FY14). For this, it may have to invest an additional sum of about Rs 1.6 bn.