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Positive Start to the Day
Fri, 15 Jan 09:30 am

Major Asian stock markets have opened the day on a mixed note with stock markets in China trading down by 1.3%. However, stock markets in Indonesia and Taiwan are trading up by 0.4% each.

After a sell-off on Wall Street on Wednesday, stock markets regained with benchmark indices ending the day higher by 1.4%. However, major indices in Europe ended their previous session in red. The rupee is trading at 67.09 per US$.

Indian stock markets have opened the day on a positive note. The BSE Sensex is trading higher by 44 points (up 0.1%) and NSE Nifty is trading higher by 13 points (up 0.2%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.4% and 0.8% respectively. Major sectoral indices have opened the day in green with stocks from automobile and pharmaceutical sectors witnessing maximum buying interest.

As per an article in leading financial daily, Tata Motors, that was formerly considered as a quite strong player in developing of future infantry combat vehicle (FICV) might soon face tough time. The company was one of the leading contenders to bag the defence order in this segment. However, the recent regulatory changes, could pose some challenge for the company.

In a recent project, ten companies are in the race for the FICV project including the likes of Larsen & Toubro, Mahindra & Mahindra and Pipavav Defence. The project will be awarded on the basis of commercial assessment, emphasizing on turnover of the company.

Tata Motor's consolidated statements including Jaguar Land Rover (JLR), reported annual revenue of Rs 2636 billion, with profit Rs 139.86 billion for FY15. On this basis, the company emerged as the number one player to bag the order.

However recently, defence ministry specifically stated that annual turnover of the companies having a capital asset in India will only be included. Hence, turnover of Tata Motors JLR (exports) will not be included while evaluating the commercial considerations. On a standalone basis, Tata Motors generated an annual turnover of Rs 381.7 billion and posted a net loss of Rs 47.3 billion. Considering standalone figures, company is positioned at third place behind M&M and L&T.

As per an article in leading financial daily, Competition Commission of India (CCI) has given approval to Strides Arcolab to acquire Sun Pharmaceutical's two business divisions. The consideration for the same is pegged at Rs 1.65 billion. The agreement was entered during September 2015, however was awaiting regulatory clearance.

The two business divisions belonged to erstwhile Ranbaxy. The company was acquired by Sun Pharma around a year back. Post the acquisition of Ranbaxy, Sun Pharma is taking various steps to derive synergies from the acquired business. The divestment of these units is in line with the company's strategic plan.

Strides Arcolab stated that the acquisition of 'Solus' and 'Solus Care' divisions holds strategic significance to the growth of the company's branded business in India. Further, the company also added that the rich product portfolio and capable teams of these two divisions would help them to establish a strong footing in the fast growing 'Central Nervous System' (CNS) market in India.

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Jan 16, 2018 (Close)