Asian stock markets have opened the day on a firm note. Stock markets in Japan (up 1.5%), Hong Kong (up 0.6%) and China (up 0.4%) are in the green. The Indian stock markets have opened the day on a firm note. Stocks in the realty and metals space are leading the gains.
The BSE-Sensex is trading up by 300 points (2%) and the NSE-Nifty is up by around 90 points (1.9%). Mid cap and small cap stocks are trading in the green as well, with the BSE Mid cap and BSE Small cap indices up by 1.5% and 1% respectively. The rupee is trading at Rs 50.06 to the US dollar.
Auto stocks have opened the day on a weak note with Tata Motors (Telco) and Maruti Suzuki India in the green. Hero MotoCorp has plans to start its global drive from the next quarter. The company wants to start exports to the African Nations and Latin America. The exports will fall under the subsidiary company named as Hero International Business. The company further intends to sell in some of the South-East Asian countries. The company said that the new distributors for the two-wheeler have been finalized. Hero Motocorp is looking to export many different models to these markets. The company might have to set up assembling plants in some of the countries in order to avoid the taxes in some of these countries.
Pharma Stocks have opened the day on a firm note with Ranbaxy and Cipla in the green. The USA subsidiary of Glenmark Pharma has been allowed the final abbreviated new drug approval (ANDA) from the USFDA. This approval is for the Imiquimod Cream 5%, a generic version of Aldara which belongs to Medicis Pharmaceutical Corporation. Glenmark in a notice said that the company has already arranged for sending the shipments to US for the new drud. This cream is used for the topical treatment of clinically typical, nonhyperkeratotic, nonhypertrophic actinic keratoses to be used on the face or scalp in adults. It can also be used for cure of external genital and perianal warts in patients above 12 years old. The company said, referring the IMS Health sales data that this cream had garnered around US $ 244 m in sales by December 2011. Glenmark's current portfolio consists of 77 products authorized for distribution in the U.S. marketplace and 40 ANDA's pending approval with the U.S. FDA.