Asian stock markets have opened the day on a firm note. Stock markets in Japan (up 2.0%), Hong Kong (up 1.3%) and Singapore (up 1.1%) are in the green. The Indian stock markets have opened the day on a firm note. Stocks in the capital goods and metals space are leading the gains.
The BSE-Sensex is trading up by 180 points (1%) while the NSE-Nifty is up by around 55 points (1%). Mid cap and small cap stocks are trading in the green, with the BSE Mid cap and BSE Small cap indices up by 0.6% and 0.5% respectively. The rupee is trading at Rs 49.91 to the US dollar.
Pharma Stocks have opened the day on a firm note with Ranbaxy Laboratories and Cipla in the green. Indian pharma major Ranbaxy Laboratories Ltd which has a strong presence in Africa has now opened a new manufacturing facility in Casablanca, Morocco. This move will help the company do business directly in various parts of North Africa. The market in Morocco market is estimated to be around US$ 1 bn. Ranbaxy has already completed a successful audit of the facility by the Moroccan health authorities. The company has obtained an authority to start production at its new facility. The company has now identified Morocco as the most important market in Africa. It has plans of supplying to other African nations from Morocco. In Africa, Ranbaxy also has facility in Nigeria and South Africa. The company also has a distribution network which covers 44 out of 54 African Nations.
Auto Stocks have opened the day on a firm note with Tata Motors (Telco) and Maruti Suzuki in the green. Tata Motors owned Jaguar Land Rover is planning to assemble Jaguar luxury cars in India after 3 years. The company management said that they are looking at it but as of now the volumes in India are very small. Therefore, it does not make sense to set up an assembly unit for it currently. At present the British company assembles sports utility vehicle brand Land Rover's Freelander at Tata Motors' Pune plant. The company did not spare any specific details about the timing and location of the assembling plant. During the first half of the year, the total sales of Jaguar and Land Rover was 891 units. This was quite higher when compared to the 242 sold in the previous year.