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Barring Japan, major Asian stock markets have opened the day on a positive note. The stock market in China and Hong Kong are trading higher by 1.9% and 0.7% respectively. Major indices in Europe and US ended their previous session in green. The rupee is trading at 66.88 per US$.
Indian stock markets have opened the day in green. The BSE Sensex is trading higher by 47 points (up 0.2%) and NSE Nifty is trading higher by 17 point (up 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.3% respectively. Major sectoral indices have opened the day in green with stocks from telecommunication and information technology sector are witnessing maximum buying interest.
As per an article in Livemint, Biocon has entered into a deal with Mexico's Laboratories PiSA SA de CV. to make its version of a recombinant human (rh)- insulin. The drug will be launched in the US markets. The demand for generic rh-insulin in US accounts for over 40% of the global market of US$ 5 bn.
According to the deal, Biocon will supply the active ingredient which is the main raw material, while PiSA will make the finished drug at its Mexico's facility.
Further, Biocon will also be solely responsible for the clinical developments, regulatory approvals and sale of the product in the US. Both the companies will share the costs for development of drug and Biocon will also be entitled for some upfront payment. The said drug is expected to enter the US market in 2020. Given stringent regulations in the developed markets, one needs to keep tab on the progress the company makes in development of this drug.
In another news update, Tata Motor's new chief executive and managing director, Mr Butschek stated that he is set to initiate crucial operational changes coupled with brand repositioning to get back the company on track. Further, he intends to make the company leaner and flexible to help it to respond faster to the market changes than it has historically.
Reportedly, the company is keen to gain the ground it lost to rivals like Mahindra & Mahindra and Honda in recent years. In the April-February period the company reported a fall of 4% in domestic car, utility vehicle and multi-purpose vehicle (MPV) sales, even as the industry grew by about 8%. Its share has collapsed to 5.4% compared to 14% reported four years ago. The figures have been low despite the launch of three new products in the preceding six months.
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