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Indian share markets open firm
Mon, 7 Apr 09:30 am

Barring Indonesia (up 1.4%), the major Asian stock markets have opened the day in the red with the stock markets in Hong Kong (down 0.6%) and Japan (down 1.4%) leading the losses. The Indian share markets have opened the day on a firm note. The sectoral indices have opened mixed with stocks in the auto and realty space leading the gains. However, the stocks in software space were witnessing selling pressure.

The Sensex today is up by around 80 points (0.4%), while the NSE-Nifty is up by about 19 points (0.3%). The mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is currently trading at Rs 59.92 to the US dollar.

Auto stocks have opened the day on a mixed note with Ashok Leyland Ltd and Escorts Ltd leading the gains. However, TVS Motors Ltd and Tata Motors Ltd were leading the losses. As per a leading financial daily, Tata Motors Ltd is close to finalizing a joint project with its British subsidiary Jaguar Land Rover to develop a premium sports utility vehicle . The vehicle is likely to be priced at Rs 20-25 lakh and will compete with the likes of Toyota Fortuner, Ford Endeavour and Hyundai Santa Fe. The SUV is likely to be rolled out in 2016-17. It has been six years since Tata Motors acquired the Jaguar and Land Rover. However, the convergence between two companies has been difficult because unlike Tata Motors that caters to the mass market, JLR products are targeted at the luxury end of the automobile market. The company has refused to comment on its future products and plans.

Pharma stocks have opened the day mainly in the green with Elder Pharma Ltd and Panacea Biotech Ltd leading the pack of gainers. However, Ranbaxy Laboratories Ltd and Divis Laboratories Ltd were facing selling pressure. As per a leading financial daily, Sun Pharmaceutical Industries Ltd is planning to buy Ranbaxy Laboratories Ltd in a US$ 3.2 bn all share deal. It is important to note here that Ranbaxy is India's biggest drugmaker by sales. Japan's Daiichi Sankyo Co Ltd has around 63.4% stake in the company. Both Ranbaxy and Sun Pharma are facing quality issues in the US market. While Ranbaxy has been banned from exporting drug ingredients to the US, Sun Pharmaceutical's Karkhadi plant is also barred from shipping products by the US Food and Drug Administration (USFDA). As per the terms of the deal, Ranbaxy's shareholders will get 0.8 of a Sun Pharmaceutical's share for each Ranbaxy share they own. Daiichi Sankyo has said in a statement that it will get around 9 % stake in Sun Pharmaceutical after the deal. The deal values Ranbaxy at Rs 457 per share.

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Mar 1, 2021 03:36 PM