Asian stock markets have opened on a positive note with markets in Hong Kong and Taiwan leading the charts. Meanwhile, stocks closed modestly higher in the US. Europe too witnessed equities finishing largely higher as investors grasped fresh data from the Euro zone. The Indian rupee opened with marginal gain of 6 paise at 63.58 per dollar on Friday against previous close of 63.64.
According to a leading financial daily, Idea Cellular, part of the Aditya Birla Group, is working on a Rs 75.8 bn deal to sell its independent towers, drawing the interests of Malaysia's Axiata, Bharti Infratel and American Tower Corporation. India's third largest mobile service provider owns and operates about 11,000 towers in the country. Reportedly, after the expensive spectrum auctions, Idea Cellular have been seeking fresh capital-raising plans. The company carries a consolidated debt of Rs 140 bn in FY15. The firm also raised Rs 30 bn through a qualified institutional placement process last year. The stock has opened the day on an optimistic note.
The stock of Glenmark Pharma has opened in green after it was reported that the company has been granted tentative approval by the US health regulator to sell Rufinamide, which is used to treat seizures caused by Lennox-Gastaut syndrome. Rufinamide is a therapeutic equivalent of Banzel tablets of Eisai. Reportedly, for the 12 month period ending March, the Banzel market achieved annual sales of approximately US$121.8 million. Glenmark's current portfolio consists of 96 products authorized for distribution in the US marketplace and 68 ANDAs (Abbreviated New Drug Application) pending approval with the FDA.