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Down on weak global cues
Thu, 6 Jun Closing

Weak global cues and profit booking in telecom, pharma and Power sector stocks led key indices in Indian equity markets to move back into the negative territory after a brief stint in the positive during the final trading hours. The BSE Bankex was the only sectoral index to end in the positive. While the BSE-Sensex closed lower by 48 points, the NSE-Nifty closed lower by 2 points. The BSE Mid Cap index and the BSE Small Cap index, however, bucked the trend and closed higher by 0.2% each.

As regards global markets, Asian indices closed lower today while European indices have opened higher. The rupee was trading at Rs 56.81 to the dollar at the time of writing.

As per a business daily, Titan Industries' eyewear retail chain, Titan Eye Plus, has launched Titan Glares, a range of sunglasses priced between Rs 1,500 and Rs 2,995. Titan Eye Plus, the third major line of consumer business from Titan Industries, has over 227 stores functional across 79 cities. The company further plans to open 40 to 45 stores this year and investments would be raised by franchisees. Titan Industries is planning to spend Rs 4.5 bn on capital expenditure in FY14, a growth of three times over last year spending of Rs 1.5 bn. The company is planning to open minimum of 200 outlets for its watch, jewellery, eye wear and fashion accessories business, while it also plans to set up two greenfield manufacturing plants for watches in Coimbatore and precision engineering in Hosur. At present, the company is manufacturing 7.6 m watches in Hosur.

Meanwhile, pharma major Cipla, has announced that it has granted the global commercialization rights for its nasal spray Dymista to Swedish partner Meda AB, except for certain geographies. The two companies have extended an existing partnership for development under which Meda would have full coverage in all growth markets in Latin and South America, Middle East and Africa and Asia, including more than 120 new markets for the nasal spray prescribed for allergic rhinitis. With an intention to increase its front end presence, the company is taking various steps. In Europe, Cipla is building up a team to market Cipla's products. In the US, it continues to file new ANDAs on its own. In FY13, the company had filed 5 new ANDAs on its own (unlike earlier when it used to do so with partners) and plans to file 10 more such ANDAs in FY14.

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