Asian markets have opened the day on a mixed note with stock markets in Hong Kong (up 0.6%) and China (up 0.6%) witnessing gains . However, stock markets in Japan (down 0.6%) and Singapore (down 0.09%) are among the losers.
The industrial growth for April has rebounded and consumer inflation has eased for May as per the data released by India's statistics office. Index of Industrial production (IIP) has risen by 3.4% in April, the highest since March 2013. In past two months i.e. February and March; the index had recorded a decline. The industrial production growth was aided by an 11.9% rise in electricity generation; mining output was up 1.2% from a year ago in April while manufacturing rose 2.6%. Capital goods production was up 15.7%, suggesting a revival in investment activity. However, growth in capital goods was on a weak base of 0.3% decline in April 2013.
Regarding inflation; core inflation fell to 7.72% in May from 7.8% in April. Food inflation dropped from 9.83% to 9.56% over this period. This was despite concerns of bad monsoon which is likely to raise food prices.
Indian Pharma stocks have opened the day on a mixed note. Natco Pharma and Indoco Remedies are leading the gainers; while Dishman Pharma and Biocon Ltd are leading the losers. Dr. Reddy's Laboratories has launched a lotion for the treatment of vitiligo in India. The lotion named Melgain is used for vitiligo; which is a skin disorder. According to the company, Vitiligo is estimated to affect about 50 m people in India. The company has in-licensed the drug from Hyderabad-based Issar Pharmaceuticals, which had developed and introduced this peptide-based drug in the Indian market in 2004. Currently Dermatology products contribute less than 10% to the company's revenues. Dr. Reddy plans to come out with more products in the lifestyle segment in order to become one of the top 5 companies in skin care area.