The major Asian stock markets have opened on a mixed note with South Korea (up 0.4%) and Taiwan (up 0.8%) leading the gains. However, the stock markets in Singapore (down 0.3%) were leading the losses.
Energy stocks have opened the day mainly in the green with Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) leading the gains. As per a leading financial daily, the state owned Oil and Natural Gas Corporation Ltd (ONGC) has plans to invest over Rs 57 bn in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast. This includes foreign exchange component of Rs 44 bn. The project is likely to increase production by 6.997 million tonnes for crude oil and 5.253 billion cubic metres for gas by 2030. The project cost includes around Rs 26 bn in creation of surface facilities, around Rs 20 bn in new oil and gas wells and the rest in sidetracking of existing wells. The facility parts under the project are scheduled to be installed by April 2016, while drilling of wells and the overall project completion is scheduled for May 2017.
Indian Pharma stocks have opened the day mainly in the green with Elder Pharma Ltd and Torrent Pharma Ltd leading the gains. Cipla Ltd has signed a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (in turn owned by a UAE based parent company). The company will pay US$ 21 m for this transaction, with additional considerations to be paid over the next 3 years on achievement of agreed milestones. The move is likely to secure company's presence in the fast growing market, given the recent preference to local manufacturing. It is to be noted here that Cipla already enjoys a leading position in Yemen with over 200 products.