The major Asian stock markets have opened on a mixed note with stock markets in Singapore (up 0.2%) and Japan (up 0.5%) leading the gains. However, the stock markets in South Korea (down 0.1%) and Taiwan (down 0.1%) have opened in the red.
Steel stocks have opened the day mainly in the green with Jindal SAW Ltd and Tata Sponge Ltd leading the gains. However, Tayo Rolls Ltd and Steel Authority of India Ltd were facing selling pressure. As per a leading financial daily, the Modi government is likely to sell a 5% stake in state-run Steel Authority of India Ltd (SAIL) in the last week of this month thus kicking off what is set to be a busy divestment schedule. Sources related to the development have suggested that the marketing road shows for the stake sale valued at about US$340 m ( at current market prices) will begin soon after the presentation of the federal budget on July 10, 2014. Post the sale, the government's holding in the company would come down to 75 %. SAIL's disinvestment, if completed, would be the first of a series of asset disposals that are estimated to raise an amount of Rs 600-800 bn in FY15.
Indian Pharma stocks have opened the day mainly in the green with Orchid Chemicals Ltd and Strides Arocolab Ltd leading the gains. As per a leading financial daily, Glenmark Pharmaceuticals Ltd has announced that its new molecule - a novel monoclonal antibody for potential treatment of autoimmune diseases is entering human trials. Monoclonal antibodies are produced by a single clone of cells grown in culture to produce unlimited quantities of identical antibodies. They are used in diagnosis, therapy and biotechnology. There are more than 80 autoimmune disorders including rheumatoid arthritis and multiple sclerosis. The company has completed the Phase I enabling preclinical development programme for its novel monoclonal antibody GBR 830, and has filed a Phase I clinical trial application with The Netherlands authorities. With this, the company now has three monoclonal antibodies in clinical development.