The major Asian stock markets have opened in the red with stock markets in Singapore (down 0.3%) and South Korea (down 0.2%) leading the losses. However, the stock markets in Indonesia (up 0.9%) and Taiwan (up 0.1%) have opened on a positive note.
The Modi Government is all set present its first Rail Budget today. A hike in the FDI limit for railways, greater private sector participation and investments for infrastructure upgradation will be the are some of the key areas likely to be in focus.
Indian Pharma stocks have opened the day on a mixed note with Natco Pharma Ltd and Sun Pharma Ltd leading the gains. However, Orchid Chemicals Ltd and Dishman Pharma Ltd were facing maximum selling pressure. As per a leading financial daily, Cipla Ltd is likely to invest around Rs 10.3 bn in UK over next few years for launch and development of new drugs in line with its global footprint expansion plans. The range of drugs will include the areas of respiratory, oncology and antiretroviral segments. The investment will include research and development, clinical trials and further expansion internationally and in the UK. The company will offer high quality affordable medicines to British National Health Service (NHS).
Mining stocks have opened the day mainly in the red with Ashapura Minechem Ltd and Sesa Sterlite Ltd leading the losses. As per a leading financial daily, Coal India Ltd (CIL) plans to take up 118 projects that are likely to produce 354 million tonnes per annum (MTPA) output in three years. The estimated contribution, as stated by the Minister of State for Coal, Power, New and Renewable Energy Piyush Goyal in 2016-2017 is around 137.77 MT. These projects would be taken by seven subsidiaries of CIL. Besides, the Mr Goyal has stated that Singareni Collieries Company Limited (SCCL) will also take up nine projects for an ultimate capacity of 13 MTPA during the 12th plan and the envisaged contribution from the same in 2016-17 is 4.04 MT.