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Major Asian markets finished today's session on a negative note as of the most recent closing prices. Stock markets in Japan and China ended the day lower by 1.1% and 0.9% respectively. At the time of writing, most of the European markets are trading in the green.
The BSE-Sensex ended the day lower by 74 points, while the NSE-Nifty too ended lower by about 15 points. However, BSE Mid Cap ended the day marginally higher by 0.1%. While, BSE Small Cap closed lower by 0.2%. The rupee was trading at 67.45 against the dollar at the time of writing.
The project is aimed at making the cancer drugs affordable and growing its presence in the market. The plant will be set up at a special economic zone in Durban and is expected to commence production by 2018.
The company already has a presence in the South African market. Currently, South African market contributed around 14% to the company's consolidated sales in the financial year FY15.
Biosimilars is an emerging megatrend opportunity in the pharma space and a lot of value could potentially be unlocked in this area. Recently, we had written an article pertaining to Indian companies trying to capitalize on the biosimilar opportunity. Click here (subscription required) to read this interesting piece. The stock of Cipla ended the day trading higher by 1.3%.
In another news update, five private equity firms are in the race to buy a 10% stake in Hero FinCorp. Hero FinCorp is a subsidiary of Hero MotoCorp Ltd. Hero FinCorp is in the business of vehicle finance.
Hero MotoCorp is looking to dilute 10% stake in Hero FinCorp. Reportedly, Hero MotoCorp is expected to raise US$ 120 million from this stake sale. This means that the deal would value Hero FinCorp at about US$ 1.2 billion.
The stock of Hero MotoCorp ended the day trading higher by 2.2%.
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