Indian equity markets opened the day on a weak note and dropped in the late afternoon session on concerns over growth recovery in China after exports in the world's second-biggest economy fell for the first time in 17 months. While the BSE-Sensex closed lower by 145 points, the NSE-Nifty closed lower by 42 points. Both the BSE Mid Cap and the BSE Small Cap closed on a negative note. Oil and Gas and Auto stocks were the biggest losers.
As regards global markets, Asian indices closed in the green. European indices have opened in the red. The rupee was trading at Rs 60.35 to the dollar at the time of writing.
According to a leading financial daily, Tata Steel has reported a 26% jump in sales at 2.005 million tonnes (MT) in the first quarter of this fiscal ended June 30. The company had sold 1.585 MT during the April-June quarter of previous fiscal and 2.279 MT during the January- March, 2013 period. Production of saleable steel of the company also rose by 23% to touch 2.145 MT during the April-June period of the current fiscal from 1.740 MT a year ago. Tata Steel had produced 2.263 MT saleable steel during January-March 2013 quarter. Total hot metal production of the company was higher by 20% to 2.464 MT during the reporting quarter compared to 2.053 MT a year earlier. Crude steel production was also accordingly up by 22% to 2.223 MT during the April-June quarter of the current fiscal compared to 1.817 MT a year earlier.
According to a leading financial daily, Dr Reddy's has said that it will focus on fixing its European operations and strengthening its local business, the two major markets where it has underperformed. Dr Reddy's European sales declined in FY13 on account of its struggling German unit Betapharm Arzneimittel GmbH, which contributes about 70-75% of revenue in Europe. Dr Reddy's bought Betapharm, the fourth largest German generic drug marketing firm in February 2006 but a dramatic shift of policy in Germany to source medicines from the lowest-cost vendor through a tender-based model has hurt the company. As part of the new turnaround strategy for Germany, Dr Reddy's will launch products outside the scope of tenders and plans to adopt a selective approach of picking its product portfolio.