The major Asian stock markets have opened the session on a mixed note with markets in Hong Kong (down 0.6 %) and China (down 0.3%) leading the losses. However, markets in Japan are trading in the green, up by 1.6%. US and European stock markets closed their session on an encouraging note yesterday. The rupee is trading in green at 63.55 per US dollar.
Stocks in the pharma space have opened their day on a mixed note. As per the leading financial daily, Cipla has received an approval for divestment of its consumer healthcare business to a wholly owned subsidiary. This divestment will be on a going-concern basis by way of slump sale for a consideration of Rs 105 m. the same has been approved by the company's board of directors at the meeting held on 9th of July. The said divestment would enable the company to participate in the attractive & growing over-the-counter (OTC) market. For the last quarter of 2014-15, the turnover contributed by the OTC division stood at Rs 348 m. The net worth of OTC division of the company as on March 31, 2015 was Rs 64.5 m contributing 0.06% of the net worth of the company. Stock of Cipla has opened the day on an encouraging note.
According to financial times, Sintex Industries has declared its results for the first quarter ended June 30, 2015. On the standalone basis, the total income stood increased by 7.7% on a YoY (year-on-year) basis. The net profits were up by 12.6% YoY for the same quarter On the consolidated basis, the company's total income was up by 10.5% YoY and profits for same period were up by 12% YoY. Stock of Sintex Industries has opened the day on a firm note.