Asian markets finished on a mixed note at the most recent closing prices. Nikkei gained 0.38%, while the Shanghai Composite lost 3.02%. The rupee was trading at 63.41 against the US$ in the post noon session.
Stocks in the pharmaceutical sector ended the day on a positive note with Panacea Biotech and Indoco Remedies leading the winners. Pfizer is planning to shut down its Navi Mumbai plant. The plant has been in existence since the past 55 years. The decision to close the plant is based on an assessment of its long term viability and its ability to achieve the needed production. The company stated that the closure of the plant would not have any effect on the availability of the drugs. The company further stated that there had been no production activity carried out in the plant since 2013 and the closure will not impact the supply of the company's medicine to the patient. Stock of Pfizer ended the day on a negative note.
Stocks in the banking sector ended the day on a mixed note with DCB Bank leading the losers and South Indian Bank leading the winners. Foreign banks reported a strong profit growth from the Indian operations from the year ended 31st March 2015. Net profits of Deutsche as well as Standard Chartered almost doubled in the year ended 31st March from the previous fiscal year. Citibank however maintained its position to be the most profitable foreign bank in India. These banks have reported healthy profits on account of trading income as interest rate headed downwards and also because India's macro economy was in a much better footing as compared to last year. It was also helped by the fact that their exposure to the troubled infrastructure sector was lower. Comparing the foreign banks with the Indian Banks, banks such as Yes Bank and SBI reported a growth in the net profit of 23.9% and 20.3% respectively.