The major Asian stock markets have opened the session on a negative note with markets in Hong Kong (down 0.89%) and Japan (down 0.64%) leading the losses. US and European stock markets closed their session on a negative note. The rupee is trading at 63.94 per US dollar.
Indian stock markets have opened on a weak note owing to negative trend across global peers. BSE-Sensex is trading down 71 points (down 0.25%) and NSE-Nifty is trading down by 17 points (down 0.20%). S&P BSE Midcap is trading down by 0.02% while S&P BSE Smallcap index is trading up by 0.24%. The Sectoral indices are trading mixed with stocks in pharmaceuticals segment witnessing buying interest.
Stocks in the pharmaceutical space are trading on a positive note. Lupin Ltd is set to acquire Gavis Pharmaceutical -a US based company. As per a leading financial daily, it will pay around Rs 56.1 bn to buy out the company. The deal comes at a price which is nine times the sales. The purchase if concluded will be the biggest buyout of a foreign asset by an Indian pharma company after Dr Reddy's purchase of Germany's Betapharm in 2006. The deal could help Lupin expand its US presence, which contributes nearly half of Lupin's revenue. Stock of Lupin Ltd is trading up by 0.89%.
Power stocks have opened the day on a mixed note. According to business times Tata Power has issued its strategic intent for the year 2022. The company plans to increase the generation capacity from 8750 megawatt (MW) to 18000Mw. 20-25% of the planned expansion would come through clean and green sources. The potential future growth areas in India include the 1600 MW coastal Maharashtra, Dehrand project, the 380 MW Duggar hydroelectric -project and 1980 MW Tiruldih power project. Tata Power has completed the acquisition and possession of private land for Dehrand in 2014-2015. The company is continuing to evaluate investing opportunities in Africa, Turkey & West Asia, South East Asia and the SAARC region. Stock of Tata Power is trading up by 0.35%.