Asian stock markets have opened the day on a positive note with nearly all major markets trading in the green. Stock markets in Hong Kong (up 1%), Taiwan (up 1%) and Indonesia (up 0.8%) are the major gainers. The Indian stock markets have opened the day on a positive note as well. Stocks in the healthcare and consumer goods (FMCG) sectors are leading the gains.
The BSE-Sensex is up by around 23 points (0.1%), while the NSE-Nifty is up by around 10 points (0.2%). Midcap and small cap stocks are trading in the positive zone as well, with the BSE Midcap and the BSE Small cap indices up by about 0.4% and 0.3% respectively. The rupee is trading at 44.33 to the US dollar.
Pharma stocks have opened the day on a high note with Biocon, Sun Pharma and Glenmark Pharma leading the pack of gainers. Pharma major Lupin has stated that it has effectively settled the lawsuit over Solodyn tablets. The company has settled the legal suit with Medicis Pharmaceutical Corp. As a part of the settlement, Lupin can now sell the generic version of the Solodyn drug in three different strengths under a license from Medicis. Lupin can commence the sale from November 2011 onwards. It can also sell the generic version in 65 mg and 115 mg from February 2018 onwards. As per the agreement, Lupin will receive an upfront payment of US$ 20 m from Medicis. Lupin has also signed a pact with the company for developing multiple therapeutic compounds. The agreement would help the Indian arm of the company in receiving US$ 38 m. However, Medicis would have the global exclusive rights (excluding India) for selling the products developed under this agreement.
Power stocks have opened the day on a positive note with Suzlon Energy, NTPC and Tata Power, all trading in the positive zone. Indian largest coal mining company, Coal India (CIL) is in talks to acquire around 30% in an Indonesian coal asset. According to the leading daily CIL has commenced negotiations with Indonesia's Golden Energy Mines for buying asset. Golden Energy Mines supplies 5 m tonnes of coal per year. The thermal power plants are its major customers. While the Chairman of CIL has declined from giving too many details, he has stated that CIL has asked for requisite approvals from the authorities for buying the stake. These approvals are necessary as the target is an unlisted company. As per the rule on investments, the internal rate of return should be more than 12% for CIL to invest in any company overseas.