Barring Singapore (up 0.9%) and Japan (up 0.4%), major Asian stock markets have opened the day on a weak note with stock markets in Taiwan (down 1.3%) and South Korea (down 0.3%) leading the losses. The Indian share markets have opened the day on a negative note. The sectoral indices have opened on a mixed note with IT stocks leading the losses. However, metal and realty stocks are trading firm.
Textile stocks have opened the day on a mixed note with Eastern Silk Industries, Bombay Dyeing and Arvind Ltd leading the losses. However, Raymond and Vardhman Textiles are trading firm. As per a leading financial daily, one of the leading integrated textile and branded apparel manufacturer Arvind Ltd is set to demerge its real estate business and transfer it to the company's wholly-owned subsidiary Arvind Infrastructure Ltd (AIL). The company also has plans to list AIL on the stock exchanges. AIL will issue one share of Rs 10 each for every 10 shares of Rs 10 held by shareholders of Arvind Ltd. It must be noted that AIL manages 11 real-estate projects in Ahmedabad and Bangalore with 5.3 million square feet over 360 acres of land.
Indian Pharma stocks have opened the day on a mixed note with Torrent Pharma and Aurobindo Pharma leading the gains. However, Cadila Healthcare and Divi's Laboratories are trading in the red. As per a leading financial daily, Mumbai-based drug maker Lupin Ltd has said that it will contest the decision of the European Union to impose 40 million euro penalty on it. It must be noted that the anti-trust wing of the European Commission recently slapped a fine on Lupin for attempting to obstruct the entry of low-cost generic version of cardiovascular medicine Perindropril in the European Union. However, Lupin is confident of its position and is planning to appeal against the decision in the next few days. A couple of other Indian players who were also pulled up by the commission include Unichem Laboratories and Matrix Laboratories.