After opening firm, the Indian stock markets are trading well above the dotted line in the morning session. While engineering and IT stocks are leading the gainers; pharma stocks are leading the losers.
Most Software stocks are trading higher today. HCL Technologies and Infosys are leading the gainers. India's second largest software firm Infosys, has announced a re-deployment of its workforce. In a bid to strengthen its engagement with clients, Infosys has deployed 150 executives with technical backgrounds to client locations. This move will help the company develop a better understanding of client's needs. This is one of the first moves taken by the new CEO Vishal Sikka who took over as CEO on Aug 1st. This will help the company to win more large traditional software outsourcing contracts which have a recurring revenue stream. Infosys is trading up 2.6% today.
Majority of MNC pharma companies are trading in red with Sanofi India and GSK pharma being among the leading losers in the pack. Pfizer Ltd, the Indian subsidiary of Pfizer Inc has announced a lock out notice on its facility located at Navi Mumbai. This said notice for the proposed lock-out has been necessitated by the company on the back of several acts that have taken place in the facility. Reportedly, there have been various incidents of indiscipline, threats to the management personnel as well as attempts to disrupt production lines by certain workers. As a result of which the Company is of the belief that it has become impossible for the management to continue with the operations of the plant in a peaceful and productive manner. However, as per the company, the said lock-out notice will have no impact on the business operations of the Company. Pfizer is trading flat today.