The major Asian stock markets have opened the day in green with stock markets in Japan, Singapore and China up 1.3%, 0.6% and 0.3% respectively, are leading the pack of gainers. The major stock indices in the European and US markets ended their previous session on a dismal note. The benchmark indices of US ended their previous session lower by 3.03%.The rupee is trading at 66.22 per US dollar.
According to a financial daily, the foreign portfolio investors (FPIs) would be relieved from the payment of MAT from Minimum Alternative Tax (MAT) for the years prior to 1st April, 2015. The move is in line with the recommendations of the A.P. Shah committee. Reportedly, the government will introduce clarificatory amendments to the Income Tax (I-T) Act to exempt portfolio investors from MAT in the next session of parliament. The tax department will also issue a circular to its field formations to put on hold all existing demands as well as new demands. But uncertainty persists for 'foreign companies' because according to panel, relief will be provided only to 'FPIs' and not overseas corporate entity.
Major stocks in the pharmaceutical have opened their day in green. As per an articles in Business Standard, Sun Pharmaceutical has completed the acquisition of GlaxoSmithKline's (GSK's) opiates business in Australia. This would strengthen its Active Pharmaceutical Ingredients (API) and analgesic drug segments. The deal was announced in March, but the same was finalized yesterday. Under the deal, GSK's two manufacturing plant in Australia along with inventory will be transferred to Sun Pharma. US is the largest market for opiate-based medicines and the top-five pharmaceutical companies control over 60 per cent share in analgesic drugs made from controlled substances. The acquisition in Australia will thus help Sun Pharmaceuticals in improving its product sourcing and help grow analgesics business.