Asian stock markets have opened the day on a firm note. Stock markets in South Korea (up 2.7%), Japan (up 1.7%), Hong Kong (up 1.2%), China (up 1.1%) and Indonesia (up 1%) are trading in the green. Indian stock market
too have opened the day on a firm note. Stocks in the Realty and Banking
space are leading the gains.
is trading up by 150 points (0.9%) and the NSE-Nifty
is up by around 35 points (0.7%). BSE Midcap and BSE Small cap stocks are trading in the green, with the BSE Mid Cap
and BSE Small Cap
indices are up by 0.8% and 0.6% respectively. The rupee is trading at 45.89 to the US dollar.
Power stocks have opened the day on a firm note with Jaiprakash Power and National Thermal Power Corporation (NTPC) in the green. Public sector unit, NTPC, has decided to venture in the international market. This is its first overseas venture and will operate a US$ 700 m coal-based power plant in Sri Lanka. It has entered into a JV with Ceylon Electricity Board (CEB) and will be a part of establishing a 500 MW plant (2x250 MW) in the eastern part of Sri Lanka. Both the companies will have equity in the JV and the JV will be incorporated in Sri Lanka. Once the JV will be incorporated, both the companies will go ahead with the remaining documentation and agreements including the power purchase agreement with CEB, board of investment agreement with the Board of Investment and implementation agreement with the Government of Sri Lanka. The agreements are ready and the project is expected to achieve a financial closure in this financial year.
Pharma stocks have opened the day on a firm note with Ranbaxy Laboratories, Aurobindo Pharma and Cadila Healthcare leading the gains. Cipla, the second largest Indian pharma company, has shut down two of its four marketing divisions. The company has said that the rationalisation move was taken to improve distribution and thus, productivity. The two divisions, Protec and Omnicare, sold generic products and generated sales worth Rs 5 bn. The company has also stated that it will not be slashing any of its products. Cipla has a strong sales force comprising 7,000 sales representatives. By far, this is the largest in the industry. The company sells over 2,000 products in 65 therapeutic areas.