Most Asian stock markets have opened the day on a weak note. Stock markets in South Korea (down 2.7%) , Indonesia (down 1.9%) and Taiwan (down 1.3%) are leading the pack of losers. However, the markets in China (up 0.2%) are trading firm. The Indian stock market have opened the day on a weak note as well. Capital goods, power
stocks are leading the losses. However, stocks in the technology space are trading firm.
is trading lower by around 55 points (0.3%), the NSE-Nifty is down by around 17 points (0.3%). While the BSE Mid Cap index has opened on a flat note, the BSE Small Cap index is up by 0.1%. The rupee is trading at 47.98 to the US dollar.
Engineering stocks have opened the day on a weak note with Bharat Heavy Electrical Ltd (BHEL), Larsen & Toubro (L&T), Havells India and Areva T&D leading the losses. Engineering and construction major L&T expects recovery of growth in its order book to come in the next few quarters of this year itself. The management had stated earlier that the order inflow was below their expectations. During the first quarter L&T received new orders of Rs 162 bn. This marked an increase of only 3.6% YoY for the quarter. However, the company has given a guidance of 15% growth in the order book for the full year. The company attributed the decrease in growth to the rising interest rates.
Pharma Stocks have opened the day on a firm note with Aurobindo Pharma, Ranbaxy Laboratories and Divi's Lab trading in the green. In order to be able to make the low-cost version of Lipitor, which is the world's largest selling drug, Ranbaxy Laboratories has commenced talks with Ind Swift, a Chandigarh-based Indian pharma company, for sourcing of raw materials. Ranbaxy is exploring various options to procure intermediate or final API (active pharmaceutical ingredient) atorvastatin. API is the basic chemical used in a drug. In the case of Ranbaxy's Lipitor, atorvastatin is the basic chemical. India's largest drug manufacturer has slated the launch of the drug in the US by 30 November, 2011.