Auto stocks have opened the day on a mixed note with Tube Investments and Maruti Suzuki Ltd leading with losses. However, Escorts Ltd and Force Motors Ltd were leading the gains. As per a leading financial daily, Mr. Mayank Pareek, the Chief Operating Officer (sales & marketing), Maruti Suzuki has put in his papers after serving the company for over two decades. He is a well known as the face of Maruti Suzuki and has been associated with the firm at a time when its market share peaked to its highest for the past five years. His resignation has come ahead of the company's premium sedan, Ciaz's launch, slated in October and at a time when the company is preparing to enter the light commercial vehicle segment. Further, as per the reports, Mr Pareek is likely to move to a rival company.
Indian Pharma stocks have opened the day on a mixed note with Aurobindo Pharma Ltd and Ranbaxy Laboratories Ltd leading the gains. However, J.B Chemicals Ltd and Torrent Pharma Ltd were leading the losses. As per a leading financial daily, Lupin Ltd has entered into a long-term strategic partnership with Merck Serono, the biopharmaceutical division of Merck, for executing the latter's general medicines portfolio expansion initiative in emerging markets. It will be a 10 year long agreement which couldn be renewed. As per the agreement, Lupin will develop products, provide product dossiers and supply finished products to Merck Serono. The latter will then market the products, leveraging its strong commercial and medical teams in emerging markets to bring new medicines in its portfolio to customers. In return, Lupin will receive upfront and milestone based licensing fee. None of the companies has released any financial details of the transaction. The company is also looking at expanding its presence in Russia, Turkey and China, though no definite plan is in place at the moment for the latter.