The major Asian stock markets Asian stock markets have opened the day in red. Stock markets in Indonesia, Japan and Singapore are trading lower by 1.7%, 1.4% and 0.6% respectively. The major stock indices in the European markets ended their previous session on an encouraging note. However, the benchmark indices in US ended their previous session down by 1%. The rupee is trading at 66.04 per US dollar.
As per an article in Business Standard, Maruti Suzuki raised the average gross salary of its workers in its Manesar and Gurgoan plants. The salary has been hiked by Rs 16800 per month. However this wage hike is spread over the three years. Reportedly, the estimated financial impact of the wage hike on the company during the current financial year is estimated at Rs 1.30 bn. Further, this cost is expected to be Rs 0.65 bn for the second and third year each. However the company has already budgeted for the increase. The stock of Maruti Suzuki is trading down by 0.2%.
As per an article in Economic Times, U.S Food and Drug Administration (USFDA) has cancelled an approval issued to Sun Pharma Advance Research Company (SPARC) in relation to launch of a drug for seizures. SPARC is the research arm of Sun Pharmaceutical Ltd. The approval has been revoked citing manufacturing quality problems at its production site. The move comes as a setback to SPARC as the drug 'Elepsia XR' was its first one to receive an FDA approval. Reportedly, it was estimated the sales of this drug could be around USD$ 50 m annually from Elepsia XR. The stock of SPARC and Sun Pharmaceutical is trading down by 3% & 2.4% respectively.