Asian stock markets have opened the day on a mixed note. Stock markets in South Korea (down 1.6%), Japan (down 0.8%) and Taiwan (down 0.5%) are trading in the red, while markets in Indonesia (up 0.9%) and Malaysia (up 0.6%) are trading firm. The Indian stock markets have opened the day on a firm note. Stocks in the capital goods, Information Technology (IT) and metal space are leading the gains.
The BSE-Sensex is trading higher by around 133 points (0.8%), the NSE-Nifty is up by around 38 points (0.8%). Mid cap and small cap stocks have opened on a positive note with BSE Mid Cap and BSE Small Cap indices up by 0.9% and 0.5% respectively. The rupee is trading at 49.11 to the US dollar.
Oil & Gas Stocks have opened the day on a mixed note with Oil India and Bharat Petroleum Corporation Ltd (BPCL) trading in the red, while Essar Oil and Petronet LNG are trading firm. The newly appointed Chairman of Oil and Natural Gas Corporation (ONGC) has, said that the company will focus on exploration activities. By 2014, ONGC plans to raise the output of crude oil to 28 m tonnes per year. By 2017, it also plans to raise the gas output to 100 m standard cubic metres per day. To achieve this target the company will bring in foreign partners. ONGC has always been criticised for its declining output or not meeting projections. The current crude oil output for 2010-11 was 24.4 m tonnes. The Chairman also said that the existing fields are old but are still the cash-cows for the company. The increase in output will require ONGC to invest Rs 260 bn.
Pharma Stocks have opened the day on a firm note with Opto Circuits, Orchid Chemicals and Cadila Healthcare trading in the green. India's largest generic pharma company, Ranbaxy Laboratories, said that it has entered into a partnership with its parent company, Daiichi Sankyo to distribute the Japanese firm's products in Italy. The statement said that Ranbaxy Italia SpA and Daiichi Sankyo, Italia SpA announced a partnership to leverage Ranbaxy's distribution strengths and extensive relationships with pharmacists across Italy, for the distribution of Daiichi Sankyo products. Initially, Ranbaxy will exclusively distribute two of the parent's established brands named Congescor and Lopresor. The selling will be done to all pharmacies in Italy. Both these drugs are used in Italy for the treatment of congestive heart failure and hypertension.