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Indian share markets open weak
Tue, 7 Oct 09:30 am

Asian stock markets have opened the day on a mixed note with the markets in Japan (down 0.3%) and Taiwan (down 0.6%) leading the losses. However, the markets in Hong Kong (up 0.5%) and China (up 0.3%) have opened in the green. The Indian share markets have opened the day on a negative note. The sectoral indices are trading mixed with FMCG and realty indices leading the losses. However, IT and capital goods indices are trading in the green.

The Sensex today is down by around 19 points (0.1%), while the NSE-Nifty is down by about 10 points (0.1%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.6% respectively. The rupee is currently trading at Rs 61.75 to the US dollar.

Majority of Indian pharma stocks have opened the day on firm note with Cadila Healthcare and Natco Pharma leading the gains. As per the financial daily, Cipla Ltd has entered into agreement with its Iranian distributor for setting up a manufacturing facility in Iran. Cipla will hold 75% stake in this facility and invest approximately Rs 2,250 m over next three years for setting up the plant. This will include machinery, equipment and technical know-how for the said investment. Reportedly, the proposed investment is subject to completion of certain conditions and applicable regulatory approvals. Currently, Cipla has presence in over 170 countries and sells over 2,000 products globally.

Retail sector stocks have opened the day on a mixed note with Tribhovandas Bhimji Zaveri (TBZ) and PC Jewellers leading the gains. However, Shoppers Stop and Future Retail are trading in the red. As per a leading financial daily, Tata group firm Titan Company has stated that it will now offer international shipping of its select jewellery products to customers in the US, UK, Singapore, Australia and UAE. In a statement, the company highlighted that this new feature has been launched for a selected range of jewellery products, keeping in mind the interest of non-resident Indians (NRIs), People of Indian Origin (PIOs) in purchasing ethnic products and jewellery from India, especially during in the upcoming festive season. The company has tied up with PayPal for payments and United Parcel Service (UPS) for logistics of its international customers. In future, the company plans to scale up its overseas shipping to more countries.

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