Realty stocks lead markets higher

Wed, 13 Oct 09:30 am

   Previous Close   

   Pre-Open   

   11:30 am   

   01:30 pm   

   Closing   

The Indian markets have started today's session on a positive note. The benchmark indices opened above the breakeven mark and have stayed in the positive territory. Other key Asian markets are in the green with Indonesia (up 1%) leading the pack of gainers. The US markets ended higher by 0.1% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with realty majors attracting investors' interest. The BSE-Sensex is trading higher by around 55 points, while the NSE-Nifty is trading up by around 15 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.6% and 0.7% respectively. The rupee is trading at 44.47 to the US dollar.

Pharma stocks have opened the day on a strong note. Gainers here include Indoco Remedies and Lupin. As per a leading business daily, Lupin plans to invest an average Rs 4.5 bn each year in the coming years for capital expansion and acquisition of foreign companies. The company is looking for acquisitions in Korea, Latin American countries and Western Europe particularly Italy, Portugal and Russia. This is part of the company's strategy to utilise the strength of India as a low-cost, quality manufacturing destination and serve the global market from its facilities here. In fact, in the last two years, Lupin had acquired seven small companies in various geographies to create front-ends for marketing. Last week, the company increased its stake in Australia's Generic Health to 57% from 49.9%. Another strategy for the company is to acquire brands, mainly in the US market. Interestingly, the company is ranked among top five generic drug companies operating in the US market in terms of number of prescriptions.

Steel stocks have opened the day on a strong note. Gainers here include JSW Steel and Tata Steel. As per a leading business daily, Tata Steel has decided to shut down Tata Steel Living Solutions, located at Shotton in North Wales. The unit was established in 2003 and made modular buildings for the construction industry. The company had been in losses since its inception. The decision was made primarily in light of the continuing weakness in the construction sector. Interestingly, Tata Steel is open to selling off the plant if any serious buyers approach it.