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Major Asian stock markets have opened the day on a mixed note with the stock market in China is trading higher by 0.4%. While, the stock market in Indonesia is trading lower by 3%.
Stock markets in Europe ended their previous session on a negative note. Whereas, Dow Jones Industrial Average- benchmark index of the US ended their previous session trading higher by 1.2%.
The rupee is currently trading at 66.42 per US$.
Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 287 points (down 1%) and the NSE Nifty is trading lower by 91 points (down 1%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 1.3% and 0.9% respectively.
Major sectoral indices have opened the day in red with stocks from realty space are witnessing selling pressure.
As per an article in Livemint, Sun Pharma Ltd declared its results for the quarter ended September 2016. The company's gross sales grew by 13.2% YoY during the quarter. The sales grew on the back of a good performance from Indian as well as US geography. Sales in the US geography grew by 9% YoY in dollar terms.
Further, operating income grew by 69% YoY during the quarter led by a strong spurt in other operating income. Other operating income grew by 3240% YoY to Rs 5 billion during the quarter as the company received a milestone payment of US$ 45 million from Almirall SA as part of the licensing agreement for the development and commercialization of tildrakizumbak for psoriasis in Europe.
However, the main over hanging regulatory issue pertaining to its Halol plant has not been cleared yet. The company has addressed all concerns as pointed by the US FDA and have taken appropriate remedial measures.
However, the USFDA has not yet given an EIR for this plant. EIR stands for establishment inspection report and okays the plant as being compliant again. Once the plant is compliant again, it will be a huge positive for the company. The share price of Sun Pharma is trading up by 5.3%.
In another news update, the war of words between the Tata camp and Mistry camp has intensified. Tata released a nine page statement yesterday, accusing Mr Mistry of betraying the trust Tata's had reposed in him and seeking to control the main operating companies of the Tata group to the exclusion of Tata Sons.
The statement cited falling dividend income, increasing impairment provisions, ballooning debt and low return on investments as reasons for removing Mr Mistry as the chairman of Tata Sons.
At Equitymaster, we had conducted a poll back in 2012. The objective was simple. We wanted to find out who our readers perceive as the most trustworthy corporate group in the country. After polling 4,657 readers, a clear winner emerged. With close to 56% of the votes, the Tata Group blew away the competition.
Perhaps the results weren't surprising. The name Tata has long evoked respect and trustworthiness.
So how about changing the question a bit? How about ranking India's business groups in terms of shareholder returns over the past few years?
Here, the Tatas are a bit of a letdown. As many as seven of the nine largest listed Tata entities have put in a shoddy performance not even earning their cost of capital. Needless to say, the performance of the group under Mr Mistry was in question.
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