The major Asian stock markets have opened the day on a mixed note with markets in Korea (down 0.7%) and Singapore (down 0.3%) leading the losses. However, stock markets in Taiwan (up 1.1%) and Japan (up 0.4%) were trading in the green. The Indian share markets have opened the day on a negative note. Sectoral indices have opened mixed with consumer durables and power stocks leading the losses, while FMCG and healthcare stocks are leading the gains.
Power stocks have opened mixed today. KSK energy and JSW energy are the leading gainers while Power Grid and Gujarat India Power are the leading losers. India's largest power producer, National Thermal Power Corporation Ltd (NTPC) has shown interest to develop the 2,400 Mw coal-based power station at Kamakhyanagar in Dhenkanal district through the joint venture (JV) route. NTPC's chairman and managing director, Arup Roy Choudhury called on Chief Minister Naveen Patnaik and presented the proposal for the same. Reportedly, it is not clear as to how much will be the percentage share of NTPC in the JV. The 2,400 Mw coal fired plant is being developed by Odisha Thermal Power Corporation Ltd (OTPCL). This is an equal JV between two state controlled entities Odhisha. Thus, to accommodate NTPC in Larsen & Toubro (L&T) and Bharat Heavy Electricals Ltd (BHEL) had shown their interest to pick up stake in OTPCL's project. Both these central PSUs were keen for only 26% stake with some riders for the same.
Indian Pharma stocks have opened the day on a firm note, with Strides Acrolab and Wockhardt Ltd leading the pack of gainers. As per a leading financial daily, the United States Food & Drug Administration (USFDA) is conducting an unannounced inspection of Dr Reddy's Laboratories' manufacturing facility located at Visakhapatnam since Tuesday. Reportedly, the unit manufactures formulations for supply in European Union and US markets. Further, the US regulators have also found some discrepancies at the unit, and are expected to give some recommendations to the company. The inspection is expected to get over by end of this week, and then it will come to light if the USFDA has raised any concerns towards the same. The FDA has become quite vigilant and has been keeping check on various pharma companies, as to whether the companies are following Good manufacturing practices (GMP). Thus surprise plant inspections and import alerts have become quite rampant.