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Indian share markets open weak
Wed, 27 Nov 09:30 am

Asian stock markets have opened the day on a mixed note with Japan (down 0.4%) and South Korea (down 0.2%) leading the losses. However, markets in Taiwan (up 0.7%) China (up 0.7%) and Hong Kong (up 0.6%) are trading firm. The Indian share markets indices have opened the day on a negative note. Stocks in the banking and metal space are leading the losses. However, auto and capital goods stocks are trading firm.

The Sensex today is down by around 12 points (0.1%), while the NSE-Nifty is down by around 4 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 0.3% and 0.1% respectively. The rupee is currently trading at Rs 62.50 to the US dollar.

Indian pharma stocks have opened the day on a firm note with Piramal Enterprises, Indoco Remedies and Divi's Laboratories leading the gains. As per a financial daily, India's leading biotechnology firm Biocon Ltd has announced that it has received marketing authorisation from the Drugs Controller General of India (DCGI) for its Trastuzumab biosimilar drug, CANMab. It would start marketing the drug in India by the fourth quarter of the financial year 2013-14 (4QFY14). This makes it the world's first biosimilar version of Swiss drugmaker Roche's Herceptin brand to be awarded regulatory approval. It is worth noting that Trastuzumab is a monoclonal antibody used in the treatment of metastatic breast cancer. The company has jointly developed CANMab with American pharmaceutical company Mylan. In 2012, Trastuzumab's sales were estimated to be around US$ 21 million in India and around US$ 6.4 billion globally.

Engineering stocks have also opened the day on a firm note with Sanghvi Movers and Everest Kanto Cylinder leading the gains. As per a leading financial daily,Tata Group air conditioning and engineering services firm Voltas has bagged three overseas project orders in the Middle-East worth Rs 10 bn. The first project is for a 120-bed integrated health centre and workers' hospital in Qatar. The second project is for a sports hall and administrative office in a 5,350-seat indoor stadium. This stadium is being built to host the World Cup Handball Competition scheduled for January 2015 in the country. And the third project is for a 5-Star hotel, the Kempinski Wave in Muscat.

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