Most of the major Asian stock markets have opened the day on a positive note with stock markets in Japan (up 0.7%) and China (up 1.6%), leading the gains. However, stock markets in Indonesia (down 0.1%) and Malaysia (down 0.4%) were facing selling pressure. The Indian stock markets have opened the day in the green. Barring metals, all sectoral indices have opened firm with FMCG and realty sector leading the gains.
Steel stocks have opened mixed with Adhunik Metaliks and Tayo Rolls leading the gains. However, Steel Authority of India Ltd and Jindal Steel Ltd were leading the losses. The government is set to kick off its Rs 580 bn disinvestment programme with dilution of 5% stake in Steel Authority of India Ltd (SAIL) on 5th December, 2014. As per the steel ministry, the government would sell 206.5 million shares in the company through the offer-for-sale (OFS) route. The offer would open at 9:15 am and close at 3:30 pm on 5th December and the ministry would declare the floor price a day today (December 4). The stake sale is likely to fetch the government Rs 17.4 bn.
Indian Pharma stocks have opened mixed with Natco Pharma Ltd and JB Chemicals Ltd leading the gains. However, Elder Pharma Ltd and Dr. Reddy's Laboratories Ltd were leading the losses. As per a leading financial daily, Cipla Ltd and Sweden based drug firm Meda Pharmaceuticals Inc have sued Apotex Inc and Apotex Corp in the Federal District Court in Delaware, US to enforce the Orange-Book listed patents of its allergy drug 'Dymista' nasal spray. The move has been in response to Apotex's submission to the US FDA of an abbreviated new drug application (ANDA), along with Paragraph IV certification, seeking approval to market a generic version of Meda's 'Dymista' prior to expiration of the 'Dymista' patents. Meda has exclusive license to certain US patents that cover the drug composition and its approved uses, which does not expire until 2026. It is noteworthy that in June 2013, Cipla granted the global commercialization rights for 'Dymista' to Meda AB except for certain geographies.