Asian stock markets have opened on a negative note. Barring China (up 0.4%) and Singapore (up 0.2%), all markets opened in red. Japan (down 2.1%) and Korea (down 1.3%) are leading the losses. The Indian stock markets have opened the day on a firm note. Majority of the sectoral indices have opened positive with metal and power stocks leading the pack of gainers. Only stocks from FMCG sector were at the receiving end.
Majority of Indian pharma stocks have opened the day positive note, with Cadila Healthcare and Orchid Chemicals being the leading gainers. As per the financial daily, Cipla Ltd and its partner Meda have filed litigation against Apotex in the Delware district court. Apotex has filed paragraph IV on Dymista (azelastine/fluticasone), in order to defend its patents both the companies Cipla and Meda filed suit against the Canadian firm Apotex. Canadian firm's abbreviated new drug application (ANDA) infringes US patents 8,163,723 and 8,168,620, the latest of which expires in 2026. Since the litigation is still in the earlier stage, it will take few years for the final verdict.
Automobile stocks have opened the day on a positive note, with Tube Investments and TVS Motors being the leading gainers. As per the financial daily, sales of passenger vehicles increased by 5.4% YoY during the month of November. As per Vishnu Mathur, director general of the Society of Indian Automobile Manufacturers (SIAM) said the growth is driven by lower fuel prices and excise duty relief, and lower costs of owning the vehicle. However, motorcycle sales declined by 3% YoY according to SIAM data, for the month. As per Mr Mathur, motorcycle sales have been impacted due to lower rural sales, which were hit by a weak monsoon.