The BSE-Sensex is trading higher by 54 points and NSE-Nifty is trading up by 10 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.3% and 0.4% respectively. The rupee is trading at 55.13 to the US dollar.
Indian pharma stocks are trading in the green led by Ipca Labs and Glenmark Pharmaceuticals. As per a leading financial daily, Glenmark Pharma has signed a pact with Forest Labs through its wholly owned subsidiary Glenmark Pharmaceuticals S.A. This is for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain. As per the agreement, Forest will make a US$ 6 m upfront payment to Glenmark. An additional US$ 3 m will be provided by Forest later. The collaboration is in line with Glenmark's strategy of partnering to achieve its goal of launching innovative technologies around the world.
Auto stocks are trading in the green led by TVS Motors and Escorts. According to a leading financial daily, Maruti Suzuki has acquired 600 acres of land for its second facility in Gujarat. The company is already investing Rs 400 bn for setting up a plant in the state. It now has land at two locations in Gujarat. The first one is offered by the government and the second is a directly acquired private land. The company also does not intend to enter the premium segment of passenger cars in India, and will protect its image of a small car manufacturer. Maruti has once again reiterated that it is not moving away from Haryana. The company has two plants in the state and is focusing on Gujarat after utilising the capacity completely at Gurgaon and Manesar. It must be noted that Maruti has seen a surge in demand for its diesel vehicles and the current capacity so far has not been able to completely cater to the same.