Asian stock markets have opened the day on a weak note. Stock markets in Japan (down 1.5%), Singapore (down 1.1%), Hong Kong (down 0.9%), and Indonesia (down 0.6%) are in the red. The Indian stock markets have opened the day on a weak note. Stocks in the metals and consumer durables space are leading the losses.
The BSE-Sensex is trading lower by 40 points (0.3%) and the NSE-Nifty is lower by around 17 points (0.4%). Mid cap and small cap stocks have opened on a mixed note, with the BSE Mid cap index down by 0.1% while BSE Small cap is up by 0.1%. The rupee is trading at Rs 51.7 to the US dollar.
Auto stocks have opened the day on a weak note with Hero MotoCorp and Bajaj Auto in the red. As per a senior official, Chennai-based TVS Motor is planning to ramp up its existing operations of manufacturing two-wheelers at Howrah in West Bengal. It plans to increase the production of motorcycles at the Uluberia plant from 1,600 units to 2.4 lakh units per annum over the next three years. The company would incur a total capex of about Rs 4 bn during this period. Currently TVS has about 100 acres of land at Uluberia which was a result of the joint venture (JV) with Mahabharat Motors of Universal Success. While the company will continue to manufacture two-wheelers on 44 acres of land, on the remaining 56 acres, the JV would set up an auto ancillary unit.
Pharma stocks have opened the day on a weak note with Aurobindo Pharma and Ranbaxy Laboratories in the red while Glenmark Pharmaceuticals in the green. Glenmark Pharmaceuticals expects the sales from its speciality business to grow at 20% in India for the next three years. The speciality division focuses on branded products. The management said that the objective of the India business is to grow 18-20% in CAGR terms. For the company, India, Russia and Brazil will remain the focus markets. The sales of the Glenmark from speciality segment stands at US$ 55 m for the second quarter ended for financial year 2011-2012. The company is planning to build its expertise over therapeutic areas like dermatology, respiratory and oncology, across all regions. Commenting on its generics business Glenmark said that it will launch 4 first-to-file opportunities in the US generics market between March 2012 and December 2016.