As regards global markets, Asian indices closed mixed today while European indices have opened lower. The rupee was trading at Rs 55.60 to the dollar at the time of writing.
Pharma major Wockhardt was at the receiving end of investor apathy today as the stock corrected by nearly 7% during the session. This is in reponse to the 'import alert' that the company has received from the USFDA on one of its manufacturing unit located in Waluj near Aurangabad. The impact of the import alert on the revenues is estimated to be in the range of US$ 100 m on an annualised basis. It is also important to note that the said facility is the only injectable plant where the company holds USFDA approval. As on date, the company holds approval of approximately 30-35 injectables. The company's management has clarified that it is taking all steps to address the concerns raised by USFDA and shall put all efforts to resolve the issue at the earliest.
As per a business daily, infrastructure conglomerate Larsen & Toubro (L&T) is likely to increase its focus on international expansion and aims to get more than double its overseas orders to Rs 250 bn this fiscal (FY14). In financial year 2013 (FY13), the company had bagged orders worth Rs 880 bn, out of which international order inflow constituted a good 17% (Rs 120 bn), twice as that in previous year. The company is expecting nearly Rs 250 bn worth orders from Far East and West Asia market in current fiscal. Further, L&T also sees good prospects in countries like Middle East, select markets in CIS region, Africa and South Asia.