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The major Asian stock markets have opened the day on a mixed note. Stock markets in China and Indonesia are trading up by 3.7% and 0.7% respectively. However stock markets in Japan and Hong Kong are trading down by 0.6% and 0.7% respectively. The major stock indices in Europe and US ended their previous session on a positive note. The rupee is trading at 65.13 per US dollar.
Indian stock markets have opened the day on a flattish note. BSE-Sensex is trading lower by 30 points (down 0.1%) and NSE-Nifty is trading lower by 10 points (down 0.1%). However, S&P BSE Midcap and S&P BSE Smallcap are trading marginally higher by 0.02% and 0.3% respectively. The sectoral indices have opened the day on a mixed note with stocks from information technology and pharmaceutical sectors witnessing buying interest. However stocks from the telecommunication and oil and gas are witnessing selling pressure.
As per an article in Livemint, Glenmark Pharmaceutical is barred by Delhi High Court from manufacturing its anti-diabetes drug 'Zita' and 'Zita-Met'. The ban is imposed on account of infringement of the patent rights. The case was filled by a US based pharma company named 'Merc Sharp and Dohme Corp'.
High Court has ruled against Glenmark, barring the same from selling, distributing, marketing or exporting its anti-diabetes drug. However the court has allowed the company to dispose of its already stocked inventories through distributors and retailers. Reportedly, inventory worth Rs 850 million is scheduled to be sold by November end.
Further, the High Court has not ordered Glenmark to pay any compensation to Merc for the infringement of patent rights. However the company will have to pay to the US company the expenses arising out of litigation. The impact the order will have on the revenues of the company is yet to be assessed. The stock of Glenmark is trading down by 2%.
Tata Motors launched two of its latest car models in South Africa. The latest car models comprises of New Bolt Hatchback and Bolt Sedan. It has been a gap of three years since any new model has been introduced in the South African market.
As per an article in Economic Times, company has sold over 60,000 cars and light commercial vehicles in South Africa. The company stated that they are taking steps towards embarking on a programme to renew its brand awareness in the South African market. Further, they are also increasing focus on their after sales service quality through their African partner, Accordian Investments.
The 'Bolt' is a result of amalgamation of ideas from its design studios in India, England and Italy. Hence the company hopes that the design appeals to the international customers as well.
The stock of Tata Motors has seen a correction of 20.5% in the preceding three months. The stock has corrected mainly on account of concerns that the slowdown in China may hurt the demand for the Jaquar Land Rover cars.
In a recent note to members Radhika Pandit, the Managing Editor for ValuePro, expressed her views on Tata Motor's performance in the June quarter (subscription required). She explains in depth the outlook for the company as well as its expansion plans going forward.
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