Barring China stock market (up 0.68%) and Taiwan stock market (up 0.23%), most of the Asian stock markets have opened the day on a weak today. The Japan stock market (down 1.88%) and Singapore stock market (down 1.64%) are leading the pack of losers. Even, the Indian share markets have opened the day on a negative note. All the sectoral indices have opened in red, with software and FMCG stocks witnessing maximum selling pressures.
As per the financial daily, the long awaited Goods and service tax (GST) is likely to be scheduled in the current session of parliament. However, there have been made some amendments after the centre agreed upon the two main demands of the states. One on petroleum products and two, compensation for revenue loss after the new indirect tax system is introduced. This is one more key reform Bill where the Centre has managed a broad consensus.
Majority of stocks in Indian pharma, have opened the day on a weak note, with Dishman Ltd and Dr Reddy's laboratories being the leading losers. Ranbaxy Laboratories has announced that the company has got regulatory approval to launch India's first NCE (New Chemical Entity), Synriam (arterolane maleate 150 mg + piperaquine phosphate 750 mg drug) in seven African countries viz. Nigeria, Uganda, Senegal, Cameroon Guinea, Kenya and Ivory Coast. The product has since been launched in Uganda and will be made available in other countries towards end of January 2015. This drug conforms to the recommendations of the World Health Organization (WHO) for using combination therapy in malaria. Further the drug has proved to be efficient in providing quick relief from most malaria-related symptoms, including fever, and has a high cure rate of over 95%. Launch of the anti-malaria drug can be a good opportunity in Africa given the high occurrence of this disease in these regions.