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Indian share markets open weak
Fri, 24 Jan 09:30 am

Barring China (up 0.9%), most major Asian stock markets have opened the day on a weak note with Japan (down 1.7%) and Indonesia (down 1%) leading the losses. The Indian share markets have opened the day with marginal losses. Stocks in the realty and capital goods space are leading the losses.

The Sensex today is down by around 67 points (0.3%), while the NSE-Nifty is down by around 22 point (0.3%). Mid and small cap stocks are also trading in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.3% and 0.4% respectively. The rupee is currently trading at Rs 61.93 to the US dollar.

Indian Pharma stocks have opened the day on a weak note with the stock of Ranbaxy Laboratories down nearly 17%. As per a leading financial daily, pharma firm Ranbaxy Laboratories has been hit by yet another setback as the US FDA has banned the company from and producing and distributing drugs for the US market from its Toansa facility in Punjab. The drug regulator has also prohibited drugs made by Ranbaxy's Ohm Laboratories facility in New Jersey. In addition, the company has been banned from manufacturing active pharmaceutical ingredients (API) at its Toansa facility for FDA-regulated drug products; exporting API from Toansa to the US for any purpose; and providing API from Toansa to other companies, including other Ranbaxy facilities that manufacture products for US consumers.

Oil and gas stocks have opened the day on a mixed note with Jindal Drilling and Industries and Hindustan Petroleum Corporation Ltd (HPCL) leading the gains. However, Mangalore Refinery and Petrochemicals Ltd (MRPL) and Chennai Petroleum Corporation Ltd (CPCL) are trading in the red. As per a leading financial daily, state-run Oil and Natural Gas Corporation (ONGC) is gearing up to expand its natural gas production up to 2 million standard cubic meters per day (MMSCMD) during the next financial year 2014-15 as two of its eastern offshore wells are ready for production. The company has also charted out a programme to take up drilling of 40 to 45 wells by 2019. Moreover, the eastern offshore wing of ONGC has also sent proposals to hire four more rigs to meet the requirements. It must be noted that the additional gas production is expected to boost the company's revenues. Currently, ONGC has ten exploratory drilling wells in the eastern offshore fields apart from three operational wells.

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