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Indian stock markets open firm
Mon, 21 May 09:30 am

Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (up 0.8%), South Korea (up 0.7%) and Japan (up 0.5%) leading the gains in the region. However, markets in Indonesia (down 1%) and Singapore (down 0.1%) are witnessing selling pressure. The Indian stock markets have opened the day on a positive note. Stocks in the consumer durables, banking and realty sectors are witnessing maximum gains. However, IT stocks are trading in the red.

The BSE-Sensex is up by around 86 points (0.5%), while the NSE-Niftyis up by around 29 points (0.6%). However, mid and small cap stocks are trading in the red with the BSE Mid cap and BSE Small cap indices down by around 0.3% and 0.2% respectively. The rupee is trading at Rs 54.54 to the US dollar.

Indian pharma stocks have opened in the green as well with Ranbaxy Laboratories, Glenmark Pharma and Piramal Healthcare leading the gains. As per a leading financial daily, India's leading drug maker Ranbaxy Laboratories is planning to re-launch its former flagship skincare brand Sotret in the US. The company plans to do so through a marketing partnership with Canada-based firm Cipher Pharmaceuticals Ltd. It must be noted that skincare brand has been banned for nearly four years. Prior to the ban in 2008, Sotret was Ranbaxy's third best selling drug globally and as per estimations it contributed over US$ 50 m in annual sales. On 29 May, the US drug regulator will have a final review of the drug.

Steel stocks have opened the day on mixed note with JSW Steel and Adhunik Metaliks trading in the green. However, Tata Steel and Maharashtra Seamless are facing selling pressure. India's leading private sector steel producer Tata Steel is expecting to complete the first phase of its green-field project at Kalinganagar in Odisha by early part of the financial year 2013-14 (FY14). The 6 million tonne (mt) project in Odisha is set to be completed in phases. During the first phase, the company expects to commission a capacity of 3 mt. The second phase which will include the remaining 3 mt would be commissioned by financial year 2014-15 (FY15). The total cost of the entire project is estimated to cost Rs 230 bn. So far, the company has already invested Rs 110 bn in the new plant.

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