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IT boosts Indian stock markets
Tue, 13 Sep 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in Indonesia (up 0.4%), Japan (up 0.2%) and Singapore (up 0.1%) are trading in the green while China (down 1.4%) is in the red. The Indian stock market have opened the day on a firm note. Stocks in the IT and Realty space are leading the gains.

The BSE-Sensex is trading higher by 175 points (1%) and the NSE-Nifty is higher by around 50 points (1%). BSE Midcap and BSE Small cap stocks are trading in the green as well, with the BSE Mid Cap and BSE Small Cap indices up by 0.7% and 0.5% respectively. The rupee is trading at 47.21 to the US dollar.

Auto stocks have opened the day on a firm note with Bajaj Auto and Hero Motocorp in the green while Tata Motors in the red. Maruti Suzuki India will start recruiting new permanent employees for its Manesar plant. This will be to replace the existing workers who have refused to sign the 'good conduct' bond. Maruti has alleged that the workers deliberately compromised on quality of cars produced from the plant. As a corrective action, the company asked the employees to sign a good conduct bond before entering the premises of the factory. Most of the workers went on strike refusing to sign the bond. These workers have been absent from the plant for the last two weeks. The company on the other hand is firm on its stand that it will only allow those workers to resume duty who will sign the Good Conduct Bond. In all, only 95 workers have signed the bond. Maruti has now decided to bring down the dependence on permanent workers who are refusing to sign the said bond.

Pharma stocks have opened the day on a firm note with Lupin and Ranbaxy in the green while Sun Pharma and Torrent Pharma in the red. Wockhardt in the shareholders meeting said that it has significantly reduced the employees working at its Negma operations in France. It added that the Negma plant has been divested. The management has also stated that the France business has been restructured and the number of employees has now been reduced from 470 to 75. The plant was divested as a part of the "safeguard proceedings". After the debt problems surfaced for Wockhardt, the France operations were placed under safeguard proceedings that helped the company reorganize its business in the country to be viable. Wockhardt had acquired Negma for US$ 265 m back in 2007.

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