Indian markets open firm

Wed, 30 Sep 09:30 am

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The major Asian stock markets have opened the day on an encouraging note. Stock markets in Japan, HongKong and China are trading up by 2.5%, 1.4% and 0.7% respectively. The major stock indices in Europe and US markets ended their previous session in red. The rupee is trading at 65.79 per US dollar.

Indian stock markets have opened the day on an encouraging note. BSE-Sensex is trading higher by 240 points (up 0.9%) and NSE-Nifty is trading higher by 62 points (up 0.8%). Both S&P BSE Midcap and S&P BSE Smallcap, have also opened on a firm note. Both the indices are trading higher by 1% each. Major sectoral indices have opened the day on a positive note with stocks from capital goods, pharmaceutical and metals & mining sectors witnessing maximum buying interest.

As per an article in Livemint, Indian drug regulator is set to draft an amendment to existing pharmaceutical manufacturing laws pertaining to manufacturing practices. The Drug Controller General of India (DCGI) will move a proposal within the next six months to amend the Drugs and Cosmetics Act, 1940. Consequently, the controller general is expected to revisit the existing laws. Reportedly, these efforts are being made to bridge the gap between Indian manufacturing practices and the World Health Organisation's (WHO) good manufacturing practices (GMP). The number of Indian manufacturers following WHO GMP norms is just about 10-15% currently. The GMP norms consist of certain standardization of various aspects in manufacturing. This includes factors such as sanitation and hygiene, qualification and validation, self-inspection, quality audits, suppliers' audits etc. According to the sources, the new regulations will require additional investment of Rs.50 m per facility. This means, the new law could increase the costs of the pharma companies whose facilities are not compliant as per the WHO norms.

As per an article in Economic Times, Hero MotoCorp has unveiled two scooters named 'Maestro Edge' and 'Duet'. Duet is a full metal body scooter. It comprises of a 110 CC engine and will compete directly against Honda Activa. The launch of Mastro Edge is scheduled on October 13. The scooter is priced at Rs 49,500 before local levies and insurance in Delhi. The launch of Duet will follow thereafter. Hero currently has two scooters in its portfolio- 'Pleasure' and 'Maestro'. Both the models were developed using Honda's technology. The new models scheduled to be launch in the upcoming months have been developed inhouse by Hero MotoCorp. Hence it would be interesting to see how well the company is able to garner market share with its own technology. The stock of Hero MotoCorp is trading up by 0.4%.