Asian stock markets are lower today as tensions elevated on the Korean Peninsula early after North Korea said it tested a hydrogen bomb over the weekend. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.45%. The Nikkei 225 is trading down by 0.86%.
Back home, Indian share markets have opened the day marginally lower. The BSE Sensex is trading lower by 52 points while the NSE Nifty is trading lower by 18 points. The BSE Mid Cap and BSE Small Cap index opened the day on a flat note.
Sectoral indices have opened the day on a mixed note with metal stocks and auto stocks leading the pack of gainers. While, bank stocks and FMCG stocks have opened the day in red. The rupee is trading at 63.98 to the US$.
Sun pharma share price opened the trading day down by 1.3% on the BSE after the company said its short-term outlook continues to be challenging and expects a single-digit decline in consolidated revenues for 2017-18.
As per Livemint, increased competitive intensity and customer consolidation is leading to pressure on pricing for the company; while continued delay in approvals from the Halol facility is also impacting the company’s working.
On US Food and Drug Administration (FDA) inspection, Shanghvi said on completion of re- inspection, the USFDA issued nine observations for the Halol facility and the company is currently in the process of implementing the requisite remediation steps.
The company also plans to invest in enhancing product pipeline for emerging markets and other non-US developed markets.
Moving on to news from the aluminium sector. As per an article in The Livemint, Aditya Birla Group has earmarked at least US$3 billion for acquisitions in its aluminium business Hindalco Industries Ltd.
The funds will be used to acquire assets in the aluminium space with an eye on increasing focus on the downstream sector which is a shift from the midstream business that Hindalco currently operates in.
