Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.2% while the Hang Seng is down 1%. The Shanghai Composite is trading down by 0.4%. US stocks dropped on Monday as global jitters from Turkey’s plummeting currency spread to Wall Street, with the S&P 500 and the Dow falling for the fourth session in a row.
Back home, India share markets have opened the day on a higher note. The BSE Sensex is trading up by 137 points while the NSE Nifty is trading up by 44 points. The BSE Mid Cap index opened and BSE Small Cap index opened the day up by 0.4% & 0.5% respectively.
The rupee is currently trading at 69.47 to the US$.
Barring capital goods’ stocks, all sectoral indices have opened the in green with metal stocks and realty stocks witnessing maximum buying interest.
In the news from the pharma sector. As per an article in a leading financial daily, Cadila Healthcare on Monday said it will acquire 51% stake in Windlass Healthcare for Rs 1.6 billion.
Reportedly, objective of this investment is to expand pharma manufacturing footprint.
Meanwhile, Cadila Healthcare on Monday posted over three-fold jump in consolidated net profit to Rs 4.6 billion for the quarter ended 30 June 2018 on account of robust sales. Its net profit was Rs 1.4 billion in the year-ago period. Further, the acquisition, all in cash, will be completed by the end of September 2018. Windlass Healthcare has reported sales of Rs 333.1 million for fiscal 2018.
Note that, Windlas Healthcare has a robust manufacturing infrastructure with USFDA inspected oral solids manufacturing facility. It also has a dedicated R&D facility for formulations development and has developed four first-to-file ANDAs in the last two years. The strategic deal allows Cadila Healthcare to expand its existing manufacturing base.
