Markets Live: Sensex set for a muted start; Tata Steel, Dr. Reddy's in focus
Asian markets were off to a weak start for the week
Investors are now looking ahead to trade talks this week with a delegation of US officials traveling to China
Indian markets are set for a weak start, with Singapore-traded SGX Nifty down 15 points at 10,931. Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, U.S. politics, and the Sino-US trade war, keeping the safe-haven dollar well bid near a six-week top against major currencies.
Stock in focus: Dr. Reddy's Lab
Drugmaker Dr. Reddy's Lab on Friday informed the stock exchanges that "the audit of our Formulations Manufacturing Plant - 3 at Bachupally,
Hyderabad by the US FDA has been completed today. We have been issued a Form 483 with 11 observations. We will address them comprehensively within the stipulated timeline."
Tata Steel shares in focus
Tata Steel on Friday a big surge in Q3 standalone net profit, aided by robust domestic production. Standalone profit came in at ₹2,456 crore, compared with ₹1,338 crore in the same period a year earlier. On a consolidated basis, the company posted a net profit of ₹2,284 crore. However, the numbers were not comparable due to its recent acquisition of Tata Steel BSL Limited (formerly Bhushan Steel Ltd)
US FDA completes inspection of Lupin’s Goa facility
Pharma major Lupin on Friday announced the completion of the United States Food and Drug Administration inspection at its Goa manufacturing facility. The inspection was carried out between January 28 to February 8, 2019. The inspection at the Goa facility closed with 2 observations. The observations are procedural in nature and the company is confident of addressing them satisfactorily, Lupin said.
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