Asian stock markets camped near 1.5-month highs today as market participants kept a wary eye on looming Chinese trade data on increasing signs of a slowdown. Shares in Hong Kong are lower today as the Hang Seng falls 1.7%. The Shanghai Composite is trading down by 0.6%. Meanwhile, Wall Street dipped slightly on Friday, as energy shares declined and investors looked ahead to earnings season, which kicks off next week with Citigroup, JPMorgan and other big banks.

Back home, India share markets opened on a weak note. The BSE Sensex is trading down by 177 points while the NSE Nifty is trading down by 57 points. The BSE Mid Cap index opened down by 0.6% while BSE Small Cap index opened down by 0.3%.

Barring IT stocks & healthcare stocks, all sectoral indices have opened the day in red with metal stocks and capital goods stocks witnessing maximum selling pressure.

The rupee is currently trading at Rs 70.53 against the US$.

IT stocks opened the day on a mixed note with Moser Baer India & HCL Infosys leading the losers. Infosys on Friday reported a 29.6% drop in consolidated net profit at Rs 36.1 billion for December quarter.

The IT firm had posted Rs 51.3 billion profit in the corresponding quarter last year.

Net sales for the quarter jumped 20.3% YoY to Rs 214 billion. On a sequential basis, sales grew 3.8% in rupee terms. Sales were up 2.7% QoQ in constant currency terms.

Further, the company revised its FY19 revenue guidance in constant currency (CC) terms to 8.5-9%. The guidance for operating margin (OPM) is retained at 22-24%.

Consolidated attrition declined to 19.9% in Q3FY19 over 22.2% in the previous quarter.

The company also announced a share buyback under open market route of Rs 82.6 billion at a maximum price of Rs 800 per share. It also announced a special dividend of Rs 4 per share.

Note that, Infosys had completed its maiden buyback of Rs 130 billion in December 2017, comprising 113-million equity shares at a price of Rs 1,150 per share.

Speaking of buybacks, the number of buybacks offers in 2017-18 were at an all-time high. Never, in the last two decades, had Indian markets seen fifty-nine companies announcing buyback plans.

But what is truly surprising is that unlike in the past, the buybacks this time seem skewed in favor of short-term investors rather than long term ones.

Who Benefits from Such Buybacks?

It's a matter of time before you get to use the cash for buying stocks, you've always wanted to, at attractive bargains.

Infosys share price opened the day up by 2.5%.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Cadila Healthcare has received final approval from the USFDA to market Betamethasone Dipropionate Cream and Amlodipine & Atorvastatin Tablets.

Reportedly, the company will manufacture drugs at its formulations manufacturing facility in SEZ, Ahmedabad.

Betamethasone Dipropionate Cream is a strong corticosteroid and is used to treat a variety of skin conditions.

Further, the company will market Amlodipine and Atorvastatin Tablets USP (US RLD-Caduet) in the strengths of 2.5 mg/10 mg, 2.5 mg/20 mg, 2.5 mg/40 mg, 5 mg/10 mg, 5 mg/20 mg, 5 mg/40 mg, 5 mg/80 mg, 10 mg/10 mg, 10 mg/20 mg, 10 mg/40 mg, and 10 mg/80 mg.

Cadila Healthcare share price opened the day up by 0.6%.