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Markets Finish on a Positive Note
Fri, 8 Jan Closing

Indian equity markets started the day on a positive note and continued this trend throughout the day on the back of buying activity in Realty, Power and Oil & Gas sector. While the BSE-Sensex closed higher by 83 points, the NSE-Nifty closed higher by 33 points. S&P BSE Midcap and S&P BSE Smallcap also closed on a strong note with both the indices up by 1.3%.

Asian markets closed mixed in the first trading week of 2016, after a wild ride that saw the Chinese market shut down prematurely twice to curtail rapid selloffs. Oil prices also fell to 12-year lows.

At the closing bell, the Shanghai Composite gained 1.97% and the Hang Seng rose 0.59%. The Nikkei 225 lost 0.39%. European markets are trading higher today with shares in Germany leading the region. The DAX is up 0.74%, while London's FTSE 100 is up 0.73% and France's CAC 40 is up 0.58%. The rupee was trading at 66.67 against the US$ at the time of writing.

According to a leading financial daily, Tata Steel's Kalinganagar steel plant will start commercial production from April 2016. Some units of the plant like coke oven plant, sinter plant have already started production on a trial basis. The blast furnace and steel melting shop will be on trial in the current quarter (Jan-Mar). With the 3-MT Kalinganagar steel plant's first phase, Tata Steel India's total capacity will rise to 13 MT.

Further, the company also reportedly claimed that its Sukinda Chromite Mine (SCM) in Odisha's Jajpur district has become the first mine in India to roll out a pilot project on Sustainable Development Framework (SDF). SDF aims at integrating social, environmental and economic value in decisions and operations of mining companies.

In 2QFY16, Tata Steel Europe level reported loss at the EBITDA (Subscription Required) for the first time since 3QFY13. This was due to drastic change in the business environment led by demand weakness primarily in China (Subscription required), which resulted in dumping of steel across the world. Consequently, this had effect on the Indian operations which resulted in decline in operating profits. A recent data released by the Joint Plant Committee shows that steel production in November 2015 fell by 8.5% to 7.1 million tonnes.

Moving on to news from the information technology sector, Tech Mahindra has reportedly entered into a strategic alliance with MetricStream, Inc. to deliver governance, risk and compliance (GRC) solutions across the globe. MetricStream's leading enterprise and cloud apps for GRC allow clients to strengthen risk management, regulatory compliance and vendor governance.

Further, Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.

Also in other news, Mahindra & Mahindra (M&M), along with Tech Mahindra, also recently announced its intention to acquire Italian car designer Pininfarina SpA (Subscription Required). Accordingly, both M&M and Tech Mahindra, through a special purpose vehicle (SPV), will buy a 76.06% stake in the Italian car designer for around 25.3 million euros.

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Jul 27, 2017 12:09 PM

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