After opening in the green, Indian markets are trading just below the dotted line during the last two hours of trade. Majority of the sectoral indices are trading on a positive note. Stocks from the realty and auto sectors are the biggest winners while banking and FMCG stocks witnessed maximum selling pressure.
Most of the software stocks are trading firm with Infosys and NIIT India leading the pack. According to a leading financial daily, ICA Gruppen, Sweden's largest retailer has decided to opt for Infosys to manage its IT operations. As per the terms of the agreement, Infosys will provide services across application and infrastructure maintenance to drive operational efficiency and ensure IT projects add significance to the company. The agreement expands on the existing partnership between Infosys and ICA Gruppen with the Swedish Company doubling the percentage of its IT operation provided by Infosys. Infosys is currently trading higher by about 0.9%.
Paint stocks are trading weak today. Asian Paints and Jenson & Nicholson are the leading losers while Kensai Nerolac and AKZO Nobel are marginally trading up. According to a leading financial daily, Berger International Limited, a Singapore based subsidiary of Asian Paints has completed the acquisition of Ethiopian firm Kadisco Paint and Adhesive. The acquisition is considered to be worth US$ 18.95 m, which has been done in cash. Berger International has acquired a 51% stake in the firm pending approvals from the governing authorities in Ethiopia. Asian Paints is currently trading lower by 1.2% on the BSE.