After opening the day on a positive note, Indian equity markets continued to witness buying activity during the previous two hours of trade. Barring stocks from Metal and IT sector, sectoral indices are trading in the green. Consumer durables and capital goods stocks are the leading gainers.
Software stocks are trading on a positive note. Moser Baer India and HCL Infosys are the leading gainers. According to a leading financial daily, Infosys announced it would buy Panaya, which provides automation technology, in an all-cash deal of US$ 200 m (about Rs 12.44 bn). Founded in 2006, the California, US-headquartered Panaya provides cloud-based services for large-scale enterprise software management. The company, with a little over 400 active accounts from clients such as GE, Coca-Cola, Mercedes-Benz, Apple and Johnson & Johnson, has so far raised about US$ 59 million from various private equity players. The Panaya acquisition is part of the Infosys' 'renew and new' strategy to increase competitiveness and productivity.
Majority of the automobile stocks are trading in the green with Eicher Motor and M&M leading the pack of gainers. According to a leading financial daily, M&M plans to launch its electric car in Europe in next 6 months as it looks to tap rising demand for eco-friendly vehicles in the continent. M&M had launched its small electric car e2o in India in 2013 and last year launched it in Bhutan. The company also sells the electric car in Nepal. Apart from the e2o, M&M is also working on another electric vehicle based on concept electric sports car 'Halo' which it expects to launch commercially in the next 3 years.