Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian share markets open weak
Mon, 24 Feb 09:30 am

Asian stock markets have opened the day on a weak note with China (down 2%) and Hong Kong (down 1.3%) leading the losses. The Indian share markets have also opened the day on a weak note. Stocks in the banking and information technology space are leading the losses.

The Sensex today is down by around 50 points (0.2%), while the NSE-Nifty is down by around 15 points (0.2%). However, the midcap and smallcap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by about 0.2% each. The rupee is currently trading at Rs 62.13 to the US dollar.

Rating agency stocks have mainly opened the day on a firm note with ICRA Ltd having hit the 20% upper circuit limit. Crisil Ltd is also trading firmly in the green. As per a leading financial daily, US-based Moody's Investors Service has announced a conditional open offer to increase its shareholding in Indian credit rating agency ICRA Ltd by 26.5%. Moody's has offered to acquire upto 2,650,000 equity shares at an offer price of Rs 2,000 per share. It must be noted that Moody's currently holds 28.51% stake in ICRA. If the open offer is successful, Moody's will become a majority shareholder with 55% stake in the Indian rating agency. At the offer price announced by Moody's, the value of the stake purchase will be Rs 5,300 million. Moreover, the offer price of Rs 2,000 is at a premium of 25.5% over ICRA's closing price as on Friday 21st February 2014.

Information technology stocks have opened the day on a weak note with HCL Infosystems and Tata Consultancy Services leading the losses. In a press release, Bangalore-based IT major Infosys Ltd has stated that it has started work on its new campus in Nagpur, Maharashtra. The new campus will be located at Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN), SEZ. It will be spread over 142 acres of land allotted by the Government of Maharashtra. The construction of the campus will be undertaken in phases. In the first phase, Infosys will invest Rs 4.75 bn to create a built-up area of 9.5 lakh square feet to seat 5,000 software professionals. The first phase is likely to be completed in the next 24 months.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian share markets open weak". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.