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Barring Japan, major Asian stock markets have opened the day on a negative note. The stock market in China and Taiwan are trading lower by 0.9% and 0.8% respectively. Major indices in Europe ended their previous session in red. Whereas, benchmark indices in US ended their previous session on a positive note. The rupee is trading at 66.50 per US$.
Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading lower by 30 points (down 0.1%) and NSE Nifty is trading lower by 16 point (down 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.2% respectively. Major sectoral indices have opened the day on a mixed note with stocks from telecommunication and pharmaceutical sectors witnessing maximum buying interest. However, stocks from banking sector is witnessing selling pressure.
As per an article in Livemint, Maruti Suzuki India Ltd has opted to be a ground sponsor for the ninth and tenth season of the Indian Premier League (IPL). Maruti will join the likes of Vodafone India, Yes Bank and Freecharge as ground sponsor for the Vivo IPL 2016. The sponsorship will give them the access to advertise prominently in the stadia, on perimeter walls, on the scoreboard among other areas.
Reportedly, the ground sponsorship will essentially be used to advertise its latest launch, Vitara Breeza, the company's first compact utility vehicle. The car was launched earlier this month.
Further, the company has not yet commented on the investment being made on the IPL ground sponsorship. However, the management stated that the company's investment in sport association has increased by 20% since last year.
Considering the huge fan following of the IPL, the investment may possibly generate positive returns. The stock is trading up by 0.4%.
In another news update, Bharti Airtel has signed an agreement with American Tower Corporation to sell approximately 1350 towers in Tanzania. The deal is pegged at around US$ 179 million. Reportedly, this is the ninth African country where Bharti has executed such a deal since buying Kuwait-based Zain's Africa assets across 17 countries.
On completion of this deal, the company would have raised more than US$ 2 billion from tower sales in Africa. Further, the deal is expected to be completed in the first half of 2016.
The deal will improve the company's ability to focus on its core business and will help in reducing the company's debt. The stock is trading down by 0.2%.
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