Indian equity markets have continued to trade in green in the previous two hours of trade. The most noticeable upward movements have been witnessed in the realty and oil and gas sectors while IT is the only sector, which have languished in the red.
Large software shares are trading on a mixed note with Moser Baer India and NIIT Ltd leading the gains while Infosys and HCL Tech are witnessing the maximum selling pressures. According to a leading business daily, Tata Consultancy Services (TCS) is close to bagging a Rs 11 bn systems integration contract from India Post as part of the latter's drive to modernise its technology infrastructure. The deal would be for a period of five years and would make TCS accountable for the overall implementation of 'India Post 2012', a multi-faceted IT automation programme announced by the Department of Posts (DoP) three years ago. Sources, who did not want to be identified, say that TCS was selected as the core systems integrator on a quality-cum-cost basis, a methodology in which weighting is given to both technical and pricing aspects while evaluating an e-governance bid. Although, nine IT vendors were vying for the contract, IT majors HP, TCS and Tech Mahindra-Mahindra Satyam had emerged as the frontrunners, and finally the contract went to TCS. TCS's share is trading up by 0.21%.
Auto ancillary shares are trading on a mixed note with Sundaram Clayton and Wheels India leading the pack, while Sundaram Fasteners and Sona Koyo Steer are facing the maximum selling pressures. Exide Industries has acquired the remaining 50% equity capital of ING Vysya Life Insurance Company (IVL) for an aggregate consideration of approximately Rs 5.5 bn. 26% shares has been acquired from ING Group, 16.32% from the Hemendra Kothari Group and 7.68% from the Enam Group pursuant to regulatory approvals on March 22, 2013. Consequently, ING Vysya Life Insurance Company has now become a 100% subsidiary of Exide. The company previously held 50% of the equity shares of ING Vysya Life Insurance Company. Exide Industries has been a shareholder of ING Vysya Life Insurance since 2005 and is India's largest producer of automotive and industrial batteries. Exide's share is trading up by 0.16%.