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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open in the red 
(Wed, 3 Apr 09:30 am) 
 
Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 1.8%) and Taiwan (up 0.3%) leading the gains. However, markets in South Korea (down 0.6%) and Malaysia (down 1.3%) are trading weak. The Indian share market indices have opened the day in the red. The sectoral indices have opened mixed with stocks in the capital goods and power space leading the gains. However, FMCG and consumer durable stocks are trading weak.

The Sensex today is down by around 40 points (0.2%), while the NSE-Nifty down by around 14 points (0.2%). However, mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.4% respectively. The rupee is trading at Rs 54.41 to the US dollar.

Software stocks have opened the day on a mixed note with Wipro Ltd and NIIT Ltd leading the losses. However, HCL Technologies and Mahindra Satyam Ltd have opened in the green. Wipro has announced the record date for demerger of its 'Diversified business' (non-IT business) into a separate unlisted company called Wipro Enterprises. As per the regulatory filing, the scheme of arrangement for demerging is effective from March 31, 2013. The company has fixed April 11, 2013 as the record date to determine the members of the company who will be allotted the securities of the resulting company. These members will also be entitled to the exchange right. As per the deal, the investors can receive one equity share with face value of Rs 10 in Wipro Enterprises for every five equity shares with face value of Rs 2 each in Wipro. The other option is to receive one 7% redeemable preference share in Wipro Enterprises, with face value of Rs 50, for every five equity shares of Wipro. The investors will also have the option to exchange the equity shares of Wipro Enterprises and receive as consideration equity shares of Wipro held by the promoter. The exchange ratio will be one equity share in Wipro for every 1.65 equity shares in Wipro Enterprises. Each redeemable preference shares shall have a maturity of 12 months and shall be redeemed at value of Rs 235.2. The move aims to allow promoter to cut his stake in Wipro towards 75% to meet regulatory norms. It also aims to bring out the best out of the existing businesses.

Oil & gas stocks have opened the day on a mixed note with Jindal Drilling Industries and Chennai Petroleum Corporation Ltd (CPCL) leading the gains. However, Cairn India Ltd and Oil & Natural Gas Corporation Ltd's (ONGC) are facing selling pressure. As per a leading financial daily, ONGC's overseas arm ONGC Videsh Ltd (OVL) has announced that it will raise up to US$ 1 bn through a dollar issue this month to fund its recent acquisition in Azerbaijan. The acquisition is likely to add 9% additional proven reserves to OVL. OVL's share of output would be slightly less than 1 million tonnes per annum. As per OVL's management, refinancing is easier since all of OVL's assets and liabilities are denominated in dollars. Hence, it makes sense to raise cheaper debt through overseas bond issuance.

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Apr 28, 2017 (Close)

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