European markets have opened sharply lower with lingering concerns about Greece's debt situation. The stocks in Germany were off the most. Asian markets finished on a mixed note. South Korea, Hong Kong, Malaysia and Thailand traded weak while Chinese equities bucked the trend and rose modestly.
The rupee weakened by 35 paise to quote at 64.22 against the US dollar following a sharp fall in local equities amid fresh dollar demand from importers and banks.
Barring Hero Motocorp, auto stocks languished in red. Ashok Leyland and Tata Motors were the leading losers. According to leading financial times, two wheeler major Bajaj Auto is looking to expand capacity at its Chakan (Maharashtra) facility. The company wants to increase total market share in the two-wheeler segment to 23% from current 17%. The overall production capacity in its all three plants is 325,000 units per month, out of which the company sold 146,000 per month on an average for the year 2014-15. Reportedly, the company has launched 5 new models this year and at least one more product is awaited in the next few months. The script of Bajaj Auto ended the day in red (down 2.4%).
According to a leading financial daily, State owned iron ore miner NMDC has entered into an agreement with Steel Ministry, Chhattisgarh Government and SAIL for setting up an ultra mega steel plant at Bastar. Reportedly, another pact has also been signed between Chhattisgarh government, SAIL, NMDC and IRCON for development of railway line from Jagdalpur to Rowghat. Chhattisgarh Government and NMDC have signed yet another MoU for setting up slurry pipeline and pellet plant.