Indian equity markets had a rather volatile trading session today. The indices began the day's proceedings on a weak note. While they notched gains subsequently, alternate bouts of buying and selling meant that trading for most part of the session was restricted within a range. The final trading hour saw indices eventually closing in the green. While the BSE-Sensex closed higher by 34 points, the NSE-Nifty closed higher by 23 points. Both the BSE Mid Cap and the BSE Small Cap closed on a positive note. Maximum buying interest was seen in Realty and Oil and Gas stocks.
As regards global markets, Asian indices closed in the green. European indices have opened in the red. The rupee was trading at Rs 54.83 to the dollar at the time of writing.
According to a leading financial daily, Maruti Suzuki is planning to start manufacturing of light commercial vehicles (LCV). A new LCV code named Y9T is already under development and will compete head-on with the Tata Ace. It will be powered by a new 2-cylinder 800cc diesel engine, now in advanced stages of development. The new LCV is being developed ground up at the India research and development centre, a sign of the Japanese parent's growing confidence in the Indian subsidiary's R&D capabilities. The company's first LCV will roll out from its Gujarat plant which goes on stream in FY16.
According to a leading financial daily, IT firms such as Infosys, HCL Technologies, Mahindra Satyam have bid for the services business of Chennai-based software firm Polaris Financial Technologies. However, the bidders are offering a price that is lower than US$ 400 m that Polaris was expecting for it. Polaris announced a split of its business into two divisions, services and products, with a separate CEO for the services business and individual CEOs for different product lines, facilitating value unlocking in a business that saw flat growth in the last financial year. For potential buyers, Polaris' services business represents the largest asset available in India today to expand their footprint in the financial services industry, which despite a slump continues to be the biggest spender on technology. The potential buyer could get committed business from Citi for a period of 3-7 years, which is typical in such deals.