Barring stock markets in China (down 2%), most of the Asian stock markets have opened in the green. Hong Kong stock market (up 1.07%) is leading among the pack of gainers. The Indian stock markets have too opened the day on positive note. The BSE Sensex is trading higher by 158 points (up 0.6%), and NSE-Nifty is trading higher by 32 points ( up 0.4% ). The mid cap and small cap stocks too are in demand. BSE Mid Cap and BSE Small Cap both are up by 0.5% each. Most of the sector indices are trading in green with IT and healthcare stocks witnessing maximum buying interest. The dollar is trading at Rs 63.84.
The IT major Infosys Ltd has recently allotted 114.84 crore bonus shares amounting Rs 5.7 bn in the ratio of 1:1. The shares have been allotted to those shareholders whose name appear on the register of members/register of beneficiaries as on June 16, 2015. The company had announced 1:1 bonus in the month of April, 2015. As such, the shareholders will now have twice the number of shares they had earlier. However, the price of each scrip will become half as the decision comes into effect.
As per a leading financial daily, Cairn India Ltd is getting support from Oil and Natural Gas Corporation for extension of the tenure of prolific Rajasthan oil block by 10 years without any changes in terms and conditions. It is important to note here that Cairn India Ltd holds 30 % interest in the Rajasthan block and wants to retain the Rajasthan block even after the contractual deadline of 2020. And for such an extension the approval of ONGC, which is a licence of the block holding 30% interest, was mandatory. ONGC has given its permission for the proposal and has written to the Oil Ministry saying the licence term should be extended by 10 years on the existing terms and conditions.