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Realty & Healthcare Lead Gains
Wed, 22 Jun 01:30 pm

Indian Indices continue to trade near the dotted line in the post-noon trading session after opening flat. Sectoral indices are trading on a mixed note with stocks from the realty and healthcare sectors trading in green while metal and auto stocks are trading in red.

The BSE Sensex is trading down by 27 points (down 0.1%) and the NSE Nifty is trading down by 11 points (down 0.1%). The BSE Mid Cap index is trading down by 0.1%, while the BSE Small Cap index is down by 0.2%. Gold prices, per 10 grams, are trading at Rs 30,143 levels. Silver price, per kilogram, is trading at Rs 41,190 levels. Crude oil is trading at Rs 3,411 per barrel. The rupee is trading at 67.51 to the US$.

Stocks in the banking sector are trading on a mixed note with Dhanlaxmi Bank and Lakshmi Vilas Bank trading in the red. As per a leading financial daily, Yes Bank recently got the nod from Indian government to increase its FDI to 74%. It is likely to raise US$ 1 billion from overseas investors in the ongoing fiscal. This increase in the FDI limit will provide the bank with vital flexibility in raising global capital.

The bank claims to have become the first bank in India to have received such an approval for a fully fungible composite foreign investment limit of 74%. YES Bank intends to expand across Asia. Once RBI approves its application, YES Bank targets to get a full banking license in Singapore.

Yes Bank is trading up by 0.5% at the time of writing.

Moving on to the news from software sector. As per an article in Business Standard, Tech Mahindra has announced the acquisition of The BIO Agency (BIO). It is headquartered in the UK. The BIO agency specializes in digital transformation and innovation, helping organizations change the way they engage with their customers. The acquisition is an all-cash deal for an enterprise value of up to 45 million pounds.

Reportedly, this move will augment Tech Mahindra's digital services portfolio. The acquisition will help open up more clients globally, mainly in Europe and US and help scale their offerings.

BIO, currently has strong presence in UK with 25-30 strong clients. Tech Mahindra has embraced the future with its focus on Digital and sees this as an important strategic move.

Tech Mahindra is trading down by 0.6% while writing.

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May 22, 2017 (Close)

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