Barring stock market in China (down 2.4%), the major Asian stock markets have opened the day on a firm note with markets in Japan (up 1.6%) and Hong Kong (up 0.35%) leading the gainers US and European stock markets closed their session on a positive note yesterday.
Stocks in the banking space have opened the day on a mixed note. As per a leading financial daily, ICICI Bank has entered into partnership with Alibab.com. The partnership is aimed for the launch of the Trade Facilitation Centre. This will provide a single window facility for easier trade finance to the small and medium enterprises in India. Also this will give quick access to the Indian Entrepreneurs who are members of Alibaba.com to get quick access to services from ICICI Bank. These services will include business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances.
According to financial times, City Union Bank Ltd is planning to raise around Rs 5 bn through Qualified Institutional Placement (QIP) as a part of its business plan. The company's Board of Directors at its meeting held on June 22 has resolved to seek shareholders' approval for an enabling resolution to raise equity capital. The company has informed BSE that this equity capital will be including premium up to Rs 5 bn through QIP as and when necessary subject to the applicable laws and regulations. Stock of City Union Bank has opened the day in green.