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A strong end to a dull start
Mon, 13 Jul Closing

After opening the day on a flat note, the Indian markets surged upwards as Greece and Euro zone nations have reached a bailout deal. The Sensex today ended higher by 299 points and the NSE-Nifty ended higher by 100 points. The S&P BSE Midcap and S&P BSE Smallcap ended the day higher by 1.44% and 1.27% respectively.

Asian markets finished on a positive note at the most recent closing prices. Nikkei gained 1.57%, while the DAX gained 1.31%. The rupee was trading at 63.48 against the US$ in the post noon session.

Stocks in the software space ended their day on a mixed note. According to Financial Times, Wipro is planning to acquire Denmark based strategic firm Designit. This plan which was announced last week, has gained positive response by the markets and has pushed the stock of the company nearly up by 2%. The said acquisition will enable Wipro to strengthen its presence in the promising digital segment. Wipro targets revenues worth $1 bn from its digital arm - 'Wipro Digital' and this acquisition will be a key step to achieve the same. The deal is priced between 60-89 m Euros and values Designit at 2-3 times its CY14 Enterprise Value to Sales. Stock of Wipro has ended the day on a encouraging note.

Stocks in the automobile sector traded on a positive note with TVS Motors and Escort leading the winners. The premium brand of Eicher Motors, Royal Enfield is planning to ramp up its capacity up to 52,000 units a month by December from the current capacity of 36500 units. It has emerged as the world's fastest growing premium bike-maker clipping at over 40 per cent sales on an average every month since the beginning of this year. To meet the growing demand, the company has decided to ramp up the capacity. It has sourced the land for the third plant near the existing plant for around Rs 700 m. The move will reduce the long waiting period for the bikes, which is around five months on an average as the robust demand for the bikes continue. Stock of Eicher Motors is trading up by 1.8%.

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