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Major Asian stock markets have opened the day on a mixed note with stock market in Japan is trading higher by 0.8%. While, stock markets in China is trading lower by 0.4%. Benchmark indices in Europe ended their previous session on a negative note with stock markets in Germany ending the day lower by 0.3%. The rupee is trading at 67.20 per US$.

Indian stock markets have opened on a flattish note. The BSE Sensex is trading marginally lower by 20 points (down 0.1%) and the NSE Nifty is trading lower by 3 points (down 0.05%). While, BSE Mid Cap and BSE Small Cap are trading higher by 0.1% and 0.3% respectively.

Major sectoral indices have opened the day on a mixed note with stocks from metal sector witnessing buying interest. However, stocks from pharmaceutical sector are witnessing selling pressure.

As per an article in Livemint, Indian Hotels Co Ltd (IHCL), that runs the Taj chain of hotels, has sold one of its premium hotels in Boston named Taj Boston. The deal is pegged at a valuation of US$ 125 million (about Rs 8.2 billion).

The ownership has been transferred to a consortium of US based real estate developers. However, IHCL will continue to manage this 273 room hotel. The new owners has struck a long term management service agreement with IHCL for the latter to manage the property.

The deal is in line with the company's future strategy to pursue an asset-light model and is working on the expansion strategy to increase its footprint in India and overseas markets. Further, the company is in the process of exiting non-profitable properties across geographies.

This restructuring process will help the company to improve its operating profitability. Further, the strategy will also help in cost rationalization.

Going forward, increase in tourism and economic activity will be the key things to watch out for in order to assess an improvement in the hotel industry. The stock of IHCL is trading higher by 5.4%.

In another news update, at least four Chinese automobile makers are in talks with the Indian government to set up manufacturing plants in India. The talks are in advanced stages with the government of Andhra Pradesh, Gujarat and Maharashtra.

Reportedly, of these at-least a couple are expected to make an announcement of their India plants over the next six months. The Chinese automobile market has slowed down considerably. Resultantly, these companies are looking for new markets which could compensate for the slower growth at home.

Indian people are increasingly buying utility vehicles, which is evident in the passenger vehicle sales for the month of June. Utility vehicle sales reported a growth of 35% YoY in the month of June. Chinese automakers have a strong portfolio of sports utility vehicles and are looking to explore the opportunity in India.

Having said that, it will be interesting to see how these brands establish their presence in India considering the competition in the Indian market.

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