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Indian share markets remain weak
Tue, 16 Jul 11:30 am

Indian share markets have remained weak in the last two hours of trade. FMCG and oil and gas are leading the pack of winners while banks and realty are facing the maximum selling pressures.

The BSE-Sensex is down by 282 points and NSE-Nifty is down by 93 points. BSE Mid Cap and BSE Small Cap indices are down by 1.3% and 0.8% respectively. The rupee is trading at 59.43 to the US dollar.

IT shares are trading on a mixed note with Moser-Baer India and Mphasis Ltd leading the gains while Wipro and Tech Mahindra are leading the losses. According to a leading financial news medium, Tech Mahindra, the country's fifth largest IT service company, reportedly may acquire the IT services business of Chennai based Polaris Financial Technology. The Company is in an advanced stage of discussions with Polaris after L&T Infotech, another serious suitor, withdrew from the race to acquire the company on valuation issues. Tech Mahindra, which started the due-diligence a little while back, seems to be fine with the valuation of over US$400 million that Polaris is seeking for its IT services business. Polaris' services business has reported around US$330 m in revenues in 2012-13.

Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.

Energy shares are trading on a mixed note with Bharat Petroleum Corporation Ltd. (BPCL) and Chennai Petroleum leading the gains while Mangalore Refinery and Petrochemicals (MRPL) and Jindal Drill are facing the maximum selling pressures. According to a leading financial news medium, Hindustan Petroleum Corp (HPCL) will ink a pact with Mumbai based infrastructure major, Shapoorji Pallonji by signing a joint venture agreement to establish a terminal for the import of liquefied natural gas (LNG) on the Gujarat coast. It will be investing about Rs 50 bn for the same. The Company will set up the LNG import terminal through a 50:50 joint venture with SP Ports, a unit of the Shapoorji Pallonji group. Currently, HPCL and SP Ports are carrying out a detailed feasibility study for establishing the technical and commercial viability of setting up an LNG import and re-gasification terminal of 5 m tonnes per annum capacity at the proposed Port. HPCL's share is trading up by 1.3%.

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