Indian equity markets opened the day on a positive note. The gains were on the back of significant buying witnessed in rate-sensitive shares after the central bank once again tightened gold import duty to squeeze current account deficit. However markets slipped from day highs in late afternoon session. While the BSE Sensex closed higher by 134 points, the NSE-Nifty closed higher by 46 points. BSE Mid Cap closed on a positive note while the BSE Small Cap closed on a negative note. Consumer Durables and FMCG stocks were the biggest gainers.
As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 59.75 to the dollar at the time of writing.
According to a leading financial daily, Steel Authority Of India Limited (Sail) which is ramping up capacity to 24 million tonnes per annum (mtpa), plans to embark on next phase of expansion to raise it further to 50 mtpa by 2022 with Rs 1200 bn investment. Currently the company has 14 mtpa capacity. Most of the planned expansion would be carried out through brownfield expansions in existing five steel mills, barring one proposed at Sindri in Jharkhand. By the end of this year, SAIL capacity will be 19 mtpa. By next year, it capacity will be 24 mtpa. SAIL will start work on expanding the next-phase capacity addition as soon as the completion of the current phase of expansion.
According to a leading financial daily, Tech Mahindra has signed a five-year agreement with UBS Fund Services (Luxembourg) (UBS FSL) for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. Under the agreement Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data, according to a release.