Barring Japan (down 0.1%), all major Asian stock markets have opened the day on a firm note with Hong Kong (up 0.7%) and Indonesia (up 0.9%) leading the gains. The Indian share markets have also opened the day on a positive note. All sectoral indices are trading firm with stocks from the banking and capital goods spaces leading the gains.
Information technology stocks have opened the day on a firm note with Moser Baer India, Infosys and Tech Mahindra leading the gains. As per a leading financial daily, Bangalore-based IT services major Infosys has entered into a multi-year deal with automaker Daimler AG for the management of infrastructure services and data centres. In addition, it will provide e-collaboration and middleware services as well as oversee database operations. It must be noted that the agreement was inked in the second quarter of financial year 2013-14 (2QFY14). The transition was completed and steady state operations started in the first quarter of 2014-15 (1QFY15). Infosys has now successfully completed the transition to take over operation of European data centres of Daimler AG. The financial details of the deal have not been disclosed yet.
Auto ancillary stocks have opened the day on a firm note with Rico Auto, Sundaram Clayton, SKF India and Asahi India Ltd leading the gains. As per a leading financial daily, battery maker Exide Industries is planning to invest Rs 3.5 bn in the current financial year 2014-15 (FY15) to expand manufacturing capacity at its existing plants. The expansion would be mainly focused on increasing industrial battery making capacity. The company might even consider increasing automotive battery capacity in the fiscal year 2015-16 (FY16) if industry sentiments recover and demand scenario improves.