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RBI measures sink markets
Wed, 24 Jul Closing

Indian equity markets began the day's proceedings on a weak note. Domestic sentiment was dampened after the Reserve Bank of India had yesterday announced additional liquidity tightening measures to check the rupee slide. Markets were trading near their day lows in the afternoon session amid a sell-off in bank shares but managed to close off day's low. Selling pressure was seen in Banking, Consumer durables and Capital goods stocks. While the BSE-Sensex closed lower by 211 points, the NSE-Nifty closed lower by 87 points. Both the BSE Mid Cap and the BSE Small Cap closed on a negative note.

As regards global markets, Asian indices closed in the red. European indices have opened in the green. The rupee was trading at Rs 59.1 to the dollar at the time of writing.

According to a leading financial daily, Tata Consultancy Services (TCS) has completed the acquisition of French enterprise solutions provider Alti SA. In April this year the company had announced it will acquire Alti SA for 75 million euros in an all cash deal to help transform it into a major player in France -- the third-largest IT services market in Europe. The acquisition gives the firm access to blue-chip French and European clients in banking, luxury, manufacturing and utilities sectors. Alti SA is regarded as one of the top five system integrators of SAP solutions in France.

According to a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) and its partner Tata Petrodyne and Hindustan Oil Exploration will invest Rs 11 bn in developing an offshore block in the Gulf of Cambay, off the west coast of India. The area is an extension of the onshore Cambay basin in Gujarat where major oil and gas fields like Gandhar are located. ONGC, with a 55.26% stake, is the operator of the block. It bought the stake from BG Exploration and Production (India) Ltd in January 2005. While Tata Petrodyne holds a participating interest of 6.70%, Hindustan Oil holds 38.04%. Production from this block is expected to commence in 2015.

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