Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 1.23%, while the Nikkei 225 led the Hang Seng lower. They fell 1.61% and 1.34% respectively. European markets are trading sharply lower today with shares in Germany off the most. The rupee wiped off its initial losses and was trading strong at 65.22 against the US$.
Shares of Hero MotoCorp surged more than 2% in intraday trading today after it was reported that the company has decided to develop its Halol plant in Gujarat into an export hub. The Halol plant will not only help support the western market more efficiently, it will help the company reach global destinations faster, since it is within close proximity of ports. By the year 2020, the company aim to surpass 100 m units in cumulative production with annual bike and scooter sales of 12 million units. Reportedly, the company is also planning to have more than 20 manufacturing and assembly plants globally with sales in more than 50 countries by that year.
Stocks in the banking sector finished the day with moderate losses with Union Bank and Canara Bank witnessing majority of the profit booking. According to a leading financial daily, ICICI Bank has acquired 8.89% stake valued at over Rs 246.9 m in leading rose exporter Karuturi Global. The bank has acquired 72,000,000 equity shares by way of invocation of pledge on August 17, 2015. Karuturi Global is a leading producer of cut roses with operations spread across Ethiopia, Kenya and India. With over 292 hectares under greenhouse cultivation, the company annually produces around 555 m stems of quality cut roses for exports to high-value markets. The script of ICICI Bank ended the day up by 0.8% on the BSE.