Asian markets closed sharply higher today with shares in China leading the region. The Shanghai Composite was up 5.34%, while Hong Kong's Hang Seng was up 3.5% and Japan's Nikkei 225 was up 1.08%. European shares rose in early trade buoyed by gains in Asian and US markets. The rupee was trading at 65.97 against the US$ at the time of writing.
Buying activity was witnessed across majority of the auto ancillary stocks with Amtek Auto and Rico Auto being the leading gainers. According to a leading financial daily, Bosch Ltd has formally inaugurated its new manufacturing facility at Bidadi in Bengaluru at a built up area of around 38,000 square meters with an investment of around Rs 3.4 bn. The construction of the Bidadi plant spans over two phases, with the second phase scheduled to be completed by 2018. This new state-of-the-art manufacturing facility will produce diesel products that were previously manufactured at the Adugodi plant, and would have over 2,600 associates working at the facility. The new plant in Bidadi will produce common rail pumps & rails in the first phase & the production of conventional fuel injection pumps will start in the second phase. The scrip of Bosch ended the trading day up by 2% on the BSE.
Shares of Indian Oil Corporation (IOC) surged more than 4% after it was reported that the company has inked a Memorandum of Understanding (MoU) with Nepal Oil Corporation (NOC) for construction of 1.3 MMTPA capacity Raxaul-Amlekhgunj Petroleum product pipeline along with some works at Amlekhganj Petroleum Depot of NOC. The estimated cost of this project is Rs 2.75 bn and the completion period is 30 months after receipt of statutory clearances. This pipeline will ensure long term supply of petroleum products to Nepal from IOC as well as stability of supplies from India to Nepal, which will benefit both the countries.