The major Asian stock markets have opened the day on a mixed note, with stock markets in Japan and Singapore trading higher by 1.4% and 0.9% respectively, are the leading the gainers in the pack. However stock markets in Hong Kong and China are down 1.2% and 0.4% respectively. The major stock indices in the European and US markets ended their previous session on an encouraging note. The benchmark indices of US closed higher by 2.4% yesterday. The rupee is trading at 66.25 per US dollar.
According to an article in a financial daily, Larsen and Toubro (L&T), is delaying payment to its vendors. The delay has occurred due to lag of payment from its own customers. Reportedly, both private and government companies have been delaying payments to L&T. At an aggregate level, the days taken by L&T to pay vendors (called payable days) increased to 127 days in 2014-15 from 121 days in 2013-14. The amount that L&T owes to its vendors jumped 15% to Rs 188bn as at 31ST March, 2015. This is impacting the company's working capital cycle too. The stock of L&T is trading up by 0.95%.
Major stocks in the automobile sector have opened their day in green. As per an article in Livemint, Mahindra & Mahindra (M&M) will introduce scooters from Peugeot Motorcycle in India within a year. Reportedly, according to the company executive the main challenge is to bring the motorcycle at a price where the customers would be willing to pay. The company is working to introduce 2-3 scooters from Peugeot Motorcycles in India. M&M holds a 51% stake in Peugeot Motorcycle. Stock of M&M is trading up by 0.01%.