After opening in the green Indian share markets continued the up-move during the past two hours of trade. Barring Realty all other sectoral indices are trading in the green today.
BSE-Sensex is trading up by 323 points and NSE-Nifty is trading up by 107 points. BSE Mid Cap is trading up by 0.9%; while BSE Small Cap index is trading up by 0.8%. The rupee is trading at 67.3 to the US dollar at the time of writing.
Software stocks are trading mixed today. HCL Infosys and Infosys Ltd are leading the gainers, while Moser baer India and Mphasis Ltd are leading the losers. Wipro has announced that it plans to strengthen its business operations in the Nordic region of Europe. The company will begin this drive by increasing its headcount by 500 over the next 3 years. It has also appointed Mr. Carl-Henrik Hallstrom as the Regional Head for the region, w.e.f July 1, 2013. Mr. Hallstrom has been earlier associated with KPMG, Sweden. He worked in a position of sourcing advisory for Nordic.
Wipro's key verticals like Telecom, Manufacturing, and Energy & Utilities have a strong presence in the Nordic region; which will help the company grow itself in the region. The European market grew by 6.3% Q-o-Q and contributed 29% to Wipro's sales in 1QFY14. However, the company does not declare region specific numbers. Wipro is trading up by 1.4% today.
Most of the Energy stocks are trading positive today. Reliance Industries and Gujarat Gas and Cairn India are leading the gains. According to a leading business daily, ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has reported a 72% jump in its net profit in the June quarter. This was largely on the back of higher crude oil and natural gas output. Net profit in the April-June quarter rose to Rs 8.37 bn from Rs 4.87 bn in the same period a year ago.
The company increased crude oil production by 15.7% to 1.3 m tons in 1QFY14 while natural gas output rose 18.7% to 0.807 bn cubic meters (bcm). The significant increase in production was mainly due to production from the newly acquired ACG fields in Azerbaijan and the resumption of production from its oil field in South Sudan.
OVL has interest in 32 projects in 16 countries, out of which 11 are producing projects, 5 are discovered or under development projects, 14 are exploratory projects and 2 are pipeline projects. ONGC has stated that OVL has a strategic target to reach a production level of 20 m tons of oil and oil equivalent gas per annum by FY18 and 60 m tons by FY30. ONGC is trading up 1.5% today.