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Indian share markets open weak
Wed, 5 Sep 09:30 am

Asian stock markets have opened the day on a weak note with stock markets in South Korea (down 1.4%) and Hong Kong (down 1.1%) leading the losses in the region. The Indian share market indices have also opened the day on a weak note. Stocks in metal and capital goods space are leading the losses. However, FMCG and realty stocks are trading firm.

The Sensex today is down by around 51 points (0.3%), while the NSE-Nifty is down by around 21 points (0.4%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.1% respectively. The rupee is trading at Rs 55.82 to the US dollar.

Information technology stocks have opened the day on a weak note with Wipro, Tata Consultancy Services (TCS) and Infosys leading the pack of underperformers. Infosys' senior management has reportedly said that it is open to acquisitions higher than 10% of its revenues (US$ 7 bn in FY12), a size which was long believed to be the comfort size for target acquisitions for the company. This is however, provided that the company finds the right opportunity. The management has emphasized on the same being the case only if the acquisition is a strategic fit. Readers would do well to note that this development is not something new as the company has been on the lookout for acquisitions for a quite some time now. So much so, that it has built up a huge cash reserve of US$ 3.7 bn. As per Infosys' CFO, the company is looking to boost growth in its software business by building other services around those offerings. This vertical is as 'products and platforms services', the area in which the company is looking for potential for acquisitions.

Oil & gas stocks have opened the day on a mixed note with Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd. (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL) trading firm. However, Cairn India and Reliance Industries are facing selling pressure. As per a leading financial daily, India's largest refiner IOC is planning to expand its existing refineries and set up a new one on the west coast with an investment of Rs 500 bn. This investment will raise the company's refining capacity from the present 65.7 million tonnes per annum (mtpa) to 105 mtpa by 2022, a rise 60%. IOC plans to meet its fuel demand from its own refineries. The company is increasing its refining capacity so that it can meet its fuel demand from its own refineries. It must be noted that IOC controls 10 of India's 20 refineries and accounts for a 34.8% share of the national refining capacity.

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Feb 23, 2018 (Close)