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The major Asian stock markets have opened the day on a dismal note. Stock markets in Japan (down 3.6%) and Hong Kong (down3.7%) are the top losers in the pack. The major stock indices in the European and US markets ended their previous session on a disappointing note too. The benchmark indices in US ended their previous session down by 3.1%. The rupee is trading at 66.37 per US dollar.
Indian stock markets have opened the day on a weak note owing to global cues. BSE Sensex is trading down by 290 points (down 1.1%) and NSE-Nifty is trading down by 80 points (down 1%). Both BSE Mid Cap and BSE Small Cap are trading down by 0.9% and 0.7% respectively. Sectoral indices have opened the day on a negative note with stocks from banking, pharmaceutical and metals & mining sector are witnessing selling pressure.
As per an article in Livemint, L&T Infotech Ltd has filed documents for its initial public offering. The company is the information technology service arm of Larsen and Toubro (L&T). L&T will sell 17 million shares as a part of the issue. The article stated that the firm intends to raise Rs 15 bn by selling shares to the public. L&T Infotech's revenue rose 2.15% on a y-o-y basis for the year ended 31st March 2015. However the net profit decline by 14% to Rs 7.74 bn during the same period. The move is in line with the chairman's statement in Annual General Meeting (AGM) to unlock the value of its IT and technology services business. The stock of L&T is trading down by 0.5%.
As per an article in Business Standard, Bajaj Auto plans to enter the Russian market with its Pulsar range of motorcycles. The company shipped a few containers of the motorcycle brand to Russia. The group president stated that the company has found a good local partner to be the country wide distributor in Russia. Hero MotoCorp has recently inaugurated its first overseas manufacturing unit in Columbia. However Bajaj has no such plans to set up manufacturing facility abroad. The company stated that their product in the overseas market goes as a kit and is assembled in the overseas market. The stock of Bajaj Auto is trading down by 1.2%
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