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An optimistic start to the week
Mon, 19 Oct Closing

Indian equity markets started the day on a positive note and continued this trend throughout the day on the back of continuous buying activity in realty, IT and healthcare sectors. While the BSE-Sensex closed higher by 150 points, the NSE-Nifty closed higher by 37 points. Mid Caps and Small Caps too closed on a positive note with BSE Mid cap closing higher by 0.7% and BSE Small cap inching higher by 0.8%.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.04%, while the Nikkei 225 led the Shanghai Composite lower. They fell 0.88% and 0.14% respectively. European markets opened higher with shares in Germany leading the region. The rupee was trading a tad weak at 64.82 against the US$ in the afternoon session.

According to a leading financial daily, Infosys has signed a definitive agreement to acquire Noah Consulting, LLC, a leading provider of advanced information management consulting services for the oil and gas industry. This acquisition was an all-cash deal, with an aggregate purchase consideration of US$70 million. Noah Consulting helps upstream oil and gas companies, including super majors, independents and oil field service companies plan, architect and deploy information solutions to unlock the value of their oil and gas assets. The transaction is expected to close before the end of the third quarter of FY16, subject to customary closing conditions.

We believe this acquisition is positive for Infosys. The energy vertical has not been one of the company's core strengths historically. In 2QFY16, this industry accounted for less than 5% of the company's revenue. The recent acquisition will certainly help the company bridge the gap in its capability to an extent. Infosys has shown the ability to generate good initial momentum from its recent acquisition of Panaya. You may read our view about the Panaya acquisition here (subscription required). The same performance will be expected from the company this time around as well. The script of Infosys ended the trading day up by 1.9% on the BSE.

Power sector finished with modest losses with Torrent Power and Power Grid Corporation facing most of the selling activity. According to a leading economic daily, NTPC has incorporated a subsidiary in the name of 'Patratu Vidyut Utpadan Nigam' in joint venture with Jharkhand Bijli Vitran Nigam (JBVNL) for operating the Patratu thermal power plant. The subsidiary has been incorporated to acquire, establish, operate, maintain, revive, refurbish, renovate and modernize the performing existing units and further capacity expansion of Patratu Thermal Power Station in Ramgarh district of Jharkhand. Patratu Vidyut Utpadan Nigam Limited has an initial authorized and paid up capital of Rs 1 million. Reportedly, NTPC shall hold 74% of the equity share capital in Patratu Vidyut Utpadan Nigam Limited and balance 26% shall be held by JBVNL.

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Jan 16, 2018 01:19 PM