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With buying activity picking up in the final hour of today's session, the BSE-Sensex today closed higher by 106 points, while the NSE-Nifty closed higher by 40 points. Midcaps and Small caps too finished on a positive note. While the BSE Mid Cap index closed higher by 0.7 %, the BSE Small Cap index closed the day with gains of 0.4%. Gains were largely seen in metal and IT stocks while realty and capital goods' stocks witnessed maximum selling pressure.
Asian markets ended on a mixed note. The Shanghai Composite gained 2.51%, while the Nikkei 225 led the Hang Seng lower. They fell 1.8% and 0.72% respectively. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.05% while London's FTSE 100 is up 0.78% and Germany's DAX is up 0.61%. The rupee was trading weak at 66.99 against the US$ in the afternoon session.
Infosys has reportedly made an investment of $3 million in WHOOP. WHOOP is an early stage company offering a performance optimization system for elite professional sports teams. The company's system includes a device worn by athletes on their wrist that continuously measures key strain and recovery variables, and actionable analytics powered by proprietary algorithms that generate intensity and recovery scores. Reportedly, the investment will be completed by December 16, 2015. Infosys is a global leader in consulting, technology, and outsourcing and next-generation services.
Infosys recently delivered a strong performance in 2QFY16. In rupee terms, the consolidated sales increased by 8.9% QoQ during 2QFY16. In US dollar terms, revenues were up 6% QoQ. This is the highest quarterly growth rate in the last 16 quarters. Here is our detailed analysis of the results (Subscription Required). The company's stock ended the day higher by 1.5% on the BSE.
According to a leading financial daily, Indian Oil Corporation (IOC) is planning to invest Rs 1,750 billion over the next seven years in a bid to expand its refinery capacity, building petrochemical plants and laying pipelines.
Of total, the company will spend Rs 345.55 billion in the 15 million tons a year from Paradip oil refinery in Odisha that has recently started producing fuel. Besides, the refinery expansion projects planned include raising Panipat refinery capacity to 20.2 million tons from 15 million tons currently at a cost of Rs 150 billion as well as raising capacity at Koyali, Mathura and Barauni units by 2020.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
Given the plunge in oil prices during the year, companies from the downstream segment (retail) have seen their stock prices rise while those of the upstream segment (exploration and refining) have been battered. 2015 has been a mixed year for the stocks from the
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