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Indian Markets Open Flat
Tue, 15 Dec 09:30 am

Barring Japan, major Asian stock markets have opened the day in green, with stock markets in Taiwan (up 0.7%) and Hong Kong (up 0.5%) being the top gainers. Major stock indices in Europe ended their previous session on a dismal note. However, US benchmark indices ended the previous session in green. The rupee is trading at 66.99 per US dollar.

Indian stock markets too have opened the day on a flattish note. BSE-Sensex is trading higher by 30 points (up 0.1%) and NSE-Nifty is trading higher by 2 points (up 0.02%). Both BSE Mid Cap and BSE Small Cap have surged upwards and are trading higher by 0.4% and 0.3% respectively. Major sectoral indices have opened in green. Stocks from FMCG and pharmaceutical sector are witnessing maximum buying interest.

As per an article in leading financial daily, Mahindra group has entered into agreement to buy Italian car designer Pininfarina SpA. The acquisition will help the company to boost its design and styling capabilities.

Mahindra and Mahindra and Tech Mahindra through a Special Purpose Vehicle (SPV) will buy a 76.06% stake in the Italian car designer. Further, the company will also make an open offer to the shareholders of Pininfarina for acquiring the balance stake of 23.94%. In addition, company will also make a right issue to infuse a sum of Euro 20 million into Pininfarina. The cost of acquisition will be funded by Mahindra and Tech Mahindra in the ratio of 40% and 60% respectively. Pininfarina has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac.

As per an article in leading financial daily, consumer durables and electronic companies are considering to raise the prices of their end products due to a sharp fall in the rupee. The import component in the electronic goods comprises around 50-75% of the entire product component. To add to this, some of the frost free refrigerators are virtually imported as completely built units. However, rupee has breached Rs 67 the consumer durable companies are looking for a price hike in the New Year.

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