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Markets will remain closed on 26th June, 2017 on account of Ramzan EID.

Indian Markets Open Flat
Fri, 18 Dec 09:30 am

Major Asian stock markets have opened the day on a negative note, with stock markets in Indonesia (down 1.5%) and Taiwan (down 0.4%). Major stock indices in Europe ended their previous session on a strong footing. However, benchmark indices in US ended on a weak note with benchmark indices closing lower by 1.4%. The rupee is trading at 66.64 per US dollar.

Indian stock markets have opened the day on a flattish note. BSE Sensex is trading lower by 30 points (down 0.1%) and NSE Nifty is trading lower by 10 points (down 0.1%). However, both S&P BSE Midcap and S&P BSE Smallcap are trading marginally higher by 0.1% each. Major sectoral indices have opened on a mixed note. Stocks from information technology are facing the maximum heat, while stocks from telecommunication and FMCG sectors are in demand.

As per an article in leading financial daily, Hindustan Unilever Ltd (HUL) has acquired Kerala based hair oil brand named 'Indulekha'. The brand is acquired from 'Mosons Extraction Pvt Ltd' for a sum of Rs 3.3 billion. In addition to this, HUL will be paying royalty to Mosons of approx 10% of the turnover of the 'Indulekha' brand. The payment will commence from FY18 and will be payable for a five year period. The brand has a strong presence across Kerala, Tamil Nadu, Karnataka and has recently forayed into Maharashtra. Further, earnings before interest tax depreciation amortization (EBIDTA) margins and turnover for the brand were at 30% and Rs 1 billion respectively for the year ended March 2015.

HUL has re-entered the hair oil segment with this acquisition after almost a decade. Earlier in 2006, company had exited the hair oil business by selling its coconut hair oil brand named 'Nihar' to Marico Ltd.

As per an article in leading financial daily, Mahindra & Mahindra is considering to reduce the size of its engines. The decision comes after Supreme Court banned the registration of diesel vehicle with an engine capacity of 2,000 cc or more in Delhi and National Capital Region (NCR) till 31 March 2016 owing to high pollution levels in the city. Mahindra will face the maximum impact of this decision as all of its core brands such as Bolero, Scorpio, XUV500, Thar, Xylo have engines larger than 2,000 cc.

While only 4% of M&M revenue comes from the Delhi-NCR, company fears that the Supreme Court order can be made applicable to other cities too. In that case Mahindra will have to make considerable changes in the manufacturing system to bring the engine capacity down. The process will certainly require time as well as money.

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