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Indian Markets Gain Momentum
Wed, 23 Dec 11:30 am

After opening the day on a positive note, the Indian Markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the telecom, metal and power sectors leading the gains.

The BSE Sensex is trading up 265 points (up 1%) and the NSE Nifty is trading up 77 points (up 1%). The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap index is trading up 0.7%. The rupee is trading at 66.21 to the US$.

Most of the energy stocks are trading positively with GAIL and Essar Oil leading the gains. As per an article in The Economic Times, India's crude oil production dropped 3.3% on a YoY basis during the month of November. This was witnessed after output fell at fields operated by both public and private sectors. Production came in at 3.04 MT (million tonnes) in November as against 3.15 MT output booked in the same month a year ago.

Looking at individual players in the industry, ONGC reported a 1.3% YoY drop in output at 1.84 MT. Oil India Ltd reported a decline of 7.18% YoY. Cairn India, witnessed natural decline in its eastern offshore Ravva field and Mangala field in Rajasthan.

An article in The Daily Reckoning discusses the reasons why the oil prices have been falling and have settled below US$ 40 per barrel. It points out some key aspects regarding the global oil supply and demand. You can read it here.

As per a leading financial daily, Wipro is going to acquire Viteos group, a BPaaS (business process as-a-service) provider for alternate investment management industry. The acquisition will be for US$ 130 million in an all-cash deal. The deal is expected to be closed by fourth quarter of FY16.

Wipro, regarding this acquisition, said that it will expand the company's capital markets portfolio in fund accounting services and enhance its business process services capabilities. Furthermore, it stated that Viteos's proprietary platforms that offer transformation and integration of post-trade operations can be leveraged to launch solutions across other segments of capital markets.

Viteos was founded in 2003 and has it's headquartered in Somerset, New Jersey. The group provides customised straight-through-processing and integrates post-trade operations across every class, currency, border or structure for alternative investment management industry in the US, Europe and Asia.

Wipro is a leading India based provider of IT Services, including Business Process Outsourcing (BPO) services, globally. Its trailing 12-month (TTM) EPS (earnings per share) stood at Rs 33.45 per share as per the quarter ended September 2015 while the stock's price-to-earnings (PE) ratio was 16.62. Presently the stock of Wipro is trading marginally lower.

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Jan 16, 2018 01:23 PM