Meanwhile, Asian markets have opened on a firm note today with Japanese (up by 0.4%) and Hong Kong (up by 0.6%) leading the pack of gainers. On Friday, the US indices closed flat in a choppy trade amid dollar declines and lower bond yields. The Indian rupee has opened trading at Rs 63.57 to the US dollar.
Auto stocks have opened the week in green with Ashok Leyland and M&M being the biggest gainers. According to leading financial times, Tata Motors, India's biggest automotive company signed a distribution, supply and technology license agreement with Vietnam-based TMT Motors. The agreements will enable TMT to become the distributor of selected Tata Motors commercial vehicles, as well as expand its vehicle assembly business and distribution network in Vietnam. Reportedly, Tata Motors will supply Completely Knocked Down (CKD) and Completely Built Unit (CBU) vehicles to TMT in Vietnam. The signing of the strategic and dynamic partnership would pave the way for a mutually beneficial collaboration between Tata Motors and TMT JSC, and will offer various synergies for all parties involved.
According to a leading financial daily, Bharti Airtel announced that it has received financing commitment of up to US$2.5 billion from two Chinese banks to primarily diversify its global portfolio and invest in the growth of data networks across its operations that now span to 20 countries. Reportedly, Bharti Airtel can draw the funds from China Development Bank and Industrial and Commercial Bank of China over a long term, depending on its financing requirements subject to final agreements and requisite approvals. This is the single largest bilateral commitment by China Development Bank to any telecom firm globally and the largest bilateral commitment to a private Indian company. Bharti Airtel also has network equipment sourcing agreements with ZTE and Huawei. The script of Bharti Airtel has opened on an optimistic note (up 0.4%).