The BSE Sensex is trading down 18 points and the NSE-Nifty is trading down 7 points. The BSE Mid Cap index is trading up 0.2%, while the BSE Small Cap index is trading up 0.3% today. The rupee is trading at 59.4 to the US dollar.
Software stocks are trading mixed today. While HCL Technologies is leading the gainers; Tata Consultancy Services (TCS) is leading the losers. India's third largest software firm Wipro, has won a contract from the largest steel company in Finland, Outokumpu. The multi-year contract is geared towards bringing cost inefficiencies and enabling enhanced optimisation of applications within human resources, finance, procurement, market and business intelligence and communications, supply chain, production, and R&D. Wipro will deploy 90 engineers to oversee the project. The financial details of the deal were not disclosed. Wipro is trading down 0.2% today.
Automobiles stocks are trading mixed. Bajaj Auto and Hero MotoCorp are leading the gainers, while Ashok Leyland is trading weak. As per a leading business daily, private equity firm Bain Capital is planning to sell half of its stake in India's two-wheelers major, Hero MotoCorp. The private equity firm holds 8.6% stake in the company and will sell 8.57 m shares (its 4.29% stake in Hero MotoCorp) in an open market transaction under a block deal. The indicative selling price is between Rs 2,582 and 2,717 per share, about 5% discount on yesterday close. Bain has been an investor in the two-wheelers for over last 3.5 years. As per Hero MotoCorp, typically financial investors have about 3 to 5 years of investment horizon and Bain is planning to partially monetize on the investment. The company invested in the Hero MotoCorp when the Munjal family led Hero Group was funding the purchase of 26% stake from Honda Motor in the erstwhile Hero Honda (now Hero MotoCorp). The stock is trading up 1.2% today.