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The Indian share markets finished the day on a flat note with a negative bias. Metal and consumer durables stocks were under pressure, while realty and IT stocks led the pack of gainers. At the closing bell, the BSE Sensex closed lower by 53 points, whereas the NSE Nifty finished lower by 6 points. The S&P BSE Midcap finished the day up by 0.3% and the S&P BSE Small Cap finished up by 0.1%.
Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.3% and the Shanghai Composite rose 0.21%. The Nikkei 225 lost 0.3%. European markets are trading higher today with shares in London leading the region. The FTSE 100 is up 0.1%, while Germany's DAX is up 0.07% and France's CAC 40 is up 0.02%.
The rupee was trading at Rs 66.89 against the US$ in the afternoon session. Oil prices were trading at US$ 50.81 at the time of writing.
As per an article in The Economic Times, HCL Technologies (HCL) has entered into an agreement to acquire Butler America Aerospace, LLC. Butler Aerospace is a provider of engineering, design services and aftermarket engineering services to US Aerospace and Defense customers.
The consideration for the proposed transaction is US$85 million to be paid in cash. The proposed acquisition will exclude the staffing business of Butler America Inc. The acquisition, subject to regulatory approvals in the US, is expected to be completed by 31 December 2016. The acquisition will likely bolster HCL's capabilities in this space and access to clients with large R&D spends.
The news comes amid a major rejig within HCL. The company announced that its Chief Executive Officer, Anant Gupta, has resigned. The current Chief Operating Officer, C Vijayakumar would take over the post.
Meanwhile, HCL today reported a 16.7% increase in net profit at Rs 20.1 billion for the quarter ended September 2016. On a sequential basis, the company's net profit was lower by 1.6% from Rs 20.4 billion in June 2016 quarter, while revenues grew 1.6% from Rs 113.3 billion.
Reacting to the better-than-expected quarterly performance, HCL's share price rallied as much as 4% on the BSE during the day.
Moving on to the news from stocks in power sector. As per an article in a leading financial daily, NTPC will set up solar projects aggregating 50 MW with battery storage system at different locations in Port Blair in Andaman & Nicobar (A&N).
In this regard, a memorandum of understanding (MoU) between NTPC, the Andaman & Nicobar administration and the Ministry of New and Renewable Energy was signed.
Reportedly, the power generated from these solar plants will contribute to higher renewable energy deployment (Subscription Required) and greening of A&N islands.
Notably, NTPC group's total installed capacity stands at 47,228 MW. It includes 800 MW of hydro and 360 MW of solar generation capacity. Moreover, its 1,700 MW renewable energy projects of the company are under execution. The company is quickly moving towards its goal of realizing a solar portfolio of 10 GW out of the 100 GW target of the government by 2022.
Rahul Shah, Co-head of Research, pointed out that a few of the solar projects are already running into financial troubles. Can we rule out a similar fate for the other solar projects? Click here to read more.
Shares of NTPC finished the day up by 0.5%.
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