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Indian share markets open weak
Mon, 24 Feb 09:30 am

Asian stock markets have opened the day on a weak note with China (down 2%) and Hong Kong (down 1.3%) leading the losses. The Indian share markets have also opened the day on a weak note. Stocks in the banking and information technology space are leading the losses.

The Sensex today is down by around 50 points (0.2%), while the NSE-Nifty is down by around 15 points (0.2%). However, the midcap and smallcap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices trading higher by about 0.2% each. The rupee is currently trading at Rs 62.13 to the US dollar.

Rating agency stocks have mainly opened the day on a firm note with ICRA Ltd having hit the 20% upper circuit limit. Crisil Ltd is also trading firmly in the green. As per a leading financial daily, US-based Moody's Investors Service has announced a conditional open offer to increase its shareholding in Indian credit rating agency ICRA Ltd by 26.5%. Moody's has offered to acquire upto 2,650,000 equity shares at an offer price of Rs 2,000 per share. It must be noted that Moody's currently holds 28.51% stake in ICRA. If the open offer is successful, Moody's will become a majority shareholder with 55% stake in the Indian rating agency. At the offer price announced by Moody's, the value of the stake purchase will be Rs 5,300 million. Moreover, the offer price of Rs 2,000 is at a premium of 25.5% over ICRA's closing price as on Friday 21st February 2014.

Information technology stocks have opened the day on a weak note with HCL Infosystems and Tata Consultancy Services leading the losses. In a press release, Bangalore-based IT major Infosys Ltd has stated that it has started work on its new campus in Nagpur, Maharashtra. The new campus will be located at Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN), SEZ. It will be spread over 142 acres of land allotted by the Government of Maharashtra. The construction of the campus will be undertaken in phases. In the first phase, Infosys will invest Rs 4.75 bn to create a built-up area of 9.5 lakh square feet to seat 5,000 software professionals. The first phase is likely to be completed in the next 24 months.

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