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Indian stock markets open in red
Wed, 2 May 09:30 am

Asian stock markets have opened the day on a high note. Markets in Taiwan (up 1.8%), China (up 1.6%) and Hong Kong (up 1.1%) are leading the gains in the region. The Indian stock markets have opened the day on a positive note as well. Stocks in the consumer durables and FMCG sectors are witnessing maximum gains. However, auto stocks are witnessing selling pressure.

The BSE-Sensex is up by around 97 points (0.6%), while the NSE-Nifty is up by around 28 points (0.5%). Mid and small cap stocks are trading in the green as well with the BSE Mid cap and BSE Small cap indices up by around 0.7% and 0.8% respectively. The rupee is trading at Rs 52.63 to the US dollar.

Software stocks have opened the day on a positive note with Tech Mahindra, Mphasis Ltd and Hexaware Technologies leading the gains. Wipro Ltd has announced its acquisition of an Australian analytics firm, Promax Applications Group. The company has acquired the firm for a consideration of AUD 35 m (Rs 1,890 m). The management has stated that the acquisition will help Wipro strengthen its leadership position in analytics and information management services. The management of Promax has stated that it will help Wipro in offerings in trade and marketing management area. The deal is expected to close in the first quarter of the financial year 2012-2013 (1QFY13).

Energy stocks have opened the day on a negative with Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) leading the pack of losers. Bharat Oman Refineries Ltd (BORL), a company promoted by public sector oil marketing company Bharat Petroleum Corporation Ltd (BPCL) with equity participation from Oman Oil Company, is set to raise US$ 140 m (approximately Rs 7.4 bn) for its balance capital expenditure at the refinery project at Bina in Madhya Pradesh. The funds will be raised via the ECB (external commercial borrowings) route. For the US-dollar term loan, BORL will pay an annual interest rate of 3.45% above Libor, or London inter-bank offered rate. The reason for the attractive interest rate on the ECB is the irrevocable and unconditional guarantee from BPCL. The mandated lead arranger for the ECB is Deutsche Bank AG, while the consortium of banks financing the 8-year term loan consists of Deutsche Bank, DBS, BNP Paribas, and Societe Generale.

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