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Indian markets open in green
Thu, 21 May 09:30 am

The market have opened in green. The BSE - Sensex is up 53 points and NSE-Nifty is up 11 points. BSE Mid Cap and BSE Small Cap have opened on a positive note with both the indices up by 0.2% each. Among sectoral indices, Capital goods and Consumer Durables witnessed maximum buying interest while Metal Stocks continued to trade in red for second day running.

Asian Equities are trading mixed with Japan's Nikkei hitting a 15 year high. The Taiwan index is the big underperformer today (down 1.04%). In the US, stocks closed narrowly mixed. European stocks, meanwhile, ended higher. The Indian rupee gained in the early trade and has opened higher by 9 paise at 63.73 per dollar.

According to a leading financial daily, UltraTech Cement will likely acquire Jaiprakash Associates's 2.2 million tonne per annum (mtpa) cement units in Bhilai, Chhattisgarh, in a deal valued at close to Rs 20 bn. Reportedly, the deal includes Jaypee's debt worth Rs 5.5 bn. The acquisition will help India's largest cement producer by volume fortify its position in eastern India. In December 2014, UltraTech acquired Jaypee Group's two cement units with related clinker and power units in Madhya Pradesh for an enterprise value of Rs 54 bn. A year ago in September, UltraTech had acquired also acquired two of the groups' cement units based in Gujarat worth Rs 38 bn. These acquisitions, including the Bhilai units, will increase UltraTech's consolidated capacity to an estimated 77 mtpa-plus by end of the current fiscal year.

Shares of Honeywell Automation has opened on an optimistic note after it was reported that Honeywell Automation and Tata power Delhi Distribution have successfully implemented the first ever automated demand response project for commercial and industrial facilities in India. Tata Power Delhi Distribution will use Honeywell technology and services to link more than 160 buildings in its distribution network, and call for temporary reductions in energy use when demand threatens to outpace supply in grid stress conditions. The project will give TPDDL the ability to reduce approximately 11.5 megawatts of peak demand.

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