Indian Indices Open Flat

Wed, 7 Sep 09:30 am

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Major Asian stock markets have opened the day on a mixed note with the stock markets in Taiwan and China are trading higher by 1% and 0.3% respectively. While, the stock market in Japan is trading lower by 0.8%. Benchmark indices in Europe ended their previous session in red. While, benchmark indices in the US ended their previous session on a positive note. The rupee is trading at 66.51 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 84 points (up 0.3%) and the NSE Nifty is trading higher by 12 points (up 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.5% respectively.

Major sectoral indices have opened the day on a positive note. Stocks from realty and metal sector are witnessing maximum buying interest.

As per an article in Business Standard, Indian Hotels Company has contested a decision of the Delhi High Court. The order was pertaining to auctioning of one of its prime properties in Delhi popularly know as Taj Mansingh.

The company had got this property on lease from the New Delhi Municipal Council (NDMC) for a period of thirty-three years. This lease had expired in the year 2011 and saw several extensions since then.

Reportedly, Taj Mansingh is a 294-room property, located in Lutyens Delhi and is a key asset operated by the company.

This hotel contributed to around 6.5% to the overall revenues of the company. An unfavorable decision may prove to be a dampener on the financials of the company. The stock is trading down by 1.5%.

In another news update, Yes Bank is preparing to launch its first offshore dollar bond issue of US$ 300-500 million before March 2017. The funds will be used for its offshore branch at the GIFT city in Gandhinagar.

As reported in Livemint, the offshore branch is meant to function as a foreign branch of the domestic bank and lend in foreign currency.

GIFT City, set up in January last year is India's first international finance centre. Apart from Yes Bank, lenders such as State Bank of India (SBI), ICICI Bank and HDFC Bank have purchased land at GIFT City to set up their international banking units (IBUs). A bank branch at GIFT City will be regulatory treated as a foreign branch.

The offshore bonds will help the company in raising cheap funds which in-turn will help them to support the Net Interest Margins (NIM). The stock is trading down by 0.8%.

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