Sensex Down 110 Points; Metal Stocks Trade in the Red

Fri, 21 Oct 01:30 pm

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The Indian share market continued to languish in the negative territory in the post-noon trading session due to weak Asian cues. Sectoral Indices are trading on a mixed note with stocks from realty & IT sector leading the gains. While metal sector & consumer durables stocks are trading in the red.

The BSE Sensex is trading lower by 117 points (down 0.4%) while the NSE Nifty is trading lower by 28 points (down 0.3%). The BSE Mid Cap index is trading flat while BSE Small Cap index is trading up by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,840 levels. Silver price, per kilogram is trading at Rs 41,858 levels. Crude oil is trading at Rs 3,386 per barrel. The rupee is trading at 66.90 to the US$.

As per an article in The Economic Times, Wipro Limited announced that it has signed an agreement to acquire Appirio for a purchase consideration of US$500 million. Appirio helps companies move applications to hosted servers offered by Amazon, Google and Salesforce.com.

Reportedly, the deal aims to unlock transformational synergies in the applications space and help enterprises create new business models. In an increasingly digital world, as consumer expectations continue to be reshaped by experiences, this acquisition will strengthen the company's portfolio. Also, it will help retain existing clients and ultimately revive growth.

Notably, about half of Wipro's revenue comes from business applications. The rest flows from business process outsourcing and other work. When this deal is done, Wipro's existing salesforce and workday cloud practices will come under the Appirio brand. Wipro's existing Oracle, SAP, and Microsoft service practices will run separately, the reports noted.

Further, the acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in the quarter ending December 2016. One must also note that, Wipro has spent US$1.13 billion to buy four companies, including Appirio since April last year. The company acquired Denmark-based Designit for US$95 million, it paid US$78 million to buy Germany's Cellent and a Florida based Healthplan Services for US$460 million.

India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

Wipro's share price was Rs 498.8 at the time of writing, up by 0.7%.

Moving on to news from stocks in auto sector. As per an article in a leading financial daily, Ashok Leyland has bagged order worth US$170 million from the Government of the United Republic of Tanzania.

Reportedly, the order is for the purchase of Ashok Leyland's vehicles, gensets, spares and equipment for development of workshops, training modules and allied equipment to be fitted on ambulances. The order is being financed fully by EXIM Bank of India under National Export Insurance Account (NEIA) Scheme.

The move comes as Ashok Leyland's strategic intent (Subscription Required) to globalize its product portfolio and de-risk itself from supplying only into India. The new order follows the company's recently concluded supply of 773 vehicles to Tanzania under Line of Credit from Government of India. Further, the company is currently executing another order for supply of 777 vehicles to the Ministry of Home Affairs in Tanzania.

Moreover, the company had won a similar order worth US$200 million from West African country Cote D'Ivoire in November last year.

Exports remain a lucrative opportunity for Indian auto manufacturers. But in the past year and in the current fiscal, exports performance has been poor. Despite the challenges, is it still a good idea for companies to venture overseas if demand for their products exist? Click here (Subscription Required) to know more.

Shares of Ashok Leyland were trading up by 1.4% at the time of writing.

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