Markets Continue to Trade in Red

Tue, 8 Dec 11:30 am

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After opening on a weak note, the Indian Indices continued trading below the dotted line during the morning session. IT stocks are leading the gains while metal and PSU stocks are trading in the red. Mid and small cap stocks too are witnessing selling interest.

The BSE-Sensex is trading down by 72 points. The NSE-Nifty is trading down by 19 points. The BSE Mid Cap index is trading down 0.2% and the BSE Small Cap index is trading down 0.1%. The rupee is trading at 66.63 to the US dollar.

As per a leading financial daily, ITC has acquired 87.06% equity share capital of group firm Classic Infrastructure and Development Ltd for Rs 113.8 million. The shares of the company have been acquired through Greenacre Holdings Ltd, a wholly owned subsidiary of Russell Credit Ltd which in turn is a subsidiary of ITC. CIDL is into property maintenance and management and its net worth as on March 31, 2015 and profit after tax for the full year are Rs 84.4 million and Rs 2.01 million, respectively.

In other news, the government-appointed Arvind Subramanian panel's recommendation of a steep 40% tax on tobacco products triggered a sell-off in cigarette makers. Domestic companies currently pay blended value added tax rate of 25 to 26%, plus central excise duty. Companies like VST only deals with cigarettes and ITC derives about 80% of its profits from this segment. As such, the prospects of these companies and stocks are tied closely to the regulations governing cigarettes. The share price of ITC has slumped 10% in past one week.

Shares of Infosys are trading on an encouraging note after it was reported that the company will expand its operations in Ireland, doubling the number of staff in the country to 500 in three years and setting up its first product-centric research and development center outside India. This project has been supported by the Department of Jobs through IDA Ireland.

As per the reports, the expansion will see Infosys create up to 95 roles at its first dedicated product-centric research and development (R&D) center outside India, and open a second Irish facility to house up to 155 people who will provide IT services to Infosys clients. The highly skilled technology roles at the R&D facility, which will be established by EdgeVerve Systems, the product subsidiary of Infosys, will reportedly focus on FinTech research and development. The center will operate an open innovation model, working closely with customers, technology partners, academic institutions and the start-up community in areas of technology, such as block chain and analytics.

The script of Infosys was trading up by 1.2% at the time of writing.

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