Sensex closed at 12381 yesterday, a gain of just 14 points over previous day. F& O expiry went smoothly with around 70% rollover indicating that the markets are more bullish than bearish on the neart term outlook. Asian markets have shown a mixed trend today with Japan, Taiwan and Hongkong moving ahead while Singapore and Korea were lagging behind their previous close.
Indian stock markets are expected to consolidate their earlier gains. Action may be seen in recently listed IPO like action construction and Atlanta limited.
Stocks in News
Wipro buys Sweden’s Hydrauto for $31m
Wipro Infrastructure Engineering (WIN) -part of Wipro, announced that the company is acquiring Sweden-based Hydrauto Group AB for $31m (Rs 142.6 crore) in an all-cash deal. The acquisition is expected to be completed by Q3 of FY ’06-07, subject to customary closing conditions and regulatory approvals. The FY06 revenue of Wipro Infra Engineering has been USD 57 million while Hydrauto had revenues of USD 112 million in 2005. The deal is expected to bring some action back to the Wipro counter.
M&M bags German forging firm Jeco
M&M, through its component arm Mahindra Systems and Automotive Technologies, now renamed Systech, acquired a 67.9% stake in German forging company Jeco Holdings, one of Germany’s top five forgings companies, for an undisclosed amount. The enterprise value of the firm has been estimated at about e140m (Rs 830 crore), making it the largest outbound deal.
Jeco manufactures forgings for gear boxes, engine and axle parts, hubs, gears and piston heads and its activities are concentrated on the truck, bus and trailer market. Its main customers include DaimlerChrysler Group, ZF Group, MAN Nutzfahrzeuge, Volvo, Linde, Renault, Agco, Kessler and Kolbenschmidt. The news would add spice to the M& M counter.
Rajesh Exports to start retail stores in Oct
Jewellery exporter Rajesh Exports Ltd said on Wednesday it would start its retail stores, Laabh Jewellers. LAABH will be starting its roll out of stores in the first week of October and will be present in most major cities of the country, shortly there after. For the first time in the country, an exclusive range of 3000 pieces of the most practical and designer range of jewellery has been created. This exclusive and practical range of 3000 jewellery pieces would be launched at the LAABH stores across the country. This range of international class with local flavor designs has been created by the R&D wing of Rajesh Exports.
With the launch of LAABH, Rajesh Exports will emerge as the only company in the world which would be a onestop mines to consumer destination for gold jewellery.
Earlier, the company has bagged a prestigious export order for Rs.195 Crores from Lazorde Jewellery, Kuwait for the supply of a new range of festival collection of plain gold jewellery.
Godrej Appliances may ink deal with Japanese major
ET has reported that the company is believed to have recently held talks with Japanese majors Hitachi and Matsushita for technology tie-ups or possible joint-ventures. The company has also appointed management consultant BCG to chalk out its future business strategies.