Asian equity markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.10%, while the Hang Seng is down 0.23%. The Shanghai Composite is trading down by 0.22%. US markets bounced back to record highs on a rebound in technology stocks.
Meanwhile, share markets in India have opened the day on a flat note with positive bias. The BSE Sensex is trading higher by 27 points while the NSE Nifty is trading higher by 14 points. The BSE Mid Cap Index and BSE Small Capindex both opened the up by 0.1%.
Barring metal stocks, FMCG stocks and consumer durables stocks, all sectoral indices have opened the day in green with realty stocks and healthcare stocks leading the pack of gainers. The rupee is trading at 64.45 to the US$.
Dr Reddy’s Laboratories share price opened over 1.5% after it was reported that the company has received Establishment Inspection Report (EIR) from the USFDA for its active pharmaceutical plant (API) at Miryalaguda indicating the successful closure of the agency’s audit.
Information technology stocks opened the day on a mixed note with Moser Baer India and Wipro (WIT) leading the gains. As per an article in a leading financial daily, Wipro has invested US$ 809,690 (about Rs 51.2 million) in management and IT consulting firm Drivestream.
Drivestream was established in 2001 and had revenue of about US$20.5 million at the end of 2016.
The investment is part of Wipro’s strategic drive to actively participate in the external innovation eco-system, for which the company has set up Wipro Ventures, a US$ 100 Million fund focused on investing in disruptive start-ups.
Reportedly, the cash consideration will see Wipro acquiring 19,679 preferred stock and 27,865 common stock. Wipro now holds 26.1% share in Drivestream (on a fully diluted basis).
Meanwhile, Wipro announced the issue of bonus shares to shareholders (including to ADS holders) on April 25. The ratio is one equity share for every one equity share held. It has fixed record date as 14 June for bonus issue.
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