Market is likely to open flat to slightly lower. Trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could decline 2.50 points at the opening bell.
In overseas stock markets, Asian markets edged lower as record low oil prices weighed on energy stocks. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 580.28 crore yesterday, 10 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 410.92 crore yesterday, 10 December 2015, as per provisional data.
Among corporate news, Infosys said after market hours yesterday, 10 December 2015, that it has won a five-year contract to transform the application landscape of DNB Bank of Norway.
TCS announced the inauguration of phase II of its campus at Kalinga Park in Bhubaneswar. With the addition of 3,000 seats in phase II, the Kalinga Park campus now has operational capacity of 4,000 seats. The announcement was made after market hours yesterday, 10 December 2015.
Cipla announced that the board of directors of the company on 10 December 2015, approved the transfer of the consumer healthcare business of the company to Cipla Health on a going concern basis by way of a slump sale for a lumpsum consideration of Rs 16 crore. Cipla Health is a newly incorporated subsidiary of the company and was incorporated on 27 August 2015. It will focus its business activities in the consumer healthcare space. The company made the announcement after market hours yesterday, 10 December 2015.
The consumer healthcare business to be transferred to Cipla Health includes the scope of the business as approved on 9 July 2015 along with certain additional business. The amount and percentage of the turnover contributed by the consumer healthcare business of the company for the financial year ended 31 March 2015 (FY 2015) was Rs 54.28 crore and about 0.48% respectively. The net worth of consumer healthcare business of the company as on 31 March 2015 was Rs 7.88 crore contributing 0.07% of the net worth of the company.
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The transaction will enable Cipla to participate in the attractive and growing over-the-counter market.
Pursuant to the Board approval, the business transfer agreement is in the process of being finalised. The transaction is expected to be completed within the fourth quarter of the financial year ending 31 March 2016 (FY 2016), subject to the execution of the agreement and completion of certain conditions precedent.
Tata Power Company announced that Tata Power Solar, India's largest integrated solar player, has successfully commissioned a 12 megawatts (MW) solar rooftop project for RSSB Educational & Environmental Society (RSSB-EES) in Amritsar, Punjab. This project is the largest solar rooftop plant in the world, set up in a single phase. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year. The company made the announcement after market hours yesterday, 10 December 2015.
RSSB is a non-profit philosophical organization with its headquarters in Beas, Punjab.
Index heavyweights Reliance Industries (RIL), HDFC, Infosys and stocks from metal sector led gains as key benchmark indices snapped a six-day losing streak yesterday, 10 December 2015. The Sensex gained 216.27 points or 0.86% to settle at 25,252.32, its highest closing level since 8 December 2015.
On macro front, the government is scheduled to unveil index of industrial production (IIP) data for October 2015 after market hours today, 11 December 2015. India's IIP growth moderated to 3.6% in September 2015 over a year ago compared with the revised growth of 6.3% in August 2015. The IIP growth had showed an improvement from 2.6% growth recorded in September 2014.
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