Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1% while the Hang Seng is down 0.2%. The Shanghai Composite is trading down by 0.8%. Meanwhile, the S&P 500 rose on Monday with boosts from financial, energy and defensive sectors as investors showed some caution on the eve of US congressional elections.
Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 174 points while the NSE Nifty is trading up by 59 points. The BSE Mid Cap index and BSE Small Cap index both opened up by 0.4%.
Barring metal stocks and healthcare stocks, all sectoral indices have opened the day in green with realty stocks and automobile stocks witnessing maximum buying interest.
The rupee is trading at Rs 72.95 against the US$.
Bank stocks opened the day on a mixed note with Punjab & Sind Bank and UCO Bank leading the pack of gainers. As per an article in a leading financial daily, Andhra Bank divests its stake either fully or partially in various joint venture firms.
The board of directors of the bank accorded its approval for divestment of bank’s stake in full or in part in joint venture investments of the bank, ASREC India Ltd, India International Bank (Malaysia) Bhd and IndiaFirst Life Insurance Co Ltd.
IndiaFirst is a joint venture between Bank of Baroda (44%), Andhra Bank (30%) and UK’s wealth and investment management firm Legal & General (26%).
India International Bank (Malaysia) Berhad (IIBM) is a joint venture of state-owned Bank of Baroda (40%); Indian Overseas Bank (35%) and Andhra Bank (25%) that began its operations in July 2012.
ASREC is engaged in securitization and reconstruction of financial assets business.
To know more about the company, you can access to Andhra Bank’s latest result analysis and Andhra Bank’s stock analysis on our website.
