Money Tree

The Promoters of Mount Everest Mineral Water are likely to sell 11 percent stake to Tata Tea and it would take the total holding of Tata Tea in Mount Everest to more than 42 percent. Mount Everest is the market leader in mineral water market with its brand Himalaya having 75 percent market share. Both the stocks have reacted to the news today and Mount Everest is locked in the upper circuit at Rs.127.65 and Tata Tea is up more than 3 percent at Rs. 910.

Markets open strong

The stock markets opened strong today and currently at 12 p.m. NIFTY is at 4282.75 up 33.10 points and Sensex is at 14546.35 up 136.97 points. The advance decline ratio is also positive with 707 stocks advancing to 302 stocks declining.
Auto and Banking stocks are strong and pulling the markets up. The rupee fell yesterday after the Chinese markets came down significantly, there was pressure on all the asian currencies. The dollar rose to a level of Rs. 40.9 yesterday. Today the rupee has gained its strength back and the dollar has fallen back to 40.70 levels now.