Sharemarkets of Motherson Sumi Systems rose over 1 percent as it is expanding presence in North America with an acquisition in the region. The auto part manufacturer has signed an agreement to acquire the wiring harness business of US-based Stoneridge through asset purchase at transaction value of USD 65.7 million.

“The acquisition is expected to close in the third quarter of 2014, subject to customary closing conditions. The acquired business has a turnover of approximately USD 300 million,??? it said in a statement. The transaction includes six manufacturing facilities located in Portland, Indiana; Chihuahua, Mexico; Saltillo Mexico; and Monclova, Mexico; as well as an engineering and administrative center located in Warren, Ohio. It also involves approximately 4,700 employees.

The 50-share NSE Nifty slipped below the 7300-mark due to further profit booking in banks and metals stocks. The index fell 78.25 points or 1.06 percent to 7280.80 and the Sensex dropped 289.59 points or 1.17 percent to 24427.29. About 709 shares have advanced, 1525 shares declined, and 91 shares are unchanged.

Bakery and dairy products manufacturer Britannia Industries’ fourth quarter (January-March) standalone net profit grew 4 percent year-on-year to Rs 91.5 crore on higher revenue and better operational performance but provision for diminution in investment of Daily Bread capped the profitability. Standalone total income rose 10 percent to Rs 1,653.1 crore in the quarter ended March 2014 from Rs 1,502.4 crore in same quarter last year while total expenses jumped nearly 9 percent to Rs 1,505 crore from Rs 1,385.4 crore during the same period, driven by higher raw material cost.

Prime minister Narendra Modi has kept Personnel, Public Grievances and Pensions, Department of Atomic Energy and Department of Space portfolios to himself. Along with finance and defence, Arun Jaitley has also been trusted with the corporate affairs portfolio.

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