Asian equity markets are lower today following MSCI's decision to add mainland Chinese stocks to its emerging markets index gradually. The Shanghai Composite is off 0.12%, while the Hang Seng is down 0.31%. The Nikkei 225 is trading down by 0.23%. US equities closed lower on Tuesday, pulling back from record highs, as oil prices pressured energy stocks.

Meanwhile, share markets in India have opened the day on a flat note. The BSE Sensex is trading lower by 44 points while the NSE Nifty is trading lower by 5 points. The BSE Mid Cap Index and BSE Small Cap index both opened the day flat.

Sectoral indices have opened the day on a mixed note with realty stocks and capital goods stocks leading the gainers. While metal stocks and information technology stocks have opened the day in the red. The rupee is trading at 64.47 to the US$.

Engineering stocks opened the day on a mixed note with Jyoti Structure & Blue Star leading the losses. As per an article in a leading financial daily, ABB, the Swedish-Swiss multinational, is in talks with Larsen & Toubro (L&T) to acquire its electrical and automation division.

Reportedly, electrical and automation division generated revenues of Rs 46.50 billion and operating profit of a little over Rs 7 billion in 2016-17.

However, L&T was seeking a valuation of Rs 180 billion for the entire business, which includes the Indian operations as well as subsidiaries in Malaysia, Saudi Arabia and the United Arab Emirates.

In the past, too, L&T had tried to sell the electrical and automation business, as it looked to prune its portfolio and exit non-core areas.

Further, L&T had decided to divest its industrial valves unit. The company was in discussions with American private equity firm KKR. The deal was expected to fetch Rs 30-40 billion but got stuck due to serious differences over the price.

L&T has been in its business for over seven decades. Its sheer reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike. Moreover, in the tricky large-projects business, the company has built its reputation through quality and timeliness of execution, brand positioning and a having a diversified presence.

On the flip side, near term headwinds from strained execution and the tepid order inflow were flowing fast.

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L&T share price opened up by 1.2%.

Moving on the news from IPO space. GTPL Hathway, which offers cable TV and broadband services, raised more than Rs 1.45 billion from anchor investors, ahead of its initial public offering that opens today.

The initial public offering of GTPL Hathway is a 50:50 joint venture between cable TV operator GTPL and Hathway. The price band has been set between Rs 167-170 per share.

An investor can bid for a minimum of 88 equity shares and in multiples of 88 shares thereafter. The issue will close on 23 June.

In the meanwhile, The IPO of pharmaceutical firm Eris Lifesciences Ltd was completely subscribed on Tuesday afternoon, the final day of the offering. The IPO opened on 16 June.

According to the data from stock exchanges, the portion of shares reserved for institutional investors was subscribed 1.29 times, while the portions reserved for high net-worth individuals and retail investors were subscribed 6% and 2.34 times, respectively.

Overall, the offering was subscribed 1.14 times.

Notably, as per an article in The Economic Times, 2017-18 is expected to be one of the best years in India's IPO history. With upwards of 50 IPOs, companies will be looking to raise as much as Rs 400 to 600 billion.

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That could make this IPO frenzy even more frenzied than the previous high of 2007-08 when 84 companies raised Rs 410 billion.