Asian equity markets are lower today as tensions continue to ratchet up on the Korean Peninsula following a warning from North Korea of a nuclear attack on the US. The Shanghai Composite is off 0.42%, while the Hang Seng is down 0.18%. The Nikkei 225 is trading lower by 1.25%. The US equities also fell in their previous trading session as investors fretted over geopolitical concerns.

Meanwhile, share markets in India have opened the day on a flat note tracking global equity markets. The BSE Sensex is trading up by 16 points while the NSE Nifty is trading down by 3 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.1% & 0.2% respectively.

Barring consumer durable stocks and fast moving consumer goods stocks, all sector indices have opened the day in green with oil & gas sector and realty sector leading the pack of gainers. The rupee is trading at 64.54 to the US$.

Vedanta share price surged 2.8% after it was reported that the merger of Cairn India Ltd with Vedanta Ltd has been completed. The merged entity will have a market capitalization of US$15.6 billion, and higher free float, outstanding shares available in the public sphere of 49.9%.

Reportedly, Vedanta will have one of the strongest balance sheets in the Indian corporate sector with the flexibility to balance the capital allocation to the highest return projects while providing a strong and stable dividend. The merger boosts Vedanta’s revenues to US$9.7 billion (about Rs 623 billion).

Though Cairn India, as a legal entity, ceases to exist, Vedanta said that it will preserve the Cairn brand for the oil & gas production business. Vedanta will fuel the growth for the diversified natural resources group as India becomes the growth engine for the world economy.

The eligible Cairn India shareholders, who will become shareholders of Vedanta now, would also receive an interim dividend of 17.70 per equity share as approved by the board of Vedanta.