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Energy stocks weigh down markets
Tue, 13 Jan 11:30 am

After opening flat, the Indian Indices have struggled to find a clear direction in the morning session. However, broad based buying is witnessed in most sectoral indices with the exceptions being energy and IT stocks.

The BSE-Sensex is trading down 36 points. The NSE-Nifty is trading up 12 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 62.10 to the US dollar.

Software stocks are trading mixed today. While HCL Technologies is leading the gainers; Infosys is leading the losers. Leading Indian IT firm Tech Mahindra, has acquired a Swiss firm SOFGEN Holdings. SOFGEN is a consulting and software services firm focused on the financial sector. The financial details of the deal were not disclosed but a leading financial daily pegged it at around US$ 40 m. SOFGEN has about 450 employees has strong client relationships with about 20 large global financial firms. Acquisitions are a big part of Tech Mahindra's strategy to reach its aspirational growth target of US$ 5 bn in revenues by FY17. Tech Mahindra is trading up 0.5% today.

Telecom stocks are trading mixed today. While Mahanagar Telephone Nigam Ltd (MTNL) is leading the gainers; Reliance Communications is leading the losers. As per a leading financial daily, Idea Cellular has signed a deal with Microsoft to promote paid apps for its subscribers. Under the partnership, Idea users will be able to purchase apps and games from the Windows store on the Microsoft Lumia and other Windows phones. The deal envisages the monetization of the telco's subscriber base by opening up an additional revenue stream. App downloads are growing at about 75-80% CAGR in India and Idea is looking to cash in on the same. Idea Cellular is trading up 1% today.

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