After opening in the green, the Indian Indices have remained well above the dotted line in the morning session. Banking stocks are leading the gainers while auto stocks are witnessing selling pressure.
The BSE-Sensex is trading up 156 points. The NSE-Nifty is trading up 47 points. The BSE Mid Cap index is trading up 0.7% and the BSE Small Cap index is trading up 0.8%. The rupee is trading at 61.90 to the US dollar.
Except Hexaware Technologies, all the IT stocks are trading in the green. Oracle Financial Services and HCL Technology are the leading gainers. Mindtree has announced results. The company's December quarter net profit grew 2.5% sequentially to Rs 1.4 bn. Further, revenue climbed 2.6% quarter-on-quarter to Rs 9.1 bn during the quarter. Operating profit jumped 6.3% to Rs 1.8 bn and margin expanded by 0.70 percentage points to 20.5% during the quarter. Also, Mindtree approved the agreement to acquire entire ownership interest in Discoverture Solutions LLC, a limited liability company incorporated under the laws of the Arizona, United States. It also approved the agreement to purchase specified assets of Discoverture Solutions India Private Limited.
Telecom stocks are trading mixed today. While Tata Teleservices is leading the gainers; Reliance Communications is leading the losers. With the government rejecting the telecom regulator TRAI's proposal for lower 3G spectrum pricing; the upcoming auctions will make life difficult for operators. Idea Cellular in particular will be hard hit. The auctions will be crucial for the company. Nine of its licences will be expiring later this year. Idea has no choice but to retain them in these auctions especially the premium spectrum in the 900 MHz band.