The BSE Sensex is trading up 35 points and the NSE-Nifty is trading up 10 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.3%. The rupee is trading at 61.90 to the US dollar.
Most Software stocks are trading higher today. While Wipro and Tech Mahindra are leading the gainers. Mid-sized software firm eClerx, has announced its 3QFY14 results. The company's sales grew by 2.3% QoQ but in constant currency terms; the growth in sales was higher at 4% QoQ. The operating costs saw a rise of 7.3% QoQ. This resulted in a fall in the operating profit by 4.3%QoQ. The company's net profit fell by 7.2% QoQ largely due to the fall in operating profit. The company managed to add only 2 new clients in the quarter gone by compared to 6 clients that it added in each of the previous 2 quarters. eClerx is trading up 1% today.
Most telecom stocks are trading higher today. Tata Teleservices and Bharti Airtel are leading the pack of gainers. As per a leading business daily, leading telcos have moved the Supreme Court, challenging the earlier Delhi high court order that allowed the Comptroller and Auditor general (CAG) to audit private telecom firms. The Association of Unified Telecom Service Providers of India (AUSPI), the lobby group for CDMA players, has moved the Supreme Court because it believes that the CAG being a government body should audit the accounts of the Department of Telecom (DoT) instead. Licence fees, which are paid by operators from their revenue, go directly into the accounts of the DoT. The DoT then sends the funds into the consolidated fund of India. Hence, AUSPI believes that it should be the receipts by DoT should be audited by CAG and not the revenues received by the private firms. Also a section of the CAG act does not allow it to audit private companies.