The Indian equity markets are hovering just above the dotted line in the post noon trading session. Gains were led by stocks from the banking and consumer durables segments. The stocks from capital goods are, however, trading marginally lower.
Telecom stocks are trading mixed today. MTNL and ITI Ltd are the leading gainers while AGC Networks and Bharti Airtel are the leading losers. Telecom service provider Idea Cellular reported a 64% jump in consolidated net profit to Rs 7.6 bn for the quarter ended December 2014 due to growth in data volume and voice minutes. Consolidated revenue grew 21.2% to Rs 80.1 bn for the quarter over a year before. Idea also reported a significant improvement in EBITDA margins due to healthy turnover growth, scale benefits and cost rationalizations. The average revenue per user increased to Rs 179 from the same period a year ago. Average realization per minute stood at 46.3p in the third quarter vs 45.9p in the second quarter.
Stocks from the auto sector are trading on a positive note. Barring TATA Motors and Bajaj Auto, all the stocks are trading in green. According to a leading financial daily, Tata Motors, the world's fourth largest truck maker, plans to raise up to Rs 75 bn via a rights issue over the coming months, its third such offering in the company's history. Tata Motors will be approaching shareholders for their approval to allow the company to issue new equity shares to reduce its debt load, which stood at Rs 607.7 bn as on September 2014. The rights issue will be for all class shareholders.