Asian stocks closed higher today barring Japan. European stock markets were trading mixed at the time of writing. The rupee was trading at Rs 62.11 to the dollar.
As per a leading financial daily, leading energy firms have criticized the Modi government for inaction on the policy front. The daily has quoted several executives of different firms who have point out that neither the ministry nor the regulators have taken serious initiatives to increase production. Reliance industries have stated that it is no longer interested in investing in the Indian energy space. BP has already written down its investment in the KG-D6 basin bn US$ 790 m. The companies have expressed concern that despite a lot of intent there has been no action on the ground.
Most IT stocks ended lower today. Tata Consultancy Services (TCS) and Tech Mahindra were the biggest losers. As per a leading financial daily, India's fifth largest IT firm Tech Mahindra, believes that payment banks offer a huge opportunity to the IT sector. Tech Mahindra along with Mahindra Financial Services has applied to the RBI for such a license. The company believes that it will be a logical extension of the services that it offers and there is considerable growth potential. The stock closed down 2.2% today.