The BSE-Sensex is trading up 44 points and the NSE-Nifty is trading up 12 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.2%. The rupee is trading at 62.31 to the US dollar.
Most telecom stocks are trading higher today. Idea Cellular and Bharti Airtel are among the stocks leading the gainers. The 2G telecom spectrum auctions have finally come to an end. After 10 days of fierce bidding, the total amount that the government will collect will be Rs 611.62 bn. The incumbent GSM operators, Vodafone, Bharti Airtel and Idea Cellular have managed to retain the spectrum that they held, in the crucial 900 MHz band, in Delhi, Mumbai and Kolkata. However they have had to pay a steep price for the same due to competition from Reliance Jio. The new entrant has won spectrum, in the 1,800 MHz band, in 14 circles. Reliance Jio will now launch voice services along with 4G services, as it now has spectrum for both.
Aluminum stocks are trading mixed today. While Nalco is trading higher; Hindalco is trading lower. Hindalco has announced results for 3QFY14. The company's topline increased by only 5.5% YoY due to lower volumes. However due to lower input costs (as a percentage of sales), the operating profits increased by 8.1% YoY. The other income came in sharply lower by 35.8% YoY. This was largely the reason for a decline in net profits by 23% YoY. Higher tax expenses which rose by 23% YoY also hurt the bottomline. The weak demand environment as well as lower prices for the commodity affected the company's performance in the quarter. Hindalco is trading down 1.2% today.