Most Asian stocks closed higher today. European stock markets were trading mixed at the time of writing. The rupee was trading at Rs 62.21 to the dollar.
As per a leading financial daily, there could be a further delay in the telecom spectrum auctions scheduled for the first week of March 2015. Three leading telcos, Bharti Airtel, Idea Cellular and Reliance Communications have separately moved the courts over various proposed guidelines of the auctions. Idea Cellular has alleged the auction rules will affect availability of spectrum. Bharti Airtel has alleged that the rules make it ineligible from participating in certain key circles. Reliance Communication has alleged that the government should increase the amount of spectrum in the 1,800 MHz band. This could potentially lead to a face off among telcos and the government before the auctions.
IT stocks ended mixed today. While Tata Consultancy Services (TCS) was among the biggest gainers; Infosys was among the biggest losers. India's second largest IT firm Infosys, has announced an acquisition in the US. The company has acquired Panaya Inc, a company that provides automation technologies to large enterprises. The size of the acquisition is about US$ 200 m and it will be an all cash deal. This is the first acquisition under new CEO Dr. Vishal Sikka and the second biggest in the company's history. The stock closed down 0.7% today.