Indian indices continue to trade above the dotted line during the previous two hours of trade. Majority of the sectoral indices are trading on a positive note today with Power and Consumer durable stocks leading the pack. IT and Metal stocks witnessed maximum selling pressure.
Majority of the IT stocks are trading in the red. Wipro and Tech Mahindra are the leading losers. According to a leading financial daily, HCL Infosystems has signed a fresh 3-year contract with Nokia India, a subsidiary of Microsoft Mobile. The deal is for the distribution of the latter's mobile devices. HCL has been a distributor of Nokia India Sales Private Limited (NISPL) for many years and the new contract is the first deal after US tech giant Microsoft acquired the devices business of Nokia. The deal presents HCL with an opportunity to widen its existing channel reach. The footprint of Microsoft Mobile devices will be increased across the Organized Trade and General Trade channels as well as rural India through the deal.
Banking stocks are trading mixed today. PNB and IDBI Bank are the leading gainers while Axis Bank and Federal Bank are the leading losers. According to a leading financial daily, YES Bank is planning to raise Rs 5 bn with a greenshoe option through the country's first 'green' infrastructure bonds. The tenure of these bonds is 10 years and the interest rate is sub-nine per cent. The amount raised will be used by the bank to finance infrastructure projects in renewable energy such as solar power, wind power, biomass, and small hydel projects. KPMG in India will be providing the assurance services annually, on the use of proceeds in line with green bond principles. The bonds are rated 'AA+' by ratings agencies.