Asian stock markets closed on a mixed today. European stock markets were trading lower at the time of writing. The rupee was trading at Rs 61.81 to the dollar.
One of the biggest statements in the economic survey released today concerned the proposed massive scale up in India's National Solar Mission (NSM). The survey stated that the NSM would be scaled up five times from 20 GW to 100 GW by 2022. The investment required for the same would be about US$ 100 bn. Over the next five years, the sector is likely to produce business opportunities of about US$ 160 bn. If achieved, it would go a long way in achieving multiple goal of energy production, job creation and improving air quality standards.
India's largest telecom firm, Bharti Airtel has confirmed the successful stake sale in its tower unit, Bharti Infratel. The company sold nearly 3% i.e. 55 m shares, of its holding in Bharti Infratel. The company has raised Rs 19.25 bn and it will use the proceeds to reduce the debt on its balance sheet as well as shore up its cash position for the upcoming telecom spectrum auctions. Post the stake sale, the company's holding in Bharti Infratel has reduced from 74.85% to 71.9%. The company stated that it received sufficient demand for the shares (1.42 times the deal size) and the allocation was done to global tower company investors, large FIIs and long only funds. Bharti Airtel closed up 1.7% today.