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Indian stock markets off day's highs
Wed, 29 Feb 11:30 am

Indian stock markets shed some of their morning gains but still traded in the green over last two hours. Barring capital goods and banking stocks, all sectoral indices traded strong.

The BSE-Sensex is trading up by 114 points and NSE-Nifty is trading up by 26 points. BSE Mid cap and BSE Small cap indices too are trading up by 0.9% and 0.8% respectively. The rupee is trading at 48.99 to the US dollar.

Food stocks are trading firm led by Wadala Commodities and Tata Global Beverages. As per a leading daily, the wholesale tea prices are likely to rise by about 10-15%. This would be on account of falling supply of the same. The prices of good premium teas may go up by Rs 20 per kg. These would now be Rs 210-1,220 per kg. Low end teas would be priced at Rs 100 which is up Rs 15 from their previous prices. The companies that are expected to benefit are Tata Global Beverages, Bombay Burmah Trading Corporation, Jay Shree Tea and Industries, Goodricke Group, Mcleod Russel India and Warren Tea. All of these stocks are currently trading higher by 3-8%.

Telecom stocks are trading in the green led by Bharti Airtel and Mahanagar Telephone Nigam Limited (MTNL). According to a leading financial daily, Bharti Airtel has suggested the Telecom Regulatory Authority of India (TRAI) to deregulate mobile tariffs or continue with its policy to allow telecom operators to fix calling rates. The company has written this letter to the telecom regulator because the latter had sought responses from the industry on reviewing the policy of forbearance in telecom tariffs earlier this month. TRAI had issued a consultation paper after the recent 20% increase in call rates by various operators. The company has also warned against any kind of regulatory intervention as it may prove to be catastrophic for the very sustenance of the industry.

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