With heavy weight indices losing favor, Indian equity markets have lost grounds during the post morning trading session. With elections on the threshold, the markets are trading on a flat note. The stocks from consumer durables and automobiles are witnessing the maximum selling pressures, while the healthcare stocks are trading firm.
The BSE-Sensex is trading down by 25 points and the NSE-Nifty is trading down by 8 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading higher by 0.1%. The rupee is trading at 61.9 to the US dollar.
As per a leading business daily, Bharti Infratel the telecom tower infrastructure arm of Bharti Airtel, has signed a tower sharing pact with Reliance Jio Infocomm. Bharti Infratel has over 82,000 telecom towers, which includes its own towers and from its 42 per cent equity interest in Indus Towers. The arrangement is master sharing agreement which includes inter and intra city optic fibre network, submarine cable networks, towers and other such opportunities identified in the future. The pricing would also be decided based on the prevalent market rates. Reliance Jio is the telecom arm of Reliance Industries, that has the pan India 4G license and has also won the voice spectrum license in the recent spectrum auction. Reliance Jio is likely to launch its 4G services by September this year in the city of Delhi and Mumbai. The stock of Bharti Infratel is trading higher by 5% today.
As per a leading business daily, Novartis India's parent is expected to face penalty for submitting a fake document to Drug Controller General of India (DCGI) with respect to registration of its site plant for the drug, Tiamulin Hydrogen Fumarate. Novartis India has admitted the same before DCGI and tendered unconditional apology. The move would also affect Novartis India's business as regulator has cancelled the import license and registration for the drug and ordered its immediate recall from the market. The drug is used for respiratory problems in animals. The matter of furnishing a fake certificate to get registration of a drug has also been forwarded to the health ministry for further legal action.