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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Energy Stocks Lead the Gains
Thu, 17 Mar 01:30 pm

The Indian indices have continued to trade on a positive note in the post-noon trading session. Sectoral indices are trading on a positive note with stocks from the energy, telecom and IT sectors leading the gains.

The BSE Sensex is trading up 170 points (up 0.7%) and the NSE Nifty is trading up 64 points (up 0.8%). The BSE Mid Cap index is trading up 1% while the BSE Small Cap index is trading up by 0.7%. Gold prices, per 10 grams, are trading at Rs 29,430 levels. Silver price, per kilogram is trading at Rs 37,516 levels. Crude oil is trading at Rs 2,623 per barrel. The rupee is trading at 66.71 to the US$.

Telecom stocks are trading on a positive note with ITI and ADC India Communications leading the gains. As per a leading financial daily, Bharti Airtel has entered into a definitive agreement with Videocon Telecommunications (VTL), a subsidiary of Videocon Industries, to acquire rights to use spectrum in six regions.

The agreement has been entered at an aggregate consideration of Rs 44 billion. With this agreement, Bharti Airtel will get rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) on April 05, 2013. The spectrum was allotted for six circles, namely, Bihar; Haryana; Madhya Pradesh; UP (East); UP (West) and Gujarat.

The agreement is in terms of the Guidelines for Trading of Access Spectrum by Access Service Providers dated October 12, 2015 issued by the WPC Wing of the DoT (Spectrum Trading Guidelines). The aforesaid Spectrum is valid up to December 18, 2032. The closing of the transaction is subject to satisfaction of the standard conditions, as are normal to such transactions.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers. Presently its stock is trading up by 2.6%.

Stocks in the energy space are trading on a positive note with Gujarat Gas and BPCL witnessing maximum buying interest. In another news update, Rosneft and ONGC Videsh, wholly owned subsidiary of Oil & Natural Gas Corporation (ONGC) have signed a Memorandum of Understanding (MOU) for the acquisition of 11% shares in the Vankorneft. This is in addition to the 15% shares for which the definitive agreements were signed earlier in September, 2015. With this development, ONGC Videsh would be acquiring a total of 26% shares in the Vankorneft.

The MOU provides for the parties to explore the possibility to conclude long-term crude oil and feedstock supply agreement. Further, it states that Rosneft (or its affiliates) would supply crude oil to the refineries of ONGC Videsh (or its affiliates) located in the Republic of India.

Vankorneft is wholly owned subsidiary of Rosneft that operates Vankor Field in Russia.

ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India. To know our view on the stock of the company, you can read our analysis of the third quarter results here (subscription required).

Presently the stock of ONGC is trading up by 3.2%.

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May 29, 2017 (Close)

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