Most of the automobile stocks are trading in green with TVS motors and Eicher motors are the leading gainers. As per a financial daily, TVS motors Ltd, India's fourth largest motorcycle company (by sales), is expected to enter into tie up with Germany's BMW AG. This is long-awaited technology sharing agreement with BMW. TVS will be giving more details about the deal in the press conference expected to be held today. Reportedly, the tie up with BMW will bring more high-end technology to TVS, allowing it to better compete with its peers viz Hero MotoCorp and Bajaj Auto. The stock of TVS was trading up by 6%.
Majority of the telecom company stocks are trading in the green with Reliance networks and AGC networks being the major gainers. As per a leading financial daily, the department of telecommunications (DoT) has asked to banks to invoke Bharti Airtel bank guarantee. This move by DoT has come, as the penalty amounting to Rs 3.5 bn on Airtel is still not paid. The said penalty is imposed on the company, for providing 3G services outside the permitted areas. Last week DoT had asked Airtel to end its 3G roaming pact with other telecom companies viz, Idea Cellular and Vodafone. Under the agreement the three firms on have been selling 3G services in telecom circles where they hold spectrum for the same. Reportedly, Bharti Airtel believes the 3G intra-circle roaming arrangements are in compliance with all applicable laws and licensing conditions. The said arrangements are beneficial to customers and discontinuing them will result into inconvenience to its customers. The stock of Bharti Airtel was trading up by 3%.