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Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

IT stocks languish in the red
Fri, 12 Apr 11:30 am

Indian share markets continued to languish in the red during the previous two hours of trade. Sectoral indices traded mixed with IT stocks leading the losses. However, FMCG and power stocks elicited investor interest.

The BSE-Sensex is trading lower by 266 points and NSE-Nifty is trading down by 55 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.3% and 0.5% respectively. The rupee is trading at 54.44 to the US dollar.

Telecom stocks are trading weak led by ITI Limited and Tata Teleservices. As per a leading daily, Bharti Airtel is among 12 final contenders who are vying for a telecom license in Myanmar. The company had earlier participated in the pre-qualification bidding and has been selected by the Myanmar telecom authorities to take part in the final stage now. As per the ministry, Bharti along with 11 others selected, will now have to submit their final applications by June 3, 2013 to the committee. These will be 2 nationwide telecommunications licenses in the Republic of the Union of Myanmar. The winner will be declared on June 27. We may note here that Bharti is already present in Sri Lanka and Bangladesh. Telecom License in Myanmar will strengthen its presence in Asia.

Steel stocks are trading mixed led by Adhunik Metaliks and JSW Steel. However, Tayo Rolls and Maharashtra Seamless are witnessing losses. As per a leading daily, Tata Steel has decided to merge Tata Metaliks with itself. As per the merger which will be effective from April 1, 2013, the public shareholders of Tata Metaliks would get four equity shares of Rs 10 each of Tata Steel for every 29 shares of (Rs 10- each). Tata Steel along with a subsidiary holds 50.09 per cent of the equity share capital of Tata Metaliks. Tata Steel would submit the Scheme of Amalgamation to the stock exchanges. The deal will be subject to the approval of the shareholders and creditors and will require sanction of the High Courts of Bombay and Calcutta.

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