After opening on a firm note, the Indian Indices are trading well above the dotted line in the morning. Apart from Capital goods stocks all sectoral indices are trading in the green.
The BSE Sensex is trading up 116 points and the NSE-Nifty is trading up 37 points. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 60.6 to the US dollar.
Software stocks are trading mixed today with Wipro leading the gainers and HCL Tech leading the losers. As per a leading financial daily, the securities and exchange board of India (SEBI) has slapped a fine on an officer of India's fifth largest software company Tech Mahindra. The person in question Swaminathan Srinivsan was fined Rs 3 lakh for violating share trading rules. He had sold 6,000 shares of the company between February 4 and 8, 2013, resulting in the change in shareholding exceeding Rs 5 lakh in value since the last disclosure. He had failed to make the necessary disclosures. This does not reflect well on the company as its internal share trading controls was clearly not up to the mark. However the SEBI action will not directly impact the company financially. Tech Mahindra is trading flat today.
Most telecom stocks are trading higher today. Idea Cellular and Tata Communications are leading the gainers. In a huge relief to 3G service providers in the country. The telecom tribunal TDSAT has overturned a government ban on offering 3G mobile services beyond their licensed zones through roaming pacts. The tribunal ruled that it was in the national interest to allow better utilisation of scarce radio frequency. The judgment has certainly brought relief to Bharti Airtel, Vodafone and Idea Cellular as they faced a penalty of Rs 12 bn for entering into pacts with each other to offer 3G services in regions where they did not win spectrum in the 2010 telecom auction, via intra-circle roaming (ICR) agreements.