The BSE-Sensex is trading higher by 50 points and NSE-Nifty is trading up by 17 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.5% and 0.4% respectively. The rupee is trading at 54.70 to the US dollar.
Retailing stocks are trading mixed with Future Retail and Zodiac Clothing as top gainers and Titan Industries and Shoppers Stop as top losers. As per a leading daily, jewellery retailer PC Jeweller (PCJ) has spent Rs 1.75 bn since last month on its expansion plans. Of this, Rs 1.6 bn was spent on purchase of stocks to be displayed in the new showrooms. Further, the company wants to spend another Rs 2.25 bn over next 3-4 months. The company that earlier had 30 stores at the time of IPO has increased this number to 36 at present. The new stores have been opened in Ahmedabad, Vadodara, Hisar, Jabalpur, Shri Ganganagar and Delhi. We may note here that PCJ got listed in December, 2012 after launching its Initial Public Offer (IPO) of about Rs 6 bn. The company is making use of these IPO proceeds and internal accruals for its expansion plans.
Telecom stocks are trading strong led by Reliance Communications and Idea Cellular. As per a leading daily, Bharti Airtel and Loop Mobile have approached the Delhi High Court with the aim of getting their licences in metro areas extended. These licences are due for renewal in 2014. Bharti wants extension for Delhi and Kolkakta and Loop for Mumbai. The Delhi Court is expected to hear the pleas of the telecom companies today. We may note here that earlier last week, Vodafone too had filed a petition in the same court. This was for continuation of services in Delhi, Mumbai and Kolkata.