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Indian markets open firm
Wed, 20 May 09:30 am

The Indian share markets have opened on a positive note supported by Banking and Power stocks. The Sensex is up 228 points (up 0.83%) and the NSE-Nifty is up 67 points (up 0.80%) at 8,432. BSE Mid Cap and BSE Small Cap continue to outperform the markets with both the indices up by 0.8% each. Among sectoral indices, only Metals stocks have opened trading marginally lower.

Asian stock markets are trading mixed this morning with Japan's Nikkei hitting 4 week high levels. This sharp surge was largely led by encouraging GDP numbers. Japan reported strong Q1 GDP at 2.4%. US stocks closed on a mixed on yesterday, as investors eyed renewed gains in yields and the dollar ahead of the Federal Reserve meeting. Indian rupee opened lower by 10 paise at 63.77 per dollar versus 63.67 Tuesday.

According to a leading financial daily, Bharti Airtel, India's top telecom operator, is in advanced talks to buy out Augere Wireless Broadband India for about Rs 1.5 bn. to consolidate its 4G high speed broadband. Augere Wireless had won a block of 20 MHz of 4G spectrum in the Madhya Pradesh-Chhattisgarh circle for Rs 1.22 bn in the 2010 auctions. The company is owned by France Telecom and a clutch of private equity funds. Reportedly, Airtel is trying to create enough capacity before Reliance's Jio Infocomm launches its 4G services later this year. Bharti Airtel currently holds 4G airwaves in the 2300 MHz band in just eight of the 22 circles across the country. In March, Airtel entered into a partnership with China Mobile, the world's largest telecom operator, for jointly sourcing devices and equipment as well as developing 4G technology and standards.

According to a leading financial daily, Glenmark Pharmaceuticals has raised Rs 9.45 bn by issuing over 10 m shares to Aranda Investments, an indirect subsidiary of Temasek Holdings. Glenmark allotted over 10.8 m equity shares of the face value of Re 1 each at a price of Rs 875 per equity share to Aranda Investments Ltd, on preferential basis. Aranda Investments is a foreign portfolio investor and a wholly-owned indirect subsidiary of Temasek Holdings (Private) Ltd, the investment section of the Singapore government. The scrip of Glenmark has opened on an optimistic note (up 2.55%) on the BSE.

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