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Indian markets continue to rise
Thu, 22 May 11:30 am

After opening in the green, the Indian indices have continued their upward trend in the last two hours of the trading session. Heavy buying is seen in Realty and Consumer Durables stocks.

The BSE-Sensex is trading up 181 points and the NSE-Nifty is trading up 35 points. The BSE Mid Cap index is trading up 2.1%, while the BSE Small Cap index is trading up 2.3% today. The rupee is trading at 58.56 to the US dollar.

Most of the Media stocks are trading positive today. Pritish Nandy Communications and Network 18 Media are leading the gainers. ZEE Entertainment and ZEE Media Corp are leading the losers. ZEE Entertainment has declared its March quarter and annual results. Zee's total income grew 20.2% YoY to Rs 11.6 bn and net profit by 20.1% YoY to Rs 2.16 bn in 4QFY14. The advertising revenues grew by 21.5% YoY and there was a sharp increase in other revenues. The company's ad inventory fell about 12% in the quarter following the implementation of 12-minute ad cap in October 2013. The sales growth, thus, was largely on account of higher ad rates as Zee continued to gain viewership share across its various channels. ZEE Entertainment is trading 4% down today.

Software stocks are trading mixed today. While Tata Consultancy services (TCS) and Tech Mahindra are leading the gainers; Infosys and Wipro are leading the losers. As per a leading financial daily, India's largest software firm Tata Consultancy services (TCS) has won a five year software contract from the Indian Institutes of Management (IIMs). The contract is to conduct the common admission test (CAT) from this year. The contract is valued at US$ 5 million. TCS reportedly out-bid about 6 other companies to bag to deal. The IIMs have faced serious issues recently over the conduct of the CAT as several glitches were found in the software in 2012 as well as in 2013. TCS has been tasked with the responsibility to ensure the exam is conducted smoothly for the next five years. TCS is trading up 1.2% today.

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