Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Banking Stocks Lead the Gains
Wed, 25 May 01:30 pm

After opening the day in the green, the Indian indices booked further gains and went on to extend their uptrend in the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the banking, finance and capital goods sectors leading the gains.

The BSE Sensex is trading up 424 points (up 1.7%) and the NSE Nifty is trading up 136 points (up 1.8%). The BSE Mid Cap index and the BSE Small Cap index are also trading on a positive note, both up by 0.9%. Gold prices, per 10 grams, are trading at Rs 29,065 levels. Silver price, per kilogram is trading at Rs 39,280 levels. Crude oil is trading at Rs 3,334 per barrel. The rupee is trading at 67.45 to the US$.

Stocks in the steel space are trading on a positive note with Tata Sponge and Tayo Rolls leading the gains. As per a leading financial daily, at least four parties have submitted bids for the British assets of Tata Steel ahead of the company's board meeting today. It was noted that the company's board is expected to examine these proposals at the meeting and decide which of them warrant closer consideration.

Earlier this month, the company had stated that it has received seven expressions of interest (EoI) for the acquisition of the firm's loss-making UK business. The company stated that all of these seven EoI have been immediately taken forward to the next stage of the sales process, which involves inputs from the UK government.

It shall be noted that on 29 March this year, Tata Steel decided to sell its UK operations, called Tata Steel Europe Ltd. This came as the company failed to turn around the business that it bought as part of the takeover of Corus at the height of the commodity boom in 2007 for US$12.1 billion. The business suffered losses for almost a decade amid poor demand and cheap Chinese imports.

Radhika Pandit, Managing Editor, ValuePro had written an interesting piece on this matter in one of the editions of The 5 Minute WrapUp titled 'The Perils of Big Acquisitions Spare No One...Not Even the Tatas'.

Presently the stock of Tata Steel is trading up by 1.5%.

Moving on to the news from telecom sector. Bharti Airtel has successfully concluded the transaction entered in with Videocon Telecommunications (VTL) wherein the company will acquire rights for spectrum allotted to VTL. The transaction has been concluded on May 24, 2016, following all necessary approvals and satisfaction of all conditions.

Bharti Airtel has entered into a definitive agreement with Videocon Telecommunications (VTL), a subsidiary of Videocon Industries, to acquire rights to use spectrum in six regions on March 17, 2016. The agreement was entered at an aggregate consideration of Rs 44 billion. With this agreement, Bharti Airtel will get rights to use 2 x 5 MHz spectrum in the 1800 MHz Band allotted to VTL by the Government of India. The spectrum was allotted for six circles, namely, Bihar; Haryana; Madhya Pradesh; UP (East); UP (West) and Gujarat.

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company in its results for the fourth quarter (4QFY16) reported 8.4% YoY increase in total revenues and a 2.8% YoY increase in net profits. The company has outlined a capex of US$ 2.2 billion for FY17, mostly for India. The company has exited from two countries in Africa and will exit three more this year. To know our view on the stock of Bharti Airtel, you can read our result analysis report (subscription required).

Presently the stock of Bharti Airtel is trading up by 1.2%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Banking Stocks Lead the Gains". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Mar 16, 2018 (Close)