Overnight, stocks on Wall Street closed marginally lower, with mixed economic data. Chinese share markets extended the selloff after the previous day's plunge, while rest of the Asian markets washed off their earlier gains to trade flat. Indian rupee opens flat at 63.81 per dollar.
According to a leading financial daily, Siemens has bagged an order worth about Rs 550 m from Comptoir Algerien du Materiel Electrique et Gazier (CAMEG Spa), a subsidiary of the Sonelgaz Group of Algeria. Siemens will supply high voltage circuit breakers to the Algerian firm. The circuit breakers will be installed in various substations across Algeria. Sonelgaz Group is the government owned utility in charge of electricity and natural gas distribution company in Algeria. Shares of Siemens have opened the day on a flat note on the BSE.
Telecom stocks have opened the day on an optimistic note with ITI Ltd and Bharti Airtel being the leading gainers. According to a leading financial daily, Vodafone has sold its 4.2% stake in Bharti Airtel for US$200 million. The stake has been bought by Bharti Enterprise, the holding company of Airtel. This step is in accordance with the new norms issued by government of India that, bars a telecom operator from holding any kind of stake in competition under unified licences. Consequently, Vodafone has to sell its entire stake in Bharti Airtel. Earlier, upto 10% stake was allowed. Vodafone had picked 10% stake in Airtel in 2005. Part of this was sold in 2007.