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Indian share markets firm up
Tue, 3 Jun 01:30 pm

Indian share markets climbed higher in the post-noon trading session. Majority of the sectoral indices are trading in the green with metal and realty stocks being the biggest gainers. FMCG and pharma were among the few stocks trading in the red today.

BSE-Sensex is up 174 points and NSE-Nifty is trading 57 points up. BSE Mid Cap is trading 0.8% up and BSE Small Cap index is trading up by 1%. The rupee is trading at 59.27 to the US dollar.

In line with softening bullion prices in the international market, the government has reduced the import tariff value on gold and silver as per a leading financial daily. The import tariff value is the base price at which customs duty is determined to prevent under-invoicing and is revised on a fortnightly basis. The import tariff value on gold has been reduced by $ 16 to $ 408 per 10 gms whereas the import tariff on silver has been slashed by $ 33 to $ 617 per kg. Globally gold prices have been weakening in line with gradual improvement in the economic conditions in the US as well as unwinding of the monetary stimulus by US Fed. In India, imports of gold and silver in FY14 slumped by 40% to $ 33.5 bn mainly on account of stringent import curbs imposed by the government.

Telecom stocks are trading mixed today. While ITI Ltd. and Reliance Communications are trading higher, Himachal Futuristic is trading lower. As per a leading business daily, India's largest and the world's fourth largest telecom operator Bharti Airtel is poised to sell its African tower business during this month. The deal would enable the company to raise about US$ 3 bn and help it reduce its huge debt burden. In fact, as of March 2014 the company's debt stood at US$ 10.4 bn. Further, as the company has won spectrum in the recently concluded auction its debt would increase once it makes full payment. Out of the deal proceeds, US$ 2 bn is expected to be used to retire debt while the balance will be utilized for capital expenditure. This move will also enable the company to focus on its core business of providing telecom service. Bharti Airtel has been looking to sell its African tower business since past year. The stock is trading lower by 1% today.

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