The BSE Sensex is trading up 273 points and the NSE-Nifty is trading up 71 points. The BSE Mid Cap index is trading up 1.4%, while the BSE Small Cap index is trading up 1.6% today. The rupee is trading at 60.1 to the US dollar.
Most Energy stocks are trading higher today. Gujarat Gas and Chennai Petroleum are leading the gainers. Gas Authority of India Ltd (GAIL) is expanding its downstream distribution network in India's biggest state Uttar Pradesh. GAIL's wholly owned subsidiary, GAIL Gas Ltd, has signed memorandum of understanding (MoU) with the UP government in this regard. This MoU clears the way for building up natural gas infrastructure in UP, setting up CNG stations along the highway corridor in the state and the distribution of gas to various industrial clusters and parks. GAIL will invest about Rs 1.4 bn in this project. GAIL is trading up 3.9% today.
Telecom stocks are trading positive today. Reliance Communications and Tata Teleservices are leading the gainers. India's largest telecom operator Bharti Airtel has signed the definitive agreement with Loop Mobile (India) Limited, to take over the operations of the company. The announcement of the takeover had been made in February but the company had not received the go ahead for the same from the authorities. The estimated size of the deal is Rs 7 bn. Under the agreement, Loop Mobile's three million subscribers in Mumbai will join Airtel's over four million subscribers, making it the largest network in Mumbai. Bharti Airtel is trading up 0.5% today.