The BSE-Sensex is trading up 10 points. The NSE-Nifty is trading up 4 points. The BSE Mid Cap index is trading down 0.3% and the BSE Small Cap index is trading down 0.8%. The rupee is trading at 59.7 to the US dollar.
Most Software stocks are trading lower today. Tech Mahindra and Wipro are leading the losers. As per a leading financial daily, India's fifth largest software firm Tech Mahindra, has signed a MoU with the Dubai Economic council (DEC). Under this agreement, the company will provide innovative IT solutions to the Emirate in its quest to achieve the status of a 'Smart City'. The city which is attempting to emerge from the global economic crisis by converting itself into a services focused smart city has opened its doors to global software companies. The Middle East is a key market for Tech Mahindra to achieve its revenue target of US$ 5 bn by 2017. The financial details of the deal were not disclosed. Tech Mahindra is trading down 1.4% today.
Telecom stocks are trading mixed today. While Idea Cellular is trading firm, Tata Teleservices is in the red. As per a leading business daily, the Department of Telecom (DoT) has informed the new government regarding the policy decisions that will be taken over the next two years. As per the DoT, it will require about Rs 100 bn annually for the next few years to work on infrastructure development for the sector. The DoT plans to clear regulations on trading, sharing, harmonisation, delicencing and liberalising of spectrum, within the next six to 18 months. The auction of bands, such as 1,800, 900, 2,100 and 2,300 MHz will be conducted within the next nine months while the auction of the 700 MHz band will be conducted over the next two years. Measures regarding the Research and Development (R&D) which is crucial for the sector, will also be finalised over the next one year.