After opening flat, the Indian Indices failed to build any momentum and are hovering around the dotted line in the morning session. Sectoral indices are trading mixed with stocks from the pharma and metal indices leading the gainers while energy and engineering stocks are leading the losses.
The BSE-Sensex is trading up 18 points. The NSE-Nifty is trading down 7 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading down 0.4%. The rupee is trading at 60.56 to the US dollar.
Telecom stocks are trading mixed today. While Bharti Airtel is leading the gainers; Tata Tele Services is leading the losers. India's largest telco, Bharti Airtel is betting big on mobile money transactions in Africa. Its African unit in the country of Tanzania has partnered with another operator in the country, Tigo, to provide a cross network money transfer service. The announcement follows an agreement to adopt such interoperability by service providers from July 2014. This service is expected to give a boost to financial inclusion in poorer African countries and provide an important revenue stream for telcos like Bharti. It must be pointed out that such interoperability is not permitted in India. Revenues from such data services have been growing rapidly in Africa for Bharti and the company is looking to maintain the momentum on this front going forward. Bharti Airtel is trading up 1% today.
Most software stocks are trading higher today. Tech Mahindra and HCL Technologies are leading the gainers. Diligenta, a subsidiary of India's largest IT firm Tata Consultancy Services (TCS), has announced the signing of a multi-year, multi-million Pound software contract with Friends Life Management Services Ltd. Friends Life, is a leading life insurance provider in the UK. Under this deal, Diligenta will configure and implement BaNCS which is the core financial services software platform provided by TCS, for the international operations of Friends Life. It will enable Friends Life streamline its software processes, improve customer service, build its brand image globally and reduce costs. It must be pointed out that Friends Life is already a client of Diligenta in the UK. The financial details of the deal were not disclosed. In 1QFY15, TCS derived 17.7% of its consolidated revenue from the UK. TCS is trading up 0.8% today.