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IT & Engg stocks drag down markets
Tue, 9 Sep 11:30 am

After opening weak, the Indian Indices have remained below the dotted line in the morning session. The selling pressure is the highest in the IT, capital goods, banking and oil and gas indices; while the pharma, auto and FMCG indices are trading in the green.

The BSE-Sensex is trading down 101 points. The NSE-Nifty is trading down 34 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading flat. The rupee is trading at 60.43 to the US dollar.

Software stocks are trading lower today. Infosys and HCL Technologies are leading the losers. India's largest software firm, Tata Consultancy Services (TCS), has begun operations from its Japanese joint venture (JV) with Mitsubishi Corporation. The IT firm expects revenues to touch US$ 600 m from Japan in 2016. The July-Sep 2014 quarter will be the first quarter which will include revenues from Japan. TCS has a big first mover advantage among Indian IT firms in the country where the entire software industry is dominated by four large local firms. Global IT firms have found it extremely difficult to grow in Japan given serious language and cultural constraints as well as a lack of tie-ups with local firms. TCS has a 51% stake in its Japanese JV with IT Frontier Corporation (ITF), Mitsubishi's IT division. TCS is currently trading flat.

Majority of telecom stocks are trading in red with AGC networks and ITI network being the leading losers. As per the financial daily, Bharti Airtel is seeking interest compensation for delay in spectrum allocation from the government. Reportedly, the company is seeking compensation for the interest cost on money borrowed to make initial payment for airwaves it won in a February auction. However the same are yet to be allocated. The company is asking government to expedite the allotment of the spectrum, as the delay will impact its subscribers. Bharti has complained that despite paying Rs 55.2 bn to the government along with bank guarantees for Rs 2.5 bn, it has yet to receive the airwaves in the 1800 and the 900 MHz frequency.

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Feb 22, 2018 (Close)