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Indian share markets open firm
Tue, 10 Sep 09:30 am

Barring Taiwan (down 0.4%), all major Asian stock markets have opened the day on a firm note with Indonesia (up 2.1%) and Japan (up 1.1%) leading the gains. The Indian share market indices have also opened the day on a positive note. Stocks in the banking and realty space are leading the gains.

The Sensex today is up by around 383 points (2%), while the NSE-Nifty is up by around 119 point (2.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 1.2% and 1.1% respectively. The rupee is currently trading at Rs 65.24 to the US dollar.

Telecom stocks have opened the day on a firm note with Bharti Airtel, Mahangar Telephone Nigam Ltd (MTNL) and Idea Cellular leading the gains. As per a leading financial daily, the Telecom Regulatory Authority of India (TRAI) has proposed up to 60% reduction in the base price, or the minimum auction price, for mobile phone spectrum that will be auctioned in the near future. The reduction in base price has been a result of tepid interest from telecom companies in the previous two auctions. TRAI has recommended Rs 14.96 bn per MHz as the floor price for pan-India spectrum in the 1800 MHz band. This is a reduction of 37% from the March auction price of Rs 23.79 bn. For the 900-MHz spectrum, a reduction of nearly 60% in the base price has been recommended. Delhi's base price has been pegged at Rs 1.75 bn, down nearly 55% from its March levels. Mumbai's base price has been pegged at Rs 1.65 bn, nearly 57% lower.

Power stocks have also opened the day on a firm note with Jaiprakash Power, Reliance Infra and JSW Energy leading the gains. As per a leading financial daily, India's largest power producer National Thermal Power Corporation (NTPC) has lost potential revenue of Rs 32 bn during the first five months of the financial year 2013-14 (FY14). On account of the lower demand from the state electricity boards (SEBs), the company was not able to supply almost 16 bn units of energy. This is a significant jump from 3 bn units in the previous fiscal. In other words, about 4,000-5,000 MW or 10-12% of the company's installed capacity is lying unutilized. It must be noted that most of the state utilities have cut down their demand owing to critical cash crunch. As such, they are unwilling to incur further losses by selling power cheaper than the cost price.

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Feb 23, 2018 (Close)