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Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

Indian markets trade higher
Wed, 21 Oct 11:30 am

After opening the day on a positive note, the Indian Indices are trading higher in the morning trading session. Most sectoral indices are trading in the green with stocks from the metal and IT sectors leading the gainers. However, pharma stocks are trading weak.

The BSE-Sensex is trading up 82 points (up 0.3%) and the NSE-Nifty is trading up 17 points (up 0.2%). The S&P BSE Midcap index is trading up 0.2% and the S&P BSE Smallcap index is trading up 0.1%. The rupee is trading at 65.13 to the US$.

Telecom stocks are trading on a mixed note with AGC Networks and Bharti Airtel leading the gains. As per an article in Business Standard, Bharti Airtel has completed the sale of 8,300 mobile towers in seven African countries for US$ 1.7 billion. This represents close to 60% of its total tower base in Africa. As reported, the company is going to use the proceeds from the sale to reduce its debt.

The company has recently announced its decision to exit the tower business in Africa, where it has about 15,000 towers in total. The company is in process of divesting the tower assets in Africa to different companies. Moreover, the company's agreements to sell the towers in four countries have lapsed, while the process is on in two countries.

The company, for quite long, has been selling its towers and aiming to utilize the proceeds to eliminate its debt. While many towers are sold, the remaining ones are lined up in the process. Scrip of the company is currently trading up by 2%.

Stocks in the automobile space are trading on a firm note with Escorts and TVS Motors leading the gains. As per a leading financial daily, Tata Motors-owned Jaguar Land Rover is all set to launch the updated version of its luxury sports utility vehicle 'Range Rover Evoque' in India next month. The company has started taking bookings for the same.

According to the company, Range Rover Evoque has been getting good response across the world including India. Land Rover range in India includes the flagship Range Rover, Range Rover Sport and Discover 4, which come as completely built up units (CBU), and locally manufactured Discovery Sport. The models are priced between Rs 46.1 lakh and Rs 2.07 crore. This is in line with JLR's strategy of keeping up the pace of product launches across its markets. Presently the stock of Tata Motors is trading flat.

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