Software stocks are trading mixed today. While Tech Mahindra is leading the gainers; HCL Technologies is leading the losers. As per a leading financial daily, India's third largest software firm Wipro, is close to announcing minority investments in innovative start-up firms. In July, Wipro had set up a venture capital (VC) fund to invest in early-to-middle stage technology start ups. The fund has a corpus of Rs 6 bn. Wipro has carved out a separate division for this purpose within the company. The fund is being headed by Rishad Premji, elder son of Chairman Azim Premji. The team which is spearheading this venture has already met with several start-ups in India and abroad. The idea is to acquire a minority stake to generate an additional revenue stream for the company. While Wipro can gain domain knowledge in niche areas from such firms; the aim will be to keep them at arm's length. Wipro was trading up 0.5% at the time of writing.
Most of the mining stocks are trading weak today with Gujarat NRE coke and MOIL being the leading losers in the pack. As per the financial daily, the competition commission of India (CCI) has asked state-owned Coal India to cease and desist from unfair business practices. Reportedly, last year CCI slapped a penalty of Rs 17.7 bn on the company for indulging in unfair business practices. Now the commission has once again passed two fresh orders on different complaints. The said penalty has been challenged by the company. Apart from 'cease and desist' directive, the fair trade watchdog has asked coal India to modify its fuel supply pacts. Coal India is trading down by 0.2%.