Automobile stocks have opened mixed with Maharashtra Scooters Ltd and Force Motors Ltd leading the gains. However, TVS Motors Ltd and Tata Motors Ltd were facing selling pressure. As per a leading financial daily, Ashok Leyland has sold 32 % stake in its subsidiary firm Hinduja Tech Ltd (HTL) to a strategic investor. Post the allotment of equity shares to the strategic investor, the holding of Ashok Leyland now stands at 68%. The company has not disclosed the amount for which the stake has been sold. It is noteworthy that Hinduja Tech was incorporated in 2009 with a focus to provide engineering, manufacturing and enterprise (EME) services and solutions for automotive, aerospace, defence, industrial and general manufacturing industries.
Telecom stocks have opened mixed with ADC India Communications Ltd and Bharti Airtel Ltd leading the gains. However, MTNL and AGC Networks Ltd were facing selling pressure. As per a leading financial daily, Bharti Airtel Ltd has signed a deal to sell its 4,800-plus telecom towers in Nigeria to American Tower Corporation for around US$1.05 bn (about Rs 64.6 bn) in order to lower its debt and turn around its loss-making operations in Africa. The company has signed the deal with ATC through its international arm, Bharti Airtel International (Netherlands) BV. As per a joint statement issued by both the companies, Airtel will be the anchor tenant on the portfolio under a lease with a 10-year initial term. ATC expects the acquisition to close in the first half next year, subject to regulatory and other conditions.