The BSE-Sensex is trading up 95 points and the NSE-Nifty is trading up 25 points. The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 0.7%. The Rupee is trading at 62.26 to the US Dollar.
Most software stocks are trading higher today. Tech Mahindra and Wipro are among the stocks leading the gainers. India's largest software firm Tata Consultancy Services (TCS), in a filing to the stock exchanges, said that it has developed a new mobile solution for auto insurance customers. The application which can be installed on smartphones will facilitate usage based insurance (UBI). It will closely align a customer's driving patterns and habits with the amount of auto insurance that they pay. This would minimize the need for the customer to buy a separate and potentially more costly telematics device provided by the insurer. The app which will be available on Android and iOS will help customers track their driving habits, adopt safe behaviors and help them save money. TCS claims that telematics would help drive revenues from the insurance sector and that this smart phone app is a step in that direction. TCS is trading up 1.3% today.
Telecom stocks are trading mixed today. Tata Communications and Tata Teleservices are among the stocks leading the gainers. Bharti Airtel and Mahanagar Telephone Nigam Limited (MTNL) are among the stocks leading the losses. According to a leading business daily, India's largest telecom firm, Bharti Airtel, might be considering a move to raise call rates by 10-20%. In September, the company had increased tariff rates for postpaid customers by up to 50%. Bharti has however maintained since then, that it is currently in a process of reducing discount schemes and promotional offers, to improve realizations and that no further tariff hike is in the pipeline. Bharti which is seeing strong growth in the mobile internet revenues has said that call and SMS based revenues may decline as a percentage of total revenues going forward. Bharti Airtel is trading down 1% today.