The BSE-Sensex is trading up 10 points and the NSE-Nifty is trading up 3 points. The BSE Mid Cap index is trading up 0.7% and the BSE Small Cap index is trading up 1%. The Rupee is trading at 61.86 to the US Dollar.
Most software stocks are trading higher today. Infosys and Tata Consultancy Services (TCS) are among the stocks leading the gainers. India's third largest software firm Wipro, has announced a partnership with a telecom firm, Tele2, to develop new software solutions for its enterprise customers. The partnership would develop machine-to-machine (M2M) and internet of things (IoT) solutions for corporate clients. This end-to-end solution would help clients reduce costs, improve internal efficiency as well as open up new revenue streams. It will primarily cater to the European market. Wipro said that it is seeing increasing demand for M2M solutions from customers in Europe and that it was making investments in this fast growing space. Earlier this year, Wipro invested in Axeda Corporation, a provider of cloud-based software services, specializing in the M2M market. Wipro is trading down 1.1% today.
Most telecom stocks are trading higher today. Tata Communications and Tata Teleservices are among the stocks leading the gainers. According to a leading business daily, India's third biggest telco, Idea Cellular has tied up with the provider of the instant messaging application Nimbuzz. Idea will introduce a data pack for its customers worth Rs 11 for 50 MB of data usage on Nimbuzz. Idea will also offer Nimbuzz's interactive knowledge sharing platform called iKen Study Buddy. This is a comprehensive education solution for students, helping them prepare for their exams. This is the first example of an Indian telecom company tying up with an app-operator. Messaging applications pose a threat to the traditional SMS based revenue stream for telecom firms. Idea will look to increase its average revenue per user (ARPU) by tying up with this mobile messaging player. Idea is trading up 0.1% today.