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Indian markets scale new highs
Fri, 31 Oct 11:30 am

After opening firm, the Indian Indices are witnessing broad based buying interest during the morning trading session. Apart from consumer durables stocks, all sectoral indices are trading in the green.

The BSE-Sensex is trading up 351 points. The NSE-Nifty is trading up 102 points. The BSE Mid Cap index is trading up 1.3% and the BSE Small Cap index is trading up 1.1%%. The rupee is trading at 61.41 to the US dollar.

Most telecom stocks are trading higher today. Reliance Communications and Idea Cellular are leading the gainers. As per a leading financial daily, India's leading telecom tower firm Bharti Infratel, is considering taking over the telecom towers of Vodafone India and Idea Cellular. In addition to this the company is also scouting for acquisitions in Sri Lanka and Bangladesh. The company has cash and cash equivalents of about Rs 76.5 bn. The company already owns 42% stake in Indus towers; a three company JV between Bharti Airtel, Vodafone India and Idea Cellular. The company has about 84,000 towers in India. In comparison, Vodafone India has about 25,000 towers and Idea has about 9,500 towers. Bharti Infratel was trading up 0.5% at the time of writing.

Most software stocks are trading firm with Infosys and HCL Technologies leading the gainers. In an interview to a leading business daily, Vineet Nayar, Executive Vice-Chairman of Tech Mahindra has stated that the company is winning larger deals than before. He stated that these contracts were important for the company to reach its revenue target of US$ 5 bn for FY17. There would also be an element inorganic growth as well. He believed that margins were unlikely to improve this year but sounded hopeful of improving margins next year. The stock was trading up by 1.3% at the time of writing.

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