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After having witnessed a fairly volatile day with the index crossing the dotted line a multiple times, the Indian stock markets ended the day marginally in the green amid mixed international cues. The BSE-Sensex closed higher by about 17 points, while the NSE-Nifty ended lower by about 8 points. Stocks from the FMCG and pharmaceuticals spaces fell sharply today, while those from the IT and realty spaces were favored. Further, the S&P BSE Midcap index and S&P BSE Smallcap Index closed higher by about 0.1% and 0.8% respectively.
Asian markets finished mixed. The Shanghai Composite gained 0.26%, while the Nikkei 225 and Hang Seng fell 0.69% and 0.33% respectively. European markets are mixed today. The DAX is up 0.70% while the CAC 40 gains 0.46%. The FTSE 100 is off 0.25%. The rupee was trading at 66.81 against the US$ in the afternoon session.
According to a leading financial daily, Bharat Forge will be investing about Rs 5 billion in setting up a defense systems facility in association with a joint venture partner. The company is set to apply for 40 acres of land next week in south Indian state of Telangana.
Hyderabad has brought over US$14.9 million investments in robust defence and aerospace manufacturing ecosystem in the last one year. There were around 10 precision engineering companies that are coming up near Adibatla and the total investment has been around US$29 million.
Bharat Forge Limited is the flagship company of the US$2.5-billion Kalyani Group and a global provider of safety and critical components/solutions to various industrial sectors including automotive, railways, power, construction & mining, aerospace, marine and oil & gas. Earlier this year, Bharat Forge announced it had ventured (51:49) with Israel's Rafael Advanced Defence Systems for manufacturing defense components in the nation.
Bharat Forge finished the trading day on a flat note today.
Telecom stocks finished the day on an encouraging note with Reliance Communications and Himachal Futuristic leading the gains. According to a leading economic daily, Bharti Airtel announced plans to invest Rs 600 bn over a period of next three years as part of 'Project Leap'. The company will make investments in upgradation and sophistication of the company's pan India network as part of the project.
Under the ten point programme, the company will double its base stations from 160,000 currently over the next ten years. Massive modernization of networks, upgradation of copper line, swapping out legacy networks, massive reduction in carbon footprint by 70% and enabling customers to understand the project are some of the ten initiatives under Project Leap.
Reportedly, the company would fund most of its investments through cash accruals. The investment will enable Airtel customers to avail broadband speeds of 50 Mbps from the current 16 Mbps, by 2016. In addition Airtel plans to offer speeds of up to 100 Mbps through its fiber to home network.
Bharti Airtel has declared results for the second quarter of FY16. The company has reported a 4.3% YoY increase in total revenues and a 10.1% YoY increase in net profits during the quarter. Data consumption continues to drive growth. The non-India operations are still in the red. The company added the highest number of subscribers in the industry i.e. 4.6 million. Here is our analysis of the results. (Subscription required)
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