Indian Indices Open Flat

Thu, 23 Jun 09:30 am

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Major Asian stock markets have opened the day on a mixed note with stock markets in China are trading lower by 0.9%. However, stock markets in Singapore and Japan are trading higher by 0.8% and 0.6% respectively. Benchmark indices in Europe ended their previous session in green with stock markets in Germany ending the day higher by 0.6%. The rupee is trading at 67.55 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 38 points (up 0.1%) and the NSE Nifty is trading marginally lower by 3 points (down 0.03%). However, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.2% respectively.

Major sectoral indices have opened the day on a mixed note with stocks from power sector are witnessing selling pressure. However, stock from pharmaceutical and fast moving consumer goods (FMCG) space are witnessing buying interest.

As per an article in Livemint, the union government cleared India's largest. Reportedly, the government could possibly raise Rs 5.66 trillion from this auction.

Further, the government is putting on sale spectrum bands of 700MHz, 800MHz, 900MHz 1,800MHz, 2,100MHz, 2,300 MHz and 2,500 MHz. Amongst these, the 700MHz band is the most effective and expensive band.

A 25% upfront will have to be made for all bands under 1000MHz. While, a 50% upfront would be required for 1,800 MHz, 2,100MHz, 2,300MHz and 2,500MHz bands. The balance will have to be paid on two year moratorium and ten year's installment.

The receipts from the auction will help the government to keep the ambitious target of fiscal deficit in check. The spectrum will also help to address the problem of call drops.

Having said that, in the event of aggressive bidding, the stressed balance sheet of telecom operators (TELCOS) will come under further pressure. Saddled with a huge pile of debt, this additional burden will put profitability under pressure.

In another news update, the initial public offering of Mahanagar Gas Ltd continued to witness a strong response on its second day. Overall, the issue was oversubscribed by 3.92 times the issue size on the second day of the three-day offering.

Mahanagar Gas is the sole authorised distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai. CNG is used in motor vehicles and PNG for households, commercial and industrial use. The company is planning to expand its business in Navi Mumbai as well as Raigad in Maharashtra. Through its IPO, the natural gas distributor plans to raise Rs 10.4 billion.

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