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India's Third Giant Leap

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Indian markets soar higher
Wed, 1 Jul 01:30 pm

After opening the day in the green, Indian Indices continued to surge in the post noon trading session. Most of the sectoral indices are trading positive with stocks from the pharma and engineering sectors leading the gains.

The BSE-Sensex is trading up 237 points (up 0.9%) and the NSE-Nifty is trading up 76 points (up 0.9%). The BSE Mid Cap index is trading up 1.4% and the BSE Small Cap index is trading up 1.5%. In commodity markets, Gold prices, per 10 grams, are trading at Rs 26,473 levels. Silver price, per kilogram, is trading at Rs 35,450 levels. Crude oil is trading at Rs 3,730 per barrel. The rupee is trading at 63.60 to the US dollar.

Telecom stocks are trading on a mixed note with ITI Ltd and MTNL leading the gains. As per a leading financial daily, India's largest telecom operator Bharti Airtel has inked a 4-year deal with Nokia Networks for the rollout of its 3G services in five telecom circles and network expansion in three zones. Under the four year contract, Nokia Networks will provide its radio elements and services expertise to power Bharti Airtel's 3G infrastructure. Nokia will work on network planning and optimization, network implementation, network operations, project management and care services, including hardware and software maintenance as well as competence development. in the spectrum auction held in February this year, Bharti Airtel had bought 3G spectrums in seven telecom service areas for Rs 58.3 bn. The stock of Bharti Airtel is currently trading up by 1.4%.

As per a leading financial daily, money raised via the initial public offer (IPO) route during the current calendar year 2015 is set to touch its highest level in past five years. This is evident by number of draft red herring prospectus (DRHP) that companies have filed the with the market regulator, Securities and Exchange Board of India (Sebi). Till now, eight companies have collectively raised nearly Rs 38.5 bn through IPOs in first six months of the current calendar year. This is double as compared to Rs 12 bn raised during the calendar year 2014 by five companies. In the past six months, 19 companies have filed DRPH with the Sebi to collectively raise estimated amount of Rs 110 bn through IPOs.

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