Indian Indices Trade Marginally Positive

Tue, 12 Jul 11:30 am

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After opening the trading day on a firm note, Indian markets continue to trade in positive territory. Sectoral indices are mixed with metal, oil & gas stocks leading the gains.

The BSE Sensex is trading higher by 80 points and the NSE Nifty is trading higher by 23 points. The BSE Mid Cap index is trading higher by 0.5% while the BSE Small Cap index is trading higher by 0.1%. The rupee is trading at 67.17 to the US$.

As per an article in Business Standard, Ashok Leyland declared that it bagged orders for nearly 3600 Buses from various STUs (State transport Undertakings) in the current fiscal. This would aid Ashok Leyland in extending its headship position in buses, report said.

Reportedly, the orders have been placed by several STUs on behalf of their many fleet expansion programmes. Ashok Leyland will supply both fully-built buses and chassis to over 10 STUs.

The orders come at a time when the M&HCV (medium and heavy commercial vehicle) is showing growth momentum. The company claimed that it has posted a market share of 30.1% in domestic trucks market, in the first quarter of this year compared to 29.2% during same quarter last year.

Moreover, market share for domestic buses has increased from 33.2% in first quarter of the last financial year to 35.9% during the first three months of this year. Overall, M&HCV volumes of the company have increased by 18.6% as compared to industry growth of 14.5% in FY16. Subscribers can access Ashok Leyland's latest result analysis (subscription required) on our website.

Ashok Leyland was trading higher by 0.3% at the time of writing.

Stocks in telecom sector are trading on a mixed note with Tata Teleservices and ITI Ltd leading the gains. According to a leading financial daily, the Telecom Ministry has cleared the Rs 35 billion worth 4G spectrum trading deal between Bharti Airtel and Aircel.

As part of the deal, Airtel acquired rights from Aircel in eight telecom circles. These circles are Tamil Nadu, including Chennai, Bihar, Jammu and Kashmir, West Bengal, Assam, the North-East, Andhra Pradesh and Odisha.

One must note that, in a circle, no player can hold more than 25% of the total spectrum allocated in that particular service area. Hence, the company has surrendered 1.2 Mhz spectrum in Odisha before the deal was cleared as it breached the spectrum cap limit.

Reportedly, the recent 4G spectrum auction was highly competitive. The government earned an estimated amount of US$16 billion out of it. With the demand for data among the masses seeing a steep uprise, the larger companies are looking to tap into a little more with deals such as these. In one of our premium editions of The 5 Minute WrapUp, we have offered the bits of the recent mega spectrum auction.

Bharti Airtel was trading up by 1% while writing.

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