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Indian Markets open strong
Wed, 5 Aug 09:30 am

The major Asian stock markets have opened the day on positive note with Japan market (up 0.71%) and Hong Kong market (up 0.21%), leading the gainers. However, stock markets in China (down 1.27%) have opened on a negative note. European and US stock markets closed their session on a flat note. The rupee is trading at 63.90 per US dollar.

Indian markets open on a firm note. Sensex up over 200 points (up 0.79%) and NSE-Nifty is trading up by 63 points (up 0.74%). BSE Mid Cap is trading up by 0.82% while BSE Small Cap index is trading up by 0.83%. Sectoral indices are trading positive with stocks in Banking, Capital Goods and Metal sector witnessing maximum buying interest.

Stocks in the telecom space are trading on a mixed note. Bharti Airtel reported its quarterly results for the first quarter of FY 16. The company reported a 40.2% jump in the net profit for the quarter ending June at Rs 15.5bn. The sharp surge in the bottom line was boosted with several exceptional items like sale of tower business. Mobile data revenues now account for 14.6% percent of the total revenues compared to 9.6% in the corresponding quarter last year. During the year the mobile data revenues grew 57% y-o-y to Rs 34.59bn as data traffic rose by 86.5% The Company managed to expand operating margins by 160 basis points to 38.8% during the quarter. The average revenue per user in Africa declined 10% on a y-o-y basis. Stock of Bharti Airtel is trading up by 2.73%.

Stocks in the banking sector are trading on a mixed note. As per an article in economic times, Yes Bank has raised $ 49.2mn from International Finance Corporation, the private sector financing arm of World Bank. The funds are raised for a period of 10 years at 6.45%. Yes Bank will invest the proceeds from these bonds in the energy efficient projects and the renewable energy projects mainly in the solar and the wind sectors. This is the second green bond from the Yes Bank. The bank said that it has made a commitment of 5000MW of renewable energy projects to the government which would be funded by the proceeds of the bonds. Stock of Yes Bank is trading up by 0.69%.

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