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Indian stock markets move into green
Tue, 6 Sep 01:30 pm

The Indian stock market gained ground over the last two hours of trade and are now trading in the green. Stocks from the oil and gas, auto and software sectors are trading firm while those from the realty, banking and power space are trading in the red.

The BSE-Sensex is trading up by 18 points while NSE-Nifty is trading 5 points above yesterday's closing. The BSE Mid Cap index is trading down by 0.1% while the BSE Small Cap index is up by 0.1%. The rupee is trading at 46.01 to the US dollar.

Most of the telecom stocks have been trading weak with Mahanagar Telecom Nigam Ltd (MTNL), AGC Networks and Himachal Futuristic leading the pack of losers. However, ITI Ltd is trading in the green. As per a leading financial daily, mobile phone and landline users would be free from annoying telemarketers' calls and unwanted commercial text messages from 27th Sep, 2011. According to the telecom sector regulator, the Telecom Regulatory Authority of India (TRAI), users registered with the National Customer Preference Registry (a modified version of Do Not Call Registry) would not get these irritating calls and SMSes from the last week of September. The implementation of this rule had already missed four deadlines in the past. Department of Telecom (DoT) would be providing '140 number series' to telemarketers for identification. Telecom operators would need to make relevant provisions in their networks before providing services to telemarketers using '140 number series'.

As per an industry expert, it is a good move from the customer's perspective. At the same time, it is expected to impact the revenues of telecom companies by 1-2%. This amounts to US $ 200-300 m on an industry wide level.

Software stocks have been trading mixed with Tech Mahindra, CMC Ltd and HCL Infosystems Ltd leading the pack of losers. However, Patni Computers, Wipro and HCL Technologies are trading firm. As per a leading financial daily, Tata Consultancy Services, India's largest software company, has joined the race to buy a controlling stake in Lufthansa IT systems, the captive information technology unit of the Frankfurt-based airline. TCS has put in a bid for 80% stake, valued at US$ 500 m. Hewlett Packard-EDS and IBM are also in the fray to buy a stake in Lufthansa IT systems. TCS is also negotiating a multi-year contract from Lufthansa which could generate revenues in the tune of US $ 2 bn for the company.

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