Share Markets Open Flat; L&T Up 3.5% on Strong Q2 Results

Wed, 23 Nov 09:30 am

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Asian markets are higher trading today. The Nikkei 225 is up 0.3% while the Hang Seng is up 0.2%. The Shanghai Composite is also trading up by 0.2%. The stock markets in US too finished higher in its last trading session by 0.3%.

Meanwhile, have opened the day on a flat note. The BSE Sensex is trading higher by 57 points while the NSE Nifty is trading higher by 10 points. The BSE Mid Cap index opened up by 0.5% while BSE Small Cap index opened up by 0.6%. The rupee is trading at 68.23 to the US$.

Barring banking and oil & gas stocks, all sectoral indices have opened the day in green with metal, capital goods stocks leading the pack of gainers.

Larsen & Tourbo's share price opened the trading day up by 3.5% after the company's net profit in the September quarter grew by 84.3% YoY to Rs 14.34 billion. Revenue during the quarter increased 8.2% to Rs 250.1 billion compared to Rs 231.2 billion in the same period last year.

Auto stocks are trading mixed with Maruti Suzuki and TVS Motors leading the losses. As per an article in The Economic Times, Mahindra & Mahindra (M&M) has opened its Rs 1.5 billion spare parts warehouse in Jaipur. The facility will cater to customers in north and north western regions of India for both automotive and tractor spare parts.

Reportedly, the warehouse aims to significantly reduce the order processing time for North India customers. Moreover, it will help generate over 450 direct and indirect jobs.

Further, the company will procure spare parts from over 1,000 vendors and 9 plants for this new facility. M&M expects this facility to be a major enabler in easing processes, enabling higher speeds through automation. It also aims to reach world class benchmarks in process, scalability, flexibility, speed, infrastructure and quality.

Notably, the warehouse is part of the company's expansion strategy and going forward it will create a network of spare parts warehouses in West Bengal and the southern states.

Subscribers can access to M&M's latest result analysis our website (subscription required).

opened the trading day down by 0.7%.

Moving on to the news from stocks in telecom sector. As per an article in a leading financial daily, Bharti Airtel has completed the 4G spectrum trading deal with Aircel in all 8 telecom circles. With the latest announcement, Airtel has acquired 4G airwaves in the 2300 MHz band in Tamil Nadu, Bihar, J&K, West Bengal, Assam, the North East, Odisha and Andhra Pradesh.

In a bid to become a Pan-India 4G player before Reliance Jio Infocomm's 4G launch, in April this year Airtel had announced it would buy Aircel's 4G spectrum in eight circles for Rs 35 billion through a trading deal. The 4G airwaves are valid till 20 September 2030, the reports noted. One must note that, earlier, Airtel completed had a similar with deal with Videocon Telecom as well.

Meanwhile, Bharti Airtel has started offering high-speed 4G data services through Wi-Fi on luxury buses in Hyderabad. The commuters can access the internet for free for 20 minutes.

Reportedly, the pilot project, which is the first for Airtel, was launched in partnership with the Telangana State Road Transport Corporation.

Bharti Airtel's share price opened the day up by 0.6%.

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