Indian Markets Inch Upwards

Fri, 27 Nov 11:30 am

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After opening the day on a positive note, the Indian stock markets gained momentum. Sectoral indices are trading on a positive note with stocks from the metal, capital goods and banking sectors leading the gains.

The BSE-Sensex is trading up 162 points (up 0.6%) and the NSE-Nifty is trading up 51 points (up 0.6%). The S&P BSE Midcap index is trading up by 0.6% while the S&P BSE Smallcap index is trading up 0.7%. The rupee is trading at 66.75 to the US$.

As per an article in leading financial daily, Ashok Leyland has received an order worth US$ 200 m from the West African country Cote D'lvoire. The order is pertaining to supply of 3,600 trucks and buses.

The order is the largest contract the company has ever bagged. Further, it is also the largest contract that the West African country has signed with any firm in India. The company is exploring opportunities to expand its market in West Africa. This humongous order will set a base for the company to expand its presence in the region. The delivery of the vehicles will take place in the next twelve months.

Ashok Leyland is trading up by 2.50%.

As reported in a leading financial daily, earlier this week Idea Cellular had purchased the right to use spectrum in the 1800 MHz band from Videocon Telecommunication. The spectrum was purchased at a price of Rs 33.1 bn. The spectrum was relating to the regions in Gujarat and Uttar Pradesh West, wherein the company has a strong footing.

The value at which spectrum was purchased, came as a surprise to the entire industry as it paid three times the price that Videocon paid in November 2012. However, recently Idea clarified that the deal should be viewed as a one-off event because the company is not planning to strike similar deals in the near future.

Further the management stated that as they have a leadership position in Gujarat and Uttar Pradesh West, it was critical for the company to enhance its leadership in these markets. This was the prime reason behind paying such high valuations for purchasing the spectrum. However, company will wait for auctions to happen for the rest of the circles.

Rahul Shah, Managing editor of Microcap Millionaires, recently released a detailed analysis of the company's results (subscription required). In the note Rahul explains factors driving the performance of the company in this period and what to expect going forward. If you are interested in the stock, then this is a must read!

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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