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Indian markets trade flat
Wed, 4 Dec 11:30 am

After opening weak, the Indian Indices are trading flat in the morning session. The buying interest is highest in Software and Metal stocks; while the selling pressure is highest in Engineering and Banking stocks.

The BSE Sensex is down 25 points and the NSE-NiftyNSE Nifty is trading down 8 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.6%. The Rupee is trading at 62.35 to the US Dollar.

Most Telecom stocks are trading higher today. Bharti Infratel and Tata Teleservices are among the stocks leading the gainers. According to a leading business daily Bharti Infratel, the tower arm of Bharti Airtel is considering acquisitions in the Indian market. For this purpose it has built up a war chest of Rs 30 bn. A decision in this regard may be decided by its board of directors at the end of the financial year. The company has already ruled out the possibility of buying its parent company's tower arm in Africa as it wants to focus on India. Bharti Infratel owns and operates about 35119 telecom towers in the country. It also has a 42% stake in Indus Towers, the largest tower company in India. As the company is among the largest tower operators in the country, it may require the approval of the Competition Commission of India (CCI) for an acquisition in India. Bharti Infratel is trading up 4% today.

Engineering stocks are trading mixed today. Everest Kanto Cylinder and EMCO Ltd are leading the gainers. Thermax and Larsen and Toubro (L&T) are leading the losers. According to a press release on BSE, L&T has won new orders worth Rs 14.7 bn across various segments in the month of November and beginning of December, 2013. In Power Transmission & Distribution Business, orders valued at Rs 6.9 bn have been received. The orders include both domestic and international orders. The orders include few orders from the government and its associate entities. The Buildings & Factories business bagged new orders worth Rs 4.6 bn. The Water & Renewable Energy business bagged an order worth Rs 1.4 bn. The Heavy Civil Infrastructure business received orders worth Rs. 1.8 bn. The announced order inflow for FY14 has been Rs 594.8 bn so far. L&T is aiming at Rs 1056 bn of order inflow for FY14; which implies 20% YoY growth from the previous year. L&T is trading down 1.7% today.

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