Friday January 11, 10:30 AM
3,400 and counting... |
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By Equitymaster.com
Despite the Asian markets trading lower and U.S bourses having a mixed day, domestic investors have taken to equities this morning. Activity is largely seen in index stocks. Infy guidance has disappointed the street leading to weakness in technology.
The BSE Sensex is at 3,400 (up 18 points) and the NSE Nifty is at 1,105 (up 6 points). The rupee is trading at Rs 48.41 per US dollar.
Reliance (RELI.BO, news) group stocks are trading higher this morning. As per reports, Qualcomm Inc., the U.S based leader in CDMA technology has purchased a minority stake in Reliance's telecom outfit, Reliance Communication Ltd (RCL). RCL is likely to roll out WiLL and national long distance telephony. Reliance's infocom plans are expected to be to the tune of $5 bn. The 4% stake by Qualcomm will result in phased investments aggregating to $200 m. The money could be committed on milestones, which indicates that plans are likely to roll out. RIL is higher by 2.9%.
L&T (2.5%) is the other key gainer this morning. The RIL recently sold its 10% stake to A.V. Birla group company, Grasim for Rs 7.6 bn. The sale, as was suspected, was likely to lead to a tie up between Grasim and L&T similar to the Ambuja-A.C.C coalition. As per reports, L&T has dropped plans of inviting foreign majors, as strategic investors in their cement division. This signals a joining of hands with Grasim.
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