Wednesday April 18, 11:30 AM
Indices soar... |
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By Equitymaster.com
The indices continued on their upward move during the previous hour of trade as index heavyweights found favour among the participants. All but three stocks on the Nifty are currently trading higher indicating the positive sentiment that underlies today's trading session. The overall market breadth is positive with the advance to decline ratio poised at 3 to 1 on the NSE.
The BSE Sensex is trading at 13,718 (up 111 points) while the NSE Nifty is trading at 4,022 (up 38 points). The rupee is trading at 41.68 to the dollar.
Automobile stocks are currently trading firm with LML (up 5%), Punjab Tractors, M&M, Maruti Udyog (up 1% each) and Tata motors (up marginally) being the major gainers. According to a leading business daily, the launch of Chevrolet Spark from the General Motors stable is likely to spark off a price war in the small car segment. GM, the world's biggest carmaker has launched the car nearly Rs 12,000 cheaper than its closest competitor Maruti's Zen Estilo. The company targets to sell about 2,000 to 3,000 cars a month, which is set to intensify competition in the already crowded car market. The small car segment is the fastest growing segment, but off late it has been facing a tough time owing to hike in interest rates, an increase in the prices on account of increased raw material costs and rising fuel costs.
Telecom stocks are currently trading firm with MTNL (MTNL.BO, news) , Bharti Airtel (up 2% each) and Reliance (RELI.BO, news) Communication (up 1%) being the major gainers. According to a leading business daily, the Telecom Regulatory Authority of India (TRAI) yesterday released a performance indicator report on the GSM and CDMA players. As per the report, the total telecom subscribers for December 2006 were 190 m that resulted in a teledensity of 17.2%. While the number of subscribers has increased significantly, the average revenue per user per month (ARPU) has come down from Rs 377 to Rs 316 (a fall of 16.2% QoQ) for GSM providers and Rs 196 (a fall of 8.8% QoQ) for CDMA providers. This fall in ARPU has however been compensated by an increase in subscriber base and a rise in minutes of usage (MOU) that were 454 and 424 for GSM and CDMA providers respectively.
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