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The Mint Report for 10 October 2011

The Mint Report for 10 October 2011
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First Published: Tue, Oct 11 2011. 12 32 AM IST
On Monday, telecom minister Kapil Sibal unveiled a new draft telecom policy meant to streamline regulations for operators and benefit customers. The policy reiterates that spectrum for cell phones will be available at market prices. It also proposes separating license applications from spectrum. The draft rules allow telecom firms to share and trade spectrum with each other. They also allow operators to exit the industry altogether. On the other hand, operators will also be asked to provide free roaming across India- a move that could eat into margins. Sibal’s announcements helped telecom stocks rise on a day over all markets also made gains. Bharti Airtel rose 2.38% on the BSE to 363.25. And Reliance Communications went up 1.72% to finish at 74.05.
Indian markets surged for a second session in a row on Monday, following a rally in global equities. The Sensex shot up 325 points to 16,557. And the Nifty jumped 92 to close at 4,980.
Tata Motors was the biggest gainer by percentage on the BSE. Shares of the firm leapt up 7.40% to 170.55 after its unit Jaguar Land Rover posted better-than-forecast sales for September. And India’s biggest firm RIL gained 3.30% to 827.90 on reports of a content deal for its telecom operations.
IT firms were also among the winners of the day, with investors expecting them to robust earnings for the second quarter. India’s biggest software firm, TCS, went up 1.58% on the BSE to 1,065.30. And Infosys gained 3.36% to 2,591.30. Wipro meanwhile surged ahead of them all, closing the day with a gain of 4.42% at 348.55.
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First Published: Tue, Oct 11 2011. 12 32 AM IST