After opening the day on a flat note, share markets in India have extended early gains and are presently trading higher, tracking positive global cues.
Benchmark indices gained nearly 1% in today's volatile session, lifted by a rally in IT stocks.
The BSE Sensex is trading up by 283 points, at 36,300 levels.
Meanwhile, the NSE Nifty is trading up by 72 points.
The BSE Mid Cap index is trading down by 0.2%. The BSE Small Cap index is trading down by 0.7%.
On the sectoral front, gains are largely seen in the IT sector and the automobile sector.
Telecom stocks, on the other hand, are witnessing selling pressure.
The rupee is trading at 75.24 against the US$.
Gold Prices are currently trading down by 0.1% at Rs 49,129.
Moving on, Minda Corporation is among the top buzzing stocks today.
Shares of the auto components maker slipped over 5% after it reported a consolidated loss after tax of Rs 3 billion in the fourth quarter ended March 31, on account of impairment charges of one of its arms that have filed for insolvency.
The company had posted a consolidated profit after tax of Rs 419.2 million in the corresponding period of the previous financial year.
Revenue from operations during the quarter stood at Rs 7 billion as against Rs 7.7 billion in the year-ago period.
The company said its board of directors on Wednesday decided to withdraw financial support to its wholly-owned subsidiary Minda KTSN Plastic Solutions GmbH Co & KG, Germany (MKTSN), pursuant to which MKTSN has filed for insolvency.
Minda Corporation's share price is presently trading down by 5.3%.
In news from the telecom sector, shares of Vodafone Idea plunged 15% today as reports suggested the company was up for a long legal battle over its premium plans after Reliance Jio appealed to the telecom tribunal to hear its side before passing an order.
Media reports said Mukesh Ambani-controlled Jio appealed to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to hear its side before passing any order on Vodafone Idea's petition against the regulatory curbs on premium plans.
The tribunal is set to hear Vodafone Idea's plea later in the day. Investors were hoping for order in favor of the stressed company but with Jio's intervention, that may not be so easy.
Earlier this month, Telecom Regulatory Authority of India (TRAI) blocked the lucrative premium plans of Vodafone Idea and Bharti Airtel after Jio complained to the regulator claiming premium plans were discriminatory.
Vodafone Idea share price is presently trading down by 9.1%.
In other news, shares of Tata Communication are locked in the 5% lower circuit limit today.
The stock of the Tata group company has rallied sharply in the past three months after the company delivered strong operating performance during the January-March quarter (Q4FY20).
In Q4FY20, the company's EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 26.8% year-on-year (YoY) at Rs 8.7 billion, while EBITDA margin improved by 360bps at 19.8% during the quarter.
The company witnessed strong profitable growth in the data business. In FY20, EBITDA margins for data business expanded by 310 bps to 22.1% on the back of growth services delivering Rs 2 billion of EBITDA for the year.
Earlier this month, the company received top honors at Frost & Sullivan's 2020 India ICT Awards, with eight wins in the 'Company of the Year' category. All the awards were for excellence in service provision, underlining the company's dominance in the Indian service provider market.
Speaking of Tata Communications, have a look at the chart below to see how the stock has performed over the past few years:
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