Share markets in India are presently trading on a strong note.
The BSE Sensex is trading up by 337 points, up 0.7% at 50,129 levels.
Meanwhile, the NSE Nifty is trading up by 99 points.
Tata Motors and Bajaj Finserv are among the top gainers today. Tata Steel and JSW Steel are among the top losers today.
The BSE Mid Cap index is trading up by 0.8%.
The BSE Small Cap index is trading up by 0.7%.
On the sectoral front, stocks from the energy sector, are witnessing most of the buying interest.
On the other hand, stocks from the metal sector, are witnessing most of the selling pressure.
US stock futures are trading higher today, indicating a positive opening for Wall Street.
Nasdaq Futures are trading up by 52 points (up 0.4%) while Dow Futures are trading up by 39 points (up 0.1)
The rupee is trading at 72.95 against the US$.
Gold prices are trading up by 0.3% at Rs 49,680 per 10 grams.
In global markets, gold prices dipped today on profit-taking after the sharp jump in the previous session. Gold was down 0.2%, after surging 1.7% in the previous session.
In Indian markets, gold prices rose in early trade extending the sharp gains of the previous session. On MCX, February gold futures were up 0.3% to Rs 49,674 per 10 grams in its fourth straight day of gains. In the previous session, gold prices had risen 1.2%.
Note that gold prices have seen wild swings this year amid higher US bond yields, strengthening dollar, and US stimulus announcement.
Moving on to stock-specific news...
Among the buzzing stocks, today is Tata Communications.
The Union government is selling its residual stake in Tata Communications through a combination of an offer for sale (OFS) and a strategic selloff in FY21. The Centre holds a 26.1% stake in Tata Communications, earlier known as Videsh Sanchar Nigam (VSNL).
In a notice, the Department of Investment and Public Asset Management (DIPAM) said a part of the shareholding will be offered through OFS and the balance, including any leftover portion in OFS, will be offered to strategic partners Panatone Finvest, which is part of the Tata group. It has now sought bids from merchant bankers to manage the proposed sale.
The transaction is to be completed by March 20, 2021.
VSNL was privatized in 2002 by the government when it divested a 25% shareholding along with the transfer of management control to Pantone Finvest. Subsequent to the strategic disinvestment, the name of the company was changed to Tata Communications.
Besides the government's 26.1% stake, Pantone Finvest holds 34.8% and Tata Sons, 14.1% in Tata Communications. The remaining 25% is with the public.
The government has mopped up Rs 152 billion from disinvestment proceeds so far in the current fiscal while the budgeted disinvestment target is Rs 2,100 billion.
We will keep you posted on more updates from this space. Stay tuned.
At the time of writing, Tata Communications' share price was trading up by 0.7% on the BSE.
Speaking of Tata Communications, have a look at the chart below to see how the stock has performed over the past few years.
So, what is the reason for this euphoria about the stock?
Moving on to news from the engineering sector...
Ola, Siemens To Build 'India's Most Advanced EV Manufacturing Hub' In Tamil Nadu
Ola on January 20 announced that it has joined hands with Siemens to build India's most advanced electric vehicle manufacturing facility in Tamil Nadu. Last month, the popular ride-hailing platform signed a Rs 240 billion deal with the Tamil Nadu government to set up its first factory in the state.
The manufacturing hub in the southern state will be the world's largest scooter manufacturing facility, which will initially have an annual capacity of 2 million units. The facility will serve as Ola's global manufacturing hub catering to its customers in India as well as key markets across Europe, United Kingdom, Latin America, and ANZ.
Built on Industry 4.0 principles, the factory will be the most advanced manufacturing facility in the country. Around 5,000 robots will be deployed across various functions.
Under the partnership, Ola will have access to Siemens' integrated Digital Twin design and manufacturing solutions to digitalize and validate product and production ahead of actual operations.
The factory will produce Ola's upcoming range of two-wheeler products starting with Ola's electric scooter. It features many firsts including a seamless design, a unique removable banana battery that is easy to carry and can be charged anywhere as well as intelligent software that elevates the entire consumer experience of owning a scooter, the company said.
The Ola scooter has already won several prestigious design and innovation awards around the world including the Marketing Innovation award at CES and the German Design Award.
How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.
Comments
Log in or sign up to join the conversation.