Wireless Carriers in India Look to Consolidate, Sensex Falls

Mukesh Buch
10 Sep, 2015
New York City

Com plans to sign a spectrum sharing agreement with Reliance Jio.Bharti and Malaysia-based Axiata Group are looking to combining operations in Bangladesh.

[R]6:00 PM Mumbai – RCom plans to sign a spectrum sharing agreement with Reliance Jio.Bharti and Malaysia-based Axiata Group are looking to combining operations in Bangladesh.[/R]

Stocks in Mumbai traded turned lower and the rupee struggled to advance as investors focused on domestic corporate news.

Rupee weakened 3 paisa to 66.43 against one U.S. dollar.

The Sensex Index decreased 97.38 or 0.4% to close at 25,622.17. The CNX Nifty fell 30.50 or 0.4% to 7,788.10.

Gainers & Losers

Bal Pharma Limited jumped 4.3% to ₹70.50 after the pharmaceutical products maker plans to launch its over the counter product Eye Spa, in Bangalore.

Bharti Airtel Limited slipped 1.3% to ₹350.45 after the largest wireless services provider and Malaysia-based Axiata Group are in talks to explore the possibility of combining their operations in Bangladesh.

Dr. Reddy''s Laboratories Limited dropped 1.6% to ₹3,973.25 after the drug maker signed a multi-country supply and licensing agreement with Colorado-based PanTheryx Inc.

Indiabulls Housing Finance Limited increased 1.2% to ₹724.25 after the housing loan provider plans to raise up to ₹6,674 crore or $1 billion.

NTPC Limited decreased 1.4% to ₹119.20 after the power producer plans to buy 2,520 megawatt Raghunathpur thermal power plant from Damodar Valley Corp.

Piramal Enterprises Limited increased 1.5% to ₹866 after the drug maker is in talks to take control of Infrastructure Leasing & Financial Services in an all-stock deal.

Reliance Communications Limited jumped 4.3% to ₹64.85 after the company plans to sign a spectrum sharing agreement with Reliance Jio Infocomm.

Siemens Limited gained 1.3% to ₹1,248.30 after the Germany-based parent of the engineering company plans to invest €1 billion or ₹7,400 crore in India and add 4,000 jobs under ''Make in India'' program.