The Indian stock market remains subdued this morning with investors not showing any keen interest in building up positions. Activity is mostly stock specific and movements are somewhat listless at present.
Pharmaceuticals, realty, information technology, power and consumer durables stocks are finding some support. FMCG, bank and oil stocks are trading mixed, while metal stocks are slightly weak.
Telecom stocks Bharti Airtel, Idea Cellular and Reliance Communications are trading weak, losing 1.3% - 2%, amid reports the government has cleared a proposal to allow 4G licence holders to also offer voice calling services. The proposal will result in more competition in the telecom industry.
Hotel Leela Ventures is up 10% following the company's board of directors approving a proposal to sell the company's IT Park Building in Chennai. Hotel Leela Venture Ltd has informed BSE that the company has executed on February 18, 2013 an agreement for sale with Reliance Industries Limited to sell the above said property for a consideration of Rs 170.17 crore.
Kingfisher Airlines hit the upper circuit in early trades on reports UB Holdings is seeking to revamp support to the beleaguered Airlines. UB Holdings, the primary promoter holding company, swung into action with plans to support the airlines through loans and investments, amounting to a total of up to Rs 1,500 crore.
UB Holdings had earlier got approval to support Kingfisher by lending up to Rs 300 crore and investing up to Rs 1,200 crore to the airline, which has been grounded for months and its licence suspended. UB Holdings is now seeking to rework this support by stating it intends to lend up to Rs 750 crore and invest up to an equal sum in Kingfisher.