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Markets staying firm with initial gains; CDMA cos allowed to complete for 3G

August 29th, 2008

Friday, August 29, 2008 1:33:49 PM IST

The early day gains after good buying interest in inflation-related stocks such as Banking, Realty and Capital Goods continued to hold. Nifty is at 4330 up 2.77%. BSE Sensex is up at 14465 up 416 pts or 2.97%

CNX IT is up 2.39% while Bank Nifty slipped a bit but is up 5.53%. BCPL is up 5.93%. Other gainers include Reliance Infra, National Alumnium, Tata Communications, BHEL, HDFC Bank and HCL Tech (all up over 4%). The losers list of Nifty includes Grasim and Cipla (both margianlly down).

CDMA companies too allowed to bid for 3G
The Governments clarified, vide a modification to its policy to allow CDMA players to compete in the bidding process for the 3G spectrum. Meanwhile Telecom minister A Raja has eased out the roadmap allowing the bidding process to complete by October. With the changed policy, various existing (such as Tata Teleservices, Shyam Tele, BSNL and MTNL) and upcoming CDMA players can enter into the fray for the 3G pie.

Share-prices of various telecom stocks
Bharti Airtel (NSE:BHARTIARTL): 822.55 (up 2.24%)
Reliance Communications (NSE:RCOM): 397.80 (up 3.36%)
Tata Tele (NSE: TTML): 26.20 (up 4.59%)
MTNL (NSE:MTNL): 98.95 (up 1.28%)

1 U.S. dollar = 43.5445 Indian Rupees
1 U.S. dollar = 108.8850 Japanese Yens
1 U.S. dollar = 0.6784 Euros
1 Ounce Gold = $835.70
1 Barrel Crude Oil = $117.09

Entry Filed under: Equity Markets, Telecom