Sensex ends at 29,933.25, up 7.10 points (0.02%)
Nifty50 ends at 9,316.85, up 2.80 points (0.03%)
State-owned Power Grid Corporation has been granted unified licence with national long distance and Internet service provider authorisation to provide telecom services.
The power transmission utility provides its telecom towers and optical fibre cable infrastructure (for Internet services) to service providers and other firms for commercial use. This is a separate segment of revenue for the company.
"The Department of Telecommunication has granted a unified licence to PowerGrid with national long distance (NLD) and Internet service provider-Category A service authorisation for providing telecom services. The licence is valid for 20 years," PowerGrid said in a BSE filing today.
A senior official said PowerGrid has been in the business of telecom infrastructure for business to business services.
Earlier, the company had two separate licences of infrastructure provider-1 (IP-1) and national long distance-1 (NLD-1), which is due to expire. Now, the company has got a single unified licence.
The official said the company has also built it optical fibre network through overhead cables using its huge network of power transmission infrastructure across the country.
HUDCO IPO fully subscribed at noon.
BSE 30 slowly falls in momentum. Trades 18 points higher.
Among the laggards of the bourse are Hero MotoCorp falling 1.75 per cent lower followed by Bharti Airtel falling 1.61 per cent.
Hero MotoCorp Q4 results will be out tomorrow and will be closely watched tomorrow.
Tata Steel, Adani Ports and Axis Bank picked up gains, adding 1.30 per cent, 0.89 per cent and 0.84 per cent on the BSE.
On the NSE, Tech Mahindra and IOC were top gainers.
Hero MotoCorp was a leading laggard on the NSE as well.
Bank Nifty was down over 60 points led by PSU banks.
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The benhcmark indices opened flat following a slow up hill climb tracking muted global cues.
The BSE Sensex was trading at 29,980.59, up 54.44 points (0.18%) while the Nifty50 was trading at 9,328.40, up 14.35 points (0.15%) after a sharp falling on the strike of the opening bell.
Trading is expected to be flat today.
The gains were led by Axis Bank on NSE and BSE, up 1.48 per cent and 1.17 per cent respectively.
The market is on the look out for more companies announcing their Q4 results today including Bharti Airtel, Petronet LNG, InterGlobe Aviation and Future Retail.
In the broader market, the S&P BSE Midcap and S&P BSE Smallcap gained 0.18 per cent and 0.22 per cent respectively.
Housing and Urban Development Corporation's (HUDCO) initial public offer (IPO) was subscribed 63 per cent on the first day of the IPO on Monday.
The offer received bids for 129,136,800 shares against the total issue size of 204,058,747 shares, the National Stock Exchange (NSE) data showed.
On the global front, Asian stock markets were subdued taking their cue from a flat Wall Street, while oil inched higher on expectations OPEC supply cuts will be extended.
The US markets ended flat after briefly touching a record high. Dow Jones and Nasdaq edged up 0.03 per cent each while the S&P 500 ended 0.08 per cent higher after it briefly touched a record high of 2,399.94.