Read more about Telecom shares slide on Business Standard. Telecom stocks were trading with losses, with the S&P BSE Telecom index falling 10.68 points or 0.76% at 1395.7 at 13:49 IST.
Institutional investors, including sovereign wealth funds, entered the pandemic with high levels of cash, said the report. Consequently, they were ready to support local economies or buy opportunistically in distressed international markets in March 2020.
Sovereign funds made $48.6bn in direct equity investments, more than twice the amount deployed in 2019, while $9.1bn was invested in real estate and $8.2bn in infrastructure, the report said.
Many sovereign funds were required to support domestic businesses in the pandemic s wake in 2020. Examples include Turkey s fund injecting 21bn lira ($2.5bn) into three state banks and Singapore s Temasek Holdings supporting a $1.5bn rights issue by Sembcorp Marine.
Telecom stocks were trading in green, with the S&P BSE Telecom index increasing 17.5 points or 1.32% at 1344.16 at 09:49 IST. Among the components of the S&P BSE Telecom index, HFCL Ltd (up 3.53%), Indus Towers Ltd (up 3.45%),ITI Ltd (up 3.25%),Vodafone Idea Ltd (up 2.71%),Mahanagar Telephone Nigam Ltd (up 1.87%), were the top gainers. Among the other gainers were Sterlite Technologies Ltd (up 1.12%), OnMobile Global Ltd (up 1%), Bharti Airtel Ltd (up 0.95%), Vindhya Telelinks Ltd (up 0.78%), and Tata Communications Ltd (up 0.71%). On the other hand, Tejas Networks Ltd (down 3.04%), turned lower.
At 09:49 IST, the S&P BSE Sensex was up 208.09 or 0.43% at 48594.6.
The Nifty 50 index was up 64.8 points or 0.45% at 14549.8.
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Kuwaiti logistics company Agility s claim to recover more than $380 million it said it lost in Iraq has been rejected by an international tribunal, a document seen by Reuters showed.
Agility, one of the largest Gulf logistics companies, was also ordered to pay Iraq more than $5m for costs related to the case.
The company filed for arbitration in 2017 with the International Centre for Settlement of Investment Disputes (ICSID), which is part of the World Bank Group and handles disputes between international investors.
Agility has said Iraq indirectly confiscated its investment, which was worth over $380m, and violated a 2015 bilateral protocol between Kuwait and Iraq on encouraging the movement of capital and investment between the two countries.