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Telecom stocks edge lower
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Telecom stocks were trading in green, with the S&P BSE Telecom index increasing 7.61 points or 0.52% at 1461.47 at 09:49 IST. Among the components of the S&P BSE Telecom index, Mahanagar Telephone Nigam Ltd (up 3.34%), Tejas Networks Ltd (up 1.45%), Bharti Airtel Ltd (up 0.73%), HFCL Ltd (up 0.34%), and Tata Communications Ltd (up 0.13%), were the top gainers. On the other hand, OnMobile Global Ltd (down 3.65%), Reliance Communications Ltd (down 1.18%), and Vodafone Idea Ltd (down 1.12%) turned lower.
At 09:49 IST, the S&P BSE Sensex was down 744.51 or 1.46% at 50294.8.
The Nifty 50 index was down 197.7 points or 1.31% at 14899.65.
The S&P BSE Small-Cap index was down 41.77 points or 0.21% at 20263.21.
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NEW DELHI: Markets regulator Sebi has granted exemption to Pantone Finvest Ltd from complying with certain requirements of takeover norms with respect to the proposed direct acquisition in Tata Communications. The exemption granted is subject to certain conditions and is limited to the requirements of making an open offer and pricing condition under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations. The order came after Pantone filed an application with Sebi seeking exemption from the applicability of certain provisions of SAST norms. Tata Communications has a public shareholding of 25.01 per cent and non-public shareholding of 74.99 per cent which is entirely held by the promoters and the promoter group.