Here are 10 things to know about the movement in stock markets (Sensex and Nifty) today:
The government on Wednesday allowed telecom service providers to defer payments towards dues for airwaves bought via auction until the end of March 2022. That offered some relief to the companies reeling under piles of debt and hurt by the Supreme Court ruling that they must pay overdue levies and interest of Rs 92,000 crore.
Bharti Airtel shares fell as much as 2.26 per cent and Vodafone Idea 12.16 per cent in early trade.
Analysts said the deferred payment will provide only a temporary relief to the debt-laden sector. “Adjusted gross revenue (AGR) total waiver should be the biggest lifeline for telecom operators along with this,” said AK Prabhakar, head of research at IDBI Capital.
Zee Entertainment Enterprises shares jumped 15 per cent after Essel Group on Wednesday said it is planning to sell a 16.5 per cent stake in the company to financial investors in order to repay loan obligations to certain lenders of the group.
The government agreed to sell stakes in Bharat Petroleum and four other state-run enterprises, in a move that could help bridge a widening fiscal gap. Shares fell as much as 3.18 per cent to Rs 527.35 apiece on the BSE in morning deals.
The Sensex and Nifty had risen nearly 1 per cent each in the past two days.