Good rains could boost rural sales. FMCG companies derive substantial sales from rural India. The India Meteorological Department (IMD) in its weekly monsoon update issued yesterday, 11 August 2016, said that for the country as a whole, cumulative rainfall during this year's monsoon season was 3% above the long period average (LPA) until 10 August.
Telecom stocks fell. Idea Cellular (down 1.68%), MTNL (down 0.48%), Tata Teleservices (Maharashtra) (down 0.78%) and Reliance Communications (down 0.82%) declined.
Bharti Airtel rose 0.38% after the company said that the transaction to acquire rights to use 20 megahertz (MHz) 2300 band BWA spectrum from Aircel has been successfully concluded for the Orissa circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, the company has completed the transaction to acquire right to use spectrum in 7 out of 8 circles from Aircel. The announcement was made after market hours yesterday, 11 August 2016.
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