Market Roundup: Dow +0.49% to 13779. S&P +0.15% to 1495. Gold -0.17% to $1683. London +0.30%. Germany +0.15%. France -0.40%.
Bharti Airtel Ltd [stockquote]BHARTIARTL[/stockquote] India’s biggest phone company, and No. 4 Idea Cellular Ltd [stockquote]IDEA[/stockquote] on Wednesday reduced the discounts and freebies on offer to customers in telecom zones across the country, effectively raising calling costs for mobile phone users. Vodafone India Ltd, the second biggest mobile phone operator, is expected to follow suit. Will this be sufficient to deliver a significant enough boost to the revenue of the telcos that are hurting because of increased costs, competition and spending on spectrum. (MINT)
SEBI has notified norms that make it mandatory for investment advisers to register with the capital market regulator and also require them to disclose all issues that could result in conflict of interests, among others. Investment advisers also have to disclose the fee received for their advice on a particular financial product. Does this mean we will get better advise? (ET)
Inflation notes have handed investors a 0.5 percent loss since the end of October, versus a 0.2 percent decline for the broader market, according to Bank of America Merrill Lynch indexes. The International Monetary Fund cut its 2013 growth outlook for the U.S. yesterday and the House of Representatives voted to temporarily suspend the nation’s borrowing limit. Treasury Inflation Protected Securities are lagging behind conventional U.S. government debt for a third month before the U.S. sells $15 billion of TIPS today. (Bloomberg)
Late Tuesday, the central bank allowed exporters to access the foreign exchange market without having to first exhaust funds in their foreign currency accounts, reversing a previous restriction imposed when the rupee was plummeting to life lows. The rupee swayed in two-way trade on Wednesday before settling higher, helped by gains in euro and foreign fund related selling. (ET)
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