Asian stock indices are trading mixed today. The Shanghai Composite is lower by 0.29% while the Hang Seng is even. The Nikkei 225 is trading higher by 0.46%. US stocks ended higher on Tuesday as lawmakers' comments on tax reform and the debt ceiling boosted investor optimism.

Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 100 points while the NSE Nifty is trading higher by 45 points. The BSE Mid Cap and BSE Small Cap index both opened the day up by 0.6%.

All major sectoral indices have opened the day in green with metal stocks, realty stocks and healthcare stocks leading the pack of gainers. The rupee is trading at 64.11 to the US$.

Telecom stocks opened the day on a mixed note with GTL Ltd and Himachal Futuristic witnessing maximum buying interest. As per an article in a leading financial daily, Idea Cellular has sought the telecom department's nod for its proposed US$23-billion merger with Vodafone India, which will create the country's largest telco by subscriber and revenue market share.

Vodafone and Idea have already received approval of anti-monopoly watchdog Competition Commission of India.

One must note that, the telecom department (DoT) typically takes 45-60 days for giving necessary approvals for merger, unless complications or clarifications are needed from merging parties.

Post-merger, UK's Vodafone Group will have 50% stake in the merged entity while Idea promoters Aditya Birla Group will have 21%. Under the terms, Aditya Birla Group will have the right to gradually increase its stake in the combined entity, while Vodafone will reduce its holdings, with both partners eventually owning equal stakes.

Notably, Indian telcos are facing a tough time matching up to rock bottom tariffs offered by newcomer Reliance Jio Infocomm, which disrupted the market with free voice and data offers for about six months after it started services in September last year.

Meanwhile, the whole telecom business has been an underwhelming story so far. While the telecom subscriber base has increased from 300 million in 2008 to 1.2 billion in 2017, investors have little to cheer. The BSE Sensex has gone up 3.25 times in nine years, but the BSE Telecom Index has not moved an inch from its levels of 2008.

Telecom Sector: A decade of Underperformance

Telecom companies are straddled with high debt, intense competition, and lack of pricing power. High spectrum costs and regulatory issues have hampered the sector.

While consumers have benefited from low costs and new players fighting for their share, investors have suffered.

Going forward, whether the situation will change in the future will be the key thing to watch out for.

Idea Cellular share price opened the day up by 0.1%.

Moving on to the news from pharma sector. Glenmark Pharmaceuticals Inc., has been granted final approval by the United States Food & Drug Administration (USFDA) for Triamcinolone Acetonide Ointment USP, 0.1%.

Reportedly, the drug is the generic version of Kenalog Ointment, 0.1%, of Mylan Pharmaceuticals Inc.

According to IMS Health sales data for the 12-month period ending June 2017, the Kenalog Ointment achieved annual sales of approximately US$26.3 million.

One must note that, Glenmark's current portfolio consists of 122 products authorized for distribution in the US marketplace and 64 ANDA's pending approval with the USFDA.

In recent times, pharma companies were bogged down by mounting pressure from US Food and Drug Administration (USFDA) to adhere to quality standards at their manufacturing plants.

In the past three years, the USFDA raised numerous regulatory concerns resulting in import bans and suspension of new drug approvals from facilities of Indian pharma companies. But what has come as a breather is a sharp pick-up in new drug approvals in 2017.

During the period January-July 2017, 129 approvals for generic drugs were made. This is 45% higher from 89 approvals made in the corresponding period last year.

Glenmark pharma share price opened the day up by 1.1%.