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12 November 2007

TRAI favours auctioning 3G spectrum

TRAI favours auctioning 3G spectrum

NEW DELHI: Telecom regulator TRAI on Monday favoured auctioning spectrum for third generation (3G) mobile services to firms which already provide second generation (2G) services, a development that could be a setback to new players who wish to offer only the advanced telephony system.

The auction of 3G spectrum should be restricted to existing operators who are already providing 2G services, Telecom Regulatory Authority of India chairman Nripendra Misra said at a FICCI seminar here. The regulator also said entry fees for new mobile licensees in all the circles should be raised as there is good growth potential in the telecom sector. He said it would not be financially viable for new entrants to offer these services as compared to operators who have laid out their infrastructure all across the country.

The 3G services support faster downloads and more data transmission, enabling operators to provide high-end services and broadband. Misra said to maintain a level playing field among the 2G operators, TRAI had not recommended auction of 2G spectrum. Misra said he was hopeful that the government would soon accept TRAI's recommendations on auctioning of spectrum. TRAI in its recommendations on 3G services last year had favoured auctioning of spectrum. It had proposed a base price of Rs 1,400 crore for a national 3G license.

Telecom spectrum to be allotted within a month: Shakeel Ahmed

CHENNAI: The Telecom spectrum will be allotted to various applicants within a month, Union Minister of State for Communication and IT, Shakeel Ahmed said on Monday. "It (spectrum) will be allotted within a month or so," he told reporters when asked about it after a prize distribution ceremony at BSNL here on Monday.

On various charges being reportedly levelled by two telecom majors, Bharti and Reliance over Spectrum allocation, he said, "The government is technology neutral. We will take a proper decision." He also said that the spectrum from Defence will be allotted to telecom players when Defence vacates it. "After all, national security is of primary importance," he added. Earlier, speaking at the function, he said the Indian telecom industry has now overtaken China and become the fastest growing in the world with the lowest tariffs in the whole world.

Other Relates News:

BSNL may award entire 23-m GSM line deal to Ericsson

TDSAT directs industry to be party to spectrum petition

Anil Ambani writes to PM, rails at GSM cos

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India heading for 9% growth: Chidambaram

India is heading for a nine per cent growth this year on top of buoyant investments and domestic environment, Finance Minister P Chidambaram said here.
"Aggregate efficiency of both capital and labour and the 35 per cent investment in proportion to the GDP ratio quiet easily translates to about 9 per cent growth," Chidambaram said here.
The Finance Minister, who was replying to questions after delivering the annual Lakshman Kadirgamar Lecture here yesterday, attributed the high foreign exchange reserves of over $250 billion to high capital inflows.

"Capital inflows are very large that is why we have a high foreign exchange reserves," he said.
"If the level of investment in any country is 35 per cent and the country can make gains with capital and labour. I think it is reasonable conclusion that that country will witness very high growth," Chidambaram remarked.

When asked about the "secret mantra" behind the high economic growth being registered by India during the last few years, Chidambaram said "there is no secret to growth. Sound macro economic policies followed anywhere in the world will lead to high growths". "India's growth is led by investment and domestic environment. In fact in the last four years, investment is a prime driver of growth and domestic demand and consumption is a close second. Our investment to GDP ratio is now little over 35 per cent," he said.

According to official estimates, the economy registered a growth rate of 9.3 per cent during the first quarter of FY 2007..

India heading for 9% growth: Chidambaram

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Indian shares fall 6th day, longest streak in 5 yrs

MUMBAI (Reuters) - India's main stock index fell for a sixth straight session on Monday, its longest stretch of losses in almost five years, weighed down by weak world markets and U.S. credit-related worries.

Investors were also disappointed as September industrial output grew at a slower-than-expected 6.4 percent from a year earlier, well below annual growth of 10.7 percent in August and missing market forecasts of 9.9 percent growth.

The 30-share BSE index ended down 0.9 percent, or 170.33 points, at 18,737.27, with 18 of the components falling. It had dropped as much as 3.03 percent in early deals.
It matched the longest falling streak since early March 2003, when it had fallen for six days in a row. The index had fallen 5.4 percent last week and is 7.4 percent off a lifetime high of 20,238.16 hit on Oct. 30.

"One reason for this fall is the global markets and the other one is foreign fund flows -- some selling, some slowdown that we have witnessed in the last one week," said Neeraj Dewan, director at Quantum Securities in New Delhi.
Technology stocks Infosys Technologies, Tata Consultancy, Wipro and Satyam Computer, and index heavyweight Reliance Industries, which together account for more than a quarter of the total weightage in the main index, led the drop.

Foreign inflows have slowed this month after the market regulator curbed the use of participatory notes used by unregistered foreigners to buy Indian shares, while the lingering credit worries in the United States have also weighed.
Data showed foreign portfolio investors have been sellers of around $300 million in the first six sessions in November, trimming their net purchase in 2007 to about $17 billion.
"All eyes will be now on the foreign fund flows. If we see positive figures then a recovery is possible. But I think the pace at which they have invested in the last few months will slow down," Dewan said.

D.D. Sharma, vice-president at local brokerage Anand Rathi Securities, said fresh investment by the foreigners could only be expected in January next year.
"I don't think foreign investors are going to inject fresh funds at this fag end of the year. We will see fresh money only in January. So we are advising to book profit," he said.

Shares in Reliance Industries, India's most-valuable firm, fell 2.2 percent to 2,676.95 rupees. The stock, which hit an all-time high of 3,235 rupees in a special trading session on Friday, had fallen more than 4 percent early on Monday.
Shares in software services firms fell as disappointing news from technology companies in the United States raised concerns that the fallout from the credit crisis was hurting demand from key customers.

Bellwether Infosys lost 3.6 percent to 1,641.95 rupees, its lowest close in almost 1-1/2 years. Sector leader Tata Consultancy fell more than 2 percent, while fourth-largest Satyam lost more than 3 percent.
But top tobacco maker ITC Ltd rose 5.3 percent to 177.85 rupees. Macquarie Securities said on Monday it had raised its 12-month target price on the stock by 12 percent to 225 rupees.
In the broader market, 1,685 losers outpaced 987 gainers on volume of 387.1 million shares.
The 50-share NSE index was down 0.81 percent at 5,617.10.

Elsewhere in the region Karachi's 100-share index rose 1.73 percent to 13,656.25, while Colombo added 0.46 percent to 2,631.43.

STOCKS THAT MOVED:

* Steel maker Ispat Industries Ltd hit a life high of 39.85 rupees before closing 8.2 percent up at 38.95 rupees after 4.44 million shares, or 0.36 percent of the equity, changed hands on the BSE in block deals at between 36.55-38.20 rupees each.
* Suryachakra Power Corp Ltd rose nearly 20 percent to a new high of 33.45 rupees after it tied up with state-run China Guodian Corp for a proposed 1,200 megawatt coal-based project in India. It also tied up coal supplies with Indonesia's Central Korporindo International Tbk for steam coal.
TOP THREE BY VOLUME
* Ispat Industries on 43.8 million shares
* Reliance Natural Resources on 21.9 million shares
* Essar Oil on 15.7 million shares

http://in.news.yahoo.com/071112/137/6n4j6.html

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Sensex extends losses, ends 170 pts down

Index Last Price Change %Change
Nifty 5617.10 -46.15 -0.81
Sensex 18737.27 -170.33 -0.90

A splendid rally in afternoon trade notwithstanding, the Sensex ended in the negative territory with a big loss for the sixth successive session (including the one on November 9, 2007) today. Bank, capital goods, power and metal stocks, among the severely hammered in morning trade, were the ones to bounce back strongly towards the end of the session.

Auto, healthcare and PSU stocks too rebounded smartly. Oil and information technology stocks failed to find support. Select midcap stocks regained lost ground and posted sharp gains.
According to a data released by the government this afternoon, India's industrial output in September 2007 rose 6.4% from a year earlier, sharply lower than annual growth of 10.7% in August 2007 due to sluggish manufacturing and electricity output. Manufacturing production rose 6.6% in September 2007 from a year earlier, compared with a provisional annual growth of 10.4% in August 2007.

While deepening crisis in the US subprime market dented investor confidence in morning trade, short-covering in select blue chip stocks and a recovery in European markets pulled the indices out from lower levels during the final hour of trade.

The Sensex, which crashed by nearly 575 points to 18,333.21 in early trade this morning, ended with a loss of 170.33 points or 0.9% at 18,737.27, around 74 points down from a high of 18,815.11 it touched in late afternoon trade. The Nifty settled at 5617.10, down 0.81% or 46.15 points from its previous closing mark. In intra-day trades today, the Nifty touched a low of 5477.50.

FMCG heavyweights ITC (5.3%) and Hindustan Unilever (2.85%) ruled firm almost right through the session. NTPC powered its way up smartly to record a handsome gain of 5.05%. State Bank of India, which rallied to a high of Rs 2252.90, settled with a gain of 3.45% at Rs 2237.15. Cipla (2.6%), Hindalco (2.3%), Ambuja Cements (1.45%) and Grasim Industries (1.3%) ended on a firm note.

Larsen & Toubro, which tumbled to Rs 3969 in early trade, ended at Rs 4167.302, netting a gain of nearly a per cent. ICICI Bank and Maruti Suzuki closed with modest gains at Rs 1146.65 and Rs 993.20 respectively. Nifty stock Siemens notched up a gain of 3.25%. SAIL moved up by around 2.3%. Punjab National Bank, Sun Pharmaceuticals, Unitech, Tata Power, Nalco and GlaxoSmithKline Pharma ended with sharp to moderate gains.

ONGC, the biggest loser from the Sensex pack, eased by as much as 4.75%. Bharti Airtel closed with a loss of 4.25%. HDFC Bank lost a little over 4%. Infosys Technologies (down 3.6%), Satyam Computer Services (down 3.2%), Mahindra & Mahindra (down 3.15%), Bajaj Auto (down 2.8%), Tata Steel (down 2.25%), Tata Consultancy Services (down 2.2%), Reliance Industries (down 2.15%) and Reliance Communications (down 2.05%) went down sharply.

ACC, Tata Motors, BHEL, Ranbaxy Laboratories and Reliance Energy lost 1% - 2% from their previous closing levels. Wipro ended with a loss of a little over half a per cent. HDFC, which moved in a tight band today, closed 0.4% down at Rs 2512.60. GAIL India, Hindustan Petroleum Corporation, Sterlite Industries, Reliance Petroleum, ABB, MTNL, HCL Technologies, Suzlon Energy, Zee Entertainment, BPCL and VSNL finished with sharp losses today.

Neyveli Lignite Corporation vaulted 16.55% to Rs 194.70. Mangalore Refineries & Petrochemicals zoomed 14.45% to Rs 99.20. Essar Oil jumped nearly 11.5%. i-Flex Solutions posted a hefty gain of 9.45%. Mirc Electronics, Welspun Gujarat, HMT, Balaji Telefilms, Ispat Industries, IDFC, Bongaigaon Refinery and iGate Global Solutions moved up by 6% - 9% today.
Century Textiles, Chennai Petroleum Corporation, Syndicate Bank, Aban Offshore, Jindal Steel, IDBI, Sesa Goa, Tata Chemicals, Dish TV, Balrampur Chini, Bajaj Hindustan, Sintex Industries, Biocon, JP Hydropower, Tanla Solutions and IFCI were among the other prominent gainers today.

Lanco Infratech, United Phosphorus, Bank of India, Puravankara Projects, Asian Paints, Jet Airways, DLF, ING Vysya Bank, Pidilite Industries, Century Enka, Cadila Healthcare, IPCA Laboratories, Union Bank of India, Aditya Birla Nuvo, Nicholas Piramal and Arvind Mills ended with sharp losses. The market breadth, despite some strong buying in late afternoon trade, remained weak. Out of 2768 stocks traded on BSE today, 1697 stocks ended in the negative territory. 1017 stocks closed on a positive note and 54 stocks ended unchanged from their previous closing levels.

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Corporate/Personailty of the Day

Victor Menezes

Victor J. Menezes (May 14, 1949 - ) is an engineer and banker, who acts as a top official in international financial organizations. He is originally from India and received his degree in electrical engineering from the Indian Institute of Technology, Bombay in 1970. He received a Master's degree in Management (M.B.A.) from the MIT Sloan School of Management in 1972. In the same year, he joined Citicorp in Corporate Banking. Later, he was posted in "practically every continent" -- as one bio-sketch put it. Displaying exemplary banking skills throughout, he rose to the post of Chief Financial Officer in 1995.

For more, Visit: http://en.wikipedia.org/wiki/Victor_Menezes

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Discover Stock Market India Nifty Bank Nifty Technicals Analysis & India Business Stories

12 November 2007

VC Updates from VCCircle.Com, Indiape.Com

Corporate Stories from other Leading Sources

Corporate Headlines from ET, MC

TRAI favours auctioning 3G spectrum

India heading for 9% growth: Chidambaram

Indian shares fall 6th day, longest streak in 5 yrs

Sensex extends losses, ends 170 pts down

Corporate/Personailty of the Day

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