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Tata punches holes in DoT spectrum policy
Subex bags UK firm for $140 m
RBI asks banks to be cautious as |
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Punjab lags in software exports
Silver sheds Rs 2,000,
Global oil majors attend roadshow
Singapore Airlines slashes fares
Directive to DoT on licence fee cutNew Delhi, April 25
Sujith Haridas is CII northern region Director
Corporate Results
Corporate News
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Tata punches holes in DoT spectrum policy
New Delhi, April 25 On Telecom Ministry’s policy of linking spectrum allocation with the subscriber base, Tata said in a communication that “the DoT order prescribes stand-alone subscriber base threshold levels and technology- based spectrum allocations, on a free basis. These do not appear to be part of a publicly defined spectrum policy.” DoT sources confirmed receipt of Tata’s letter of April 3 and said the department was looking into the issues raised by him. Tata has raised a very serious issue of “self-proclaimed subscriber base” by every individual service provider and objected to the DoT’s order of allocating spectrum on such basis without an established mechanism for verification. “It also specifies a cut-off level of subscriber size for eligibility of additional spectrum, without any recognition given to the relative years of operation of respective providers,” Mr Tata said. He also sought clarification about the different treatment of CDMA and GSM technologies. CDMA operators have been allocated only up to 7.5 MHz spectrum compared to 15 MHz to GSM operators, apparently on the grounds that the former is more spectrum efficient. “This is irreconcilable, particularly in a technology- driven industry where new developments and technologies will be introduced continuously, which will have higher capabilities, greater cost-efficiency and lower cost than existing technologies,” he added. Mr Tata said there were wireless technologies on the horizon, which along with Internet Protocol (IP), would be a major threat to both GSM and CDMA-based technologies as well as existing technologies for data and video transfer. “Will these newer, exciting, cutomer-friendly technologies be banned or restricted in India by the DoT to protect users of current technologies,” he asked, questioning the DoT’s policy. “...and when the GSM operators need to migrate to WCDMA shortly, where a dedicated 5 MHz chunk of spectrum is required to offer services, will the same impositions be made on them as are currently being made on CDMA operators,” he said. It is pertinent to note that CDMA nad GSM-based operators have been at loggerheads with one another over the spectrum allocation policy and lobbying for greater allocation for themselves. — PTI
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Subex bags UK firm for $140 m
Bangalore, April 25 The deal was primarily a stock transaction and the cash involved was only 2 to 3 per cent, Subex Founder Chairman, President and CEO Subash Menon said here. New entity ‘Subex Azure’ would count among its customers 23 of the world’s largest 40 telecom firms, including British Telecom (BT) as a marquee customer, and a customer base of over 150 installations across 60 countries. Significantly, London-headquartered Azure, the world’s largest revenue assurance firm, is larger than Subex in size. “The acquisition will be consummated in about a month’s time,” Mr Menon said. NASSCOM President Kiran Karnik said this was the single largest overseas acquisition by an Indian IT firm and called it was a “milestone” in the Indian IT space. Azure Solutions CEO John Cronin said Subex Azure would be the largest revenue maximisation company. “This is about creating a new company to lead the telecom revenue maximisation space.” Azure Solutions, founded in 2003 as a spin-out of BT Brightstar (BT’s tecnology incubator) had reported revenues at $ 31 million for FY06. It had acquired Connexn Technologies (USA), Anie Calculus (UK) and Monnet (UK) in 2004. Mr Menon said the new entity would be the largest vendor of revenue maximisation solutions, the number one vendor of fraud management solutions and the No 2 vendor in interconnect and inter-party billing solutions. Mr Menon said the cash part of the deal would be mobilised through internal cash generation. Announcing the results of Subex for the year ended March 31, 2006, he said it clocked revenue of $40.28 million and profits grew by 55 per cent at $8.70 million. The revenue composition was 65 per cent from products and 35 per cent from services.
— PTI
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RBI asks banks to be cautious as bourses boom
Chandigarh, April 25 The confidential letter of the RBI, circulated two weeks ago, advises a “vigilant approach” to the banks in view of the continuing and unprecedented rally by the stock market. It goes on to say that the Government of India is also concerned regarding the possibility of the funds of banks being diverted to the capital market. Also, it hints that the non- banking financial companies (NBFCs) could be used as a conduit for funnelling the funds of the banks to the capital market. The matter of use of funds of banks is under constant RBI attention for quite some time. All banks have been advised to ensure that the loans, general purpose loans in particular, are used for the purpose for which sanctioned and not diverted to the capital market. Also banks have been further advised to monitor on a continuous basis the end-use of funds sanctioned in consonance with the RBI guidelines. Bankers have also been reminded of the directives of the Joint Parliamentary Committee (JPC) on the securities scam in this regard. The JPC had then said: “It is essential that banks closely monitor the end use of funds and obtain certificates from the borrowers certifying that the funds have been used for the purpose for which these were obtained.” Also the audit committee should look into the implementation of guidelines. In case instructions are flouted, individual accountability needs to be fixed, the JPC had then said, advices the RBI.
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Punjab lags in software exports
New Delhi, April 25 Meanwhile, the software exports from the Software Technology Parks of India (STPI) are estimated to cross Rs 1,00,809 crore during the financial year ended March, 2006, as against Rs 74,019 crore during the previous fiscal, registering growth of 36 per cent. Software exports from software technology parks in the state were merely Rs 182 crore in 2005-06 in comparison to massive exports worth Rs 8,358 crore from neighbouring Haryana, Rs 271 crore from Rajasthan and Rs 189-crore exports from Madhya Pradesh and Rs 465 crore from Orissa. Even late entrant Chandigarh exported software worth Rs 294 crore in 2005-06 as against Rs 225 crore in the previous fiscal, showing growth of 31 per cent. The highest exports by STPI-registered units were from Karnataka (Rs 37,000 crore), followed by Maharashtra (Rs 15,500 crore) and Tamil Nadu (Rs 13,960 crore). Notably, software exports from UP, West Bengal, where the infrastructure is said to be not as good as in Punjab, have been able to attract IT industry to Noida, Ghaziabad and Kolkata. The software exports touched Rs 5,476 crore from UP and Rs 2,500 crore from West Bengal. industry experts said Punjab could learn lessons from states like UP, West Bengal, which are offering a ‘congenial environment and not much tax exemptions to attract investors.’ An exporter said: “How could software exports from Punjab grow when almost every IT major seems to be interested more in real estate, malls and multiplexes than software business. The state needs to review its policy towards industry.”
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Silver sheds Rs 2,000, gold Rs 170
New Delhi, April 25 Likewise, standard gold, which had hit the 25- year high last week, also declined by Rs 170 to close at Rs 9,280 per 10 grams in the Delhi bullion, with traders attributing the downtrend to stockists diluting their position. This is the second consecutive day when the yellow metal came under selling pressure which analysts attributed to downward changes in the international crude prices. Standard gold and ornaments dropped by Rs 170 each at Rs 9,280 and Rs 9,130 per 10 gram, respectively. Sovereign was down by Rs 50 at Rs 7,350 per piece of 8 gm. Gold in overseas markets fell $13.35 to $620.63 an ounce late last evening. Prices reached a 25-year high of $645.85 on April 20. On the New York Mercantile Exchange, gold for June delivery fell $11.60 at $623.90 an ounce. The impact in Delhi market was notable as silver ready plunged by Rs.2,000 at Rs.18,500 per kilo while weekly-based delivery lost Rs 30 at Rs 20,380. Silver coins lost Rs 100 at Rs 22,900 for buying and Rs 23,000 for selling of 100
pieces. — PTI |
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Global oil majors attend roadshow
New Delhi, April 25 “The roadshow was attended by 25 companies, including Russia- based Zarubezhneft (a subsidiary of Gazprom), Woodside, Dragon Oil Pty, Orient Petroleum, Oil Search, Cresent Petroleum, Dalma Energy and Dragon,” an official statement said here. The roadshow, which was in continuation of the extensive promotional efforts undertaken to market India’s largest ever offering of 55 exploration blocks covering 352,000 sq kms, was led by Minister of State for Petroleum and Natural Gas Dinsha Patel. In order to facilitate investors, data viewing centres for NELP-VI have been set up at New Delhi, Houston, Perth and London. Bids for NELP-VI close on September 15. —
PTI
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Singapore Airlines slashes fares
New Delhi, April 25 The limited promotional fare would be start from Rs 20,000 for a return economy class ticket, for which bookings should only be done online through ‘singaporeair.com’ using passenger’s credit card either directly or through travel agents, the airline said in a press note. The offer, called Midnight Escapades, is being made for economy class return tickets between Sydney, Melbourne, Perth, Brisbane and Adelaide in Australia on one hand and Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore, Amritsar and Ahmedabad on the other. The low fare, however, does not include taxes and surcharges which would be charged additionally, it said, adding the ticket would be valid for one month. The tickets can be booked till May 8 for travel out of India till May 31, it said, adding that the passengers “may stop over at Singapore on their return journey”.
— PTI
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Directive to DoT on licence fee cutNew Delhi, April 25
New Delhi, April 25 However, the Finance Ministry has found the DoT decision to reduce the fee for national and international long- distance licences from Rs 100 crore and Rs 25 crore, respectively, to a uniform Rs 2.5 crore to be in order. The ministry had found nothing wrong with the DoT order, but wanted the DoT to consult it in future on the issue. DoT officials said the Finance Ministry had asked the department to review its decision to bring down the licence fee of ILD and NLD to Rs 2.5 crore at the end of two years. They said the DoT, however, would review the impact of the licence fee cut at the end of one year.—PTI
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Sujith Haridas is CII northern region Director
Chandigarh, April 25 |
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Corporate Results
Mumbai, April 25 The Board of Directors have approved the merger of Apollo Fibres Ltd (AFL), Central India Polyester Ltd (CIPL), India Polyfibres Ltd (IPL), Orissa Polyfibres Ltd (OPL), Recron Synthetics Ltd (RSL) and Silvassa Industries Pvt Ltd (SIPL) with the company. The merger is subject to necessary approvals from shareholders, creditors and other regulatory authorities. The Board has recommended an exchange ratio of one equity share of IPCL for every 25 equity shares of AFL, 23 shares of CIPL, 28 shares of IPL, 28 equity shares OPL, 34 shares of RSL and 38 equity shares of SIPL, IPCL said. The company has reported a 25.89 per cent decline in net profit at Rs 249 crore for the fourth quarter ended March 2006, compared to Rs 336 crore in the year-ago period. Wockhardt net dips
Pharmaceutical and biotech major Wockhardt Ltd today posted a 87.10 per cent decline in profit after tax for the quarter ended March 31, 2006, at Rs 4.9 crore as compared to Rs 38 crore for the same quarter in 2004-05. The total income increased 24.79 per cent to Rs 264.7 crore for the first quarter ended March 31, 2006, as against Rs 212.1 crore in the year ago period, the company said. The group’s consolidated loss after tax for the quarter ended March 31, 2006 stood at Rs 3.7 crore against a profit after tax of Rs 41.7 crore for the quarter ended March 31, 2005. Nicholas Piramal
Nicholas Piramal India Ltd today posted a net profit after tax of Rs 37.59 crore for the fourth quarter ended March 31, 2006, against a net loss after tax of Rs 12.48 crore for the corresponding quarter last fiscal. The Board recommended a 150 per cent dividend at Rs 3 per equity share of Rs 2 each for the financial year ended March 31, 2006. For the year the company posted a 0.45 per cent increase in net profit after tax at Rs 170.35 crore for the year ended March 31, 2006, as compared to Rs 169.57 crore for the year ended March 31, 2005. ABB net up 86 pc
Power and automation major ABB Ltd today posted an 86.54 per cent increase in net profit at Rs 51.30 crore for the quarter ended March 31, 2006, as compared to Rs 27.50 crore for the same quarter in 2004-05. Total income increased 32.48 per cent to Rs 820.86 crore for the first quarter ended March 31, 2006, as against Rs 619.60 crore for in the year-ago period. —
Agencies |
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Bharat Earth Movers eyes Africa
Hannover, April 25 “We will soon be setting up sales and marketing offices in about six countries and later on assembly plants for mining equipment,” BEML Chairman and Managing Director VRS Natarajan said on the sidelines of a seminar during the Hannover Fair here. “We have identified three regions — Indonesia and Australia, Latin American countries such as Chile and North and West African nations such as Morocco, Algeria and Tunisia,” he said. Mr Natarajan said the sales offices would be set up in the next one year and the assembly plants would be established within three to five years. BEML is in talks with local partners in various countries for the assembly plants, he said, adding the plants would be set up through the joint venture route with either 51:49 equity share or 50:50 equity share. Abbott in Singapore
Global pharma major Abbott today announced setting up of a $280 million nutritional powder manufacturing plant in Singapore. The work on the facility, to be set up in Tuas Biomedical Park 2 at the westernmost tip of the island nation, will start next month and completed in 2008, a company press note said. Described as Abbott’s first major capital investment in Asia and its largest nutritional investment ever, the company said when operationised by the end of 2008, the plant will enable the company meet increasing demand for its nutritional products in the region. Haier inks pact
As part of its marketing strategy, Tata Teleservices would offer the latest mobile handsets launched by global white goods giant Haier to its customers along with attractive subscriber schemes. The two companies signed up an agreement for a purpose under which the white goods manufacturer would supply recently launched ‘Haier D 1000’ CDMA handsets, which Tata Teleservices would offer to its customers, along with schemes. The stylish candy bar-shaped colour handset is priced at Rs 2,799 and packed with several attractive features.
— Agencies |
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