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Govt panel approves partial reallocation of 2G spectrum
NSE world no. 1 in equity trades
Wipro forms new unit for non-IT biz
Indian manufacturing edges up in October
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Changes in construction workers’ laws
Festive cheer for some auto firms in October
Royal Enfield to set up 2nd unit in Chennai
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Govt panel approves partial reallocation of 2G spectrum
New Delhi, November 1 Operators who hold up to 2.5 MHz spectrum will have to pay the auction determined price for holding on to the spectrum, which could prove to be a major strain on the finances of telcos. The EGoM, headed by Finance Minister P. Chidambaram, also decided on the norms for any fresh mergers and acquisitions in the telecom sector. After the meeting of the EGoM, Telecom Minister Kapil Sibal said in case any telco wants to acquire another telco which was awarded spectrum at the administered price of Rs 1,658 crore, the acquirer will have to pay an auction determined price for the spectrum it acquires through this transaction. This would mean any future acquisition or consolidation in the telecom industry would not only become expensive but in many cases, unviable. Telecom regulator TRAI has recommended that existing operators give up all their spectrum holdings in prime 900 Mhz band when their permits come up for renewal starting November, 2014. The government has in principle approved the TRAI recommendation. Sibal said, "EGoM has decided on whats needs to be done for all those who have 5 MHz spectrum." The Telecom Commission had earlier recommended that existing operators give up all airwaves in 900 MHz. The market-determined price for 900 MHz spectrum will be determined at the time of the 2G auction, which is likely to be held somewhere in June 2013. Market leaders Bharti Airtel and Vodafone's India unit — two of the country's oldest carriers — will be hit the most by the proposed refarming or substituting of their more efficient 900 MHz band airwaves with inferior quality 1800 Mhz band airwaves starting in November 2014. However, the plan to allow them to retain some of the spectrum may give carriers some relief, compared with an earlier proposal to replace all their holdings.
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NSE world no. 1 in equity trades
New Delhi, November 1 According to the latest data compiled by the World Federation of Exchanges (WFE), a total of 11.64 crore trades took place in the equity segment of the NSE in September this year, making it the world's largest exchange on this category. The exchange, which traded for 20 days during September, has recorded about 11% increase in number of trades in the equity segment compared to August. The NSE was followed by Korea Exchange and NYSE Euronext (US) at the second and the third positions, respectively. While Korea Exchange recorded a total of 11.18 crore trades, the number of trades at NYSE Euronext stood at 9.64 crore in their respective equity segments in September. Moreover, the NSE has maintained its numero uno place in the Asia-Pacific region for the nine month period from Jan-Sept 2012. Another major Indian bourse, the BSE, became the world's seventh largest, recording a total of 2.77 crore trades during the month in its equity segment. — Agencies |
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Wipro forms new unit for non-IT biz
Bangalore, November 1 Wipro will remain a publicly listed company that will focus exclusively on information technology. Following the move which came a day before the company’s Q2 results, shares of Wipro gained momentum on the BSE. The demerger is anticipated to provide some fresh impetus for both Wipro and Wipro Enterprises to pursue their individual growth strategies. The step is also expected to improve the competitiveness of the two entities in their respective markets. The Wipro board will remain unchanged and the demerger will have no impact on the firm’s management structure. There will be no change in the leadership of any of Wipro Enterprises constituent businesses and Wipro brand will be jointly owned by both companies. Azim Premji will remain executive chairman of the Wipro board and will assume the position of non-executive chairman of Wipro Enterprises. “I’m confident the demerger will enhance value for our shareholders and provide fresh momentum for growth. Each of our distinct businesses is the best of the breed in its respective industry, and we’re committed to both the businesses,” Premji said in a statement. “Creating a technology-focused company will allow us to better serve the needs of our customers and accelerate investments necessary to capitalize on market growth opportunities,” Wipro IT business CEO & ED T.K. Kurien said. In FY2011-12 the IT business alone had contributed to 86% of revenue and 94% of Wipro’s operating profit. Wipro has set up a special committee of its directors to oversee the planning and execution of the demerger plan. |
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Indian manufacturing edges up in October
Bangalore, November 1 The HSBC manufacturing purchasing managers' index (PMI), which gauges the business activity of India's factories but not its utilities, nudged up to 52.9 in October from 52.8 in September. The index has remained above 50, which divides growth and contraction, for over three and a half years. "Economic activity in the manufacturing sector picked up slightly thanks to firm new orders," said Leif Eskesen, an economist at HSBC, which sponsors the survey. "Looking ahead, the recovery in manufacturing growth is likely to be slow." The new orders subindex, an indicator of future output, edged up to 54.9 last month from 54.4 in September while export orders grew for the second straight month albeit at a slightly slower pace. Data released last month showed manufacturing rose 2.9% in August from a year earlier after contracting 0.4% in the previous month. Overall output at factories, mines and utilities rose an annual 2.7%. PRICE PRESSURES EASE: Input and output price indexes fell to their lowest levels in more than two years. But Eskesen said this did not necessarily indicate India's inflation, which rose to a 10-month high of 7.8 per cent in September, would cool anytime soon. — Reuters |
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Changes in construction workers’ laws
New Delhi, November 1 The amendments will be effected in the Building & Other Construction Workers (Regulations of Employment & Conditions of Service) Act, 1996, and the Building & Other Construction Workers' Welfare Cess Act, 1996. The new laws will contain provisions empowering the central government to specify the maximum cost of construction by notification, in place of the present limit of Rs10 lakh, which shall fall within the definition of establishment under the relevant. The prerequisite condition of engagement of 90 days for registration of workers under the Act is proposed to be done away with. — TNS |
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Festive cheer for some auto firms in October
New Delhi/Mumbai, Nov 1 Market leader Maruti Suzuki India posted a 86.56% rise in its domestic sales at 96,002 units compared to 51,458 units in the year-ago month. Mahindra & Mahindra said its domestic sales in October grew 30.4% to 51,316 units against 39,352 units in October 2011. The country's second-largest carmaker, Hyundai Motor India, reported a 8.4% increase in domestic sales that stood at 35,778 units. Luxury carmaker Audi posted a 76% jump in total sales at 850 units compared to 482 units in October last year. “Keeping our performance in mind, we are confident of surpassing the sales target of 8,000 units before the yearend”, Audi India head Michael Perschke said. Tata Motors posted a 15.94% dip in total passenger vehicle sales in October. |
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Royal Enfield to set up 2nd unit in Chennai
Chandigarh, November 1 Royal Enfield senior vice president (sales & marketing) Shaji Koshy said there was a waiting period of six months on most bikes but this would come down once the new plant starts production. The facility will augment output capacity to 112,000 units per annum. “Almost 15% of our total sales are from Punjab, where we sell 1,500 bikes a month,” he added. — TNS |
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