2G scam: JPC begins quizzing former telecom secretary

AV Gokak, who served as telecom secretary between November 1996 and August 1998 was questioned about the telecom policy being pursued by the then government with regard to cellular operators

New Delhi: The Joint Parliamentary Committee (JPC) probing the second generation (2G) spectrum allocation scam today started questioning a former telecom secretary who had served during the initial years of the NDA rule, reports PTI.

AV Gokak, who served as telecom secretary between November 1996 and August 1998, appeared before the JPC headed by Congress leader PC Chacko in connection with the 2G spectrum allocation scam.

A committee member said he was questioned about the telecom policy being pursued by the then government with regard to cellular operators.

Tomorrow, the JPC will record evidence of Mr Gokak's successor Anil Kumar, who served as telecom secretary between August 1998 and February 2000.

The NDA government had unveiled a migration policy in June 1999 during Mr Kumar's tenure, allowing cellular operators to move from fixed licence fee regime to revenue-sharing model.

The Department of Telecom (DoT) had told the JPC the migration policy had led to losses to the exchequer to the tune of Rs43,523.92 crore.

The JPC is examining India's telecom pricing policy 1998-2008 that also covers the period of the NDA government led by the BJP that was in power 1998-2004.

The panel was formed following persistent demands by the opposition after allegations surfaced of irregularities in the allocation of 2G licences.

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HCL Tech Q4 net up 62.13% at Rs385.59 crore

For the year ended 30 June 2011, the company reported a 30.75% jump in its consolidated net profit at Rs1,646.51 crore, up from Rs1,259.19 crore during FY09-10

New Delhi: IT services giant HCL Technologies today posted a 62.13% jump in its standalone net profit at Rs385.59 crore for the fourth quarter ended 30 June 2011 against Rs237.82 crore in the same quarter last year as per Indian accounting standards, the company said in a filing to the Bombay Stock Exchange.

Its total income rose to Rs1,949.36 crore during the reporting period from Rs1,330.61 crore in the corresponding quarter of the last fiscal, up 46.5% on a standalone basis, reports PTI.

“In these times of dynamic demand and swiftly changing customer priorities, HCL is focusing on building an innovation engine that is agile, business-aligned and employee driven,” HCL Technologies vice chairman and CEO Vineet Nayar said in a statement.

The company continues to balance this thought leadership with an equally rewarding financial performance quarter by quarter, he added.

For the year ended 30 June 2011, the company reported a 30.75% jump in its consolidated net profit at Rs1,646.51 crore, up from Rs1,259.19 crore during FY09-10.

The total income of the IT firm increased to Rs15,730.43 crore for the year ended 30 June 2011, as against Rs12,136.29 crore in FY09-10 on a consolidated basis.

“We ended the financial year with impressive all-round performance. Our revenues grew by 31% year-on-year, net income grew by 35%, while cash flow conversion (ratio of cash flow from operations to net income) stands at 100% backed by efficient working capital management,” HCL Technologies CFO Anil Chanana said.

Cash and cash equivalents stood at $116.3 million as on 30 June 2011. The board of directors of the company has recommended a final dividend of Rs2 per equity share, taking the total dividend for the year to Rs7.5 per share.

During the quarter, HCL Tech added 9,572 people (gross) and 3,626 employees (net), taking the total headcount to 77,046.

HCL Tech signed 20 transformational deals this quarter in industries like manufacturing, media and publishing, telecom, BFSI, retail, hi-tech and healthcare.

For the quarter ended 30 June 2011, Americas contributed 61.5% to the revenues, while Europe and Rest of the World (RoW) contributed 24.6% and 13.9%, respectively.

Shares of the company were trading at Rs504.50 apiece in noon trade, down 2% from its previous close on the BSE.

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SKS Q1 net loss at Rs218 crore; stock down 5.12%

The decline was a result of higher provisioning and write-offs in the quarter. The company set aside Rs188.63 crore towards provisions against Rs11.96 crore during the same period a year ago

Hyderabad: SKS Microfinance, India’s only listed microfinance institution, on Tuesday reported a net loss of Rs218.70 crore for the quarter ended 30th June against a net profit of to Rs66.70 crore in the same period of the last fiscal, reports PTI.

The company said it may raise up to Rs900 crore through private placement of securities.

It had to provide Rs188.63 crore towards provisions and write offs in the quarter as against Rs11.96 crore during the same period a year ago.

SKS Microfinance, which raised around Rs1,600 crore through its Initial Public Offer last year, is now is mulling to raise Rs900 crore by way of Qualified Institutional Placement (QIP).

The company’s chief financial officer Dilli Raj said the Board has approved the proposal to raise up to Rs 900 crore.

“There is huge growth opportunity outside Andhra Pradesh and also there is unmet demand in the market. We want to take the growth opportunities,” Mr Raj said.

He said the price at which the QIP is offered will be decided by the Securities and Exchange Board of India (SEBI) using the floor price mechanism.

SKS’ total income declined by 43.7% to Rs176.7 crore for the quarter ended 30th June against Rs313.6 crore in the corresponding period last year.

The company’s shares were trading 5.12% lower at Rs495 on the Bombay Stock Exchange in noon trade today.

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