The exchange has also decided to exclude scrips of MBL Infrastructures, Infinite Computer Solutions (India) and Jubilant FoodWorks from BSE-IPO Index from 13th February as these scrips have completed two years of listing
Mumbai: The Bombay Stock Exchange (BSE) on Monday said it has decided to include scrips of Indiabulls Real Estate and Areva T&D India in the BSE-500 index effective from 13th February, reports PTI.
The exchange will exclude scrips of ICSA (India) and Shri Ganesh Spinners from BSE-500 index, a BSE statement said here.
The exchange has also decided to exclude scrips of MBL Infrastructures, Infinite Computer Solutions (India) and Jubilant FoodWorks from BSE-IPO Index from 13th February. These scrips have completed two years of listing.
As per the RBI guidelines for the BSE IPO index, a scrip will be excluded from the index on the second Monday of the month after completion of two years of listing, the release said.
“TTL had applied for the three licenses way back in June 2006 and this was kept pending for over 18 months until LOIs were finally issued in January 2008. TTL has been advised to file a review petition in the Supreme Court seeking a redressal on this point,” a company statement said
New Delhi: Aggrieved by the cancellation of its three licences by the Supreme Court, Tata Teleservices (TTL) on Monday said it will file a review petition against the order as the company had applied for these licences more than 18 months before the 2008 licensing process began, reports PTI.
TTL’s three licences for Assam, North-East and Jammu & Kashmir were cancelled as part of 122 second generation (2G) licences issued by former telecom minister A Raja in January 2008 on the basis that these were illegal.
“TTL had applied for these three licenses way back in June 2006 and this was kept pending for over 18 months until Letters of Intents (LOIs) were finally issued in January 2008. TTL has been advised to file a review petition in the Supreme Court seeking a redressal on this point,” a company statement said.
At the same time, the company welcomed the apex court’s judgement that spectrum, a scarce national resource, will be allotted through auctions. “It has always been our view that spectrum has value and should be paid for,” it added.
The aberrations in the policy date back to 2001 and have resulted in wrongful allocations, the beneficiaries of which were not before the court. If auction covers spectrum wrongfully-allocated since 2001 and is executed in an equitable manner, without bias in favour of selected operators or specific technologies, it should bring in greater transparency and fair-play into the telecom industry, the statement said further.
It is obvious that in the new dispensation mandated by the Supreme Court to be put in place within four months, there has to be a level-playing field consistent with the paradigm of transparency.
At the time when NTT DoCoMo invested in TTL, TTL had been in operations for over 12 years, already had 17 licences, had reached an annual turnover of Rs6,000 crore, had 3,000 employees, about 100 offices, 33 million subscribers, 60,000 km of fibre, an NLD business, 38% investments in Tata Teleservices (Maharashtra) and 100% investments in its tower subsidiary.
The investment made by its strategic partner NTT DoCoMo was, therefore, not on account of these three licences but on account of TTL’s established position as one of the strong players in the telecom field, apart from its strong Tata brand.
“Given the low anticipated inflow of National Small Savings Fund and the likely moderation in tax revenues in the current fiscal year relative to the Budget Estimate for 2011-12, it is likely that the states may borrow substantial funds through SDLs in February-March 2012,” credit ratings agency ICRA said in a report
New Delhi: State governments are likely to go for additional borrowings during the remaining two months of this fiscal on account of low inflows from small savings and moderation in tax revenue, reports PTI quoting credit ratings agency ICRA.
In a report on debt burden of states released on Monday, ICRA added that borrowings through State Development Loan (SDL are likely to remain substantial even in 2012-13.
“As compared to a gross SDL of around Rs1,03,000 crore in 2010-11, the 28 Indian states have already raised SDL of around Rs1,22,600 crore in 2011-12.
“Given the low anticipated inflow of National Small Savings Fund (NSSF) and the likely moderation in tax revenues in the current fiscal year relative to the Budget Estimate (BE) for 2011-12, it is likely that the states may borrow substantial funds through SDLs in February-March 2012,” the report said.
ICRA’s report is based on samples from six states—Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Punjab and Tamil Nadu. These are the states in which ICRA has rated the debt instruments of a number of government entities.
According to the report, in 2012-13 the anticipated easing of policy rates would result in an easing of bank deposit rates as well as the yields at which fresh SDL are contracted.
This may also result in an upswing in NSSF inflows if the rates of various schemes remain unchanged. However, this will not be enough to reduce the borrowings.
“However, with the planned reduction in the minimum share of states in the net small savings collections to 50% from 80%, the magnitude of funds to be raised by the state governments through SDL is likely to remain significant in 2012-13,” it added.
The report said that though there will be an improvement in various indicators like proportion of debt as percentage of total of revenue receipts, states’ own tax revenues, gross state domestic product (GSDP) and interest payments as a proportion of revenue receipt in the current fiscal, the situation in some states is unlikely to improve much.
“Notwithstanding some improvement in certain leverage indicators, Gujarat and Punjab are likely to remain more indebted than other states in the ICRA sample. Nevertheless, the magnitude of their debt stock at an absolute level is likely to remain smaller than other states, particularly Maharashtra and Andhra Pradesh,” it said.