Indian market trends

The Sensex and the Nifty fell 2% each during the fortnight ended 25th September. ML Mega-cap Index also fell 2%. ML Large-cap Index and ML Mid-cap Index declined 3% and 4%, respectively. ML Small-cap Index tumbled 7%. 

 

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Fund flows
Foreigners: Foreign institutional investors were net sellers of stocks (Rs3,800.03 crore). They sold shares worth Rs43,182.01 crore.
 
 
Indians: Domestic institutional investors were net buyers of stocks (Rs1,712.05 crore). They bought shares worth Rs15,935.43 crore.
 

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TRAI asks Loop Mobile to inform subscribers date of closure in Mumbai
Loop Mobile’s licences for Mumbai circle will expire in November after which it will not be able to offer telecom services
 
The Telecom Regulatory Authority of India (TRAI) has directed Loop Mobile to inform date of closure of its services in Mumbai to all its subscribers.
 
“The Authority hereby directs Loop Mobile that it shall inform the date of closure of its services in Mumbai licensed service area to all its existing subscribers...either in writing or by sending SMS/e—mail, within 10 days of issue of this direction,” TRAI said in a letter dated 30th September.
 
TRAI said the mobile operator should also inform about every new subscriber at the time of his enrolment to its network.
 
“Loop Mobile is further directed to furnish the compliance report with regard to the direction within 15 days of issue of this direction,” TRAI said.
 
Loop Mobile had informed Department of Telecom (DoT), in a letter dated 10th March this year, that due to various commercial reasons, it was unable to renew the CMTS licence and would, therefore, cease to provide its services from 29 November 2014.
 
Mumbai-based Loop Mobile’s licences will expire in November after which it will not be able to offer telecom services. The company had to buy spectrum afresh to continue its operations but it did not participate in the auction held in February.
 
The company in June 2013 had entered into an agreement with Bharti Airtel to sell its assets for about Rs700 crore. The deal, however, is yet to be approved by DoT.
 
DoT estimates that Loop Mobile and its other sister concern owe it about Rs808 crore. The Department, according to sources, has held up the clearance related to the deal as the payment has not been made yet to the government.

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