The benefit of the bill payment facility is that payments are instantaneous and can be made anytime and anywhere
Mahanagar Telephone Nigam (MTNL) said it has tied up with Atom Technologies, a leading provider of m-Commerce solutions, for enabling its customers to make bill payments through mobile or landline phones.
MTNL provides telecom services to over 17 lakh customers across Mumbai. This service offers the convenience to a vast number of customers to make their bill payments instantly through phones using their credit cards.
The benefit of this facility is that payments are instantaneous and can be made anytime and anywhere—from home, office or while travelling—through any of the MTNL phones, the company said in a statement.
The atom platform provides a secure and automated environment to end customers with complete assurance of protection of their credit card details. Atom is the largest m-Commerce solutions provider in the country with over 80% market share for its IVR solution.
Till date, atom has processed more than Rs2,000 crore worth of transactions on its platform. Its clientele comprise of 400 plus best associates throughout the industry and include corporates, government utilities, travel and tourism firms, insurance companies etc.
On Thursday, MTNL ended 2.14% down at Rs14.15 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.01% to 17,727.49.
The fitful manner in which stocks are included or dropped from the indices raises serious questions about the benchmarks
Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) claim they have sound logic for including, or excluding stocks in the indices. But, often, it is not clear what the logic is. Recently, some changes being made in the 30-share benchmark Sensex have raised doubts on the construction of the index itself, and for that matter other indices as well.
On 8th August, the Anil Ambani-promoted Reliance Communications and Reliance Infrastructure will be out of the Sensex and will be replaced by Sun Pharmaceutical and state-run Coal India. The stocks of the two Ambani companies have been down for many months now and the day after it was announced that they are to be removed from the Sensex, they crashed by around 8%. In fact, these stocks should have been out of the index long ago.
It is never clear which companies will be included and which will be excluded and why. The BSE and the NSE insist that they have strong selection criteria, but this is not transparent. Which is why there are so many questions: Why do companies that have performed poorly continue to be part of the group of elite index stocks? Why is one public sector company with a low floating stock being included and another equally large one left out?
According to the BSE's selection criteria, companies with a large market capitalisation, and a minimum listing history of at least three months on the BSE, are included in the Sensex, which is a collection of 30 stocks from different sectors. The listing history can be reduced by a month, if the average free-float market capitalisation of a newly-listed company turns out to be among the 10 largest listed on the BSE. In the event that a company is listed on account of a merger, or de-merger, perhaps even amalgamation, a minimum listing history is not required.
But the feature of large companies to be included in the index is merely on paper. If this was actually the case, instead of the newly-listed Coal India, the gigantic Indian Oil Corporation (IOC) should have been an easy choice. Today, Coal India is being included it appears, for its highly-publicised IPO, which was subscribed 15.28 times.
Reliance Power is another example. The stock was included in the Nifty in September 2008 even when the company had no revenues to show then. The stock has been languishing for a long time.
Another controversial company, Himachal Futuristic Communications Limited, was a part of the S&P CNX 500 for a long time. (The S&P CNX 500 is made up of 500 quality companies of certain size and liquidity on the NSE.) On 8 February 2011, the stock was removed from the index after Moneylife had written several times about this. The company was alleged to have been involved in market manipulation during the Ketan Parekh scam. Surprisingly, the company was recently included in the BSE-500 index.
Poor quality stocks in the indices would also lead index funds to buy such non-performing companies, as they are mandated to follow the indices mechanically.
The oil ministry has suggested that the government cut customs duty on crude oil to zero from the current 5% and on diesel from 7.5% to 2.5%. It is also looking at a small reduction in excise duty
New Delhi: The much anticipated meeting of a panel of ministers on raising auto and cooking fuel prices may happen next month, reports PTI quoting a top oil ministry official.
The Empowered Group of Ministers (EGoM) headed by finance minister Pranab Mukherjee is being convened soon to discuss a combination of a price hike and a reduction in government duties.
“While we have been pushing for an early EGoM meeting for long, even the finance ministry is now keen on a meeting soon," he said.
The oil ministry is pushing for the burden arising from the rise in crude oil prices to be equitably shared between consumers, the government and state-owned companies, he said.
State-owned oil firms currently lose Rs15.44 per litre on the sale of diesel. One-third of this will have to be passed on to consumers in stages, while a similar amount will have to be borne by the government by way of either providing cash subsidy or reducing customs and excise duty. The remaining would be absorbed by upstream firms like ONGC and the fuel retailers.
A similar formula would apply to the Rs27.47 per litre loss on kerosene and Rs381.14 under-realisation on the sale of every 14.2-kg domestic LPG cylinder.
The government, the ministry feels, should cut customs duty on crude oil to zero from the current 5% and on diesel from 7.5% to 2.5%. Also, there should be a small reduction in excise duty.
With inflation at an uncomfortable 9%, a hike in the retail price of diesel should be kept to the bare minimum, the official said.
Without these measures, Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are together projected to lose Rs166,712 crore in revenues on selling diesel, domestic LPG and kerosene rates at government-controlled rates, which are way below the market price.
Oil firms also appear to have applied the brakes on a hike in petrol price after inflation in May topped 9.06%. Oil firms, which last month hiked petrol price by a steep Rs5 per litre, are losing Rs1.98 a litre on a commodity which was freed from government control last June.
Oil minister S Jaipal Reddy has held meetings with prime minister Manmohan Singh and Mr Mukherjee on early convening of a meeting of the EGoM, which is the decision-making body on fuel price revisions.
The EGoM has not met since June last year even though crude oil prices have spiralled upward by over 50%.
The basket of crude that India buys was worth around $70-$72 per barrel in June last year, but the same averages $111.54 a barrel in June this year.
The official said IOC, BPCL and HPCL currently lose about Rs490 crore per day on fuel sales.
The three state-owned oil marketing companies are virtually living off borrowed money as current realisation on fuel sales is not sufficient to meet the cost of importing raw material (crude oil).
The oil ministry has been pushing for an increase in diesel, domestic LPG and kerosene rates and wants the government to muster the political will to take the hard decision.
The EGoM was originally scheduled to meet on 11th May, but was postponed at the last moment. There was talk of an EGoM—which comprises representatives of all major allies in the ruling UPA—meeting on 9th June, but the meet was never scheduled for that day.