Companies & Sectors
SC orders telcos which did not participate in 2G auction to cease operations

Telecom companies which continued operation after cancellation of licences will pay fee as per reserved price fixed for fresh auction in November 2012

The Supreme Court on Friday ordered telecom companies whose licences were cancelled and did not participate in fresh auction for 2G spectrum will cease to operate immediately.


However, telecom companies which were successful in the fresh auction held on November 12 and 14, 2012 will be asked to start their services in the respective circles immediately, the court said.


“Telecom companies, which have been unsuccessful in the bidding and those after the cancellation of the licences did not participate in the fresh auction, are directed to cease from continuing operations forthwith and the successful bidders will immediately start in their respective circles,” the court said.


A bench comprising justices GS Singhvi and KS Radhakrishnan has directed that those telecom companies, which were allowed to continue operations after the scrapping of their licences by 2 February 2012 judgment, will have to pay the reserved price fixed for the licences in the first round of the auction held in November 2012.


The apex court by its interim orders had extended the deadline for them to continue with their operations.


The bench clarified that the apex court’s 2 February 2012 judgment will not be applicable on telecom companies holding the spectrum with 900 MHz band.


The bench also directed to immediately put on fresh auction the entire 2G spectrum for the licences cancelled by it.


In February last year, the Supreme Court had cancelled 122 telecom licences allotted by then telecom minister A Raja in 2008 and ordered fresh auction of 2G spectrum. Raja is accused of giving away precious spectrum as throwaway prices to several telecom companies.


Suzlon consolidated net loss widens Rs1,154.5 crore in Q3

Consolidated total income dropped 19.6% to Rs4,047.7 crore from Rs5,033.5 crore during the same period

Suzlon Energy, one of the largest wind turbine suppliers, reported a consolidated net loss of Rs1,154.5 crore in the third quarter of FY13, a four-fold increase compared to a loss of Rs286.5 crore in a year ago period due to lower total income.


Consolidated total income dropped 19.6% to Rs4,047.7 crore from Rs5,033.5 crore during the same period.


The wind turbine maker posted a consolidated forex loss at Rs47 crore during the quarter as against loss of Rs34.3 crore in the corresponding quarter of last fiscal.


Outstanding order book of the company stood at Rs41,546 crore (approximately 5.7 GW) as on 13 February 2013. The order intake for the October-December quarter stood at Rs8,097 crore (1,104 MW).


The Suzlon group secured firm order wins of approximately 2,631 MW year-to-date FY13 despite a very challenging operational environment.


Meanwhile, the company has decided to close its rotor blade and control panel manufacturing units at the Puducherry (Pondicherry) manufacturing facility.


“The decision follows on account of the challenges faced in industrial relations at the manufacturing facility coupled with logistical issues faced by the facility in handling multi-MW wind turbine components of increasing size and the current financial position of the company,” Suzlon said.


Tata Motors Q3 net profit tumbles 52% in third quarter

The company said the growth in revenue was on the back of strong demand, growth in volumes and favourable market mix at Jaguar Land Rover

Tata Motors on Thursday reported a 52.2% decline in consolidated net profit for the third quarter ended December 2012 at Rs1,636.01 crore compared to Rs3,422.7 crore in the same period last fiscal, Tata Motors said in a filing to the BSE. The company attributed the slump to weak demand.


Consolidated total income from operations stood at Rs46,089.5 crore during the third quarter as against Rs45,260.25 crore in the same period last fiscal.


The company said the growth in revenue was on the back of strong demand, growth in volumes and favourable market mix at Jaguar Land Rover (JLR).


On a standalone basis, the company had a net loss of Rs458.49 crore in the third quarter ended 31 December 2012 as against a net profit of Rs173.67 crore in the same period last fiscal.


Standalone total income from operations during the period under review stood at Rs10,630.09 crore as against Rs13,337.9 crore in the year-ago period.


During the third quarter, Tata Motors sold a total of 2,05,291 vehicles as against 2,31,328 units in the same period last fiscal.


JLR wholesales for the December quarter grew 9.9% over corresponding period last year to 94,828 units, Tata Motors said.


While Jaguar volumes for the period stood at 15,043 units, Land Rover volumes were at 79,785 units. Growth in volumes is driven by continued strong demand from China and sales of Range Rover Evoque and Freelander.


JLR revenues for the quarter were at 3,804 million pounds, up 1.5% from the corresponding quarter last year. Profit after tax for the quarter was at 296 million pounds as against 393 million pounds in the corresponding quarter last year, it added.

In the domestic market, commercial vehicles sales for the quarter ended 31 December 2012, stood at 1,38,963 units, driven by the LCV segment and passenger vehicles sales stood at 54,675 units.


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