RCom falls for sixth-consecutive session; hits record low
Reliance Communications' share fell for the sixth-straight session to hit an all-time low on BSE, shedding 3.6 per cent after the Supreme Court upheld imposition of maximum penalty on the telecom giant for wrongly routing international calls through the BSNL network.
By HT Correspondent | PTI, Mumbai
UPDATED ON NOV 30, 2010 03:36 PM IST
Reliance Communications' share fell for the sixth-straight session to hit an all-time low on BSE, shedding 3.6 per cent after the Supreme Court upheld imposition of maximum penalty on the telecom giant for wrongly routing international calls through the BSNL network.
Anil Ambani-led RCom, which is already facing the allegations under the 2G spectrum row, witnessed another blow yesterday, reacting to which the firm share plunged by 3.64 per cent to a new low of Rs 123.05 in the early trade on the Bombay Stock Exchange. The scrip is under pressure and has lost by 14.46 per cent in the last five trading sessions. Similarly, RCom share at the National Stock Exchange tanked by 3.68 per cent to Rs 123.
Meanwhile, the 30-share benchmark Sensex was trading at 19,357.50, down 47.60 points from the previous close. Yesterday, the apex court upheld the imposition of the maximum penalty by BSNL on RCom for wrongly routing international calls through the state-run telco's network as local connections, tampering with Calling Line Identification (CLI) numbers.
Besides, the government yesterday said it will ask the Ministry of Corporate Affairs to investigate the CAG allegation that Swan Telecom, which got licences and spectrum in 2008, acted as a front company of Anil Ambani-led RCom.
RCom, on the other hand, has maintained that while it held a 9.9 per cent equity stake in Swan through Reliance Telecom till December 5, 2007, it had offloaded shares prior to the award of a telecom licence to Swan on January 10, 2008.
Jio buys most 4G spectrum as bids exceed govt expectations
By Ishita Guha
PUBLISHED ON MAR 02, 2021 11:35 PM IST
- Reliance Jio Infocomm Ltd, India’s largest telco, emerged as the top bidder, cornering roughly three-fourths of the spectrum sold in the two-day event.
Global airlines body says airlines faced crisis in January
Reuters, Paris
PUBLISHED ON MAR 02, 2021 11:18 PM IST
New variants of the coronavirus forced governments to tighten travel restrictions across the world, hurting the outlook for airlines.
Cess, surcharge shares doubled to 19.9% in FY 20-21: Report
PTI, New Delhi
PUBLISHED ON MAR 02, 2021 10:50 PM IST
Under the existing Finance Commission (FC) framework, the cesses and surcharges collected by the Centre are not part of the tax devolution.
BRICS bank grants over USD 1 billion Covid-19 assistance loan to China
PTI, Beijing
PUBLISHED ON MAR 02, 2021 10:31 PM IST
This is the second emergency loan for the same amount approved by the NDB to help China fight the pandemic.
Gold price drops to ₹44,760 per 10 gram, silver down too
By hindustantimes.com | Written by Meenakshi Ray, New Delhi
PUBLISHED ON MAR 02, 2021 09:46 PM IST
Gold prices have fallen nearly ₹11,000 since August last year when the yellow metal breached the all-time rate at ₹57,008 per 10 gram.
Exports dip marginally in February; trade deficit widens to USD 12.88 billion
PTI
PUBLISHED ON MAR 02, 2021 06:59 PM IST
Imports grew 6.98 per cent to USD 40.55 billion during the month, the data showed.
EPFO may declare interest rates on EPF deposits for 2020-21 on March 4
By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON MAR 02, 2021 06:24 PM IST
- In March 2020, EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20. The interest rate was 8.65% in 2018-19 and 8.55% for 2017-18. The interest rate was 8.65% in 2016-17.
Spectrum auction ends with ₹77,815 cr bids; Jio top buyer with ₹57,122 cr
PTI
PUBLISHED ON MAR 02, 2021 06:14 PM IST
Telecom Secretary Anshu Prakash said 855.60 MHz of spectrum was bought for ₹77,814.80 crore in the two-day auction.
Need to ensure that startups are not afraid of failure, says Piyush Goyal
PTI
PUBLISHED ON MAR 02, 2021 06:01 PM IST
The minister also said the need of the hour is to engage more with rural India also as there is a lot of talent lying there.
Fuel demand projected to rise 9.8% in year to March 2022
Reuters
PUBLISHED ON MAR 02, 2021 05:54 PM IST
Higher expectation of fuel consumption, a proxy for oil demand, points to a sharp recovery in industrial activity in the economy hit hard by the pandemic.
Krishna Institute of Medical Sciences files ₹700-cr IPO papers
PTI, New Delhi
PUBLISHED ON MAR 02, 2021 05:38 PM IST
Krishna Institute of Medical Sciences (KIMS) is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of the number of patients treated and treatments offered.
Plastic industry urges govt to streamline raw material supply
PTI, Mumbai
PUBLISHED ON MAR 02, 2021 05:22 PM IST
The plastics processing sector has sought immediate government intervention to ensure raw material supply by Indian petrochemical companies and free imports of raw material that are not produced in the country.
RBI restricting banks from raising stakes in insurance firms: Report
Posted by Kunal Gaurav | Reuters, Mumbai
PUBLISHED ON MAR 02, 2021 05:01 PM IST
The RBI wants banks to focus on their main areas of business instead of locking away capital in non-core sectors.
Delhi-based man arrested for GST fraud of ₹38.91 crore
By HT Correspondent | Edited by Smriti Sinha
PUBLISHED ON MAR 02, 2021 04:47 PM IST
The person had created a fake firm under his name and was linked to a multilayered network of 38 other fictitious entities to dupe the government by claiming fake ITC through bogus bills, said the finance ministry in a statement
Bharti Airtel buys airwaves worth $2.6 billion at spectrum auction
Bloomberg
PUBLISHED ON MAR 02, 2021 04:03 PM IST
The carrier, led by billionaire Sunil Mittal, acquired 355.45 megahertz airwaves across multiple spectrum bands for 186.99 billion rupees ($2.55 billion), according to a statement from the company Tuesday.