The
second-largest IT services company in India Ltd., suffered a loss of
Rs. 36,000 crore for the company in market capitalization and saw a
sharp decline in share prices.
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Monday, April 15, 2013
Saturday, April 6, 2013
CCEA decontrols sugar; companies to save Rs 3,000cr
The
Cabinet Committee on Economic Affairs cleared partial decontrol of
sugar by abolishing the requirement for private sugar mills to sell a
specified amount of sugar to the government at concessional rates.
Prior to this notification, sugar collected at concessional rates was
distribution under the Public Distribution System. Now sugar industry
will be able to sell large quantities on a commercial basis. The removal
of the levy sugar burden is expected to save around Rs 3,000 crore.
It is learnt that the decontrol is largely in line with recommendations made by the Rangarajan committee .
levy sugar system, millers were required to contribute 10 percent of their output to the Centre for running ration shops at cheaper rate.
The Centre will continue to provide sugar to the poor under the Public Distribution System (PDS) at the current issue price of Rs. 13.50 per kg. For this, the States will be free to purchase through a transparent system at the current ex-factory price of Rs. 32 per kg which has been capped for two years. The difference between the purchase price and the issue price will be borne by the government.
It is learnt that the decontrol is largely in line with recommendations made by the Rangarajan committee .
levy sugar system, millers were required to contribute 10 percent of their output to the Centre for running ration shops at cheaper rate.
The Centre will continue to provide sugar to the poor under the Public Distribution System (PDS) at the current issue price of Rs. 13.50 per kg. For this, the States will be free to purchase through a transparent system at the current ex-factory price of Rs. 32 per kg which has been capped for two years. The difference between the purchase price and the issue price will be borne by the government.
Thursday, April 4, 2013
Vodafone to pay a fine of Rs.104 cr.
Telecom
Minister Kapil Sibal has approved the recommendation by two internal
committees of the Department of Telecom that a fine of Rs.104 cr. be
imposed on Vodafone for its alleged violation of the licence conditions
for call routing.
Wednesday, April 3, 2013
Optic fibre joins Ambani’ s
Mukesh
Ambani’s Reliance Jio Infocomm will use the nationwide optic fibre
network of Anil ambani’s Reliance Communications Ltd. for a one-time fee
of Rs. 1,200 crore.
Eight years after parting ways, Mukesh Ambani and Anil Ambani on Tuesday started a business collaboration that would allow Reliance Jio Infocomm, controlled by Mukesh, to use the nationwide optic fibre network of Anil’s Reliance Communications Ltd. for a one-time fee of Rs. 1,200 crore.
When the Reliance group partitioned in 2005, Mukesh Ambani got Reliance Industries while telecom business along with power, infrastructure and finance went to Anil Ambani.
The ambanies amended the non competing agreement which allowed Reliance Industries entered telecom by buying Infotel Broadband Services Ltd. that owned radio-wave spectrum for high-speed broadband services.
Reliance Jio Infocomm Ltd is now all set to launch 4G services, by using the optic fiber network The telecom venture, now called Reliance Jio Infocomm Ltd., is preparing to launch 4G services, which would be served by accessing the optic fibre network.
However the mobile phone companies consider it as a backdoor entry into the cellular market which opted for an internet-only licence.
Eight years after parting ways, Mukesh Ambani and Anil Ambani on Tuesday started a business collaboration that would allow Reliance Jio Infocomm, controlled by Mukesh, to use the nationwide optic fibre network of Anil’s Reliance Communications Ltd. for a one-time fee of Rs. 1,200 crore.
When the Reliance group partitioned in 2005, Mukesh Ambani got Reliance Industries while telecom business along with power, infrastructure and finance went to Anil Ambani.
The ambanies amended the non competing agreement which allowed Reliance Industries entered telecom by buying Infotel Broadband Services Ltd. that owned radio-wave spectrum for high-speed broadband services.
Reliance Jio Infocomm Ltd is now all set to launch 4G services, by using the optic fiber network The telecom venture, now called Reliance Jio Infocomm Ltd., is preparing to launch 4G services, which would be served by accessing the optic fibre network.
However the mobile phone companies consider it as a backdoor entry into the cellular market which opted for an internet-only licence.
Gold tariff value hiked
The
Central Board of Excise and Customs increased the imports duty of
gold to $521 per 10 grams from $516 per 10 grams in March. The import of
gold is one of the main reason for widening current account deficit
(CAD).
The tariff value for silver, however, has been lowered to $920 from $930 a kg.
The tariff value for silver, however, has been lowered to $920 from $930 a kg.
Extension of the existing container terminal at Visakhapatnam port
Extension
of the existing container terminal at Visakhapatnam port
The Cabinet Committee on Economic Affairs has approved the project
related to extension of the existing container terminal at Visakhapatnam
port on Design, Build, Finance, Operate and Transfer (DBFOT) basis for a
period of 30 years at an estimated cost of Rs. 633.11 crore.
The project would enhance the container handling capacity of Visakhapatnam port from 0.4 Million TEUs (Twenty Foot Equivalent Units) to 1 Million TEUs.
The project will be taken up for implementation under the Private Public Partnership (PPP) mode to be awarded on the highest Royalty basis. The entire investment on the project will be made by the concessionaire. The project will be completed within 24 months from the date of award of the concession.
The project would enhance the container handling capacity of Visakhapatnam port from 0.4 Million TEUs (Twenty Foot Equivalent Units) to 1 Million TEUs.
The project will be taken up for implementation under the Private Public Partnership (PPP) mode to be awarded on the highest Royalty basis. The entire investment on the project will be made by the concessionaire. The project will be completed within 24 months from the date of award of the concession.
ADB loan of $252-million for continued improvement of rural roads in five States
India
made an agreement with Asian Development Bank (ADB) for continued
improvement of rural roads in Assam, Chhattisgarh, Madhya Pradesh,
Odisha and West Bengal. India will $252-million loan from ADB under the
‘rural connectivity investment programme. It is a part of $800 million
financing facility under the ‘rural connectivity investment programme
which aims to 3,461 km of all-weather rural roads in these States.
The first tranche of the loan, expected to be completed in December 2015 from the ADB’s ordinary capital resources, has a 25-year term, including a grace period of five years, a commitment charge of 0.15 per cent per year and an interest rate to be determined in accordance with the Manila-based institution’s LIBOR (London Interbank Offered Rate) -based lending facility.
The first tranche of the loan, expected to be completed in December 2015 from the ADB’s ordinary capital resources, has a 25-year term, including a grace period of five years, a commitment charge of 0.15 per cent per year and an interest rate to be determined in accordance with the Manila-based institution’s LIBOR (London Interbank Offered Rate) -based lending facility.
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