BSNL Latest News By Ashok Hindocha M-9426201999

www.bsnlnewsbyashokhindocha.blogspot.com M-9426201999
1.
BSNL board approves Pitroda panel report on 30% stake sale From: mukesh vaghela

2.
BSNL selloff plan gets off the ground From: mukesh vaghela

3.
BSNL Drops 3G Data Card Rates Across India: Tariff War? From: mukesh vaghela

4.
BSNL May Launch PE Fund: Report From: mukesh vaghela

5.
Miscreants snatch money from man in Civil Lines From: mukesh vaghela

6.
7 PSUs already in the mix for next yr From: mukesh vaghela

7.
3G mobile services launched in Guntur From: mukesh vaghela

8.
DMK MP violating code’ From: mukesh vaghela

9.
BSNL 3G in Kanniyakumari & yet to cover 38 cities From: mukesh vaghela

10.
Cisco trims WiMAX focus; will provide only IP packet core and WiMAX From: mukesh vaghela

11.
Only 2 divestments to close in Q1, FY11: Govt Official From: mukesh vaghela

12.
BSNL's non-cellular business incurs Rs. 4,963 Crore loss From: mukesh vaghela

13.
Divestment roster for next fiscal by April From: mukesh vaghela

14.
Auto stocks drift lower on profit taking From: mukesh vaghela

15.
Selloff in 12-15 CPSUs next fiscal: Finmin From: mukesh vaghela

16.
It’s ringing, finally! From: mukesh vaghela

17.
Himachal to crackdown on illegal mobile towers From: mukesh vaghela

18.
Save a life’ Kohima concert on April 9 From: mukesh vaghela

19.
MNP facilitator gets MHA clearance From: mukesh vaghela

20.
India Minister: No Plan To Auction Bandwidth For Mobile TV, 4G Servi From: mukesh vaghela

21.
Rs 9175 Cr for defence network From: mukesh vaghela

22.
Apalya Gets IPL 3 Global Mobile Live Streaming Rights For 3 Years; S From: mukesh vaghela

23.
Indian 3G Subscribers Base to Hit 60 Million by 2013 From: mukesh vaghela

24.
india hopes reach its Rs. 40,000 crore target in Disinvestment From: mukesh vaghela

25.
Punjab to tame wayward telecom towers From: mukesh vaghela

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1.
BSNL board approves Pitroda panel report on 30% stake sale
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:21 pm


NEW DELHI/MUMBAI: The board of state-owned telco BSNL on Wednesday gave an in-principle approval to the Sam Pitroda committee report that called for a 30% stake sale in the PSU, but said that the government should take the final call on the quantum of stake to be divested. The board has now put the ball in the government’s court asking it to decide on implementing the 15-point formula recommended by the panel to revive the public sector company.

“...we have asked the government to decide on the stake that has to be divested,” BSNL chairman and managing director Kuldeep Goyal told ET after the board meet.

This marks the third instance of the BSNL board clearing the stake sale. Since 2007, BSNL has twice approved the proposal to divest 10% stake in the company but the telco has been unable to go ahead with the same due to stiff opposition from its employee unions.

Earlier this month, the Sam Pitroda panel had recommended a strategic stake sale and staff cut by a third to revive the flagging fortunes of state-owned BSNL. The government should sell a 30% stake in the company through an IPO and also raise funds from the sale of its infrastructure, such as signal towers and real estate, Pitroda had said. Earlier this year, Prime Minister Manmohan Singh, worried about the steep decline in BSNL’s profitability over the years, called in Pitroda to head a committee with banker Deepak Parekh and telecom secretary PJ Thomas as members and suggest measures for revival.

While the Pitroda committee had recommended that the telco use the funds from the share sale to retire about a third of its 3 lakh employees, through best possible processes like voluntary retirement scheme (VRS) and induct young talent in technology and customer services, the board has again asked the communications ministry to decide on the number of employees who should be retired through this option.

‘The board has accepted that select cadres in certain divisions can be given VRS, but there has been no decision on the numbers. These will be finalised after consultations,” Mr Goyal added.

http://economictimes.indiatimes.com/news/news-by-industry/telecom/BSNL-board-approves-Pitroda-panel-report-on-30-stake-sale/articleshow/5669867.cms

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2.
BSNL selloff plan gets off the ground
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:21 pm


NEW DELHI: The government has set the ball rolling for listing of telecom behemoth BSNL. The department of disinvestment (DoD) is writing a letter
to the department of telecom, seeking to know the listing plans for BSNL.

The DoD is keen to see at least 10% disinvestment of government stake in the company in the coming fiscal. A top level committee had also recently suggested that the government should divest 30% stake in the telecom PSU that is struggling in the face of aggressive competition from private players.

“We would like the department of telecommunications to firm up its plans on divesting stake in BSNL soon. If we get the go ahead from them, then we would like to launch the initial public offering of the PSU in the second half of 2010-11,” a senior government official told ET.

The DoD, which is finalising the roadmap for the government’s stake sale programme for 2010-11, is of the view that given BSNL’s poor financial health, it is essential to list it on the bourses soon.

“This will not only bring in some revenue to the government but will also help BSNL. Listing on the bourses helps PSUs take decisions faster and compete with the private sector,” the official added.

Apart from BSNL, the government is keen to divest stake in about 10 other PSUs in 2010-11, including Satluj Jal Vidyut Nigam, Engineers India, Hindustan Copper, Steel Authority of India and Manganese Ore India, as it looks to meet a target of Rs 40,000 crore from stake sales. The issue was also flagged by the Sam Pitroda Committee in its recent report on restructuring operations of the PSU. It had suggested that for the company to compete with private players, the government needs to divest 30% stake in BSNL either through an initial public offering or through a strategic sale.

In recent years, the company has been rapidly losing market share because of its inability to add capacity. In 2008-09, its profits amounted to a mere Rs 575 crore on revenues of Rs 35,811.92 crore. In a major blow to its expansion plans, BSNL recently scrapped the controversial tender for 93 million GSM lines.

Incidentally, the BSNL Board had cleared a plan to divest 10% through an initial public offering in 2008 as well, but the move was shelved because of opposition from the employee unions. The stake sale was expected to raise about Rs 10,000 crore.
http://economictimes.indiatimes.com/news/news-by-industry/telecom/BSNL-selloff-plan-gets-off-the-ground/articleshow/5669870.cms

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3.
BSNL Drops 3G Data Card Rates Across India: Tariff War?
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:22 pm


Don’t you just love price wars? BSNL, the government owned telecom operator, has thrown down the gauntlet by launching 3G EVDO plans that substantially lowers access charges for consumers on the move. Though it’s a pan-India launch, though we’re not sure if Delhi or Mumbai are a part of the plan, since BSNL doesn’t service these cities; sister concern MTNL does. BSNL claims this is a pan-India offer, but doesn’t specify which cities will receive the 3.1 mbps speed, and which will switch to lower speeds. So far, 3G is about data cards in India.
Frankly, I’m tempted to switch: just got my RCOM data card bill last night, it’s a connection I rarely use, since there’s broadband + WiFi at home and in the office, and I’m paying Rs. 650 for a 1 GB/month plan. For the same plan with BSNL, I would be paying less than half that much, at Rs. 299.
Does BSNL have excessive under-utilized 3G bandwidth to spare? Sure looks like it: BSNL appears to be encouraging users to take the unlimited plan, which will cost Rs. 750 per month for users who sign up until the end of March 2010, after which it will increase to Rs. 999 per month. In case of the other EVDO service providers, unlimited isn’t really unlimited: there’s an unfair “Fair Usage” clause.
Another thing to keep in mind is the customer care: I’ve been using my Reliance Broadband Data card since yesterday because my MTNL broadband connections have been iffy for four days, and no one’s come to fix it. Thus I’m sceptical about the customer care offered by PSUs. Tata Photon was never an option for me, after my horrendous experience with their (lack of) customer care a few years ago. In contrast, in three years, I’ve never once needed assistance with the RCOM data card. Maybe they’ll lower rates too.

http://www.medianama.com/2010/03/223-bsnl-3g-data-card-tariff-evdo/

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4.
BSNL May Launch PE Fund: Report
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:23 pm


Telecom firms appear to be training their sights on private equity play.
State owned telecom operator Bharat Sanchar Nigam Limited (BSNL) is planning to launch either a private equity or a venture capital fund to invest in start-ups in technology and IT space, reports the Economic Times.
The move, if materialises, will witness the telco joining Bharti Airtel Ltd, which runs a similar venture capital fund called Bharti Airtel Innovation Fund. Bharti Fund has a corpus of Rs 200 crore, and invests in companies in technology, media and telecommunications space.
The suggestion of forming a fund came from a three-member committee, which was set up by the prime minister’s office to review the performance of the PSU, the report added. BSNL currently has Rs 35,000 crore cash in reserve, and is looking for several options to invest in, apart from launching a fund.
However, the firm has to receive approval from the ministry of telecommunication as well the finance to go ahead with the plan. Besides equity investments, the proposed fund is likely to invest in new joint ventures of the PSU. BSNL is exploring opportunities in sectors such as government, defence, education, health, agriculture and energy, among others for possible joint ventures, the report added.
Reliance Venture Asset Management (previously Reliance Technology Ventures Ltd) is one such fund investing in technology start-ups, though it is not directly linked with its telecom business Reliance Communication, unlike Bharti fund. Reliance Venture Asset Management is the corporate venture capital arm of Reliance ADA Group.


http://www.vccircle.com/500/news/bsnl-may-launch-pe-fund-report

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5.
Miscreants snatch money from man in Civil Lines
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:25 pm


ALLAHABAD: Making a mockery of law and order in the city, two motorcycle borne miscreants looted Rs one lakh from a man near All Saints Cathedral, situated at a stone's throw distance from the Civil Lines police station, on Wednesday.

Inspector, Civil Lines police, said the victim -- Radhay Shyam, a retired employee of BSNL -- was looted when he was returning home after withdrawing money from a bank. The miscreants were probably following Shyam from the bank and as soon as they found the opportunity they snatched Shyam's bag and escaped.

As the victim failed to raise an alarm, the passersby failed to take note of the miscreants despite the fact that the incident occurred on a crowded road.

The police are investigating the case.
http://timesofindia.indiatimes.com/city/allahabad/Miscreants-snatch-money-from-man-in-Civil-Lines/articleshow/5660414.cms

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6.
7 PSUs already in the mix for next yr
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:26 pm



Even as the department of disinvestment is seeking co-operation from other ministries for the disinvestment road map for 2010-2011, preliminary leg work has indicated that as many as seven public sector undertakings are already part of the shortlist for next year. Even though the government plans to hit the market with 12-15 disinvestment issues next year a few companies are already under serious consideration. These include BSNL, Coal India, Hindustan Copper, Power Grid Corporation of India Limited (PGCIL), Engineers India Limited (EIL) and SAIL.
The plan is to divest 10 per cent stake in each of these companies in the coming fiscal and the ground work has already started as the filing process under regulatory norms of the Securities and Exchange Board of India (Sebi) needs to be done. “We also need to see whether more shares need to be issued in the case of some PSUs in line with their expansion plans,” a senior government official said.


Even as the department of disinvestment is seeking co-operation from other ministries for the disinvestment road map for 2010-2011, preliminary leg work has indicated that as many as seven public sector undertakings are already part of the shortlist for next year. Even though the government plans to hit the market with 12-15 disinvestment issues next year a few companies are already under serious consideration. These include BSNL, Coal India, Hindustan Copper, Power Grid Corporation of India Limited (PGCIL), Engineers India Limited (EIL) and SAIL.
The plan is to divest 10 per cent stake in each of these companies in the coming fiscal and the ground work has already started as the filing process under regulatory norms of the Securities and Exchange Board of India (Sebi) needs to be done. “We also need to see whether more shares need to be issued in the case of some PSUs in line with their expansion plans,” a senior government official said.


http://www.indianexpress.com/news/7-PSUs-already-in-the-mix-for-next-yr/589322

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7.
3G mobile services launched in Guntur
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:27 pm


Guntur: TN Sudhindra kumar, cheif general manager, BSNL, AP Telecom circle, Hyderabad today launched the 3G mobile services in Guntur.
The 3G services are launched initially for Guntur city with 26 towers and another ten will be added shortly.
Equipment is being installed for providing 3G coverage along the Guntur-Vijayawada and Vijayawada-Baptla railway lines.
The chief general manager said BSNL plans to cover initially 29 cities/towns in Andhra with 3G mobile services and that at least 50,000 connections are expected to be obtained by this year end.

http://www.dnaindia.com/india/report_3g-mobile-services-launched-in-guntur_1357731

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8.
DMK MP violating code’
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:27 pm


DHARMAPURI: Pattali Makkal Katchi (PMK) founder Dr S Ramadoss has alleged that in the run-up to the by-poll in the Pennagaram Assembly constituency, DMK MP R Thamaraiselvan inaugurated BSNL towers at several villages there on Tuesday, a violation of the Election Commission’s code of conduct.
He urged the EC to initiate action against the MP and the BSNL officials.
Speaking to journalists here on Wednesday, Ramadoss said the ruling party had been repeatedly violating the code of conduct by distribution of freebies to garner votes. Although the PMK had made several complaints in this regard, the EC had not taken any action.
He also alleged that the Dharmapuri Superintendent of Police R Sudhakar, Additional SP Saravanan and Assistant Returning Officer D Ponraj were puppets in the hands of Food Minister E V Velu, who had been attempting to smear the PMK’s campaign. He demanded the suspension of these officials until the by-poll wasover.

http://www.expressbuzz.com/edition/story.aspx?Title=%E2%80%98DMK+MP+violating+code%E2%80%99&artid=4FHxW3BnDgU=&SectionID=vBlkz7JCFvA=&MainSectionID=fyV9T2jIa4A=&SectionName=EL7znOtxBM3qzgMyXZKtxw==&SEO=

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9.
BSNL 3G in Kanniyakumari & yet to cover 38 cities
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:28 pm


Chennai was first to get BSNL 3G among South Indian states and now the southernmost tip of the Indian Peninsula, Kanniyakumari is also vibrated with BSNL 3G services. Cities like Erode, Ooty, Nagercoil, Coimbatore, Ooty and Conoor got the 3G services recently.
BSNL is planning to launch its 3G services in 38 cities, including Kodaikanal and Hosur, in the state and decided to launch 3G in Thanjavur and Tiruvarurmostly by March end. BSNL 3G services has covered 335 cities in India.
As 3G are the next generation GSM mobile technology it brings high speed data access at 3.5 G HSDPA speed, video calling, online gaming, video conferencing,music download and multi-media services such as watching streamed videos and satellite television programmes live at low tariff.


http://www.cellbharat.com/blog/6212/bsnl-3g-in-kanniyakumari-yet-to-cover-38-cities/

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10.
Cisco trims WiMAX focus; will provide only IP packet core and WiMAX
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:29 pm


Networking major Cisco is realigning its business strategy following which it has decided to completely strop producing WiMAX base stations. Cisco now aims to focus on only offering IP packet core and WiMAX edge radio technology solutions such as femtocells and Wi-Fi.
Cisco’s move is widely perceived to be the obvious strategy since acquiring Starent Networks for $ 2.9 billion. Starent’s competency includes proving IP packet core solutions.
In fact Cisco’s WiMAX foray way back in 2007 was mainly driven by its acquisition of Navini Networks.
The company says that it will now focus on providing a radio-agnostic IP end-to-end mobile multimedia services network.
Cisco has recently bagged BSNL’s WiMAX franchisee contract for urban areas in eight circles. Its local partner for the project is Teracom.

http://www.telecomtiger.com/WiMAX_fullstory.aspx?passfrom=WiMAX&storyid=8623§ion=S214

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11.
Only 2 divestments to close in Q1, FY11: Govt Official
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:30 pm


A government official has said only two divestment issues were likely to be closed in the first quarter of FY11 but he sees a pick up in PSU divestment from the second quarter onwards. Ten to twelve PSU share sales are likely in FY11, he added, reports CNBC-TV18.

The government, he said, was currently considering a 10% share sale in BSNL by April. Preparation for the BSNL issue as well as the audit will take place in 8-12 months, he added.
The official further said that the government would try to push through Engineers India FPO this June. Satluj Jal Vidyut Nirman will take place in April.
The Oil Ministry he said was likely to take call on Indian Oil share sale in September, but added that there was no divestment planned or Oil and Natural Gas Corp ONGC, HPCL.
"The government has no immediate plans to sell stake in state-run ONGC, Oil Secretary S Sundareshan told reporters. "This is not the correct market time anyway," he said.


http://www.moneycontrol.com/news/business/only-2-divestments-to-closeq1-fy11-govt-official_445868.html

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12.
BSNL's non-cellular business incurs Rs. 4,963 Crore loss
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:31 pm


New Delhi: BSNL has incurred losses of Rs. 4,963.6 crore from its non-cellular business, which mainly constitutes its fixed line and broadband offerings, junior minister for communications and IT Gurudas Kamat informed Lok Sabha on Monday, reports Economic Times.

However, despite registering massive losses from its landline business, data accessed by Economic Times shows that the company recorded a profit of Rs. 575 crore in 2008-09. For the year ended March 2009, its total revenues were at Rs. 35,811.9 crore - profits had nosedived 81 percent and revenues fell six percent when compared to last year. In 2008-09, BSNL's interest income from its cash reserves was about Rs. 3,900 crore.

In the same period, its total other income from non-telecom related activities was a little over Rs. 5,000 crore. This means that the PSU's other income has covered up its losses from landline and cellular business completely. Besides, it also reveals that the telco is not making any profits whatsoever from its cellular business, the primary revenue platform for other communication firms. BSNL also gets government support of Rs. 2,000 crore annually from the Universal Obligation Fund.

According to Economic Times, if not for this subsidy, BSNL's losses from its non-cellular businesses would be at Rs. 7,000 crore for last fiscal. Kamat, in his written reply also told the Lok Sabha that the telco's non-cellular business had recorded an expenditure of Rs. 21,819.9 crore in 2008-09, as against an expenditure of Rs. 26,656.7 crore - this left it with a deficit or an operating loss of Rs. 4,836.7 crore. This combined with adjustments from previous years has resulted in total losses from this segment at Rs. 4,963.6 crore, the junior minister's reply added.

http://www.siliconindia.com/shownews/BSNLs_noncellular_business_incurs_Rs_4963_Crore_loss-nid-66070.html

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13.
Divestment roster for next fiscal by April
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:31 pm


New Delhi, March 10: The government plans to divest stakes in around 15 firms next fiscal to meet the budget’s selloff target of Rs 40,000 crore.
The sales will be either through initial public offerings or follow-on issues.
“The road map will be prepared by April-end. We have earmarked 12-15 companies. We will have to raise Rs 40,000 crore, so it will be 12-15 companies,” Sidhartha Pradhan, joint-secretary in the department of divestment, said.
According to Pradhan, Satluj Jal Vidyut Nigam (SJVNL) will hit the markets in April, followed by Engineers India Ltd (EIL) in around May-June, SAIL in August-September and Coal India towards the end of the year.
The cabinet has cleared EIL’s proposal, while Satluj’s plans are at a more advanced stage — it has filed an application before Sebi for an IPO and expects approval by the end of this month.
On whether BSNL was on the divestment agenda for the next fiscal, Pradhan said, “Yes, it could (BSNL divestment). We are waiting for the telecom ministry to formally tell us the extent of divestment.”
Other blue chip firms on the list include Coal India Ltd, Rail India Technical and Economic Services, Cochin Shipyard, Telecommunications Consultants India and Manganese Ore India Ltd.
The budget has raised the revenue target from the sale of government equity in PSUs to Rs 40,000 crore in 2010-11 from Rs 25,000 crore in the current fiscal. The government wants to dilute its stake in listed firms to meet the Sebi guideline of placing 10 per cent of shares with the public. As part of this move,MMTC, Hindustan Copper, Rashtriya Chemicals, National Fertilizers, and State Trading Corporation are on the selloff roster.

http://www.telegraphindia.com/1100311/jsp/business/story_12203319.jsp

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14.
Auto stocks drift lower on profit taking
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:31 pm


* The key benchmark indices recovered after hitting fresh intraday lows in early trade. The BSE 30-share Sensex was down 6.85 points or 0.04%, up close to 40 points from the day's low and off close to 30 points from the day's high. Asian stocks fell as Chinese economic data sparked fresh worries of further tightening measures from Beijing. Metal stocks fell on decline in metal prices on the London Metal Exchange on Wednesday, 10 March 2010. Auto stocks also declined. But IT stocks rose on positive economic data in the US. Index heavyweight Reliance Industries pared early gains. The market breadth turned negative from positive.
The market moved between positive and negative territory near the flat line in early trade. The Sensex recovered from lower level in morning tradeafter hitting a fresh intraday low
The government will today unveil data on some wholesale price indices for the year through 27 February 2010 viz. the food price index, the primary articles index and the fuel price index at 12:00 IST. The wholesale price inflation is unlikely to touch double digits by end-March, M. Govinda Rao, a member of the Prime Minister's Economic Advisory Council, said on Wednesday. The wholesale price index inflation, reached 8.56 % in January 2010.
Chief Economic Advisor Kaushik Basu on Tuesday, 9 March 2010, said inflation would ease by April 2010, with low fiscal deficit and a good rabi (winter) crop improving food supplies. In a couple of months, the slightly lower fiscal deficit will begin to counter inflation, he added. Speaking on the sidelines of a conference in New Delhi Basu said inflation is likely to average 4% in the current financial year.
The government will unveil industrial output data for January 2010 on Friday, 12 March 2010. Industrial production is expected to rise more than 16% in January 2010 from a year earlier. Industrial output rose at a robust 16.8% in December 2010
A strong rise in the output, a 7.2% government growth forecast for the 2009-10 financial year and inflation worries would make for a strong case for the central bank to hike benchmark rates like repo and reverse repo rates at its April policy review.
Market expectations regarding a possible rate hike in April remain unchanged, after the Reserve Bank of India (RBI) resorted to a sharper than expected 75 basis point hike in cash reserve requirements for banks at its January meeting. Market watchers expect the RBI's next move will be to raise both its benchmark lending and borrowing rates rates by at least 25 bps each to 5% and 3.50% respectively.
But the newly elected president of industry body FICCI Rajan Bharti Mittal said on Monday there's no room for hardening of interest rates and the Reserve Bank of India should maintain status quo on the rates to allow the industry to make fresh investments. He added that fresh investment announcement have begun across sectors and further increase in interest rates will only hamper economic growth.
Reserve Bank of India (RBI) Governor D Subbarao on Monday, 8 March 2010, said inflation should moderate in the coming months. He said the central bank will ensure that interest rate levels do not have a negative impact on the competitiveness of the economy. Should India need to manage inflationary expectations, the central bank could turn to its traditional mix of policy tools including use of both liquidity and cash reserve requirements, he said.
Finance minister Pranab Mukherjee's budgetary proposals late last month offered a progressive cut in fiscal deficit over the next three fiscal years, changed personal tax rates lifting disposable incomes in the hand of individuals and reduced surcharge on corporate tax for domestic companies to 7.5% from 10%.
Meanwhile, the follow-on public offer (FPO) of iron ore miner NMDC received tepid initial response. The issue was subscribed 17% on the first day of the issue on Wednesday. There was not a single bid from foreign funds on the first day. The government is divesting 8.38% stake in NMDC through the FPO as a part of its aggressive divestment drive to raise funds in a bid to bring fiscal deficit down. The company's FPO will close on Friday, 12 March 2010. The price band has been fixed between Rs 300 and 350.
Meanwhile, the board of state-owned telecom company Bharat Sanchar Nigam (BSNL) on Wednesday cleared a proposal for the divestment of 30% government equity in it, as suggested by a committee set up under Sam Pitroda, the prime minister's telecom and infrastructure advisor. The board also accepted the three-member Pitroda panel's proposal to reduce BSNL's 300,000 staffers by a third. In addition, it accepted the Pitroda recommendation to have a contract-based appointment system for top management, separate positions for MD and CEO and a formation of an advisory board.
Going ahead, the key triggers for the stock market are structural reforms such as decontrol of petrol and diesel prices, targeting of food subsidies, and financial sector reforms such as increase in foreign direct investment in insurance sector.
Meanwhile, the fourth and the last installment of advance tax by India Inc due on 15 March 2010 will give a broad indication of fourth quarter earnings.
National Stock Exchange (NSE) and Singapore Exchange have signed a preliminary agreement to explore possible listing of more India-linked products on the latter, the NSE said in a release late Wednesday. Both exchanges aim to explore future collaboration in the expansion, development and promotion of India-linked products and services to be listed on Singapore Exchange, the NSE said. The NSE said these products may include equity and other asset classes and the two exchanges would also look into a bilateral securities trading link to enable investors in one country to trade on the other country's exchange.
Asian stocks fell on Thursday as investors fretted over tighter monetary policy in China on the back of strong loan growth and quickening inflation, while the yen struggled amid signs that Japan's economy may need more support. Japan's Nikkei rose 0.47%. The government reported Thursday that Japan's economy, the world's second biggest, expanded at a slower pace in the final three months of last year than initially estimated.
The Shanghai composite index fell 0.64% reversing early gains. China's inflation spiked in February 2010, driven by a surge in food prices, raising the chances of Beijing taking more steps to cool the country's economic recovery. South Korea's benchmark index Kospi fell 0.08% after the country's central bank left its key interest rate at a record low Thursday.
China's industrial production in the first two months of the year expanded 20.7% from a year earlier, picking up from an 18.5% rise in December 2009. That exceeded median estimates of 19.5% for the period.
In other Asian markets, the key benchmark indices in Hong Kong, Indonesia and Taiwan fell by between 0.13% to 0.35%.
Trading in US index futures indicated Dow could fall 33 points at the opening bell on Thursday, 11 March 2010.
US stocks closed higher on Wednesday, 10 March 2010 led by financials and technology stocks. Staples and telecoms were the biggest decliners. The Dow closed flat at 10,567. The Nasdaq Composite index rose 0.75% and the S&P 500 index gained 0.45%. In economic news, wholesales inventories unexpectedly fell 0.2% in January as sales rose to their highest level since October 2008. In other data, mortgage applications rose last week even as mortgage rates rose.
The industry output figures for Italy and France were stronger than expected in January but analysts said there was little in the data to suggest a broader pick-up in euro zone economic growth.
The Greek economy is set to shrink by more than expected this year, the government said on Wednesday, as it braced for nationwide strikes protesting its plans for bringing the country's budget deficit under control.
Close home, at 10:20 IST, the BSE 30-share Sensex was down 6.85 points or 0.04% to 17,091.81. The index rose 26.72 points at the day's high of 17,125.05 in early trade. The Sensex lost 44.05 points at the day's low of 17,054.26 in early trade.
The S&P CNX Nifty was down 1.90 points or 0.04% to 5114.30.
The market breadth, indicating the overall health of the market turned negative. On BSE, 1097 shares declined as compared with 1005 that advanced. A total of 88 shares remained unchanged. The breadth was positive in early trade.
Among the 30-member Sensex pack, 19 fell while the rest advanced.
The BSE Mid-Cap index rose 0.15% and the BSE Small-Cap index rose 0.21%.
Index heavyweight Reliance Industries (RIL) advanced 0.09% to Rs 1009, adding to Wednesday's 1.8% gains. But the stock came off the day's high of Rs 1016. As per reports, RIL is close to striking hydrocarbon at its Palar deepwater block in the Cauvery basin. In the Palar block, RIL is said to be testing a well. The hydrocarbon success would be known only after testing is completed.
Auto stocks fell on profit taking. India's largest bike maker by sales Hero Honda Motors fell 0.82% to Rs 1914.05. It had hit a all time high of Rs 1940 on Wednesday, 10 March 2010. Hero Honda has shortlisted Karnataka as one of the states for setting up its fourth manufacturing plant. Hero Honda Motors has reportedly proposed an investment of Rs 2,000 crore for the upcoming plant.
India's largest truck maker by sales Tata Motors fell 0.57%. The stock fell 3.24% on Tuesday after Germany's Daimler AG offloaded its entire stake in Tata Motors in bulk deals. Daimler AG sold its entire about 2.56 crore shares at an average price of Rs 751.67 in Tata Motors through various bulk deals on Tuesday, 9 March 2010.
Tata Sons, the holding entity for Tata Group firms, and Citigroup have acquired a total of 86.5 lakh shares of Tata Motors from Germany's Daimler AG. Tata Sons bought 40 lakh Tata Motors shares at Rs 750 each, while Citi bought 46.5 lakh shares at Rs 752.41 each
India's largest tractor maker by sales Mahindra & Mahindra (M&M) fell 0.96%. Mahindra & Mahindra is reportedly in talks with the Sonalika group to pick up a stake in the unlisted firm's unit which makes sports utility vehicles.
India's largest car maker by sales Maruti Suzuki India fell 0.39%, extending Wednesday's 1.34% losses on fears of rise in competition after rival firm Ford on Tuesday entered the small car market with 'Figo'.
IT stocks rose on upbeat US economic data. US is the biggest market for Indian IT firms. India's third largest software services exporter by sales Wipro rose 0.65%. India's second largest software services exporter by sales Infosys rose 0.27%
India's largest software services exporter by sales Tata Consultancy Services (TCS) gained 0.48% extending Wednesday's 1.49% rise. Girja Pande, TCS's Asia-Pacific chairman reportedly indicated that the company hopes to quadruple its market share in Asia outside India within five to seven years.
Metal stocks edged lower as a gauge of six metals traded on the London Metal Exchange, fell 0.94% on Wednesday, 10 March 2010. Tata Steel, Jindal Steel & Power, Hindustan Zinc, Sterlite Industries, Hindalco Industries fell by between 0.48% to 1.78%.
State-run miner NMDC fell 2.86% after the company's follow-on offering (FPO) received a tepid response on the first day of bidding on Wednesday, 10 March 2010.
Infrastructure developer Man Infraconstruction was trading at Rs 372.60 on the BSE, a 47.9% premium over the initial public offer price of Rs 252. The stock debuted at Rs 335, a 32.9% premium over the initial public offer (IPO) price.
Simplex Projects rose 6.51% after the company signed a contract to build a multi-level car parking facility in Guwahati, estimated to cost Rs 40 crore.
Gammon India rose 3.47% after the company secured a Rs 632-crore project from Delhi Tourism and Transportation Development Corporation.
Wintac galloped 9.77%, after the company said its board will meet on 18 March 2010 to consider the issue of equity shares on rights basis.

http://www.bloombergutv.com/stock-market/stocks/commentary/380204/auto-stocks-drift-lower-on-profit-taking.html

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15.
Selloff in 12-15 CPSUs next fiscal: Finmin
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:32 pm



The government is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, SJVNL and EIL among others next fiscal to raise Rs 40,000 crore, as stated in the budget.
The selloff roadmap for the next fiscal will be prepared by the end of next month and may include BSNL as well, a key finance ministry official said.
"Roadmap will be prepared by April-end...We have earmarked 12-15 companies. We will have to raise Rs 40,000 crore so it will be 12-15 companies," disinvestment joint secretary Sidhartha Pradhan said.
He said divestment in some of these companies will be through initial public offers while in some others it will be follow-on public offers.
Pradhan further said disinvestment in Satluj Jal Vidyut Nigam would be carried out in April, Engineers India in May-June, SAIL in August-September and Coal India around the end of the year.

http://www.indianexpress.com/news/selloff-in-1215-cpsus-next-fiscal-finmin/589207/

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16.
It’s ringing, finally!
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:34 pm


Bharat Sanchar Nigam Limited (BSNL) and Gujarat Police’s combine efforts to extend the helping hand to senior citizens has paid off. The helpline for senior citizens 1096 has started working, finally.

“We are happy that the helpline for senior citizens is functional now. They can call the city cops on this number and ask for assistance. We will be happy to help them,” said Director General of Police S S Khandwawala.

Gujarat Police in an effort to help the senior citizens had planned to launch the toll-free helpline number 1096 in the state. The number is already in use in some states like Delhi.

The state’s top cop had told media on January 13 that the number would be activated on or before January 26. However, the number remained “out of service.” AM took up the matter with BSNL a week ago.


http://www.ahmedabadmirror.com/article/3/2010031120100311023457619e7faa177/It%E2%80%99s-ringing-finally-.html

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17.
Himachal to crackdown on illegal mobile towers
Posted by: "mukesh vaghela" mukeshgvaghela@yahoo.com mukeshgvaghela
Thu Mar 11, 2010 8:34 pm


The Himachal Pradesh government will crackdown on telecom operators for the illegal and unregulated construction of mobile phone towers in the state, a minister said here Wednesday.
'We will take action against the mobile phone companies for installing towers without the government's permission and without following the procedure and guidelines framed by the government,' Town and Country Planning Minister Mahinder Singh said during the question hour in the state assembly.
He said in Shimla town alone, 118 towers have been installed by telecom service providers, of which only 16 were installed with permission.
'As many as 99 towers have been installed without the permission of authorities concerned. In some of the cases, the companies have sought permission after installing the towers,' he said in reply to a question of Congress legislator Kaul Singh Thakur.
Under the guidelines, mobile service providers have to take clearances from the government before installing a tower.
'The government framed a policy in 2006 in which guidelines, rules and regulations have been framed for installing a tower. No tower would be installed within 100 metre radius of hospitals and educational institutes,' the minister said.
However, Thakur expressed concern that the towers installed in residential areas have become a health hazard.
The minister said: 'The government is serious on the issue and would soon conduct studies to know the impact of electromagnetic radiations on human beings and other creatures.'
Telecom giants Airtel, BSNL, Idea-Spice, Aircel, Vodafone and S. Tel are among the telecom players in Himachal Pradesh.

http://sify.com/news/himachal-to-crackdown-on-illegal-mobile-towers-news-national-kdktuehfibj.html

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