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RCOM writes to DoT against discriminatory treatment on bank guarantee

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Reliance Communications

New Delhi, July 12: Protesting against the Department of Telecommunications’ (DoT) discriminatory treatment regarding bank guarantee, Reliance Communications (RCOM) has written to the telecom secretary flagging the issue, according to sources.

“RCOM has protested to DoT against discriminatory treatment in favour of Vodafone-Idea on bank guarantees (BGs). It said DoT is still challenging return of RCOM OTSC (one-time spectrum charge) bank guarantees of Rs 2,000 crore despite a clear-cut TDSAT order,” a source said.

RCOM said in the letter that no bank guarantee was sought by DoT regarding Vodafone OTSC demands on identical facts, prior to the merger approval.

The company said Vodafone OTSC demands are Rs. 9,000 crore, which is more than four times the RCOM OTSC demands.

“RCOM said DoT is adopting unfair, inconsistent and discriminatory approach,” sources said.

IANS

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Domestic political uncertainty subdues equity indices

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Mumbai, July 18: Domestic political uncertainty in the wake of a no-confidence motion against the central government dragged the equity indices lower on Wednesday.

According to market observers, profit booking in mid-and-small-cap stocks also subdued the equity indices.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,980.45 points — lower by 27.60 points or 0.25 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,722.41 points, closed at 36,373.44 points — lower by 146.52 points or 0.40 per cent — from its previous session’s close of 36,519.96 points.

The barometer index fell after it touched a fresh all-time high of 36,747.87 points. The index had dipped to a low of 36,320.92 points during the intra-day trade.

On Tuesday — the previous trade session — both the indices had made gains on the back of a slide in global crude oil prices along with expectations of fund infusion into public sector banks.

IANS

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Government increases sugarcane FRP to Rs 275

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Sugarcane

New Delhi, July 18: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 20 per quintal increase in the Fair and Remunerative Price (FRP) for sugarcane to Rs 275 for the 2018-19 season starting October.

“The cost of sugar production is estimated to be only Rs 155 per quintal against which we have decided to give FRP of Rs 275 per quintal. This is 77.42 per cent higher than the cost of production,” Law Minister Ravi Shankar Prasad told reporters here after the cabinet meeting.

The FRP is the minimum price legally guaranteed to farmers for sugarcane.

As per the estimates issued by industry body Indian Sugar Mills Association (ISMA), total sugar production in season 2018-19 starting October is expected to be 35-35.5 million tonnes.

Prasad said that the total remuneration for sugarcane to farmers for the year 2018-19 is estimated to be Rs 83,000 crore.

IANS

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Slide in crude prices lift indices; Nifty regains 11k-mark

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Mumbai, July 17: Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.

However, broadly negative Asian and European indices capped gains.

According to market observers, healthy buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,008.05 points — higher by 71.20 points or 0.65 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, closed at 36,519.96 points — higher by 196.19 points or 0.54 per cent — from its previous session’s close of 36,323.77 points.

Sensex touched a high of 36,549.55 points and a low of 36,261.78 during the intra-day trade.

On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.

IANS

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