INDIA BUSINESS UPDATE - Trai Recommends 6-Fold Hike In Spectrum Fee; Sensex Dips 182 Pts

Wednesday, Feb 09, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version TRAI RECOMMENDS 6-FOLD HIKE IN 2G SPECTRUM PRICE In a development that has huge financial implications for existing as well as new operators, TRAI has recommended fixing the price for 6.2 Mhz of pan-India start-up 2G spectrum at Rs 10,972.45 crore, more than six times the present cost of Rs 1,658 crore. Telecom Minister Kapil Sibal welcomed these recommendations saying that the proposals are acceptable to the ministry 'in principle'. read more LEAD STORIES SENSEX DIPS 182 PTS, ANIL AMBANI STOCKS TUMBLE Sensex closed 17,592.77 points down as investors continued to sell stocks on a string of negatives. Nifty dipped 59 points to close at 5,253.55. read more GOVT TO SC: BLACK MONEY IN 10 SAFE HAVENS TAXABLE Black money parked in tax havens abroad will be taxable income under the Direct Taxes Code Bill. read more TOP STORIES • 2G scam: FIR filed against DB Realty MD Balwa • Anil Ambani meets Kapil Sibal as 2G probe widens • Rivals planting rumours: Anil Ambani group • Telecom ministry opposed S-band deal in 2007 • Unitech, Swan caused Rs 7,105 cr loss: CBI • EtisalatDB moves TDSAT over Allianz bank guarantee • Car sales up 26%, bikes 15% in January • Peugeot to re-enter India with mid-sized sedan • BMW sells 500 cars; lags behind Mercedes-Benz • Audi unveils new Audi A8 L at Rs 87.32 lk • M&M Q3 net up 78% at Rs 735 cr • Farm credit to cross target of Rs 3.75 lakh cr • CIL mulls 15% stake in Peabody's Australia assets • Indian wedding business estimated at Rs 190,000 cr • 3 killed, 2 injured in 'Bombay House' fire • Talwar couple to be tried for daughter's murder • Pay Rs 1 lakh tax for owning second car • Chevron to pay $7 mn in Atlas shareholder lawsuit • Rating agencies send right message at wrong time • London, Toronto exchanges announce merger more stories TOP VIDEOS Eliminating $6 Bn Export Transaction Costs Possible: Jyotiraditya Scindia, MoS, Commerce And Industry TRAI's 2G Pricing Recommendations Acceptable In Principle: Kapil Sibal, Telecom Minister Signs Of Possible Slowdown In FY12 Growth: Indranil Sengupta, Chief Economist, BoA ML India To Underperform Rest Of World Ahead: Martin Pring, President, Pring.co AT A GLANCE BSE 17592.77 -182.93 NSE 5253.55 -59 TURNOVER Rs. 165,038 cr BSE CASH Rs. 3,820 cr NSE CASH Rs. 15,569 cr NSE F&O Rs. 145,648 cr BULLION GOLD 20405 +81 SILVER 45987 +367 CRUDE WTI 87.28 +0.34 BRENT 4564.9 +63.44 FOREX $ / Re 45.42 +0.13 £ / Re 72.913 +0.58 € / Re 62.121 +0.68 EVENTS 9-13 February Aero India 2011, Air Force Station, Bengaluru 10 February Launch Of Swabhiman Financial Inclusion Campaign By Indian Banks Association & Ministry Of Finance, Vigyan Bhavan, New Delhi 10 February Role Of Independent Directors For Corporate Compliance, New Delhi 10 February India Leadership Forum 2011, Grand Hyatt, Mumbai 10 February National Conference On Corporate Compliance, ASSOCHAM House, New Delhi 10-11 February 14th National Conference On E-Governance, CIDCO, Aurangabad 11-14 February 8th International Exhibition & Conference On Minerals Metals Metallurgy & Materials, Pragati Maidan, New Delhi 14-15 February 2nd Annual International Summit Coal Gas: 2011, Vigyan Bhawan, New Delhi EXPERT VIEWS "It is submitted that the Central government has proposed new provisions for unearthing black money in the Direct Taxes Code Bill by defining taxable assets as inclusive of the deposits in banks located outside India in case of individuals and such bank deposits not recorded in the books of account in case of others." Ministry Of Finance Statement 'How the Prime Minister, an economist of repute, can be a silent accomplice to such gross misdemeanour is beyond me (Jayalalithaa). Singh has to break his silence and come clean." Jayalalitha AIADMK chief "How can they (ISRO) handover the current spectrum...Spectrum allocation is done by our department. The DoT put it on record that TRAI recommendations are that other than 800-900 and 1800 spectrum, everything has to be auctioned. Even in 2007 it was opposed and Department of Space itself in 2010 wanted a cancellation of contract." Kapil Sibal Telecom Minister WATCH OUT India Tonight with Kapil Sibal The Shivraj Patil Report claims that since 2003 governments have knowingly and deliberately pursued the wrong policy. The report is also critical of A. Raja and could strengthen the case for a JPC. In an interview with Karan Thapar, Telecom Minister Kapil Sibal explains the situation & says TRAI's 2G recommendations are acceptable to them in principle and that there are chances of more scandals. SHOW TIMINGS Wednesday 10:30 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO