Cabinet Approves One-time Spectrum Fee; Sensex Snaps 6-day Winning Streak, Falls 56 Pts; Bahrain Batelco Sues Indian Ex-Partner For $185 Mn; Auditors Flag Concerns Over Kingfisher`s Financials

Thursday, Nov 08, 2012 CABINET APPROVES ONE-TIME SPECTRUM FEE   The Cabinet today approved the EGoM's recommendation to levy a one-time spectrum fee on spectrum in excess of the initial allocation of 4.4 Mhz for GSM players. The price of the spectrum would be determined on the basis of the price discovered in 1,800 MHz band auction. In case of CDMA players, those with over 2.5 Mhz spectrum will have to pay the one-time fee. However, the pricing mechanism will be determined separately by the Department of Telecom. That's because the CDMA auction has been called off in absence of bidders. The Government is expecting Rs 26,864 crore from imposing this fee on GSM players. read more   LEAD STORIES SENSEX SNAPS 6-DAY WINNING STREAK; FALLS 56 PTS   Sensex fell about 166 pts in early trade on U.S. budget fears, Europe's economic woes. Sensex ended at 18,846.26. Nifty fell 21.35 pts at 5,738.75. read more BAHRAIN BATELCO SUES INDIAN EX-PARTNER FOR $185 MN   Bahrain Telecommunications Co is suing ex-partner Siva Ltd claiming the Indian firm has failed to adhere to a settlement agreement over their JV S Tel read more AUDITORS FLAG CONCERNS OVER KINGFISHER'S FINANCIALS   KFA auditors say the carrier's Q2 net loss would have higher at about Rs 1,032 crore than reported Rs 754 cr, if GAAP accounting had been followed. read more TOP STORIES • UB-Diageo close to signing term-sheet for USL sale   • Sun Pharma to buy U.S. firm Dusa for $230 mn   • GTL Infrastructure restructures FCCBs worth $320 mn   • Another storm hits NY, NJ; 1700 flights cancelled   • Direct tax collection grows a mere 6.59% in Apr-Oct   • Apollo Tyres incurs Rs 5 cr loss/day on Guj unit strike   • ONGC's Q2 net down 3% to Rs 5,896 cr on subsidy woes   • SAIL Q2 profit up 12% on forex gain, better volumes   • KFA Q2 loss widened 61%, Y-o-Y to Rs 754 cr   • RCom Q2 net plunges 60% to Rs 102 cr   • Sun Pharma Q2 net falls 46% on Protonix provision   • Ranbaxy Q3 cons net up at Rs 754 cr on forex gains   • Rupee snaps 2-day rally, down 16 paise at 54.36   • Tata Power buys 26% stake in Indonesian coal mine   • Tata Power: Tata steps down, Mistry takes over   • Cipla does it again, slashes prices on 3 cancer drugs   • China's President Hu Jintao says graft threatens state   • HC lifts life ban on Azharuddin from playing cricket   • James Bond's Skyfall grosses Rs 27.5 cr in 4 days   • Samsung's Galaxy S3 is No. 1 in smartphone mkt   more stories TOP VIDEOS Fears Over Obama Re-Election Overdone: Ameet Nivsarkar, Vice-President, NASSCOM   U.S. Fiscal Cliff, Spain Hold Markets' Eye: Bruno Verstrate, CEO, Lakefield Partners   AT A GLANCE BSE 18846.26 -56.15 NSE 5738.75 -21.35 TURNOVER Rs. 157,895 cr BSE CASH Rs. 2,585 cr NSE CASH Rs. 11,103 cr NSE F&O Rs. 112,158 cr BULLION GOLD 31231 +25 SILVER 59360 +108 CRUDE NYMEX 84.99 +0.55 BRENT 107.75 +0.93 FOREX $ / Re 54.36 +0.16 £ / Re 86.922 +0.27 € / Re 69.26 +0.05 EVENTS TO WATCH 9 November State Bank Of India Quarterly Results 12 November 2G Auction For Spectrum Allocation Begins 13 November Muhurat Trading On BSE, NSE From 3.45pm To - 5pm 16-17 November HT Leadership Summit 18 November MCX-SX To Inaugurate Trading Infrastructure

(At WEF in New Delhi) "We decided many years, in fact, many decades ago that we will not do any business where we have to deal with the government. We don't manufacture, we don't buy things for the government...We are in motorcycles, the financial services..." Rahul Bajaj Chairman, Bajaj Auto "The committees will submit their reports (on CST and GST) by Dec 31. The (CST compensation) issue has to be addressed. Compensation is being paid for about two years and then partially for third year but then compensation has not been paid subsequently. That issue has to be addressed. We can't duck that issue. The other issue is the design (framework) of GST. All states support GST without exception." P Chidambaram Finance Minister (Match fixing case) "It was a long drawn out legal case and it was painful. We fought in the court for 11 years. There were lots of adjournments, changes in the case. But finally the verdict has come and I am happy that the ban (to play cricket has been lifted by the court." Mohammad Azharduddin Cricketer