The broader markets, however, outperformed their larger peers.
BSE Bankex and Telecom indices led the fall.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
Consumer goods, durables, automobiles worst hit.
Telecom operators owe government a huge amount of Rs 17,980.77 crore in licence fee and spectrum charges, but the outstandings are under litigations, Parliament was informed on Wednesday.
The proposed e-commerce rule book issued recently by the ministry of consumer affairs does not mention foreign companies or foreign direct investment (FDI) at any place, unlike most other government guidelines for the sector so far. That is a heartening development since the latest proposals could be fine-tuned as e-commerce policy.
Bharti Airtel and Vodafone Idea have communicated to the telecom department that they will not pay AGR dues of Rs 88,624 crore, the deadline for which ended on Thursday, and will wait for the outcome of modification petition listed for hearing before the Supreme Court next week, according to official sources. Reliance Jio on Thursday paid Rs 195 crore to the telecom department to clear all adjusted gross revenue dues accounted till January 31, 2020, according to an official source.
Chinese telcos hold 60-100 MHz of spectrum, while Indian companies hold 13-15 MHz of spectrum.
The 30-share Sensex ended down 414 points at 25,481 and the 50-share Nifty slipped 119 points at 7,603.
Banking and telecom will see the highest impact of this transition.
FIIs pump in Rs 2,075 crore in past three trading sessions.
Telecom companies that bought spectrum in the 2G auction of November last year would lose around Rs 4,000 crore
Tamil Nadu Election Candidates, TN 2016, Deepika Election Live, Thanjavur Election are some of the apps keeping people hooked to their handsets.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
On a weekly basis, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
In first half of year, firms raise more than banks on low US treasury rates.
Bharti Airtel , RCom and Tata Communications ended down between 0.1-1%.
Markets under pressure; IT financials grab spotlight.
DFS writes to departments that haven't responded to RBI's request for information.
Idea Cellular will have to furnish an undertaking that it will entertain all the liabilities whenever a final decision is taken by the courts
The decline was led by index heavyweight Reliance Industries along with ITC and HDFC.
Ambani brothers on Wednesday showered lavish praises on Prime Minister Narendra Modi saying, India has now got a decisive and visionary leader.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
Karunanidhi was convinced that using the 2G cases against the DMK and reopening the fodder case against Lalu Prasad Yadav were products of the Congress leadership's short-sightedness. A revealing excerpt from A S Panneerselvan's Karunanidhi: A Life.
Tata Group's CLiQ is the latest to join the e-commerce club, to compete with the likes of Amazon, Flipkart and Snapdeal.
Several Sensex stocks hits 52-week low in intra-day trade on Monday with financials leading the decline.
Can we make high speed 4G Internet available at 10 cents per GB, and make all voice calls free of cost -- that too in a large and diverse country like India? Can we make high-quality but simple breast cancer screening available to every woman, that too at the extremely affordable cost of $1 per scan? Can we make a portable, high-tech ECG machine which can provide reports immediately and that too at the cost of 8 cents a test? Can we make an eye imaging device that is portable, non-invasive and costs 3 times less that conventional devices? Can we make a robust test for mosquito-borne dengue, which can detect the disease on day 1, and that too at the cost of $2 per test? Amazingly, says Dr R A Mashelkar, the eminent scientist, all this has been achieved in India, not only by using technological innovation but also non-technological innovation.
India Inc has few leaders who are likely to grab headlines in 2015.
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
Investors have turned cautious ahead of the policy meetings of central banks in Japan and the US
Licence winners are expected to be announced by the first quarter of 2014.
India's largest private sector lender ICICI Bank has hit the Chinese debt market for a benchmark issue of about $500 million.
Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
Ashish Chauhan is generous in his praise for his former bosses and doesn't flinch in pointing out the reasons why the BSE lost out in the initial years of the NSE.
Foreign institutional investors were net buyers in Indian equities worth Rs 277.92 crore on Tuesday
Indices reversed all its losses during late trades.
Govt depts, banks prone to information leakage.
From mass layoffs to acquisitions, here's how the Indian start-up industry kept us on our toes.
'Why Twitter? To reiterate, because Live is powerful'.
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