Reliance Jio can continue with 1% SUC under old permit: COAI
New Delhi: Locking horns with Reliance Jio Infocomm, GSM industry body COAI has said it is “illogical” that for offering same technology on different bands, operators pay different charges. It has also said that Mukesh Ambani-led RJIL — which has been opposing telecom regulator Trai’s recommendation for a uniform annual spectrum fee — can continue paying current charges by operating only as an Internet Service Provider. RJIL procured Unified Licence in August 2013 by paying additional Rs 1,673 crore which allows it to provide all telecom services including mobile telephony. Spectrum Usage Charge, a bone of contention between the two groups, is levied annually as a percentage of revenue earned by telecom firms. It varies from 3-8%.
Import duty on refined oil hiked to 10%
New Delhi: The government increased import duty on refined edible oil to 10 per cent to protect the domestic processing industry and farmers. The increase in import duty on refined edible oil from 7.5 per cent was approved by the Cabinet Committee on Economic Affairs (CCEA). The move is expected to fetch the government Rs 600 crore in revenue, while retail prices of refined oils may increase marginally. The import duty on crude edible oil is currently 2.5 per cent. India imports more than 10 million tonnes of vegetable oils every year, which is almost 50 per cent of domestic need. “Domestic processors were losing Rs 1,500 per tonne for refining crude oil. After the hike in duty, losses will come down to Rs 500 per tonne, which is almost break-even level,” said Angshu Mallick, Chief Operating Officer of Adani Wilmar, which sells the Fortune brand of edible oils.
RBI may postpone debt switch plan: Khan
New Delhi: In order to maintain stability in debt market the Reserve Bank may postpone its Rs 50,000 crore debt-switch programme to next fiscal, RBI Deputy Governor H R Khan said. “Discussions are going on. It (debt switch not happening this year) is one possibility. There is probability that we may not do it. But who said we will not totally do it. This is one of the possibility that it may not happen this year but we are working on it,” he said here. Under the debt switch plan of Rs 50,000 crore stated in the Budget 2013-14, the government announced a plan to buy short-dated debt, and in turn sell longer-dated bonds. This is aimed at spreading out redemptions of debt to later years.
Inflation indexed bonds to be modified
New Delhi: Worried by the tepid response to inflation-indexed bonds, the Reserve Bank said they will be modified and made more attractive to investors. “We have got some feedback. We are in discussion with the government, so some clarification will come…individual investment limits may be revised,” RBI Deputy Governor H R Khan said on the sidelines of an event. Last month, the RBI extended the date for issuing inflation-indexed bonds to March 31, 2014, from the earlier date of December 31 due to poor response.
Mastek to buy back shrs at Rs 250/share
MUMBAI: Mastek Ltd’s board of directors has approved a buy back of 3.2 mln shares of the company from the open market at 250 rupees per share, the company said in a notice to the stock exchanges. The company will spend up to Rs 545 mln on the buy back. The offer size represents 14.92% of the company’s equity capital as on Mar 31.
Coal India seeks stay on CCI’s penalty
New Delhi: State-owned Coal India has challenged Competition Commission’s move to slap Rs 1,773 crore penalty on the miner for unfair trade practices, seeking a stay on the order. “We have filed an appeal before the Competition Appellate Tribunal,” Coal India Chairman and MD S Narsing Rao told PTI. The appeal is expected to be heard by Competition Appellate Tribunal next week.
RIL ramps up gas output from KG-D6
New Delhi: Reversing the declining trend, Reliance Industries has ramped up gas production at KG-D6 fields by about 15 per cent as it added the first production well on the eastern offshore fields in almost four years. RIL on January 2 began production from the MA-8 well to ramp up output from the KG-D6 block to about 13.7 million standard cubic meters per day, officials said on Thursday.