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The Mint Report for 20 May 2010

The Mint Report for 20 May 2010
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First Published: Wed, May 19 2010. 11 37 PM IST
Updated: Wed, May 19 2010. 11 37 PM IST
The contest is over and the winners are in. After more than a month of speculation and 183 rounds of bids, the auction for 3G spectrum finally came to an end on Wednesday. The government is likely to make almost Rs70,000 crore from the entire auction.
Bharti Airtel, Vodafone and Reliance Communications picked up spectrum in the key circles of Mumbai and Delhi.
Some top operators have also won spectrum in 13 circles, which is the maximum number allowed. Bharti is one of them. It will cough up some Rs12,300 crore to get it. Aircel will pay Rs6,500 crore and Reliance another Rs8,600 crore. Two other companies, Vodafone Essar and Tata Teleservices will get spectrum in nine circles.
There was carnage in the markets on Wednesday. Global stocks tumbled after Germany decided to tighten its financial regulations. The Sensex plummeted 467 points to close at 16,408. And the Nifty lost 147 points to end at 4,920.
Trade numbers for April have shot up. Exports for the month shot up 36% to nearly 17 billion dollars. Imports grew even faster, going up 43% to $27.3 billion.
While April’s exports figures are surprisingly high, the government says this is largely due to the base effect. India’s exports still haven’t returned to their performance in 2008 before the economic downturn.
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First Published: Wed, May 19 2010. 11 37 PM IST