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The Mint report

The Mint report
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First Published: Wed, Jul 22 2009. 11 28 PM IST
Updated: Wed, Jul 22 2009. 11 28 PM IST
The Department of Telecommunications wants more revenue and is planning to bring telecom tower companies under its new uniform license fee regime. India’s phone companies share part of their revenue with the government, but their telecom towers do not because they are formed as separate companies or subsidiaries. The department of telecommunications is considering imposing a 9% fee on these companies. A back of the book calculation shows that through the license fee, the government could make Rs1,260 crore in the current year.
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Wipro posted better than expected first quarter earnings on Wednesday. Consolidated net profits for the company were Rs1,016 crore up 13% over last year. Despite the good results, the company said it was being cautious because the global economic outlook was still uncertain.
Moving on, modern retailers in India’s cities have been struggling to cope with the global slowdown, but some have been hit worse than others. US-based My Dollarstore has closed about three fourths of its stores in India and now runs just 14 of them. The company had earlier planned to open 400 stores across India by the end of 2009.
Chinese firm Shanghai Electric could see its operations in India suffer. It’s subsidiary has a license from France-based company Alstom to make boilers for power generation and wants to sell them in India. But Alstom and its Indian partner BHEL have said Shanghai Electric is not authorized to sell the boilers outside China. India’s Central Electricity Authority has now told power companies and state electricity boards about Alstom’s concerns.
JSW Cement plans to build more cement plants but does not want to spend too much money. Instead it will sell part of its stake to a partner to raise the money. The company has found it hard to find funding ever since the economic slowdown. J-S-W Cement is part of the steel-making JSW Holdings and can use by-products from blast furnaces as an ingredient in some of its cement.
Markets continued their fall on Wednesday. The Sensex fell 219 points, slipping below the 15,000 mark to close at 14,843. The Nifty fell 70 points, ending trade at 4,399.
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First Published: Wed, Jul 22 2009. 11 28 PM IST