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The Mint Report for 20 June 2011

The Mint Report for 20 June 2011
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First Published: Mon, Jun 20 2011. 10 43 PM IST
Updated: Mon, Jun 20 2011. 10 43 PM IST
BSNL’s indecision to levy a charge on private telecom operators for using its common Channel Signaling service is resulting in huge losses for the company. Mint has learnt that the state owned telecom operator is losing an estimated Rs 7,200 cr every year since 2008. BSNL has not been able to decide on the amount to be charged from the private operators, who use its service to send SMSes.
Caparo Energy India, has raised $ 78.5 mn through the issue of preferential shares to The Indian Infrastructure Fund, which is managed by IDFC. The wind power producer will use the funds to increase its capacity. The fundraising will help it finance projects with a combined capacity of around 700 MW. Caparo Energy India is a fully owned unit of London-listed Caparo Energy.
The Supreme Court denied bail to DMK MP Kanimozhi and Kaliagnar TV MD Sharad Kumar. The apex Court has told the two accused in the 2G spectrum scam to wait till the framing of charges, before approaching the special CBI court for regular bail. This was Kanimozhi and Kumar’s third attempt to seek bail.
Indian Markets slumped by over 2% on Monday, after government claimed that it will resume talks with resume talks with Mauritius on the double taxation avoidance treaty. The Sensex was down by 363.90 points to close at 17506.63 and the Nifty declined 108.50 points to end at 5257.90. Over 35% of India’s FDI and close to 70 % of FII inflows are routed through the Mauritius.
Shares of network engineering services provider GTL and GTL Infra nosedived by record levels. The shares plummeted after reports that their promoters have pledged more than 50 % of their stake. GTL fell by 62 % while group firm GTL Infra slumped by 43 % to reach an all-time low of Rs 16.85. The company has lodged a complaint with market regulator SEBI claiming that speculative activity triggered the record crash.
Shares of Anil Ambani controlled Reliance Communications and Reliance Infrastructure fell after a decision to drop the shares from the BSE. Reliance Communications fell by 7.9 % while Reliance Infra was down 6.1% to close at 545.25 at close on the 20th of June.
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First Published: Mon, Jun 20 2011. 10 43 PM IST