The Mint Report 24 May 2010

The Mint Report 24 May 2010

It was a one of a kind of celebration on Monday as the UPA government decided to mark the very first anniversary of its second term with a press conference. Prime Minister Manmohan Singh addressed members of the press for some 90 minutes. Among the highlights, Singh quashed speculation about an early retirement and dismissed reports about differences with Congress president Sonia Gandhi.

But it wasn’t just about politics. Singh also said he expects economic indicators to improve in coming months. He forecast inflation would fall to 5-6% in December from the current figure of 9.59%. Singh also said India’s economy will grow a solid 8.5% in 2010-11.

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The auction for wireless broadband got started on Monday. Up to11 companies are bidding for spectrum that will let them offer Wimax services that are interoperable worldwide. Telecom minister A. Raja said he expects the government to make 15,000 crore from the auction. The auction for 3G, spectrum ended up making 68,000 crores.

News of Sunday’s deal between the Ambani brothers sent their stocks soaring. On Monday Mukesh’s RIL closed 2.5% at Rs1,021.45. Anil’s RNRL soared 22.6% to end at Rs54.55. On Sunday, the Ambani brothers agreed to scrap a so-called non-compete agreement, a move that will let their respective companies enter new fields of business.