The Mint Report for 07 July 2010

The Mint Report for 07 July 2010

Telecom firms worried about the proposed new fee for 2G spectrum have won a small victory. On Wednesday the telecom ministry set up a panel to look into their concerns. Back in May, telecom regulator Trai recommended the government levy a one-time fee on operators with 2G spectrum and said the fee should be calculated based on prices for recently auctioned 3G.

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Edelweiss Capital says it plans to unveil a whole range of new financial products. CEO Rashesh Shah told Mint the company will offer home loans using up Rs100 crore. It will also give loans to small and medium sized companies. Also in the pipeline, is an expansion of its real estate fund by Rs380 crore. Edelweiss also plans to hike its distressed fund by $100-$150 million.

Markets were in retreat on Tuesday, mostly on poor global cues. The Sensex lost 143 to end trade at 17,471. And the Nifty fell 48, finishing at 5,241.