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<ul><li>The 30-share BSE index Sensex was down 37.38 points, and the NSE Nifty was trading 0.10% lower at 10:10 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Choppy trade on Dalal Street this Thursday morning. Indian stock market indices Sensex and Nifty are tracking weak cues from the global markets. The 30-share BSE index Sensex was down 37.38 points, and the NSE Nifty was trading 0.10% lower at 10:10 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td></tr></tbody></table>*as of October 15, 10:00 am These are the top stocks in news today. MTNL shares up 7% The shares of state-owned Mahanagar Telephone Nigam Limited (MTNL) were up 7% after the central government mandated all ministries, public departments and public sector units to use telecom services of state-run BSNL and MTNL. PVR and INOX Leisure shares up 1% The shares of cinema giants PVR and INOX Leisure were up nearly 1% after Delhi, Haryana, and Uttar Pradesh decided to reopen cinema halls as per the MHA Unlock guidelines. Tata Elxsi gains 5% The Tata Elxsi shares gained over 5% — touching a new 52 week high, after the company reported a profit of ₹78.9 crore for the second quarter compared to ₹49.8 crore during the same period last year. The revenue rose to ₹430.2 crore from ₹385.8 crore in the year-ago period. Ashok Leyland leaps 5% in a volatile market The shares of automaker Ashok Leyland were up 5% after brokerages upgraded their rating to ‘Buy’. Axis Securities has pegged a target price of ₹90. Last week Edelweiss rated it ‘Buy’ with a target price of ₹83. Infosys up 4% in opening trade The shares of Indian IT giant Infosys opened 4% higher after the company reported a stellar quarter led by record deal wins, and it has also raised the <a href="https://www.businessinsider.in/business/corporates/news/infosys-second-quarter-earnings-deliver-on-all-fronts-led-by-highest-ever-deal-wins-worth-3-15-billion-raises-guidance-to-2-to-3/articleshow/78659827.cms">FY21 guidance</a>. The company also gave<a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms"> its employees 100% variable pay</a> over the last three months and restarted the promotion process for junior-level employees. Future Retail up over 2% The shares of Kishore Biyani-led Future Retail were up 2% after<a href="https://www.timesnownews.com/business-economy/companies/article/amazon-can-not-challenge-future-group-deal-with-reliance-as-it-does-not-involve-future-coupons/667096"> media reports</a> citing industry sources claimed that Amazon could not challenge Future Group to deal with Reliance as it does not involve Future Coupons. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/infosys-share-price-hits-fresh-52-week-high-after-highest-ever-deal-wins-of-over-3-billion/articleshow/78673575.cms" data-type="tilCustomLink"> Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion</a> <a href="https://www.businessinsider.in/stock-market/news/likhitha-infrastructure-lists-at-8-premium-over-the-issue-price/articleshow/78674174.cms" data-type="tilCustomLink">Likhitha Infrastructure lists at 8% premium over the issue price</a> <a href="https://www.businessinsider.in/stock-market/economy/news/world-bank-president-says-covid-19-pandemic-is-causing-the-one-of-the-deepest-recessions-since-great-depression/articleshow/78673669.cms" data-type="tilCustomLink">World Bank President says COVID-19 pandemic is causing the one of the deepest recessions since Great Depression</a>

Top stock movers — Future Retail, INOX, PVR, Tata Elxsi, MTNL, Ashok Leyland and others

New Delhi, Dec 11 () State-owned MTNL on Wednesday said it will seek shareholders' nod for monetisation of land and buildings as well as for raising up to Rs 6,500 crore through non-convertible debentures (NCDs).
 Mahanagar Telephone Nigam Ltd (MTNL) said the company's extraordinary general meeting will be held on January 8, 2020, in this regard.
 The company would seek shareholders' approval for issue of non-convertible redeemable non-cumulative preference shares (NCRNCPS) on a private placement basis to the government towards payment of 4G spectrum cost.
 "...approval of the members be and is hereby accorded to authorise the board...to offer or invite or invite subscriptions for government guaranteed, unsecured, listed, redeemable non-convertible debentures in the nature of bonds (NCDs), in one or more series / tranches, aggregating up to Rs 6500 crores on private placement basis..." it said.
 Approval is also being sought for monetisation of land and buildings as specified/ identified by its board in line with the Department of Investment and Public Asset Management (DIPAM) guidelines and as per revival plan of the company approved by the Union Cabinet recently.
 The consent of the shareholders is also being sought for opening of an escrow account for "ring-fencing the proceeds from monetisation of assets for use by the company under revival/restructuring plan".
 Another item pertains to monetisation of towers and fiber assets, including leasing, after considering the market conditions with an aim to "maximise returns as per the revival plan of the company".
 MTNL plans to issue non-convertible redeemable non-cumulative preference shares (NCRNCPS) on a private placement basis to the government towards the payment of spectrum cost of 4G. This entails allotment of up to 62.95 crore preference shares of a face value of Rs 100 each fully paid-up at par at an issue price of Rs 100 aggregating to Rs 6,295 crore.
 The government recently approved a Rs 69,000-crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and giving voluntary retirement scheme (VRS) to employees so that the combined entity turns profitable in two years.
 The companies have already announced VRS schemes and as per official estimates, 78,569 employees of BSNL and 14,387 employees of MTNL have opted for VRS. MBI HRS

MTNL seeks shareholders' nod for fundraising, monetisation of land & buildings

New Delhi, Mar 8 () Following are the top business stories at 1930 hours:- DCM30 BIZ-YESBANK-RBIRBI reiterates depositors' money safe in banks; concerns based on 'flawed' analysisMumbai: Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks. DCM25 BIZ-CEA-BANKSIndian banks well capitalised, no reason to worry: CEANew Delhi: Allaying concerns over banking sector health in the wake of Yes Bank fiasco, Chief Economic Adviser Krishnamurthy Subramanian on Sunday said Indian banks are well capitalised and there is no reason to worry. DCM7 BIZ-MARKET OUTLOOKMarkets to remain under pressure amid Yes Bank crisis, coronavirus concerns: AnalystsNew Delhi: Markets are likely to remain under pressure in the holiday-shortened week ahead with investors tracking the Yes Bank crisis and the coronavirus outbreak which have cast a shadow over trading sentiment, analysts said.DEL7 BIZ-STOCKS-MCAPSix of top-10 firms lose Rs 95,432 cr in m-cap; RIL takes biggest hitNew Delhi: Six of the 10 most valued domestic companies suffered a combined erosion of Rs 95,432.26 crore in market valuation last week, dragged down by Reliance Industries Limited (RIL) and HDFC Bank amid a bearish trend in the broader market.DCM17 BIZ-TELECOM PSU-FLOOR PRICEExempt telcos with under 15% market share from floor price norms: BSNL, MTNL to TraiNew Delhi: State-owned BSNL and MTNL have told the sector regulator Trai that tariff fixation should be applicable only on telcos with more than 15 per cent subscriber base in a service area, while those with lower or negligible user base should be exempt from the purview of minimum floor price. DCM3 BIZ-SEBI-DEBENTURE NORMSDefault by some NBFCs on secured debentures pushes Sebi to introduce reformsNew Delhi: A spate of defaults by some NBFCs has forced capital markets regulator Sebi to come out with a new set of measures to secure the interest of debenture holders and shore up their confidence in the regulatory mechanism to check any wrongdoings.DCM23 BIZ-WTOSpecial, differential treatment for developing countries to figure in WTO meet in KazakhstanNew Delhi: Special and differential treatment for developing countries like India will figure prominently in the World Trade Organization's (WTO) 12th Ministerial Conference meet in June in Kazakhstan, an official said.DCM4 BIZ-FPI-OUTFLOWFPIs turn net sellers, pull out Rs 13,157 cr in March so farNew Delhi: Snapping their six-month buying streak, FPIs pulled out a net Rs 13,157 crore from the Indian capital markets in the first five trading sessions of March as the coronavirus outbreak spooked investor sentiment.DCM17 BIZ-TELECOM PSU-FLOOR PRICEExempt telcos with under 15% market share from floor price norms: BSNL, MTNL to TraiNew Delhi: State-owned BSNL and MTNL have told the sector regulator Trai that tariff fixation should be applicable only on telcos with more than 15 per cent subscriber base in a service area, while those with lower or negligible user base should be exempt from the purview of minimum floor price. MKJ MKJ

Business highlights

New Delhi, Jan 31 () Substantial competition and low tariff rates by telecom operators since 2016 have led to a financial stress in the sector, the Economic Survey said on Friday. 
The data price in the country came down by over 99 per cent during 2016-2019, making it among the lowest tariff in the world, according to the survey.
"Since 2016, the sector has witnessed substantial competition and price cutting by the telecom service providers (TSPs), creating financial stress in the sector. As a result, the sector is experiencing consolidation. While some operators have filed for bankruptcy, others have merged, in their quest to improve viability," the survey report said. 
In April-June 2019, the price of data was Rs 7.7 per gigabyte (GB) as compared to Rs 200 per GB in June 2016, it added. 
"The Average Revenue Per User (ARPU) for GSM based mobile services has also gone down substantially from Rs 126 in June 2016 to Rs 74.30 in June 2019," the survey said. 
The tariff war started in the market with entry of new telecom operator Reliance Jio in September 2016. 
"BSNL and MTNL are also affected by the tariff war that has impacted their cash flow resulting in mounting losses," the survey said. 
The financial health of the public sector telecom firms plummeted to a level where they have been finding hard to pay employees salaries in time. 
The government has drawn up a plan to revive these PSUs which is still in works.
The revival plan consists of several measures, including reduction of staff cost through voluntary retirement scheme, allotment of spectrum for 4G services, monetisation of land and building, tower and fibre assets of BSNL and MTNL, debt restructuring through sovereign guarantee bonds and 'in-principle' approval for merger of BSNL and MTNL.
The survey said that the wireless telephony now constitutes 98.27 per cent of all subscriptions whereas share of landline telephones now stands at only 1.73 per cent where market share is dominated by private sector players. 
"The overall tele-density in India stands at 90.45 per cent, the rural tele-density being 57.35 per cent and urban teledensity being 160.71 per cent at the end of September 2019. The private sector dominates with a share of 88.81 per cent (106.06 crore connections) at the end of September, 2019 while the share of public sector was 11.19 per cent (13.36 crore connections)," the survey said.
The lower price of data has also lead in surge of broadband connections and average consumption of the internet. 
Total broadband connections increased by about ten times, from 6.1 crore in 2014 to 59.46 crore in June 2019, the survey said. 
The number of internet subscribers (both broadband and
narrowband put together) stood at 66.53 crore at the end of June 2019 as compared to 25.16 crore in 2014. 
The number of mobile internet subscribers was 64.36 lakh at the end of June 2019 while the number of wireline internet subscribers was 2.17 crore. 
"India is now the global leader in monthly data consumption, with average consumption per subscriber per month increasing 157 times from 62 MB in 2014 to 9.8 GB in June 2019. The cost of data has also reduced substantially, enabling affordable internet access for millions of citizens," the survey said. PRS MKJ

Intense competition, low tariffs led to financial stress in telecom sector: Survey

New Delhi, Jan 28 () State-owned ITI Ltd on Tuesday reduced the price band for its ongoing follow-on public offer (FPO) and extended the issue period by three days till January 31.
The FPO, which opened on Friday, was initially scheduled to close on Tuesday.
The company has cut the price band to Rs 71-77 per share for its FPO from Rs 72-77 per share in the wake of lukewarm response from investors.
The FPO comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares reserved for employees.
The issue was subscribed 49 per cent on day 3 of the bidding process on Tuesday. It was subscribed just 9 per cent on the second day.
"We have revised our issue period and extended it by three days. The bid/ issue closing date will now be January 31, 2020," ITI said in a statement.
At the upper end of the price band, the company is expected to mop-up Rs 1,400 crore.
Proceeds of the issue will be utilised towards working capital requirements, repayment of loan taken by the company and for general corporate purpose.
The public issue is being managed by BOB Capital Markets Ltd, Karvy Investor Services Ltd and PNB Investment Services.
The FPO will help the company meet markets regulator Securities and Exchange Board of India's (Sebi) requirement of minimum 25 per cent public shareholding.
ITI is into manufacturing of a diverse range of Information and Communication Technology (ICT) products and solutions. Its customers include BSNL, MTNL, defence, paramilitary forces and state governments. SP
BAL

ITI trims FPO price band, extends issue period

New Delhi, Jan 31 () State-owned ITI on Friday extended the issue period for its ongoing follow-on public offer (FPO) by four working days till February 5 following lukewarm response from investors.
 This is the second time the company has extended its issue period.
 Prior to this, the company, on January 28, extended the issue period for its FPO by three days till January 31. Also, it had reduced the price band to Rs 71-77 per share for its FPO from Rs 72-77 apiece.
 The FPO, which opened on January 24, was initially scheduled to close on January 28.
 The company's follow-on public offer comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares reserved for employees.
 The issue was subscribed 58 per cent till 1645 hours on Friday.
 "The FPO committee has decided to extend the bid/issue period by four working days. The bid/ issue closing date is now February 5, 2020. The price band will remain the same -- floor price of Rs 71 per equity share and the cap price of Rs 77 per equity share," ITI said in a statement.
 At the upper end of the price band, the company is expected to mop-up Rs 1,400 crore.
 Proceeds of the issue will be utilised towards working capital requirements, repayment of loan taken by the company and for general corporate purpose.
 The public issue is being managed by BOB Capital Markets, Karvy Investor Services and PNB Investment Services.
 The FPO will help the company meet markets regulator Securities and Exchange Board of India''s (Sebi) requirement of minimum 25 per cent public shareholding.
 ITI is into manufacturing of a diverse range of information and communication technology (ICT) products and solutions. Its customers include BSNL, MTNL, defence, paramilitary forces and state governments. SP ANS
ANS

State-owned ITI again extends FPO issue period

New Delhi, Jan 22 () State-owned ITI on Wednesday fixed a price band of Rs 72-77 a share for its follow-on public offer, which will hit the capital markets on Friday.
The FPO comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares will be reserved for employees.
The issue will open on January 24 and close on January 28.At the higher end of the price band at Rs 77 per share, the company will garner Rs 1,386 crore from the FPO, while at the lower end at Rs 72 a share, it will raise Rs 1,296 crore, the company said in a statement.
The price band has been fixed at a discount of 20 per cent from Wednesday's closing price. On the BSE, ITI stock settled at Rs 99.80 and on the NSE at Rs 99.75.
Proceeds of the issue will be utilised towards working capital requirements, repayment of loan taken by the company and for general corporate purposes.
The public issue is being managed by BOB Capital Markets, Karvy Investor Services and PNB Investment Services.
The FPO will help the company meet Sebi's requirement of minimum 25 per cent public shareholding.
 ITI is into manufacturing of a diverse range of Information and Communication Technology (ICT) products and solutions. Its customers include BSNL, MTNL, defence, paramilitary forces and state governments.
The company has a strong order book of Rs 11,051.12 crore as in December 2019, which includes various government projects such as ASCON, BharatNet, Network for Spectrum, smart energy meters, space programs and e-governance projects.
Going forward, ITI said it is looking to diversify its products and services and leverage its relationship with the government and various public sector units, modernise its infrastructure and technology as well as team up with innovative technology leaders and startups to support Make in India and Digital India initiatives of the government. SP ANU
ANU

ITI sets FPO price band of Rs 72-77 per share

New Delhi, Nov 25 () Following are the top business stories at 1845 hours:

DCM44 BIZ-LD TELECOM-COS
CoS on telecom bailout package disbanded
New Delhi: With the Cabinet allowing telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, a committee of secretaries constituted to look at relief package for the debt-laden and loss-making sector has been wound-up, a top source said.
 
DCM47 BIZ-BSNL-VRS
Over 92,000 employees of BSNL, MTNL opt for VRS scheme
New Delhi: Over 92,000 employees of state-run BSNL and MTNL have so far opted for the recently announced VRS scheme, according to a government source.
 
DEL65 BIZ-LD STOCKS
Market on a roll: Sensex captures new heights; Nifty tops 12,050
Mumbai: Equity benchmark Sensex surged nearly 530 points to scale a new closing peak of 40,889.23 on Monday, buoyed by renewed optimism over US-China trade deal and government's divestment measures to curb fiscal deficit. 
 
DCM40 BIZ-PAYTM-LD FUNDS
Paytm raises USD 1 bn in funding round led by T Rowe Price
New Delhi: Digital payments company Paytm on Monday said it has raised USD 1 billion (over Rs 7,000 crore) in funding from US-based asset management firm T Rowe Price and existing investors including SoftBank and Alibaba to fund expansion plans. 

DEL78 BIZ-LD RUPEE
Rupee ends marginally lower against US dollar
Mumbai: The rupee on Monday settled 3 paise lower at 71.74 per US dollar in line with weaker key global currencies against the greenback, despite a strong rally in financial markets on renewed hopes of trade truce between Washington and Beijing.
 
DCM38 BIZ-STOCKS-WEALTH
Investors become richer by Rs 1.81 lakh cr as stocks zoom
New Delhi: Investor wealth rose Rs 1.81 lakh crore on Monday driven by a strong rally in the broader market where the BSE benchmark surged 530 points to hit a fresh closing high of 40,889.23.
 
DCM39 LS-IFSC-UNIFIED REGULATOR
Govt moves Bill in Lok Sabha to appoint unified regulator for IFSCs
New Delhi: A Bill to set up unified financial regulator in the international financial services centres, currently one functional at GIFT in Gujarat, was introduced in the Lok Sabha on Monday.
 
DCM28 BIZ-STOCKS-LD-RCOM
RCom shares rally 6 pc to hit upper circuit on asset sale buzz
New Delhi: Shares of Reliance Communications hit their upper circuit on Monday, rising over 6 per cent, amid reports that Bharti Airtel, Reliance Industries and three others may bid for the assets of debt-ridden company. 
 
 

 
 
 
 
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New Delhi, Feb 5 () After extending its issue deadline twice, state-owned ITI on Wednesday withdrew its follow-on public offer citing "prevailing market conditions". The announcement came after ITI extended the issue period for its follow-on public offer (FPO) twice amid lukewarm response from investors. At the upper end of the price band, the company expected to mop-up Rs 1,400 crore. As of Wednesday, the issue was subscribed 62 per cent, as per data available with the NSE. "Pursuant to a resolution passed by the FPO committee of the company dated February 5, 2020, the company has decided to withdraw the issue, due to the prevailing market conditions, in consultation with the book running lead managers to the issue, being BOB Capital Markets, Karvy Investor Services and PNB Investment Services," the company said in a statement. On January 31, ITI had extended the issue period for its FPO till February 5. Prior to this, the company on January 28 extended the issue period for its FPO by three days till January 31. Also, it had reduced the price band to Rs 71-77 per share for its FPO from Rs 72-77 apiece. The FPO, which opened on January 24, was initially scheduled to close on January 28. The company's follow-on public offer comprised a fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares was reserved for employees. ITI is into the business of manufacturing of a diverse range of information and communication technology products and solutions. Its customers include BSNL, MTNL, defence, paramilitary forces and state governments. SUM HRS

ITI withdraws Rs 1,400 crore FPO after extending issue deadline twice

New Delhi, Feb 17 () Shares of Vodafone Idea and Bharti Airtel closed marginally lower on Monday even as investors kept their fingers crossed amid uncertainty over statutory dues. State-owned MTNL was 8.14 per cent down over the previous close of Rs 9.35 on the BSE. Vodafone Idea's shares closed 0.58 per cent down to Rs 3.42 per unit. Intra-day, the stock gained as much as 18.89 per cent to hit upper circuit at Rs 3.78. The stock lost all its early gains after the Supreme Court rejected Vodafone Idea's proposal to pay Rs 2,500 crore by the end of Monday, and Rs 1,000 crore by Friday against adjusted gross revenue (AGR) dues. However, after market hours, Vodafone Idea and Tata group have made part payments of about Rs 2,500 crore and over Rs 2,190 crore, respectively, to the telecom department towards statutory dues, a government official said. Bharti Airtel's stock settled 0.02 lower at Rs 565. Reliance Industries, parent of Reliance Jio Infocomm, settled marginally down by 0.55 per cent to Rs 1,478.40 on the BSE. However, Tata Teleservices (Maharashtra) Ltd gained 9.45 per cent to close the day at Rs 3.59. It hit upper price band at Rs 3.60, up 9.75 per cent, during the day. Analysts said the SC ruling came as a negative for the telecom companies. "The telecom sector has probably seen its low and the tariff structure has been revised upwards by about 40 per cent which was a major positive. However, the payment of adjusted gross revenue (AGR) of telecom companies and no leeway provided in terms of payment is a major negative," Paras Bothra, president of equity research, Ashika Stock Broking, said. The Supreme Court on February 14 dismissed telecom companies' modification petition with respect to the AGR liabilities while asking them to pay before the next hearing on March 17. Bothra also said this will essentially force a duopoly kind of industry without the government intervention and is against consumer interests. Bharti Airtel, Vodafone Idea and Tata Teleservices are jointly liable to pay dues of over Rs 1 lakh crore but they have informed the Department of Telecommunications (DoT) of making only partial payment, according to their representatives. Bharti Airtel on Monday said it has paid Rs 10,000 crore to the DoT towards statutory dues. "The...amount of Rs 10,000 crore has been paid on behalf of Bharti Airtel, Bharti Hexacom, and Telenor," the Sunil Mittal-led company said in a letter to the DoT earlier on Monday. State-owned BSNL and MTNL have also not paid the dues. Reliance Jio on January 23 paid Rs 195 crore to the DoT to clear all AGR dues accounted till January 31, 2020. HRS

Telecom stocks end in red amid uncertainty over statutory dues

New Delhi, Jan 20 () State-owned ITI Ltd will come out with Rs 1,600 crore follow-on public offer (FPO) on Friday.
 The FPO comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares will be reserved for employees.
 The issue will open on Friday, January 24 and close on Tuesday, January 28, the company said in a statement on Monday.
 The price band for the FPO will be announced on Wednesday.
 Proceeds of the issue will be utilised towards working capital requirements, repayment of loan taken by the company and for general corporate purpose.
 According to market sources, the company's FPO is expected to fetch Rs 1,600 crore.
 The public issue is being managed by BOB Capital Markets Ltd, Karvy Investor Services Ltd and PNB Investment Services.
 The FPO will help the company meet Sebi's requirement of minimum 25 per cent public shareholding. 
 ITI is into manufacturing of a diverse range of Information and Communication Technology (ICT) products and solutions. Its customers include BSNL, MTNL, defence, paramilitary forces and state governments.
 The company has a strong order book of Rs 11,051.12 crore as on December 2019, which includes various government projects such as ASCON, BharatNet, Network for Spectrum, smart energy meters, space programs and e-governance projects.
 Going forward, ITI said it is looking to diversify its products and services and leverage their relationship with government and various public sector units, modernise its infrastructure and technology as well as team up with innovative technology leaders and start-ups to support 'Make in India' and Digital India' fillip of the government. SP 
RVK

ITI's Rs 1,600-cr FPO to open on Friday

<ul><li>The Indian government directed the country’s Internet Service Providers to ban 827 porn sites but the master list of sites banned have not been made public. </li><li>The ban has been implemented on Jio’s network as well has BSNL, MTNL, Act Broadband and Airtel. </li><li>While the ban has already been implemented on Jio’s network, most sites are still accessible through Chinese mobile Internet company UCWeb’s <keyword id="1814945" type="PERSON" weightage="20" keywordseo="UC-Browser">UC Browser</keyword>. </li><li>There are also other easy hacks like using HTTPS to access a website instead of WWW or HTTP. </li><li>Popular porn site <keyword id="1607136" type="PERSON" weightage="20" keywordseo="Pornhub">Pornhub</keyword> has even launched an altered URL so that Indian users can still access its catalogue.</li></ul> India is attempting to crack down on porn yet again — but to no avail. The country’s Department of Telecommunications (DoT) ordered all Internet Service Providers (ISPs) to implement a ban against 827 porn websites on October 27, 2018. Jio was the first internet service provider (ISP) to implement the ban, with Airtel, BSNL, MTNL, and Act Broadband following shortly after. While the companies are using a ‘master list’ to implement the ban, that list hasn’t been made public yet. And despite the Indian government’s best efforts, people have already found ways around it. Skirting the law People are being able to use Alibaba’s UC Browser to open porn sites on the Jio network. UC Browser is the same app that was under the lens for leaking Indian user data last year. UC Browser is also the second most used web browser in India after Google Chrome, according to StatCounter’s data, with a market share of more than 32%. Users can even apply the Opera browser, which has a built-in VPN, to circumvent the government’s ban. Even Pornhub, one of the most popular portals for watching porn according to Alexa’s most visited IPs in India, launched an altered URL so that its Indian users could still have access to the site. Their vice president, Corey Price, has argued, “The ban could lead people to visit ‘risky porn sites’ that may contain illegal content.” So using any method to get around the ban should be done at your own risk — like using HTTPS ahead of the site’s URL instead of HTTP and WWW. It’s probably the oldest hack in the book that came to light when torrent sites like ThePirateBay and KickassTorrents were blocked in India. Using an alternate server — which can be easily changed by going into your computer’s ‘network settings’ — like the Google DNS servers instead of the ones prescribed to by the ISPs is more a more complicated way of navigating to the porn sites. Not the first time Porn websites are the some of the most trafficked in the world, and India is the world’s third largest porn-watching nation. This is not the first time that the Indian government has attempted to take on internet porn. It tried to ban porn sites for the first time in November 2014. But rather than being limited to some 800 websites, it was a blanket ban on porn, with the government attempting to take on 40 million porn websites globally. The current ban was filed in 2015 with 857 porn sites on the roster. But, it had to lifted in under a week. The reason was simple: The bulk of online traffic in India is driven by porn websites, and the ban was harming telecom operators. In fact, porn drives as much as 70% of India’s website traffic, according to sources speaking to LiveMint. Ahead of the 2019 Indian general elections, the government is taking a risky stance on the freedom of communication. The last time around, it was forced to not only lift the ban, but also come out against censorship. For many Indians, this move by government is another in a long line of intolerant directives with the government cracking down on their freedom of expression.

It has been 6 months since India banned more than 800 porn sites — but people are still using loopholes to get around it

New Delhi, Nov 17 () The Indian mobile industry will consolidate further if the government does not offer a material relief on AGR liabilities, regulatory levies and potentially a floor on pricing, according to Kotak Institutional Equities.
 A 'no material relief' scenario would be an industry-structure-altering one, it added.
 "We believe that the Indian wireless industry would consolidate further in case the government does not offer a material relief on...the AGR (adjusted gross revenue) case liabilities...other aspects like recurring regulatory levies, deferred spectrum payments and ...potentially a floor on pricing," Kotak said in a recent report.
 Even as the massive AGR-case-related payout is a meaty gross negative for Bharti Airtel, the potential gross positive from industry consolidation will likely result in a net positive outcome, it said adding that Bharti could be a net beneficiary.
 Credit Suisse noted that Vodafone Idea faced "another operationally weak quarter" and that the government relief measures are "key to sustain".
 The telecom industry has been hemorrhaging, with combined losses of listed mobile firms surpassing Rs 1 lakh crore in the just-ended quarter.
 Last week, India's two leading telecom operators Vodafone Idea and Bharti Airtel reported a combined loss of Rs 74,000 crore for the second quarter ended September 2019, mainly on account of statutory dues arising from the recent Supreme Court order on AGR.
 The apex court has upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR of telecom companies, a share of which has to be paid as licence and spectrum fee to the exchequer. The ruling over statutory liabilities has triggered a rush for provisioning by telecom companies.
 While Vodafone Idea posted a loss of Rs 50,921 crore -- the highest-ever quarterly loss by any corporate in India -- Airtel reported a loss of Rs 23,045 crore.
 On Friday, Reliance Communication posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues -- marking the second-highest loss posted by any Indian corporate to date.
 Airtel, Vodafone Idea and other telecom operators have to pay the government a whopping Rs 1.4 lakh crore following the Supreme Court order that has sent shock waves through an industry already grappling with past losses and billions of dollars in debt.
 According to the latest estimates by the telecom department, Bharti Airtel faces a liability of around Rs 62,187 crore (including share of Tata Group of companies and Telenor India), while Vodafone Idea may have to pay about Rs 54,184 crore. The remaining liability is with state-owned BSNL, MTNL and some of the shut/bankrupt telecom companies.
 Stung by colossal losses, Vodafone Idea has said its ability to continue as a going concern is dependent on obtaining relief from the government and positive outcome of the proposed legal remedy.
 The company is also in the process of filing a review petition against the Supreme Court order.
 The Department of Telecommunications had shot off notices to telecom operators to pay their revenue share dues within three months as directed by the Supreme Court. The DoT has given option to telecom operators to clear all the dues on self-assessment basis.
 Last month, the government also constituted a committee of secretaries to explore a financial bailout package for the telecom sector. MBI HRS

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