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New Delhi, Feb 12 () The Competition Commission has dismissed a complaint against Vodafone Idea, Reliance Jio Infocomm, Airtel and Sify Technologies which alleged that they were charging higher rates for overseas inbound calls as compared to the ceiling fixed by telecom regulator Trai. The order came on a complaint filed by Canada-based Teleclub (Alberta Ltd), which is an international telecom carrier. The complainant alleged that the Indian telecom operators together decided to charge standard rate of 0.0053 USD for inbound calls terminating on their network in India, instead of the rates fixed by Trai. As per IUC Regulations, 2018, the telecom regulator prescribes international termination charges (ITC) of Rs 0.30 per minute for international incoming calls to wireline and wireless networks, it said. It added that the telecom operators further increased the rate of inbound calls to 0.0115 USD per minute after another meeting in February 2018. Besides, they allegedly harassed the firm by choking its ports used for sending traffic. Subsequently, the Competition Commission of India (CCI) sought the opinion of the Telecom Regulatory Authority of India (Trai) on the matter. CCI, from the submission of Trai, noted that as per Interconnection Usage Charges (IUC) Regulations, the regulator has prescribed the ITC for international incoming calls but international settlement charge (ISC) is not regulated under the norms and has to be decided based on mutual negotiations between the Indian long distance operators and foreign service providers. The complainant has "mistaken International Termination Charges i.e. ITC as International Settlement Charge i.e. ISC", CCI noted. CCI, while disposing of the complaint, said "the Commission has prima facie not found any evidence to indicate that OPs have fixed the rates through any concerted action amongst themselves, so as to warrant an investigation." SRS ABM

CCI dismisses complaint of unfair biz practices against Voda Idea, Jio, Airtel

There is no end to the war of words between India’s top telecom operator <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword> and <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> led <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword>. The friction between the incumbent players and <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword> started long before Reliance Jio launched its commercial telecom services. Airtel has now issued a statement to yet again to address the Point of Interconnections (PoIs) issue that was raised by Reliance Jio ever since its launch, most recently by filing a complaint against the incumbent players - Airtel, Vodafone, Idea at the <keyword id="97393" type="ORGANIZATION" weightage="20" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (<keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword>). Airtel says, “The PoIs have been provided well above the customer growth projection provided by Jio to Airtel. The capacity provided is ideal for serving over 190 million customers on the Jio network and is more than double of the 72.5 million total customers currently claimed by Jio.” Airtel claims that it has provided a total of over 35,000 PoIs to Reliance Jio in five months which is the highest amongst all operators. Reliance Jio was first to move CCI against the incumbents for allegedly abusing their dominant market power and forming a cartel to deny Jio PoIs. 
 Sunil bharti Mittal led Airtel’s complaint to CCI on February 2 stated that Reliance Jio id offering predatory pricing and it could lead to anti-competitive behaviour. CCI has asked its investigation department to look into the matter. Jio shot back at Airtel for this move by accusing the operator of acting against consumer interest and saying, "This latest salvo by Airtel is a clear ploy to divert attention from its own violation of licensing conditions by having denied adequate POIs to Jio and the already announced censure proceedings by the <keyword id="6356988" type="PERSON" weightage="20" keywordseo="TRAI">TRAI</keyword> against them. Airtel is also acting against consumer interest by stridently opposing the ‘free voice’ benefit that Jio has been able to provide customers due to its superior next generation IP based technology.”, Jio said in a statement. 
 
Also Read: <a href="http://www.businessinsider.in/exclusive-alibaba-in-talks-with-telecom-operators-to-provide-free-internet-in-india/articleshow/57002157.cms">After Reliance Jio, Chinese e-commerce giant Alibaba looking to provide free internet in India</a> 
 
This is after a raging battle at the telecom tribunal between the operators over Jio’s free services, incumbents also alleged the telecom regulator of being a “mute spectator” on Jio’s free services. The regulator cleared Jio of any wrongdoing with regard to its services. Jio in a response to Business Insider India said, “All tariff plans of Jio have been found to be non-predatory by the regulator, so the question of our offerings being predatory does not arise. India’s telecom sector has tended to progress due to disruptive innovation brought in by a new comer, but unfortunately, the incumbents led by Airtel have always tried to block such initiatives." 
 
Looks like this battle between the incumbent telecom players and Reliance Jio is far from over.

Reliance Jio VS Bharti Airtel - battle ground shifts to CCI, Airtel hits back at Jio

<keyword id="6354504" type="UNKNOWN" weightage="100" keywordseo="Reliance-Jio">Reliance Jio</keyword> lashes at <keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> on its latest statement calling it “malicious and misleading”. In a new statement, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> led Reliance <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword> reacts on <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword>’s statement on point of interconnection, “it is continuation of Airtel’s ongoing mischievous and motivated campaign to divert attention from its anti-competitive and anti-consumer actions and violations of license conditions.”, the company said. 
 Jio disputes Airtel’s claim of having provided 35,000 POIs calling it “misleading”, whereas Airtel said that the company has provided highest number of PoIs to Jio compared to other operators. Jio lashed back calling the comparison arbitrary, “Airtel has indulged in a completely arbitrary comparison of POIs allocated to other operators as against those allocated to RJIL. Traffic from no two operators will be alike and operators must not try to control the traffic from their customers.” Jio also claims that Airtel is trying to delay the process of allocating PoIs by bringing up payment related issues. Airtel in its statement said, “The PoIs have been provided well above the customer growth projection provided by Jio to Airtel. The capacity provided is ideal for serving over 190 million customers on the Jio network and is more than double of the 72.5 million total customers currently claimed by Jio.” Jio responded by saying, “The fact is that over 2.6 crore NLD calls are still failing daily amounting to 53.4% call failure (as on 31-Jan-2017) as against <keyword id="6356988" type="PERSON" weightage="20" keywordseo="TRAI">TRAI</keyword> norm of 0.5%”. The company further added that there are no call failures in Jio-to-Jio calls. 
 Reliance Jio versus Airtel fight has now moved to Competition commission of India, Airtel recently moved <keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword> against Jio alleging predatory pricing and Jio had earlier filed complaint against incumbents for allegedly abusing their dominant market position and also forming a cartel to deny Jio PoIs.

War of words continue - Reliance Jio says Airtel’s latest statement on PoI is “malicious”, “misleading”, “defamatory”

<a href="http://www.businessinsider.in/searchresult.cms?query=reliance+jio&amp;sortorder=effectivedate">Reliance Jio</a> has filed a complaint, accusing <a href="http://www.businessinsider.in/searchresult.cms?query=airtel&amp;sortorder=effectivedate">Airtel</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=vodafone&amp;sortorder=effectivedate">Vodafone</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Idea&amp;sortorder=effectivedate">Idea</a> of lobbying against it. A complaint has also been registered against the <a href="http://www.businessinsider.in/searchresult.cms?query=Cellular+Operators+Association+of+India&amp;sortorder=effectivedate">Cellular Operators Association of India</a> (COAI) As per reports, the Competition Commission of India (<keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword>) has ordered a detailed probe against <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword>, Vodafone, <keyword id="6354924" type="PERSON" weightage="20" keywordseo="Idea-Cellular">Idea Cellular</keyword> and COAI in this matter and will investigate whether unfair business practices were done. Sources told ET the CCI would also examine COAI’s conduct. The probe by the Director General (DG) has been ordered for allegedly trying to restrict the entry of <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword>, the official added. Director General (DG), which is the investigation arm of the CCI, will look into the matter. An Airtel spokesperson told ET, "We have not received any such communication from the CCI and would, therefore, not be able to comment. We have already stated that we have always responded with alacrity and provided a staggering quantum of PoIs (Point of Interconnections) to Reliance Jio in record time." "Though we have not seen the order as it has not been published yet, we are disappointed at the apparent news (if confirmed), that the CCI has decided to go forward with an investigation into the complaint filed by Reliance Jio," COAI Director General Rajan Mathews told ET. Also, Mukesh Ambani-led Reliance Jio has alleged the incumbent telecom players that they do not provide sufficient network connectivity. Sources told ET the watchdog has concluded that dominant telecom players allegedly colluded and used the platform of COAI to deny point of interconnection to Reliance Jio.

Reliance Jio cries cartelisation by Airtel, Vodafone and Idea; regulator orders probe

<ul><li>The Competition Commission of India is probing into MMT and <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s deal for an adverse effect on competition in the market. </li><li>There is a thin line indeed between businesses which want to share benefits and those who want to control the market. </li><li>With the Indian digital penetration, is it time to bring in a new era of competitive businesses in India?</li></ul><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> and Oyo’s commercial agreement has brought a new problem at their doors – the Competition Commission of India. The <keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword> is now probing into their deal for a possible adverse effect on the market. The alleged dominance that they would enjoy is now under scanner. And prima facie, MakeMyTrip is identified as ‘dominant’ in the online travel market while OYO holds the same position in the hotels market. And the joint effect of their partnership could alter the way the market operates. “OYO has been prima facie found to be a significant player in the ‘market for franchising services for budget hotels in India’,” said the report. Both Oyo and MMT had begun their partnership in February 2018. In 2019 they renewed their partnership for five years. In an earlier conversation with Business Insider India, Deep Kalra, founder and chairman of MakeMyTrip, had said, “Oyo for us would be more a partner, because they are now on the supply side and the fastest growing hotel chain in the world. Like all other hotel chains, they also go direct, they aren’t selling other services. We have always seen competition in the market otherwise.” If CCI finds discrepancies, it could turn a precedent for several deals forged recently. Reliance Jio acquired music streaming app Saavn, which strengthened the latter’s position in the Indian market against competition like Gaana, Spotify and even the Airtel-backed Wink. As per an exclusive partnership, OnePlus phones come pre-installed with the Amazon app. There is a thin line indeed between businesses which want to share benefits and those who want to control the market. “There is a clear need of legal audit of all such agreements. Such partnerships should always and periodically be evaluated on the touchstone of AAEC. Unless the CCI establishes AAEC, it can’t bring a case against a party under section 3(4) of the Act,” said KK Sharma, Chairman, KK Sharma Law Offices &amp; ex-Director General and Head of Antitrust and Merger Divisions, CCI. We have a vertical relationship with MMT, says Oyo The Federation of Hotel and Restaurant Associations of India lodged a complaint against MMT and its acquired unit GoIbibo and Oyo Hotels and Homes. The complaint was against MMT-Go and Oyo’s alleged dominance in the market, predatory pricing. It also alleges that their commercial agreement has led to the presumable exclusion of other competitors on MMT’s platform. “Whether the commercial agreement between OYO and MMT entails preferential treatment to OYO and consequent exclusion of Treebo, Fab hotel and any other hotel chain and if so, the effect of the same on competition merits investigation,” the CCI order said. Oyo argued that it is not an online aggregator but a hotel chain which is listed on MMT and has a vertical relationship with the latter. “We will continue to cooperate with Hon’ble CCI’s investigation process as we review the complete order. We will actively engage with the Hon’ble Commission in this process,” said an OYO spokesperson.’ The CCI further said that any restrictive agreement which may lead to refusal to deal with some players or exclusive arrangement with some players, may have potential adverse effect on competition. “The problem is not merely because of there being an exclusive partnership. It is because of conduct much beyond this,” said Sharma. He further explained that the Commission has asked DG to examine violation of Section 3(4) of the Act. It means CCI has to establish that such conduct exists and if it does, if it can have an adverse effect on the competition. “Only after the above are established, can it be said that there is a violation of the provisions of the Act; and further only after the above are done, can the onus of proof move to the person against whom allegations are made,” said Sharma.

MakeMyTrip and Oyo are in trouble with the CCI, opening up a gray area for business partnerships in India

<ul><li>The Competition Commission of India has approved Facebook’s $5.7 billion acquisition in Jio Platforms.</li><li>The social media giant has acquired 9.99% in Mukesh Ambani-led Jio Platforms.</li></ul>The Competition Commission of India (<keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword>) on Wednesday said it has approved Facebook's proposed acquisition of 9.99 per cent stake in Jio Platforms. In April, Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) in Jio Platforms. The acquisition was to be done through Jaadhu Holdings LLC. In a tweet, the CCI said it has approved "acquisition of 9.99 per cent stake in Jio Platforms by Jaadhu Holdings LLC". SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-gets-1-5-billion-from-saudi-for-jio-even-as-the-15-billion-aramco-deal-waits-in-the-wings/articleshow/76444365.cms">Reliance gets $1.5 billion from Saudi for Jio even as the $15 billion Aramco deal waits in the wings</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-share-price-may-gain-as-broadband-plan-rates-fall/articleshow/76525187.cms">Home broadband bills could come down if government cuts its share⁠ — big boost for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/business/news/reliance-may-break-up-with-ipos-of-jio-retail-business/articleshow/76548936.cms">Reliance could soon be ready with the IPOs of Jio and its retail business</a>

Facebook's 9.99% stake purchase in Jio Platforms gets CCI nod

<ul><li>In the Asian market, the SGX Nifty was trading 0.38% lower at 7:49 am, indicating a lower start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst negative cues from the global markets, the Indian equities are likely to open in red on Wednesday. In the Asian market, the SGX Nifty was trading 0.38% lower at 7:49 am, indicating a lower start for Nifty50. The US stocks ended lower on Tuesday as investors digested a slew of earnings reports. The Dow Jones Industrial Average closed 0.55% lower, whereas the S&amp;P 500 lost over 22.29 points. These are the stocks to watch out for during the trading session on October 14: Future Enterprises Kishore Biyani led Future Group entity; Future Enterprises defaulted on a payment of the interest on Non-Convertible Debentures with ₹15.14 crore. The due date for fulfilling the interest was October 12. This may move stocks of other Future Group entities like Future Retail, Future Lifestyle Fashion, Future Consumer, among others. The shares of Future Enterprises ended 2% lower, whereas Future Retail, Future Lifestyle Fashion, and Future Consumer were up 7%, 4% and 2%, respectively. Wipro The IT services giant Wipro posted a <a href="https://www.businessinsider.in/business/corporates/news/wipro-posts-stable-quarter-profit-rises-3-2-with-revenue-guidance-of-1-5-to-3-5-over-the-next-three-months/articleshow/78640025.cms">stable quarter </a>with a 3.2% rise in profit and has guided for a 1.5-3.5% revenue growth in Q3. The board has also approved a <a href="https://www.businessinsider.in/business/corporates/news/wipro-board-approves-9500-crore-share-buyback-plan/articleshow/78638511.cms">buyback plan</a> up to ₹9,500 crore at ₹400 per share. The shares of Wipro ended 0.61% higher yesterday. Infosys Also, watch out for the IT major Infosys stocks — the company is scheduled to report its second-quarterly earnings. Investors are watching out for a <a href="https://www.businessinsider.in/business/corporates/news/infosys-announce-second-quarter-earnings-on-october-14/articleshow/78640964.cms">guidance revision </a>on the higher side. The shares of Infosys ended 3% higher yesterday. Bharti Airtel The telco giant Bharti Airtel Group entities moved to the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order directing them to pay more than ₹100 crore to Aircel. The shares of Bharti Airtel ended 0.23% higher yesterday. IRCTC The Indian Railways operator Indian Railway Catering and Tourism Corporation (IRCTC) announced the completion of tenure of Comal Ramachandran Sundaramurti as an Independent Director on the Board. The shares of IRCTC ended 0.18% higher yesterday. SRF Limited The specialty chemicals manufacturing company SRF’s Qualified Institutional Placement (QIP) committee is scheduled to meet on October 16 to decide the issue price. The shares of SRF Limited ended 0.16% higher yesterday. NTPC Limited The company announced its plans to raise ₹4,000 crore via the issue of Non-Convertible Debentures. The shares of NTPC Limited ended 0.12% higher yesterday. Adani Green The Competition Commission of India (CCI) has approved the acquisition of various solar energy assets by a joint venture of Adani Energy and Total Solar. The shares of Adani Green ended 5% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-new-iphone-12-series-with-5g-launched-starting-at-rs-69999-along-with-side-homepod-mini-debut/articleshow/78647779.cms" data-type="tilCustomLink">Apple's new iPhone 12 series with 5G launched starting at ₹ 69,999 along with HomePod Mini debut</a> <a href="https://www.businessinsider.in/tech/news/apple-just-revealed-the-magsafe-charger-a-brand-new-wireless-charging-pad-for-iphone/articleshow/78647415.cms" data-type="tilCustomLink">Apple just revealed the $40 MagSafe charger, a brand new wireless charging pad for iPhone 12</a>

Top stocks to watch — Wipro, Infosys, Future Retail, Airtel, IRCTC, SRF, and others

The <keyword id="97393" type="ORGANIZATION" weightage="20" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (CCI) has decided to wait for regulations on <keyword id="6391709" type="UNKNOWN" weightage="20" keywordseo="Net-neutrality">Net Neutrality</keyword> before taking any action against telecom and Internet firms over giving preferential treatment to mobile operators and websites. 
 
The CCI said it would wait for more clarity on regulations ensuring access to free Internet before moving ahead. 
 
“With regard to the issue of Net Neutrality, there are no clear regulations in place so far. The authorities are working on it and once the regulations are clear, then we (Commission) can look at the issue,” a senior CCI official told a news agency. 
 The Government has so far maintained that it stands by ensuring non-discriminatory access to Internet to all. Even the <keyword id="30356" type="ORGANIZATION" weightage="20" keywordseo="Telecom-Regulatory-Authority-of-India">Telecom Regulatory Authority of India</keyword> (<keyword id="6356988" type="PERSON" weightage="20" keywordseo="TRAI">TRAI</keyword>) had invited suggestions from net users on Net Neutrality. 
 
CCI, which keeps a tab on unfair business practices across sectors, will order a detailed probe into a matter only if there is prima-facie evidence of anti-competitive ways. 
 The debate over Net Neutrality was triggered after leading telecom carrier <keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> announced ‘<keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> Zero’, an open marketing platform that allows customers to access a variety of mobile applications for free, with the data charges being paid by start-ups and large companies. 
 
TRAI last week had said it did not intend to police the Internet but there were three unexceptional principles including ‘no blocking’ which are not debatable. 
 
It recently came out with a consultation paper for regulatory framework on over-the-top (OTT) service like Internet-based calling and messaging services and Net Neutrality.

Fair trade watchdog to wait and watch before taking on telcos in Net Neutrality

<keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> has "enormous" potential and efforts are on to make the group a significant international player, its CEO <keyword id="5863894" type="General" weightage="50" keywordseo="campbell-wilson" source="Orion">Campbell Wilson</keyword> said on Monday. Addressing the media virtually, <keyword id="166282" type="General" weightage="80" keywordseo="wilson" source="Orion">Wilson</keyword> further said the process of integration of Vistara with Air India is underway and is now awaiting approval from the <keyword id="97393" type="General" weightage="50" keywordseo="competition-commission-of-india" source="Orion">Competition Commission of India</keyword> (CCI). The integration of Air India Express and AIX Connect, earlier known as AirAsia India, is also underway. Air India has enormous potential and unprecedented opportunities. The group is working on becoming a significant international player, he said. On February 14, Air India announced placing an order for 470 planes, including 70 wide-body aircraft. Wilson said the funding would be through a combination of various sources. The <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata Group</keyword> took over Air India in January last year. Air India has placed an order for 470 planes with Airbus and Boeing, and there is also an option to acquire another 370 aircraft. Out of the firm order for 470 planes, 250 are from Airbus and 220 from Boeing. "We don't have a timeline... will evaluate the market," Wilson said with respect to exercising the option to purchase another 370 planes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/xiaomi-popular-user-interface-miui-14-features-and-supported-devices-list-announced/articleshow/98269043.cms">MIUI 14 announced – features, supported devices, release date, and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-crosses-10-million-unique-customers-on-5g-network/articleshow/98268817.cms">Airtel crosses 10 million unique customers on 5G network</a>

Air India has enormous potential, efforts on to make it a key global player: CEO Wilson

New Delhi, Jan 15 () Following are the top business stories at 1824 hours:
 
DEL65 BIZ-LD AMAZON-BEZOS
Amazon founder Jeff Bezos commits USD 1 bn investment to digitise small businesses in India
New Delhi: Amazon.com Inc chief Jeff Bezos on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.

DCM25 BIZ-EDELWEISS-ED
FEMA violation case: Edelweiss Group Chairman appears before ED
Mumbai: Financial services company Edelwesiss Group Chairman Rashesh Shah on Wednesday appeared before Enforcement Directorate (ED) officials for questioning with regard to a case of FEMA (Foreign Exchange Management Act) violation. 
 
DCM44 BIZ-GST-FAKE
Over 1,200 exporters untraceable; govt saves Rs 350 cr fake IGST refund
New Delhi: Revenue Department using its data analytics has discovered a fraud in GST refunds with as many as 1,200 exporters, who have have claimed Rs 350 crore refunds, are now untraceable.

DCM43 BIZ-BANK-STRIKE
Employees of govt-owned banks threaten two-day strike from Jan 31
New Delhi: Bank unions have threatened to go on a two-day nationwide strike beginning January 31 to press for early wage revision.
 
DEL86 BIZ-LD STOCKS
Market pauses after four-day winning run; banking stocks slide on NPA woes
Mumbai: Benchmark indices Sensex and Nifty took a pause after a four-session record run on Wednesday, as higher bank NPAs in ongoing quarterly results weighed on banking stocks coupled with a caution ahead of US-China trade deal.

DCM28 BIZ-LD BHARTI AIRTEL
Airtel raises USD 3 billion dollars via QIP, FCCB offering
New Delhi: Bharti Airtel has raised USD 3 billion through QIP and FCCB route, completing a massive fund raising exercise for the firm, which has to pay billions of dollars in statutory dues. 
 
DEL85 BIZ-RUPEE-CLOSE
Rupee pares losses; settles 5 paise higher at 70.82 against US dollar
Mumbai: The rupee pared its early losses to settle 5 paise higher at 70.82 against the US dollar on Wednesday, ahead of the signing of phase 1 trade agreement between the US and China.
 
DCM39 BIZ-IMPORTS RESTRICTIONS
Govt will put restrictions on imports of products under 'others' category: Goyal
New Delhi: Concerned over rise in imports in the 'others' category, Commerce and Industry Minister Piyush Goyal on Wednesday asked those importers to seek HSN or tariff code within 30 days from the foreign trade office, failing which the government would impose strong restrictions on their inbound shipments.
 
DCM41 BIZ-CCI-ASIAN PAINTS
CCI orders probe against Asian Paints
New Delhi: The Competition Commission of India has ordered a probe against Asian Paints for allegedly hindering the entry of JSW Paints by virtue of its dominance in the market for manufacture and sale of decorative paints. 

DEL70 BIZ-GOLD-PRICE
Gold rises Rs 256 on strong global trend
New Delhi: Gold prices rallied Rs 256 to Rs 40,441 per 10 gram in the national capital on Wednesday, led by strong buying in global markets, according to HDFC Securities. 
 
 
 
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Business highlights :

New Delhi, Mar 4 () Following are the top business stories at 1824 hours:DEL77 CAB-LD AIRINDIAGovt permits NRIs to own up to 100% stake in Air IndiaNew Delhi: The government on Wednesday permitted NRIs to control up to 100 per cent stake in disinvestment-bound Air India. DEL80 CAB-BANKS MERGERBanks' merger to come into effect from Apr 1, says SitharamanNew Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020. DCM23 LSQ-TELECOM-AGR DUESBalance AGR dues of telcos pegged at Rs 1,30,440 crore: DhotreNew Delhi: The government has received Rs 15,896.5 crore payment from telecom companies towards AGR liabilities, placing the remaining dues at Rs 1,30,440.4 crore, the Lok Sabha was informed on Wednesday. DEL69 CAB-COMPANIES LAWGovt approves more amendments to companies lawNew Delhi: The government on Wednesday cleared more amendments to the companies law, including decriminalising various offences. DEL97 BIZ-LD-NCLAT-ILFS-AUDITORSNCLAT dismisses Deloitte, KPMG and auditors pleas against impleadment in IL&amp;FS matterNew Delhi: The NCLAT on Wednesday dismissed the pleas of auditors of debt-ridden IL&amp;FS -- Deloitte Haskins &amp; Sells and KPMG arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. DEL93 CORONAVIRUS-BIZ-HAND SANITIZERSChemist shops run out of hand sanitizers, face masks in several parts of Delhi-NCRNew Delhi: Hand sanitizers and face masks vanished from chemist shops in many areas of the national capital and adjoining towns as people resorted to panic buying amid the coronavirus outbreak. DEL89 BIZ-LD STOCKSMarkets recoil as coronavirus cases spike in India; bank, finance stocks slumpMumbai: Equity indices resumed their downward march on Wednesday as domestic investors were spooked by a sudden spike in coronavirus cases in India. DCM41 BIZ-TELECOM-DUES-PSUSGovt detaches GAIL, OIL, other PSUs from AGR caseNew Delhi: The government has detached gas utility GAIL India, explorer Oil India and other PSUs from a Supreme Court order that had led to Rs 1.47 lakh crore being sought from telecom firms such as Bharti Airtel and Vodafone Idea in past dues, the Lok Sabha was informed on Wednesday.DCM22 BIZ-LLP SCHEMEGovt to bring settlement scheme for LLPsNew Delhi: The government will come out with a one-time settlement scheme for Limited Liability Partnerships (LLPs) that will provide more time to submit their pending documents as well as immunity from prosecution for defaults. DCM17 BIZ-NCLAT-LD CCI-FLIPKARTNCLAT asks CCI to probe against Flipkart over allegations of unfair practicesNew Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked fair trade regulator CCI to initiate again the probe against e-commerce major Flipkart for an alleged use of its dominant position. DCM32 BIZ-IPO-LD SBICARDSSBI Cards IPO subscribed 15.15 times so far on third day of biddingNew Delhi: SBI Cards and Payment Services initial public offer was subscribed 15.15 times so far on the third day of bidding on Wednesday. SHWSHW

Business highlights

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> will open its IPO between July 14-16, at a price band of ₹72-76.</li><li>The company will have a cash reserve of ₹15,000 crore post issue.</li><li>However, a few analysts believe that it’s not the right call for retail investors.</li></ul>Investor or not, people across the spectrum have been keeping an eye out for Zomato’s initial public offering (IPO) for quite a while and the time has finally come. Zomato will open its IPO on Wednesday, July 14, at a price band of ₹72-76 and it is definitely something to keep a track of. This is the biggest public issue in the Indian startup ecosystem to date, well at least till the time payments firm Paytm hits the public market with its $3 billion issue. The Gurugram-based startup, which was founded in 2008 by Deepinder Goyal and Pankaj Chhadah (exited in 2018), plans to use this capital raise for organic growth, inorganic growth and general corporate purposes. The inorganic growth will include mergers and acquisitions (M&amp;A) as well as investment in tech and customer acquisition. Zomato will have a cash level of ₹15,000 crore or close to $2 billion post-issue, the company’s chief financial officer Akshant Goyal and co-founder Gaurav Gupta said in a press conference held on July 8, 2021. Stock broking firm Ventura Securities believes that this cash pile should easily help the company sustain burn-rates for a good 7-9 years. The company’s valuation may seem optically demanding at the upper price band of ₹76, Venture Securities says. However, it has recommended subscribing to the public issue due to several reasons — evolving nature of the business, duopoly market (market with only two players), immense potential to penetrate into market, humongous untapped online opportunity in other vertices such groceries, food delivery and more, and scarcity of premium to use services. However, there have been many mixed reviews from the stockbroking firms. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Analysts </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Recommendations </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investor with high risk appetite can subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe with caution </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Alchemy Capital Management </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe, but allocate very small amount </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Securities </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">JST Investments </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> Motilal Oswal says that Zomato is placed at a sweet spot as the online food delivery market is at the cusp of evolution, but predicting the growth trajectory at this juncture is a little tricky for the next few years. Valuing such early-stage businesses on a plain vanilla financial matrix might not give the right picture and may look distorted, the brokerage adds. Deven Choksey, promoter of KRChoksey Group and MD of KRChoksey Shares and Securities, tells Business Insider that this business has a particular level of being scaled up to a larger level. “They started with the food aggregator business, then they started getting into the restaurants, then into the loyalty programme [Zomato Pro], and now they are getting into the grocery business. One after another areas [sic], which they can manage, they are getting into it. This is the beauty of this particular business. Its success is largely because they keep on reinventing themselves,” he adds. Meanwhile, Hiren Ved of Alchemy Capital Management, says, “These businesses, being in their early growth stage, keep pivoting their business models often. So valuing these businesses during and immediately after the IPO is a big challenge. Ved is the cofounder, director and CEO of Alchemy Capital Management. Apprehension and risks in <keyword id="9029084" type="UNKNOWN" weightage="20" keywordseo="zomato-IPO">Zomato IPO</keyword>, according to analysts <div type="image" title="Zomato IPO opens tomorrow — and even analysts are confused" msid="84369290" hostid="261"></div> <ol><li>Zomato has a history of net losses and anticipates increased expenses in the future.</li><li>It may not be able to sustain historical growth rates going forward.</li><li>The COVID-19 pandemic, or a similar public health threat, has had an impact and could further impact the business, cash flows, and financial condition of the company.</li><li>Failing to retain existing restaurant partners, customers or delivery partners or failing to add new restaurant partners, delivery partners or customers, may have an adverse impact on the business.</li><li>It is difficult for an average investor to understand the company’s valuation in the traditional sense.</li></ol>“There would be an argument about the valuation and about the losses, but this is a new age business. It is obvious that you have to live with these kinds of arguments and you have to allow them to prosper,” Choksey notes. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/softbank-swiggy-deals-gets-cci-approval-two-days-before-zomato-ipo/articleshow/84347306.cms" data-type="tilCustomLink">SoftBank-Swiggy deal gets CCI approval, two days before Zomato IPO</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms" data-type="tilCustomLink">Payments firm MobiKwik files for ₹1,900 crore IPO, reportedly to seek $1 billion valuation</a><a href="https://www.businessinsider.in/business/startups/news/softbank-swiggy-deals-gets-cci-approval-two-days-before-zomato-ipo/articleshow/84347306.cms" data-type="tilCustomLink"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-adds-nine-times-more-subscribers-than-airtel-in-april-2021/articleshow/84367596.cms" data-type="tilCustomLink">Reliance Jio picks up serious pace, adds nine times more subscribers than Airtel in April – Vodafone Idea continues its downward spiral</a>

Zomato IPO opens tomorrow — and even analysts are confused

<ul><li>The 30-share BSE index Sensex was down 261.92 points, and the NSE Nifty was trading 0.75% 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>Indian stock market indices Sensex and Nifty opened on a tepid note on Wednesday, tracking losses in index-heavyweights like HDFC Bank, ICICI Bank, and ITC amid weak cues from global markets. The 30-share BSE index Sensex was down 261.92 points, and the NSE Nifty was trading 0.75% 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;">Titan </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;">Coal India </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;">Bajaj Fin Serv </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;">NTPC </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;">Hero MotoCorp </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;">ONGC </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;">Bajaj Auto </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;">IOC </td></tr></tbody></table>*as of October 14, 10:00 am These are the top stocks in news today. Future Enterprises crash 5% Kishore Biyani led Future Enterprises shares crashed 5% during the early trading hours on Wednesday. The company informed investors that it defaulted on a payment of the interest on Non-Convertible Debentures worth ₹15.14 crore. The due date for fulfilling the interest was October 12. This also moved other Future Group stocks — Future Retail and Future Lifestyle Fashion and Future Consumer were down 3%. Wipro down 6% The shares of IT major Wipro were down 6% after it reported a 3.40% year-on-year (YoY) decline in consolidated net profit at ₹2,465.70 crore for the quarter ended September 30. The company also approved buyback of shares worth ₹9,500 crore at a floor price of ₹400 per equity share. Brokerages tread caution as they see a limited upside in the stock. SBI Cards shares climb 3% after festive season offer The shares of SBI Cards and Payment Services jumped over 3% after the company unveiled over 1,000 new offers spread across the country ahead of the festive season. The offers will be available for SBI cardholders till November 1. Karnataka Bank up over 3% The shares of India's twelfth largest private sector bank, Karnataka Bank were trading 3% higher after it reported 12.78% growth in its net profit to ₹119.44 crore for the quarter ended September 30. NTPC down 3% The shares of government-owned National Thermal Power Corporation (NTPC) were trading 3% lower after it announced plans to raise ₹4,000 crore via the issue of Non-Convertible Debentures. Adani Green gains 3% The shares of Adani Green were up 3% after the Competition Commission of India (CCI) approved the acquisition of various solar energy assets by a joint venture of Adani Energy and Total Solar. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-wipro-infosys-future-retail-airtel-irctc-srf-and-others/articleshow/78651966.cms" data-type="tilCustomLink">Top stocks to watch — Wipro, Infosys, Future Retail, Airtel, IRCTC, SRF, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-new-iphone-12-series-with-5g-launched-starting-at-rs-69999-along-with-side-homepod-mini-debut/articleshow/78647779.cms" data-type="tilCustomLink">Apple's new iPhone 12 series with 5G launched starting at ₹ 69,999 along with HomePod Mini debut</a> <a href="https://www.businessinsider.in/science/news/a-spacecraft-flying-by-venus-on-wednesday-night-could-confirm-recently-found-signs-of-alien-life/articleshow/78646790.cms" data-type="tilCustomLink">A spacecraft flying by Venus on Wednesday night could confirm recently found signs of alien life</a>

Top stock movers — Wipro, Future Retail, SBI Cards, NTPC, Adani Green and others

New Delhi, Mar 9 () Niti Aayog CEO Amitabh Kant has come out in support of fixing minimum rates for mobile calls and data, saying there is no other option due to heavy debt of the telecom sector and unsustainable fall in prices.At present, telecom companies are free to decide on call and data rates but due to stiff competition they have sought regulatory intervention. Mobile subscribers get access to 4G data at a price as low as Rs 3.5 per GB but if the floor price is fixed as demanded by telecom operators, the mobile internet prices will rise 5-10 times from the current level. Debt-ridden Vodafone Idea has proposed that the minimum price of data should be fixed at Rs 35 per GB, Bharti Airtel has proposed minimum price of Rs 30 per GB for low data users and Reliance Jio wants it to be priced gradually to Rs 20 per GB. Kant's stand comes days after Niti Aayog showed discomfort in its official response submitted to telecom regulator Trai on fixing floor price for phone calls and data prices to bail out telecom companies. "We would like to strongly emphasise that floor prices are the need of the hour to enable continuation of a multiplicity of firms that is critical for healthy competition. Given the heavy debt burden being faced by the sector and the recent fall in prices to unsustainable levels, there is no option available but to set floor prices," Kant said in his letter to Trai dated March 4. The Telecom Regulatory Authority of India (Trai) is holding consultation with interested parties over fixing a minimum price for call and data services following demand from the industry. On February 28, the last date to submit comments on the consultation process, Niti Ayog joint secretary Archana G Gulati raised a question on the proposal to set up a minimum floor price and said its implementation could prevent entry of a new player in the sector and deprive customers the benefits of competition. Gulati had suggested that in case the minimum price for telecom services is considered imperative to address financial stress in the sector, then it should be a very short term intervention and reviewed within three month of introduction. However, Kant said review of the floor price may be done once the sector fully revives. According to a submission by Vodafone Idea, it will take three years for the company to restore its revenue levels. "As we have mentioned in our comments, this (floor price) may be reviewed for its impact on the market and a view may be taken on bringing back forbearance, once the sector fully revives. However, in the extraordinary circumstances that the sector is going through at present, we believe that floor prices are absolutely necessary to avert lasting damage to India's digital agenda and economic growth," Kant said. The cheapest data rate of Rs 3.5 per GB is offered in a plan priced at Rs 599 with 84 days validity that offers up to 2GB data per day at 4G speed. The same plan will cost Rs 3,360-5,880 if the regulator accepts proposal from telecom operators to price the data in the range of Rs 20-35 per GB. Competition Commission of India in its submission has said setting floor price for mobile services is a regressive step that may have a detrimental effect on market competition. "No mature jurisdictions have imposed price floors on crucial sectors like telecom. Such retrograde regulatory measures bring inefficiencies in the longer run," CCI had said. Gulati had said the increase in data tariffs is most likely to reduce subscription and consumption which would have a negative cascading effect on the economy. Although Kant extended strong support for setting up floor price, he said it is not a long-term solution. "We do nevertheless agree with Trai that floor pricing is not a long-term solution. There is also an inherent opportunity to seize the present situation to bring in far reaching reforms in the sector which will provide lasting relief needed to create a healthy, vibrant and dynamic telecom sector vital for economic growth," Kant said. PRS PRS ANUANU

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