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BSE shareholders approve merger with United Stock Exchange

Written By komp limpulima on Rabu, 22 Oktober 2014 | 21.03

The two exchanges had agreed to merge with each other in May this year. BSE held around 14.56 per cent stake in USE, which has over two dozen other shareholders.

The Bombay Stock Exchange (BSE) today said majority of its equity shareholders approved its proposed merger with United Stock Exchange of India Ltd (USE). The proposed scheme of amalgamation between USE and BSE Ltd and their respective shareholders and creditors was approved by the requisite majority of the equity shareholders of BSE in the court-convened meeting held on October 20, the exchange said in a statement here.

BSE and USE will now be filing necessary petitions before the Bombay High Court seeking its sanction to the proposed scheme. The two exchanges had agreed to merge with each other in May this year. BSE held around 14.56 per cent stake in USE, which has over two dozen other shareholders.

The Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI) have already given their approval to the proposed scheme of amalgamation. USE received licence from SEBI on March 26, 2010, is one of the four recognised stock exchanges in the country operating specifically in the currency derivatives segment. USE represents the commitment of 26 public and private sector banks and allows trading in four currency pairs -USD-INR, EUR-INR, GBP-INR and JPY-INR USE.


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Sales momentum in white goods continues: Voltas, Whirlpool

The sales in the run-up to this Diwali has been the highest in the last few years, says Shantanu Dasgupta, Vice President, Corporate Affairs & Strategy, Whirlpool . In an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Dasgupta said Onam sales were marginally below expectations, but that has been more than offset by the current rush of buyers.

He said large towns and large format stores accounted for bulk of the growth, adding that proportion of first time buyers continued to be small. On the issue of stiff competition from e-tailers, Dasgupta said 95 percent of white goods sales were still happening through traditional brick and mortar stores.

Speaking in the same discussion, Pradeep Bakshi of  Voltas said the momentum in sales seen during the June quarter has continued in the September quarter as well. In the air conditioners segment, Voltas has grown by over 20 percent, Bakshi said.

Below is verbatim transcript of the discussion:

Q: What is the sense you are getting as far as the demand this festive season is concerned? Is it as good as it was a couple of years back?

Dasgupta: It has certainly improved. The run up to this Diwali as well as sales that we are seeing this week is far more positive than we have seen over the last two-three years when the slowdown took affect in 2011. So far it is positive and we hope that even few days after Diwali we will remain to be quite buoyant.

Q: When we spoke to you it was a day before Onam and you said that people are barely looking into the shops at that time and we should checkout with you after Diwali when the festival season formally ends. Can you give us a percentage? Both Voltas and Whirlpool had a scintillating first quarter in terms of air conditioners sales which probably was because of the slightly long go monsoon but would you say that this year is 25 percent better than last year?

Dasgupta: The first quarter results were a factor of good volume growth that came in after many quarters plus the impact of price increases is a good mix. So, there were several factors there.

Coming to Onam; it wasn't that good this year but there was a bit of trepidation with respect to how Diwali would go but they are in two different areas of the country and anyway we were expecting things to improve and indeed has.

Diwali has been far more positive than Onam in August and that bodes well for the future because it suggests that things are turning around as far as growth is concerned.

Q: How good has been your festive season sale? Your second quarter and third quarter will be 25 percent better than last year. Can you give us a number?

Bakshi: Having seen first quarter well, sales also have been good, in fact industry has gained a lot, it has been a double digit growth as far as air conditioners and consumer durable categories are concerned.

Most of the categories have grown in this period because of extended summer and also festival season has been looking quite promising, in fact festival season this time also coincided Diwali with the second summer in quite a few parts of the country, in west and south part of the country. So, all in all it has been gainful for us and we have been growing in fact.

Voltas is largely into air-conditioning segment and our growth has been more than 20 percent in this quarter and in both quarters growth has been more than 20 percent, so it's been quite a fabulous Diwali and if you were to compare it with last two-three years, traction this time has been pretty good over last two-three years.

Last two years Diwali was not so great, the sales as far as air-condition business was concerned and quite a few other consumer durable products were concerned but this time its been quite good and traction has been quite healthy for us.

Whirlpool stock price

On October 22, 2014, Whirlpool of India. closed at Rs 437.90, up Rs 18.25, or 4.35 percent. The 52-week high of the share was Rs 504.80 and the 52-week low was Rs 153.55.


The company's trailing 12-month (TTM) EPS was at Rs 12.32 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 35.54. The latest book value of the company is Rs 58.33 per share. At current value, the price-to-book value of the company is 7.51.


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Aim to boost sales; margins will remain under pressure: TBZ

"We have seen an improvement in walk- ins and pent up demand is also helping," Prem Hinduja, MD, Tribhovandas Bhimji Zaveri said.

We will try to attract customer with better quality designs

Prem Hinduja

MD

TBZ

In an interview to CNBC-TV18 Prem Hinduja, MD,  Tribhovandas Bhimji Zaveri (TBZ) shared about the latest happenings in the company in the wake of ongoing festive season and the way ahead.

He said that consumer sentiment has improved and the company has seen double-digit sales growth on last two auspicious occasions of Dusshera and Dhanteras. "We have seen an improvement in walk- ins and pent up demand is also helping," he added.

TBZ aims to boost sales and is likely to focus on discounts and special offers going ahead, he said. However, margins are likely to remain under pressure on account of this.

Also Read: Will expand after consumer sentiment improves, says TBZ

Below is the verbatim transcript of Prem Hinduja's interview to CNBC-TV18's Latha Venkatesh and Reema Tendulkar

Latha: Just tell us how the sales have been this weeding season?

A: I can only tell you that there has been an improvement in the overall consumer sentiment. We started with the improvement in the economy and stable government at the centre. The walk-ins have improved. There was lot of pent up demand which had built up in the system which needs to come out and which we have witnessed over last two auspicious occasions which took place very recently. One was Dussehra and the other was Guru Pushya Nakshatra last week.

We witnessed a double digit sales growth on year-on-year basis as compared to last year. Combined with the fact that there is a lot of pent-up demand which needs to come out and which is coming out, there is also stability in the gold price. Infact we have seen a price correction in dollar terms is almost about 30 percent as compared to last year. In rupee terms it is almost about 18 percent as compared to last year. So we are quite hopeful of a good growth this quarter as compared to last quarter of last year.

Latha: But you are also giving a lot of discounts on making charges, will your margins suffer?

A: We do expect a good amount of demand coming up and we are not unduly worried about the discount which we are offering on the making charges of both gold and diamond jewellery.

Reema: In the previous quarter your gross margins on both gold as well as studded jewellery declined so on gold I believe it stands 8.4 percent and on diamonds at 32.7 percent. Do you expect the pressure on your gross margins to sustain?

A: To add a word of caution although we are seeing improved walk-ins coming in, the consumer sentiment having improved but that is happening slowly and steadily. So the margins will remain under pressure. I cannot put a finger on a certain percentage as to what it will be for FY15 but they will always remain under pressure because the endeavour of the company or for any company would be to have growth which can come through increased sales. To achieve that increased sales at some point of time one has to offer discount or promotion schemes which do put pressure on the margin so be it.

As I mentioned there is also competition all around and if everybody else is going tactical in offering discounts. We cannot remain in isolation although we are very much design focused and we are quite sure that the customer who come to us they do not come to us just because we are offering them discounts, they come to us more because of trust factor and also the variety of designs which we offer them. We are all hopeful but at the same time yes I would say that we take it with a pinch of salt that margins will not be something extraordinary, they will remain under pressure for some more time to come.

Tribhovandas stock price

On October 22, 2014, Tribhovandas Bhimji Zaveri closed at Rs 163.90, up Rs 3.45, or 2.15 percent. The 52-week high of the share was Rs 222.80 and the 52-week low was Rs 122.30.


The company's trailing 12-month (TTM) EPS was at Rs 5.22 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 31.4. The latest book value of the company is Rs 67.10 per share. At current value, the price-to-book value of the company is 2.44.


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HCL Tech bags multi-million dollar IT deal from De Beers

Leveraging its Enterprise of Future (EoF) offering, HCL will deliver end-to-end solutions including data centre operations, multi-lingual service desk, LAN management, security services, service management including tools, desk side support and project services to transform De Beers' IT infrastructure across the globe, it said in a statement.

Country's fourth largest software services firm  HCL Technologies has bagged a multi-million dollar IT infrastructure transformation deal from the De Beers Group of Companies, the world's leading diamond business, the company said today.

Leveraging its Enterprise of Future (EoF) offering, HCL will deliver end-to-end solutions including data centre operations, multi-lingual service desk, LAN management, security services, service management including tools, desk side support and project services to transform De Beers' IT infrastructure across the globe, it said in a statement.

HCL already manages the IT Infrastructure of Anglo American plc, the majority shareholder of De Beers.

The current deal allows a tighter integration across the two companies with common technology platforms and IT service management, it said.

"Where we have previously had several service providers in each local region, this agreement affords us more comprehensive management of our underlying IT environment and enables us to run a more industrialised infrastructure service
that underpins our broader IT strategy," De Beers Group Group CIO Craig Charlton said.

The engagement involves supporting De Beers' global presence in Botswana, Namibia, South Africa, the United Kingdom and elsewhere around the world, with HCL taking responsibility for eight data centres across five regions.

"This deal marks HCL's continued expansion in emerging markets like South Africa and many locations across Africa, Latin America and Asia. It further strengthens HCL's presence in the mining vertical," HCL Technologies ISD Executive Vice President and Head - EMEA Ashish Gupta said.

The scope of the work includes some extremely remote locations such as offshore diamond mining vessels along the Namibian coastline and Snap Lake mine in Canada, accessible only via ice roads in winter.

HCL established its South African operation in 2009.

HCL Tech stock price

On October 22, 2014, HCL Technologies closed at Rs 1513.20, up Rs 8.20, or 0.54 percent. The 52-week high of the share was Rs 1775.40 and the 52-week low was Rs 1034.00.


The company's trailing 12-month (TTM) EPS was at Rs 90.92 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 16.64. The latest book value of the company is Rs 145.92 per share. At current value, the price-to-book value of the company is 10.37.


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DLF-Sebi case: SAT adjourns hearing till Oct 30

Hit hard by a Sebi order barring it from capital markets, realty giant DLF  today appealed for an interim relief from the Securities Appellate Tribunal (SAT) to allow it to redeem thousands of crores worth funds locked in  mutual funds and other securities.

After hearing the petition, filed by the country's largest real estate developer last week, the Tribunal adjourned the matter till October 30 next week, as it sought a response from capital markets regulator Sebi on DLF's plea for an interim relief.

Seeking an interim relief, DLF said that it needs to redeem funds, including around Rs 2,000 crore locked in mutual funds as also through redemption of certain bonds worth further thousands of crores of rupees, but the Sebi order has restrained its position to access capital.

Last month itself, DLF had received shareholdes' approval to raise up to Rs 5,000 crore through non-convertible debentures (NCDs).

An intervention petition was also filed at SAT by Kimsuk Sinha, on whose complaint the Delhi High Court had directed Sebi to probe the case. However, Sinha's plea was opposed vehemently by DLF counsel and the petition was not admitted.

Earlier this month, Sebi barred DLF and six others from capital markets for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.

DLF's initial public offer in 2007 had fetched Rs 9,187 crore -- the biggest IPO in the country at that time. While the regulator did not impose any monetary penalty, the prohibition has barred DLF and the six persons, from any sale, purchase or any other dealings in securities markets for a period of three years, including for raising funds.

This was one of the rare orders by Sebi where it barred a blue-chip firm and its top promoter/executives from market.

DLF had debt of over Rs 19,000 crore as on June 30, 2014, while its already-proposed fund raising plans include Rs 3,500 crore through issue of certain bonds to replace costlier debt.

It has annual turnover of nearly Rs 10,000 crore.

In his 43-page order, Sebi's Whole-Time Member Rajeev Agarwal had said the violations are grave and have larger implications on safety and integrity of the securities market.

Besides K P Singh, those barred from the markets include his son Rajiv Singh (Vice Chairman), daughter Pia Singh (Whole Time Director), Managing Director T C Goyal, former CFO Ramesh Sanka and Kameshwar Swarup, who was ED-Legal at the time of the company's public offer in 2007.

On October 13, DLF had said it has not violated any laws and it would defend its position against any adverse findings in the Sebi order. "DLF has full faith in the judicial process and is confident of vindication of its stand in the near future," the statement had said. 

DLF stock price

On October 22, 2014, DLF closed at Rs 120.25, down Rs 1.2, or 0.99 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.


The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 47.72. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.29.


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Battle for MCFL set to escalate; Deepak raises stake to 32%

Written By komp limpulima on Selasa, 21 Oktober 2014 | 21.03

"We are in very comfortable position. Zuari and UB group still have edge over Deepak Fertilisers, but takeover battle for MCFL is not over," a top Zuari Group official.

Takeover battle for  MCFL is set to be further intensified as  Deepak Fertilisers has raised
its stake by about 6 per cent through an open offer to about 32 percent and inched closer towards the rival Zuari-UB group's combined stake. Deepak Fertilisers has acquired about 6 per cent stake, including 2.66 percent stake from Morgan Stanley and Karnataka State Cooperative Marketing Federation, in the open offer closed yesterday at a price of Rs 93.60 that, sources said.

Rival Zuari-UB group combine, which had offered the counter bid at Rs 81.60 per share, could only acquire 48,000 shares, sources added. Zuari-UB group holds 38.4 percent in MCFL. "We are in very comfortable position. Zuari and UB group still have edge over Deepak Fertilisers, but takeover battle for MCFL is not over," a top Zuari Group official told PTI. Both open offers were started on October 1 and closed on October 20.

The battle for MCFL between Deepak Fertilisers and Zuari Group was triggered in April 2013 when the latter bought about 10 percent stake in MCFL through open market. Later, Deepak Fertilisers acquired 24.46 percent stake in MCFL in one-go in July 2013. After this, Zuari group had increased its stake to 16.43 percent in the same month. The battle for control of Mangalore Chemicals heated up again after the Competition Commission of India (CCI) cleared an open offer launched by Zuari Group firms on September 4.

The CCI had cleared the open offer of Deepak Fertilisers on August 19. At present, Deepak Fertiliser holds 25.31 percent stake in Mangalore Chemicals and Fertilizers Ltd (MCFL), whereas consortium of Zuari group companies have 16.43 percent stake and Vijay Mallaya's UB group 21.97 percent stake. The Zuari group along with Vijay Mallaya's UB group needs about 12 percent additional stake in MCFL to take control of the company while at the same time Deepak Fertilisers would require another about 25 percent stake in the MCFL. Zuari Agro Chemicals had also entered into an agreement this year to use Mangalore Chemicals's facilities for contract production.

Deepak Fert stock price

On October 21, 2014, Deepak Fertilizers and Petrochemicals Coprn closed at Rs 157.60, down Rs 0.75, or 0.47 percent. The 52-week high of the share was Rs 185.05 and the 52-week low was Rs 99.80.


The company's trailing 12-month (TTM) EPS was at Rs 27.32 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 5.77. The latest book value of the company is Rs 169.05 per share. At current value, the price-to-book value of the company is 0.93.


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Lupin scouts for acquisitions in US

Terming the US as a high growth market for the company, the Mumbai-based firm said it aims to grow at around 25 percent in the world's largest drug market.

Looking to bolster its overseas presence, drug major  Lupin is scouting for acquisition
opportunities in the US market, especially in inhalers and injectables segments.

"We continue to evaluate opportunities and going forward acquisitions in the US would have to satisfy our multiple aspirations of creating a meaningful speciality business,
bolstering our existing brands business and acquiring technological capabilities that we would like to work on," Lupin CFO S Ramesh told PTI.

The company continues to be on the lookout for meaningful targets, be it brands or technology companies, in inhalation, complex injectables and skin diseases segments, he added.

Terming the US as a high growth market for the company, the Mumbai-based firm said it aims to grow at around 25 percent in the world's largest drug market.

"For Lupin, the US is a high growth market and the major contributor to the company's overall revenues and profitability... We don't give guidances but if the past is
prescriptive of the future we would aim to maintain our current growth momentum for the US market between 20-25 percent," Ramesh said.

The company remains the 5th largest and fastest growing top five generic players in the US for the third year now, he added.

As per IMS Health data, Lupin currently has close to 5.4 percent market share of the overall US generics market.

The US formulation sales contributed 44 percent to the company's overall consolidated revenue for FY14.

US revenues grew by 16 per cent to USD 803 million during FY14 out of which the generic business contributed USD 723 million.

As of June 30, 2014, the company's cumulative abbreviated new drug application (ANDA) filing with the US Food and Drug Administration (USFDA) stood at 200 with the company having received 103 approvals.

"Currently 97 ANDA's are pending for approval and launch; addressing an opportunity of over USD 80 billion... 31 filings out of which are first-to-file (FTF) opportunities," Ramesh
said.

Shares of Lupin were trading 1.52 per cent down at Rs 1,364 apiece on the BSE.

Lupin stock price

On October 21, 2014, Lupin closed at Rs 1367.85, down Rs 17.15, or 1.24 percent. The 52-week high of the share was Rs 1442.30 and the 52-week low was Rs 841.10.


The company's trailing 12-month (TTM) EPS was at Rs 65.28 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.95. The latest book value of the company is Rs 155.46 per share. At current value, the price-to-book value of the company is 8.80.


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Govt orders Financial Technologies-NSEL merger; stk slides

Moneycontrol Bureau

The central government on Tuesday issued a draft order to merge scam hit-National Spot Exchange with listed parent  Financial Technologies India Limited to speed up the recovery of dues. The merger, if it goes through, would mean FTIL will have to shoulder the liabilities of NSEL, which owes around Rs 5200 crore to investors.

The announcement sent Financial Technologies shares crashing 20 percent to Rs 169, with trading being frozen after there were only sellers in the stock.

Under the proposed merger, the entire business of NSEL will be transferred to Financial Technologies. The merger will be effective with reference to the FY14 balance sheet, since the scam came to light in July last year.

The boards of the two companies and the creditors have been asked by the government to provide suggestions over the next two months.

Understandably, FTIL is opposed to the idea of the merger. NSEL is a 100 percent subsidiary of FT and so far FT had been maintaining that it was not responsible for the liabilities of its arm. Last month FTIL had issued a statement saying that the merger would hurt the interests of over 60,000 of its shareholders at the expense of around 13,000 clients of NSEL who had lost money.

In 15 months since the Rs 5600 crore scam broke, less than 10 percent money has been returned to investors even though many defaulters and senior NSEL officials have been arrested and their properties seized.

According to an agency report, barely Rs360 crore of dues from defaulting members out of the total outstanding amount of Rs5689 crore had been recovered till August this year.

"The Commission has noted that depletion of human resources, lack of financial resources and weak organisational structure at NSEL has posed a major impediment in the recovery process and consequently contributed to negligible progress in recovery of dues by NSEL from the defaulting members," the Forward Markets Commission had said in its circular last month while calling for the monitoring and auction committee (MAC) to be disbanded.

FTIL founder Jignesh Shah had to spend three-and-a-half months in jail between May and August this year after being charged with criminal misappropriation, forgery, criminal conspiracy and under the Maharashtra Protection of Interest of Depositors Act for duping investors.

FTIL shares had plunged from Rs 550 to a low of Rs 105 in August last year within two trading sessions after the scam at NSEL came to light.

In a crippling blow to the company, the Forward Markets Commission (FMC) in December last year ruled that FTIL should reduce its stake in group company and India's number one commodity bourse to 2 percent from 26 percent, as it was unfit to hold stake in a recognized bourse.

Two months back, FTIL completed its exit from  MCX trough a mix of open market sales as well as a 15 percent sale to Kotak Mahindra.

Financial Tech stock price

On October 21, 2014, Financial Technologies closed at Rs 169.65, down Rs 42.4, or 20 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 146.60.


The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company was 0.32.


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SpiceJet announces another low-fare offer of Rs 899

While tickets can be booked at low fares till October 26, the travel period would be between November 1 and December 15, a spokesperson of the airline said.

SpiceJet  on Tuesday continued with its galore of special offers announcing yet another limited-period discounted one-way domestic fare offer, ranging from all-inclusive fares of Rs 899 to Rs 2,499.

While tickets can be booked at low fares till October 26, the travel period would be between November 1 and December 15, a spokesperson of the no-frill airline said.

The all-in fares, starting at Rs 899, are available for short distance travel between sectors like Bangalore-Chennai- Kochi. While on Bangalore-Goa sector, a one-way ticket price would start at Rs 1,599 and for the rest of India, the starting fare would be Rs 2,499, the spokesperson said.

The overall airfares for advance bookings have remained on the lower side even during the peak holiday season, which has been a welcome change for passengers, with travel portals and agents anticipating that SpiceJet's move would be followed up by other competing airlines.

Airline's COO Sanjeev Kapoor said SpiceJet has "fundamentally changed the air travel paradigm in India this year" with frequent offers, often lower than train fares. These sales, he said, had helped airlines to "fill empty seats, allowed more Indians to travel by air than ever before, and more often than before, and have helped air travel grow significantly year-over-year."

The large increase in the number of air travellers has also led to passenger volumes and revenues for airports, travel agencies, hotels and local economies across the country throughout the year, even in low seasons, Kapoor said.

"With this offer, we are giving our customers one more chance to grab great deals at prices that are often lower than train fares in the six-week window between the travel peaks of Diwali and Christmas/New Year," said Kaneswaran Avili, Chief Commercial Officer of SpiceJet.

In his reaction, travel portal Yatra.com President Sharat Dhall said the latest offer from SpiceJet would attract travellers to make early winter season bookings.

"We definitely anticipate other major airlines responding to the sale shortly and expect a significant increase in bookings over the next few days as travellers look to benefit from these discounted fares," he said.

SpiceJet stock price

On October 21, 2014, SpiceJet closed at Rs 14.25, down Rs 0.63, or 4.23 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.


The latest book value of the company is Rs -19.67 per share. At current value, the price-to-book value of the company was -0.72.


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TRAI seeks more information on availability of 3G spectrum

"TRAI will not be in a position to go ahead with the consultation process in the absence of full information with regard to total availability of the spectrum in the 2100 MHz band (3G). Therefore, DoT is requested to indicate the decision regarding the above at the earliest," TRAI said in a letter to DoT.

Telecom regulator TRAI today sought more information on the availability of 3G spectrum while proposing that vacant 3G slots be put up for upcoming auction along with the spectrum in 900 MHz and 1800 MHz bands. The Department of Telecom on October 16 had sought TRAI's recommendations on the reserve price for 2100 MHz, 2300 MHz and 2500 MHz bands for all the service areas.

"TRAI will not be in a position to go ahead with the consultation process in the absence of full information with regard to total availability of the spectrum in the 2100 MHz band (3G). Therefore, DoT is requested to indicate the decision regarding the above at the earliest," TRAI said in a letter to DoT. The DoT has informed TRAI that at present no vacant spectrum is available with it in 2100 MHz band and discussions with Defence are underway for release of one block of 5 MHz of spectrum. However, in TRAI's October 15 recommendations, it is mentioned that the DoT has assigned the fifth block of 5 MHz in the 2100 MHz band in 5 service areas and in the remaining 17 areas, the spectrum is available with the DoT.

"DoT is requested to clarify whether discussions with Defence to release one block of 5 MHz is for the same block which has been already auctioned in five out of 22 LSAs or the discussion would result in release of one more block of spectrum, thus, making two blocks of spectrum available for auction," TRAI said. The TRAI had also recommended that entire 2X60 MHz in the 2100 MHz band should be made available for commercial use. "If required, Defence may be assigned spectrum in the 1900 MHz band (1910-1920/1980-1990 MHz). It was further recommended that this matter is of utmost importance, therefore it must be taken up at the highest level and the vacant 3G slots should be put to auction along with the spectrum in 900 and 1800 MHz bands," TRAI said.

TRAI had already recommended the reserve price for 900 MHz and 1800 Mhz bands, the auction for which is scheduled for February 2015. Regarding 2300 MHz band, for which auction was conducted in June 2010 and and two blocks across the 22 service areas were sold, TRAI said even after four and half years of assignment of airwaves, no telecom operator has actually done any worthwhile rollout. "Therefore, the Authority would like to know if in spite of such poor utilisation of earlier auctioned spectrum even after more than four years, the DoT believes that there will be takers for this spectrum at this point of time," TRAI said.


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