The Indian market is likely to open flat on Thursday as investors fret over IMF’s comment that the economy is in the middle of a “significant” slowdown. Moreover, the SGX Nifty, an indicator of the opening for the Nifty50, was trading at 12,233.50 at 7:20 am, indicating a flat start for the domestic market. Among the stocks in the news today, Bharti Infratel has extended the deadline for the merger with Indus Towers to February 24 while HCL Technologies announced an expansion in Canada with the opening of a Global Delivery Center. Here are the stocks to watch out for today:
Bharti Infratel: Bharti Infratel has extended the deadline for merger with Indus Towers to February 24.
Yes Bank: Brickwork Ratings downgraded lower Tier II Bonds, upper Tier II Bonds, hybrid Tier I Bonds and innovative perpetual debt instruments.
HCL Technologies: The company has set up a global delivery centre (GDC) in Moncton, New Brunswick in Canada.
Federal Bank: The bank’s board has approved an investment of Rs 22 lakh in Kerala Infrastructure Fund Management.
IDBI Bank: CARE has assigned the rating of ‘CARE A+/ Stable’ for Basel III compliant Tier II Bonds & ‘CARE A1+’ for Certificate of Deposit.
United Breweries: The company denied CNBC-TV18 report that Dutch major Heineken may increase the stake.
Bharti Airtel: African subsidiary Airtel Africa intends to raise about $37.5 million through the IPO of its local business Airtel Malawi.
Piramal Enterprises: Board will consider raising up to Rs 2,750 crore by issuing bonds on private placement basis.
Coffee Day: The company has disclosed that the promoter shareholding is down to 3.7 crore shares from 11.4 crore shares.
TVS Motor Company: It has launched TVS NTORQ 125 Race Edition scooter in Nepal.
Bharti Infratel, Indus Towers merger deadline extended to February 24
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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In a regulatory filing on Tuesday, the company said that the requisite Government approvals have not been received till date, and consequently, conditions precedent could not be completed within the extended timeline i.e. December 24, 2019.
Bharti Infratel has extended the deadline for merger with Indus Towers to February 24 after not receiving the necessary government approvals.
In a regulatory filing on Tuesday, the company said that the requisite Government approvals have not been received till date, and consequently, conditions precedent could not be completed within the extended timeline i.e. December 24, 2019.
“The Board of Directors have further extended the long stop date till February 24, 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme,” the company statement said.
Further, Bharti Infratel also stated that there can be no assurance that the merger can be completed within the extended time-frame and completion of merger is contingent upon receipt of requisite regulatory approvals and fulfilment of other conditions precedent.
Earlier in October, Bharti Infratel had extended the deadline for merger by two months to December 24.
Indus Towers is a joint venture between Bharti Infratel, UK-based Vodafone Group holding 42 percent each and Vodafone Idea with 11.15 percent. The remaining 4.85 percent is with private equity firm Providence. Bharti Airtel is a majority stake holder of 53.51 percent in Bharti Infratel.
The merger of Indus Towers and Bharti Infratel was announced in April last year. It aims to create one of the world’s largest telecom tower companies with more than 163,000 towers.
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Government likely to reduce licence fees of telcos, says report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The centre may soon reduce license fees of telecom companies from 8 percent to as low as 5 percent, reported The Economic Times, citing senior government officials. The move, the report added, comes as part of the government’s initiative to revive the struggling sector plagued by heavy debts. According to the government officials cited in …
The centre may soon reduce license fees of telecom companies from 8 percent to as low as 5 percent, reported The Economic Times, citing senior government officials. The move, the report added, comes as part of the government’s initiative to revive the struggling sector plagued by heavy debts.
According to the government officials cited in the report, a high-level meeting will be held this week to take a call on scaling down the licence fees, which, as per experts, will save the three network providers a combined Rs 4,000 to Rs 5,000 crore.
However, the report, citing experts, said that while the move could give some relief, it would not be enough to get Vodafone Idea and Bharti Airtel’s balance sheets out of danger.
Vodafone Idea and Bharti Airtel are having dues of over Rs 53,000 crore and Rs 35,000 crore respectively due to widening of the definition of adjusted gross revenue (AGR) by the Supreme Court.
“The government cannot do anything about the AGR dues, which has been decided by the Supreme Court. From the initial suggestions of relief measures, a licence fee cut will be taken up now following the two-year spectrum moratorium already announced,” a senior official was quoted as saying in the report.
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Govt yet to seek legal opinion on AGR dues as deadline approaches, says report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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With less than a month to go for telecom operators and non-telecom public sector undertakings to pay their adjusted gross revenue (AGR) dues following the Supreme Court’s October ruling on the matter, the government is yet to take a legal view on the matter.
With just about a month to go for telecom operators and non-telecom public sector undertakings to pay their adjusted gross revenue (AGR) dues following the Supreme Court’s October ruling on the matter, the government is yet to take a legal view on the issue, reported Financial Express.
The total dues exceed Rs 3 lakh crore and need to be paid by January 24, 2020, according to the Supreme Court ruling.
“No legal opinion has been sought on the issue as of now,” the offices of AG and SG were quoted as saying by Financial Express. The report noted that the government’s approach towards telecom operators is understandable owing to the financial stress on the major operators, the lack of legal advice on dues owed to non-telecom PSUs, which exceed Rs 2 lakh crore, was perplexing. Non-telecom PSUs own some form of telecom license or spectrum.
The Supreme Court on October 24 had rejected the telecom companies’ definition of AGR and asked them to pay their long-pending dues. The government and the telecom companies were locked in a legal battle in the 14-year-old case over the definition of AGR, on the basis of which the telecom department calculates levies payable by companies.
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Market guru Ashwani Gujral of ashwanigujral.com gave his top stock picks for Friday’s trade in an interview with CNBC-TV18.
One of India’s most famous market analysts, Gujral has been a full time trader of stocks and derivatives for more than 20 years and runs a technical analysis plus trading chat room.
Gujral’s stock recommendations for the day are:
Eicher Motors is a buy with a stop loss of Rs 22,000, target of Rs 23,200.
Escorts is a buy with a stop loss of Rs 622, target of Rs 640.
Bharti Airtel is a buy with a stop loss of Rs 445, target of Rs 470.
Jindal Steel and Power Ltd (JSPL) is a buy with a stop loss of Rs 150, target of Rs 162.
Avanti Feeds is a buy with a stop loss of Rs 570, target of Rs 605.
Follow stock recommendations by Ashwani Gujral here:
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Market guru Ashwani Gujral of ashwanigujral.com gave his top stock picks for Wednesday’s trade in an interview with CNBC-TV18.
One of India’s most famous market analysts, Gujral has been a full time trader of stocks and derivatives for more than 20 years and runs a technical analysis plus trading chat room.
Gujral’s stock recommendations for the day are:
NIIT Technologies is a buy with a stop loss of Rs 1,580, target of Rs 1,660.
Jindal Steel and Power Ltd (JSPL) is a buy with a stop loss of Rs 141, target of Rs 154.
Bharti Airtel is a buy with a stop loss of Rs 435, target of Rs 452.
Hindalco Industries is a buy with a stop loss of Rs 209, target of Rs 221.
Tata Motors is a buy with a stop loss of Rs 175, target of Rs 192.
Bharat Forge is a buy with a stop loss of Rs 484, target of Rs 510.
Follow stock recommendations by Ashwani Gujral here:
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Trai defers scrapping of IUC charges by a year to January 2021
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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That means India’s telecom operators will continue to pay 6 paise a minute charge on all voice calls to other networks up to December 31, 2020, Trai said in a notification.
Telecom regulator Trai has extended by a year the termination of the interconnect usage (IUC) charge, providing relief to wireless operators.
The termination of the IUC charge, the fee paid by one mobile telecom operator to another when its customers make outgoing calls to the other operator’s customers, was due to take effect from January 2020.
That means India’s telecom operators will continue to pay 6 paise a minute charge on all voice calls to other networks up to December 31, 2020, Trai said in a notification. From January 1, 2021 onwards, termination charge shall be zero, it said.
Incumbent telecom players, including Vodafone Idea and Bharti Airtel, had sought 1-2 years before the IUC charges would be terminated. Reliance Jio, which pays the least IUC, also known as termination charge, had batted for an end to IUC charges after December 2019.
Vodafone Idea and Bharti Airtel earn more than what they pay under IUC while Jio pays more than what it earns from IUC. Up to 30 percent of Vodafone-Idea’s Ebitda and 7-8 percent of Bharti Airtel’s Ebitda was drawn from IUC as of the second quarter of FY20. Reliance Jio has paid about Rs 14,000 crore as IUC dues to incumbent players.
Earlier this month Vodafone Idea chairman, billionaire Kumar Mangalam Birla, said the cash-strapped telecom company will have to shut shop if the government doesn’t provide relief that it has sought.
In November, Bharti Airtel and Vodafone Idea warned that their ability to operate would depend on urgent relief from the government, after the Supreme Court upheld a demand by the telecom department that telecom companies pay overdue levies and interest.
Telecom companies have until January to pay at least $13 billion in dues to the state following that court ruling in October. The sector got some respite when the government allowed operators to defer upcoming spectrum payments for the next two financial years until March 2022.
Trai issued a consultation paper in September to discuss a timeline for removal of IUC. The regulator’s rationale was that consumers were yet to fully migrate from voice to data and the imbalance in voice traffic among operators persisted.
That paper sought industry views on the need to revise the date for scrapping the IUC. That action forced Jio charge customers 6 paise a minute to customers.
Reliance Jio, India’s biggest telecom operator, is eventually expected to benefit from IUC charges once it secures an even greater market share. Jio decided to recover the IUC charge of 6 paise a minute for mobile voice calls to other operators from customers from October 10 to December 31, 2019, the earlier deadline for the end of IUC.
Jio then said it “assures its 35 crore customers that the 6 paise per minute charge on outgoing off-net mobile calls shall continue only till the time Trai abolishes IUC, in line with its present regulation”. Zero IUC regime is in the best interest of consumers and the huge number of missed calls is creating the wrong perception of an asymmetric traffic, it said.
Now Trai’s decision to postpone the termination of IUC charges to January 2020 is expected to benefit Jio.
In September 2017, Trai recommended the introduction of a phased removal of IUC charges to soften the financial blow to incumbent operators Bharti Airtel, Vodafone and Idea (which were separate companies then). A month later, Trai cut IUC to 6 paise a minute from 14 paise, with the aim of making this zero from January 1, 2020.
Incumbent players were not happy and said Jio’s free voice call creates an imbalance.
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Yogesh Mehta of Yield Maximisers and Rahul Shah of Motilal Oswal discusses with Prashant Nair and Ekta Batra their readings and outlook on market technical and F&O side of the market as well as specific stocks and sectors.
Yogesh Mehta’s stock recommendations are:
Buy Glenmark Pharmaceuticals with a stop loss of Rs 334, target of Rs 367-368.
Buy Aurobindo Pharma with a stop loss of Rs 455, target of Rs 485.
Buy Motherson Sumi with a stop loss of Rs 136, target of Rs 151.
Rahul Shah’s stock ideas are:
Buy HDFC with a stop loss of Rs 2,345, target of Rs 2,435.
Buy Kotak Mahindra Bank with a stop loss of Rs 1,695, target of Rs 1,760.
Sell Bharti Airtel with a stop loss of Rs 432, target of Rs 407.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
In his latest analysis and commentary, stock market expert SP Tulsian of sptulsian.com gave his top stock picks for Friday’s trade in an interview with CNBC-TV18.
SP Tulsian is a well-known equity analyst. A fundamental analyst with more than three decades of experience, Tulsian has an acute sense of logic and is respected for his frank and forthright views.
Speaking about the banking sector, Tulsian said, “ Just a day before I had given a buy call on three stocks, Axis Bank, State Bank of India (SBI) and IndusInd Bank for the simple reason that probably the correction which we have seen in this last one week in all three stock.” “I had recommended IndusInd Bank recommended at a level of Rs 1,400, SBI recommended at a level of Rs Rs 315 and Axis Bank recommended at a level of Rs 720. For all three the Q3 numbers are expected to be a blast. ICICI Bank is also there, but the stock has already risen quite a lot while the other three corporate lending banks have not yet caught up, so the view is seen positive for them,” he specified.
Speaking about sugar stocks which are surging in trade, he said, “The global prices of sugar have started rising and people are quite hopeful that the 4-5 million tonne which is likely to get exported from India probably will fetch better price. So, that could be only the trigger. I do not think there are any domestic triggers for this kind of rise.”
On Bharti Airtel, he said, “I had cautioned on both, Bharti Aritel and Vodafone and that it was just a lot of exuberance.” However, going forward if you take a call on back of price hikes then probably Reliance Industries will be the largest beneficiary because of Jio. Moreover, there does not seem to be any relief coming in for Bharti, Vodafone on account of AGR dues, he added.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.
DoT may hold Bharti Airtel liable for license dues of Videocon, Aircel, says report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The Sunil Bharti-led telco already owes the government around Rs 216 billion in license fee dues and around Rs 139 billion in additional spectrum usage charges.
The Department of Telecommunications would hold Bharti Airtel liable for some Videocon Telecommunications and Aircel’s pending adjusted gross revenue (AGR) dues to the government, reported Economic Times.
Bharti Airtel had bought some spectrum from the two bankrupt carriers back in 2017.
The Sunil Bharti-led telco already owes the government around Rs 216 billion in license fee dues and around Rs 139 billion in additional spectrum usage charges.
According to the newspaper report, the DoT is looking into the spectrum trading deal between Bharti Airtel and Videocon Telecommunications and dues that need to be paid.
Videocon Telecommunications, which is in the midst of insolvency proceedings, owes about Rs 1,298 crore in licence fee, spectrum usage charge (SUC), interest and penalties to the government, the report quoted a source.
In the case of Aircel, which is also undergoing insolvency proceedings, Airtel is expected to be made liable for a ‘small part’ of Aircel’s nearly Rs 10,230 crore dues, the Economic Times quoted another industry official.
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