Bharti Airtel, Idea gain on lower 2G auction prices
Reuters Market Eye - India's wireless services providers rise after an auction of 2G airwaves attracts less demand than targeted by the government because prices are seen as too high.
The low prices give a respite to the debt-ridden industry, with the government raising less than one fourth of the targeted 400 billion rupees via the auction, which is being undertaken after the Supreme Court ordered the cancellation of permits granted in a scandal-tainted process in 2008.
Barclays Capital says the lower pricing is a "positive outcome" for the industry, but warns there is still a lack of clarity on the timing of the government's next step to find market prices for spectrum.
Bharti Airtel (BRTI.NS) gains 3.2 percent, while Idea Cellular (IDEA.NS) rises 3.5 percent as of 1:54 a.m.
- Tweet this
- Share this
- Digg this
- India passes halfway mark in election with BJP gaining strength
- UPDATE 2-Chipotle raising prices as steak, avocados, cheese costs rise
- Scientists find Earth-sized world in orbit friendly to life
- UPDATE 8-Divers struggle in search for South Korean ferry survivors
- 'X-Men' director Bryan Singer accused of drugging, raping teen
Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier. Full Article | Full Coverage
Ex-Goldman director Rajat Gupta to surrender June 17 in insider case. Full Article