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
- Google's Pichai to oversee major products and services
- Two killed, four wounded in Washington state school shooting
- Reuters Poll - India's growth pace to pick up as reforms draw investment
- Modi takes tea, but no questions, in first press event as PM
- UPDATE 12-Two U.S. states to quarantine health workers returning from Ebola zones
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article