L&T looks overseas to offset weak home market; Q4 net profit falls
India's largest engineering and construction group, will look overseas to offset a weak economy and project bottlenecks at home that led to a bigger-than-expected profit drop. Article | Full Coverage
REUTERS SHOWCASE
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Cut in reserve price of unsold airwaves approved
Track Markets: BSE Sectoral Indices
Track and analyse performance of all BSE sectoral indices and other global indices on a single page. Full Coverage
1 of 2. The sun rises behind a communications tower in New Delhi March 20, 2006.
Credit: Reuters/B Mathur/Files
NEW DELHI |
NEW DELHI (Reuters) - The cabinet approved a 30 percent cut in the reserve price of mobile phone airwaves in four telecommunication zones, a minister said on Thursday, after carriers shunned last month's auction in those zones saying the prices were too high.
The cabinet also approved a ministerial panel's proposal to set the auction reserve price of more efficient 900 megahertz band airwaves at twice that of the basic phone airwaves in the 1800 megahertz band, the minister, who did not want to be named, told reporters.
India is betting on the revenue from phone airwaves auctions and stake sales in state-run companies to plug its widening fiscal deficit. The government raised less than a quarter of its 400-billion-rupee target in last month's auction.
The government aims to conduct the next auction during the current fiscal year ending in March. It also plan to sell 900 megahertz band airwaves in a separate, but simultaneous auction.
(Reporting by Nigam Prusty; editing by Malini Menon)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters