Morning Alert..
Cabinet approves telecom spectrum auctions at base price of Rs 96,317.65 cr
The Cabinet on Thursday approved the next spectrum auctions set to be held later this year with a reserve price of Rs 96,317 crore. All the available spectrum in 800, 900, 1800, 2100, 2300, 2500, 3300 megahertz (MHz) and 26 gigahertz (GHz) bands will be put to auction. “As recommended by the Telecom Regulatory Authority of India (TRAI), the reserve prices for various bands have been revised using suitable indexation,” the Cabinet said. A committee, to be chaired by the Cabinet Secretary, will also be set up to finalise plans for re-farming of certain spectrum bands. Back in September 2021, the government had decided that spectrum auctions should be held annually. TRAI had last year suggested keeping the reserve price of all low bands spread from 600-2300 MHz, mid (3300 MHz) and 26 GHz high band, the same as the 2022 auction. However, projections indicate the auctions would generate much less revenue for the government as 5G operators Jio and Airtel have already acquired most of the airwaves they need. The spectrum held by certain companies that are undergoing insolvency is expiring in 2024 on completion of the term. The Cabinet has also announced this will also be put to auction.
Cabinet okays Rs 6,000 crore scheme for formalisation of fisheries sector
The Union Cabinet today approved a Rs 6,000 crore sub-scheme under the flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY) with the objective of formalising the largely unorganised fisheries sector in the country. The formalisation will be done through the creation of a national fisheries digital platform, facilitating access to institutional finance for the sector and creating an insurance product which would cover at least 100,000 hectares of aquaculture farms during the project period. Almost half of the total project cost, that is around Rs 3,000 crore, will come from public financing that includes World Bank and the AFD external financing while the balance is expected investment from the private sector and the beneficiaries. The scheme will run for four years starting from FY-24, incentivising fisheries and aquaculture microenterprises through performance grants for improving fisheries sector value-chain efficiencies including creation and maintenance of jobs, and incentivising micro and small enterprises through performance grants for adoption and expansion of fish and fishery product safety are the other main objectives of the programme.
Global market action
Dow Jones – Down by 0.06% or 23.22 points
FTSE – Down by 0.44% or 33.27 points
CAC – Up by 0.71% or 54.37 points
DAX – Up by 0.25% or 41.87 points
Gift Nifty – Down by 0.15% or 33.50 points
FII/DII activities
FII – Sold 4933.78 Cr worth of shares
DII – Bought 5512.32 Cr worth of shares.
Primary market activities
Bikaji Foods International Ltd – 92.1%
Aptus Value Housing Finance Inida Ltd – 91.5%
Glenmark Life Sciences Ltd – 89.9%
P&G Hygiene & Health Care Ltd – 87.7%
Aether Industries Ltd – 87.1%
Primary market updates
IPOs opening today
Entero Healthcare solutions (Main board) – Issue size 1600Cr
Commodities updates
Gold – Rs 64570/10gm, Silver – Rs 70835/kg, Brcrude – Rs 6307/barrel, Copper – Rs 6307/kg.
Corporate News
Petronet plans to begin supplying LNG to Sri Lanka in 2025 for five years.
Oil India seeking foreign technology partner for first offshore foray.
Apollo Hospitals profit rises 60% in Q3; digital biz achieves break-even.
🔸 JSW Steel Ltd
The company had entered into a JV with JFE Steel Corporation, Japan for establishing a joint venture company in India for the manufacture and sale of cold rolled grain oriented electrical steel products
🔸 Tanla Platforms
The company doubles down on sustainability, achieving industry mover recognition in S&P Global Sustainability Yearbook 2024
🔸 Trident Limited
The comapany has been granted a patent for soft profiled terry Fabric with improved loop configuration by the Patent Office, Government of India.
🔸 BHEL
The company received an order worth Rs 5,500 crore from Haryana Power Generation Corp for 800 MW ultra-supercritical expansion unit in Haryana.
🔸 RHI Magnesita
The company’s wholly owned subsidiary in its board meeting held on 8th February 2024 has approved the proposal to permanently close its manufacturing plant located at Bhilai, Chhattisgarh
🔸 Imagicaa World
Imagicaa world entertainment limited board approves acquisition of four operational parks in Maharashtra and one upcoming park in Indore
🔸 IREDA
The company has received no objection of RBI for setting up of wholly owned subsidiary in IFSC , situated in Gift City, Gujarat
🔸 Balmer Lawrie
The company will establish a 200 kilo liters per day first-generation grain-based ethanol plant in Andhra Pradesh
🔸 Dynamatic Technologies
The company was awarded a large order from Europe-based multinational company Airbus to manufacture and assemble doors for Airbus’ A220 family of aircraft.
🔸 Zee Entertainment
The market regulator, in an interim order, has asked several guest experts on Zee Business to repay Rs 7.41 crore in alleged unlawful gains made by taking positions opposite to their on-air advice.
