(IANS) Shares of telecom giant Bharti Airtel Monday fell 4.43 percent in morning trade at the Bombay Stock Exchange (BSE) following raids at its office by the Central Bureau of Investigation (CBI) Saturday.
The CBI Saturday raided Bharti Airtel office in Gurgaon, another telecom firm Vodafone's offices in Mumbai and Delhi and the houses of two former telecom officials after the agency filed a new case in allocation of additional 2G spectrum when the late Pramod Mahajan was telecom minister during the NDA government.
The agency has also registered a case against unknown officials of Department of Telecommunication.
The Bharti scrip slipped 4.43 percent to an intra-day low of Rs.386 in morning trade at the BSE. It later recovered and was ruling 1.26 percent down at Rs.392.65 around noon.
The probe agency had registered the case against the telecom major Thursday evening for alleged irregularities in the grant of additional spectrum and causing a loss of approximately Rs.508.22 crore to the exchequer during the period 2001 and 2007.
According to CBI, the officials with the approval of Mahajan allegedly took a wrong decision on January 2001 to allocate additional spectrum beyond 6.2 megahertz in violation of the Technical Committee's report.
They also allocated the companies spectrum till 10 megahertz at the fee of an incremental one percent adjusted gross revenue (AGR), instead of charging two percent of AGR for beyond 6.2 megahertz.
According to the norms prevailing at the time, till 8 megahertz, the company should have been charged two percent.
2011/11/21 6:17:38 (IANS) Even as the CBI Saturday raided the offices of telecom service providers Bharti Airtel and Vodafone for alleged irregularities in additional spectrum allocation, the firms said they are co-operating with the government and their documents are in compliance with the laws.
Central Bureau of Investigation officials checked the Airtel office in Gurgaon and Vodafone office in Mumbai and Delhi, and the residences of former telecom secretary Shyamal Ghosh and former deputy director general in the telecom ministry J.R. Gupta Saturday morning.
On Friday, the CBI registered a case in the allocation of additional spectrum to the private telecom firms when the late Pramod Mahajan was telecommunications minister in the National Democratic Alliance (NDA) government.
"Bharti Airtel has always maintained the highest standards of corporate governance and regulatory compliance. We would like to categorically state that all the spectrum allotted to us from time to time has been strictly as per the stated government policy," said a spokesperson, Bharti Airtel.
Vodafone said in a statement: "All our documents are in complete compliance with the governing laws and regulations. Vodafone India is completely co-operating with the officials and will provide them all required details as part of their checks."
2G: Raids at Airtel, Vodafone offices after CBI files new case
2011/11/19 19:12:12 New Delhi, Nov 19 (IANS) The Central Bureau of Investigation (CBI) Saturday conducted raids in Delhi and Mumbai at offices of three private cellular companies and the houses of two former telecom officials after the agency filed a new case in allocation of additional 2G spectrum when the late Pramod Mahajan was telecom minister during the NDA government, CBI officials said.
The probe agency registered the case Thursday evening for alleged irregularities in the grant of additional spectrum and causing a loss of approximately Rs.508.22 crore to the exchequer during the period 2001 and 2007.
The case was registered against three private telecom companies -- Bharti Cellular now know as Bharti Airtel, Hutchison Max now known as Vodafone Essar, and Sterling Cellular now known as Vodafone Essar Mobile Services -- and two telecom officials -- Shyamal Ghosh, the then chairman of Telecom Commission and secretary (Telecom) and then deputy director general (Value Added Services in the ministry) J.R. Gupta.
The CBI conducted three raids in New Delhi, one in Gurgaon (Airtel) and one in Mumbai (Vodafone).
The agency has also registered a case against unknown officials of Department of Telecommunications.
The agency has excluded the then telecom minister in the case since he is dead. The late Pramod Mahajan of the Bharatiya Janata Party was communications minister between 2001-2003.
"It is alleged that Ghosh and Gupta entered into conspiracy with these telecom companies and abused their official positions," CBI Spokesperson Dharini Mishra said.
The officials with the approval of the minister allegedly took a wrong decision on January 2001 to allocate additional spectrum beyond 6.2 megahertz in violation of the Technical Committee's report.
They also allocated the companies spectrum till 10 megahertz at the fee of an incremental one percent adjusted gross revenue (AGR), instead of charging two percent of AGR for beyond 6.2 megahertz. Till 8 megahertz, they had to charge two percent as per the applicable rules, said Mishra.
The officials showed undue favours and caused cumulative advantage of approximately Rs.508.22 crore to these companies, the CBI said.
The order to allocate was reserved by Department of Telecommunications in 2008.
The investigating agency in January this year had conducted a preliminary inquiry regarding the allocation of additional spectrum from 2001 to 2007.
2011/11/19 19:08:05 IANS) The Central Bureau of Investigation (CBI) Saturday conducted raids in Delhi and Mumbai at offices of three private cellular companies and the houses of two former telecom officials after the agency filed a new case in allocation of additional 2G spectrum when the late Pramod Mahajan was telecom minister during the NDA government, CBI officials said.
The probe agency registered the case Thursday evening for alleged irregularities in the grant of additional spectrum and causing a loss of approximately Rs.508.22 crore to the exchequer during the period 2001 and 2007.
The case was registered against three private telecom companies -- Bharti Cellular now know as Bharti Airtel, Hutchison Max now known as Vodafone Essar, and Sterling Cellular now known as Vodafone Essar Mobile Services -- and two telecom officials -- Shyamal Ghosh, the then chairman of Telecom Commission and secretary (Telecom) and then deputy director general (Value Added Services in the ministry) J.R. Gupta.
The CBI conducted three raids in New Delhi, one in Gurgaon (Airtel) and one in Mumbai (Vodafone).
The agency has also registered a case against unknown officials of Department of Telecommunications.
The agency has excluded the then telecom minister in the case since he is dead. The late Pramod Mahajan of the Bharatiya Janata Party was communications minister between 2001-2003.
"It is alleged that Ghosh and Gupta entered into conspiracy with these telecom companies and abused their official positions," CBI Spokesperson Dharini Mishra said.
The officials with the approval of the minister allegedly took a wrong decision on January 2001 to allocate additional spectrum beyond 6.2 megahertz in violation of the Technical Committee's report.
They also allocated the companies spectrum till 10 megahertz at the fee of an incremental one percent adjusted gross revenue (AGR), instead of charging two percent of AGR for beyond 6.2 megahertz. Till 8 megahertz, they had to charge two percent as per the applicable rules, said Mishra.
The officials showed undue favours and caused cumulative advantage of approximately Rs.508.22 crore to these companies, the CBI said.
The order to allocate was reserved by Department of Telecommunications in 2008.
The investigating agency in January this year had conducted a preliminary inquiry regarding the allocation of additional spectrum from 2001 to 2007.
2011/11/3 5:34:56 Mumbai, Nov 3 (IANS) A benchmark index for Indian equities markets Thursday was ruling 163 points lower in noon trade as IT, metals and banking stocks were under selling pressure.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,430.69 points, was ruling at 17,301.59 points, down 163.26 points or 0.93 percent from its previous close at 17,464.85 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading lower, 50.7 points or 0.96 percent down at 5,207.75 points.
Broader markets were trading lacklustre as well with the BSE 500 index down 0.7 percent. The BSE midcap index and smallcap indices too slipped.
The market breadth at the BSE was negative with 1,024 stocks advancing and 1,482 scrips declining, while 122 remained unchanged.
Among major Sensex gainers were BHEL, Tata Power, Bharti Airtel and Cipla. The losing stocks included Tata Steel, Sterlite, HDFC Bank and Tata Motors.
Asian markets were trading mixed as concerns remained over the Euro zone debt crisis even as they awaited the proposed bailout plan to help the debt-ridden Greek economy.
The Japanese markets were closed Thursday. Hong Kong's Hang Seng was trading 2.13 percent down at 19,313.8 points.
The Chinese Shanghai composite index was, however, ruling 0.72 percent higher at 2,522.11 points.
2011/10/17 2:48:46 A benchmark index for Indian equities Monday gave up its modest early gains and fell below the 17,000-mark in noon trade.
The 30-scrip sensitive index (Sensex) of the BSE opened at 17,176.05 points and was ruling at 16,973.47 points, down 109.22 points or 0.64 percent from its previous close at 17,082.69 points.
The Sensex had soared over 5 percent in last week.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading lower, 0.75 percent or 38.35 points down at 5,093.95 points.
Broader markets too saw some selling with the BSE 500 index ruling 0.5 percent lower. The BSE midcap index was ruling flat while the BSE smallcap was up 0.29 percent.
The market breadth at the BSE was mixed with 1,203 stocks on the advance, 1,191 declining and 107 unchanged.
Some of the other top gainers on the Sensex at this time were Maruti Suzuki, Tata Motors, SBI and ONGC, while among losers were RIL, NTPC, L&T and Bharti Airtel.
Asian markets rose Monday with investors reacting positively to reports of US retail sales -- a key indicator of consumer spending -- registering its strongest growth in 7 months.
Also the G20 allowing the International Monetary Fund to play a greater role in containing the Euro zone debt crisis boosted sentiments.
The Japanese Nikkei Monday closed 1.5 percent hgiher at 8,879.6 points, while Hong Kong's Hang Seng was trading 1.26 percent up at 18,734.68 points.
The Chinese Shanghai composite index was ruling flat at 2,430.32 points. (IANS)
2011/11/18 10:58:29 Mumbai, Nov 18 (IANS) A benchmark index for Indian equities markets Friday slipped further into the red in noon trade, with selling intensifying in capital goods, power and realty stocks. Investor sentiment continued to be subdued on negative cues from Asia.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,387.7 points, was ruling at 16,241.15 points -- down 220.56 points or 1.34 percent from its previous close at 16,461.71 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 71.7 points or 1.45 percent lower at 4,863.05 points.
Broader markets were also ruling lower, with the BSE 500 index down 1.39 percent. The BSE midcap index shed 1.88 percent, while the BSE smallcap index fell 2.42 percent.
The market breadth at the BSE was negative with 525 stocks advancing and 2,083 scrips declining. Another 94 remained unchanged.
Among gainers on the Sensex were: Hero MotoCorp, Cipla, Bharti Airtel and Wipro while the losers included BHEL, Tata Motors, Maruti Suzuki and Tata Steel.
Asian markets stocks were ruling lower as fears of the European debt crisis and the sluggish growth in the region continued to weigh on investors.
Concerns on debt-ridden countries able to pay back creditors overshadowed the release of positive economic data from the US which showed the manufacturing registering growth in many months.
The Japanese Nikkei closed 1.23 percent down at 8,374.91 points, while Hong Kong's Hang Seng was ruling 1.94 percent lower at 18,452.24 points.
The Chinese Shanghai composite index closed 1.95 percent lower at 2,415.13 points.
Madhavan has once again become the brand ambassador for mobile major Airtel. Maddy will appear in hoardings, print and on television on Airtel ads and campaigns across south India.
Remember that Airtel has Shahrukh Khan to spearhead their all India campaign, mainly in North India. Maddy is signing up for the second time with Airtel. In the endorsement world, he is still considered as a “safe bet with deep penetration in south India due to his movies.”
Maddy is one actor in Kollywood who has re-invented himself and does his work silently. Meanwhile, he is completing the shoot of his suspense thriller Yavarum Nalam, directed by Vikram and produced by Adlabs, by Feb 15.
After he completes the shoot, the actor is planning to go on a one-month body weight training session in US. He will be back looking meaner and fitter for his new film with Nishikant Kamat by March end.
2011/11/2 5:22:21 Mumbai, Nov 2 (IANS) A benchmark index for Indian equities markets Wednesday crept up into the green, moving up after a weak start even as major Asian bourses fell over Greece's announcement of a referendum on a bailout deal agreed with European Union leaders last week.
European and US markets had fallen sharply overnight after Greek Prime Minister George Papandreou said the country would hold a public referendum on the bailout deal. Analysts fear the move could push Greece closer to a debt default.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,347.7 points, was within minutes ruling at 17,562.25 points, up 81.42 points or 0.47 percent from its previous close at 17,480.83 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading higher, 25.6 points or 0.49 percent up at 5,283.55 points.
Broader markets were trading lacklustre as well with the BSE 500 index up 0.41 percent. The BSE midcap index and smallcap indices too nudged up.
The market breadth at the BSE was positive with 1,306 stocks advancing and 1,211 scrips declining. The rest were unchanged.
Among major Sensex gainers were RIL, M&M, Bajaj Auto and ONGC. The losing stocks included Hero MotoCorp, Wipro, Bharti Airtel and Coal India.
Tracking the overnight losses in Europe and the US, major bourses in Asia fell initially fell as fears of a Greek default grew. But some markets managed to pare losses and climbed into the green.
The Japanese Nikkei Thursday closed 2.21 percent lower at 8,640.42 points while Hong Kong's Hang Seng traded 0.59 percent up at 19,484.52 points.
The Chinese Shanghai composite index was, however, ruling 0.97 percent higher at 2,493.88 points.
European markets ended in the red Tuesday after Greece's announcement of a referendum.
Around midday, Britain's FTSE was closed 2.21 percent, down at 5,421.57 points, while the French CAC 40 ended 5.38 percent down at 3,068.33 points.
The German DAX closed 5 percent lower at 5,834.51 points.
Wall Street too fell sharply. The S&P 500 index closed 2.79 percent down, while the Dow ended 2.48 percent lower.
2011/10/29 5:33:57 Mumbai, Oct 29 (IANS) Indian equities markets benchmark indices soared over 6 percent this week, as hopes of end of monetary tightening cycle and easing European debt crisis bolstered investors' sentiments.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) climbed 6.07 percent or 1,019.16 points, the biggest weekly rally in over two months.
The Sensex closed 2.98 percent higher at 17,804.8 points Friday, the last trading day of the week.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty also climbed over 6 percent in the weekly trade. The 50-scrip index soared 3.05 percent to close at 5,360.7 points Friday.
Expectations of end to the monetary tightening cycle boosted investors' sentiments on the Dalal Street this week. The Reserve Bank of India in its second quarter review of the monetary policy said it would not hike rates further if inflation started coming down from December as it expected.
The RBI has hiked key policy rates 13 times since the beginning of 2010 to curb inflation. The aggressive monetary tightening has made cost of capital expensive, hurting industrial growth and companies' earnings and profitability.
There was a strong rally in the interest rate sensitive realty and banking stocks towards the end of the week. The BSE realty index surged 5.34 percent and the banking index jumped 3.73 percent.
ICICI Bank, the country's second largest lender, jumped over seven percent to Rs.932.95 Friday. The largest lender, State Bank of India rose 2.15 percent to Rs.1,907.
Other prominent Sensex gainers Friday included Hindalco, up 10.88 percent at Rs.142.20; Sterlite, up 8.8 percent at Rs.132.90; ICICI Bank, up 7.01 percent at Rs.932.95; and Tata Steel, up 6.45 percent at Rs.480.60.
There were only three losers on the benchmark Sensex: Maruti Suzuki, down 1.99 percent at Rs.1,128; Bharti Airtel, down 0.25 percent at Rs.391.85; and Bajaj Auto, down 0.11 percent at Rs.1,754.45.
The Indian stock markets rallied Friday after two days of holiday. The markets were closed Wednesday, except for an hour-long muhurat trading session, and Thursday on account of Diwali holidays.
Markets rallied across the world towards the end of this week after the European leaders agreed on a plan to solve the debt crisis in the region.
The Japanese Nikkei Friday closed 1.39 percent higher at 9,050.47 points, while Hong Kong's Hang Seng ended 1.68 percent up at 20,019.24 points.
The Chinese Shanghai composite index ended 1.55 percent higher at 2,473.41 points.
European markets registered good weekly gains, however closed marginally in the red Friday. Britain's FTSE 100 closed 0.20 percent down at 5,702.24 points, the French CAC 40 closed 0.59 percent down at 3,348.63 points Friday.
However, the German DAX settled 0.13 percent higher at 6,346.19 points on the last trading day of the week.
2011/8/18 5:43:54 YSR Congress party MLC Jupudi Prabhakar Rao on Thursday took serious objection over the Central Bureau of Investigation sleuths conducting raids on Y S R Congress Party president Jaganmohan Reddy when he was away on Odarpu Yatra.
Talking to reporters at YSR Congress party office, Jupudi said the CBI officials should have acted in a humanitarian way in conducting raids. “It is not good for CBI to conduct raids on Jagan’s residence when he was on Odarpu yatra,” he said. “We are not opposed to the enquiry or raids, but the way they were conducted were highly objectionable,” he added.
Jupadi alleged that both the Congress and Telugu Desam party were trying to take political vendetta on Jagan since he quit the Congress party. Conspiracies are being hatched to end his political career. (INN)
The raids have come after it came to the notice to the IT officials that both the actresses have indulged in large scale evasion of tax.
The Income tax authorities conducted raids on two Bollywod actresses in Mumbai this morning. They are Katrina Kaif and Priyanka chopra. The IT sleuths conducted raids at theresidences as well as offices of these two heroines.
As expected, today the CBI has starts raiding on Kadapa MP YS.Jagan Mohan Reddy’s house at Banjara Hills, and on all his other offices including his Sakshi news. There are total 18 teams of CBI participating in these raids simultaneously made on all his companies and on his associate’s offices. CBI also raids Brother Anil’s house at Hyderabad. While, CBI is conducting the raids Jagan Mohan Reddy goes ahead with his Odarpu Yatra in Krishna district.
2011/8/19 4:34:57 Indeed, our media and some politicians become over enthusiastic with CBI raids on Jagan's properties, whether the CBI finds anything or not, these people found enough stuff from the raids. Here is an interesting cartoon published in Sakshi news in its today's edition.
2011/10/9 23:39:19 The Central Bureau of Investigation (CBI) Monday conducted raids at the residences and offices of former communications minister Dayanidhi Maran in connection with the 2G spectrum scam, officials said.
The CBI Sunday registered a case against Maran brothers -- Dayanidhi Maran and Kalanithi Maran -- as well as Ralph Marshall, Astra TV CEO that invested in Sun TV and businessman T. Anandkrishnan, under the Prevention of Corruption Act, an official said in Delhi.
The raids were conduced at Dayanidhi Maran's houses and offices in Chennai and Delhi.(IANS)
Income Tax department sleuths on Tuesday conducted raids at the residences of actor-turned-politician Vijayakant and the founder of a deemed university here.
The raids, which began at 8 a.m., were likely to continue till evening, IT department sources said.
Vijayakant, DMDK leader and MLA, and Jeipyar, the founder of Satyabhama Deemed University, were not available for comments.
The hottest news that is doing the rounds of the corridors of power in Hyderabad is about the IT raids. The IT authorities raided some big actors and producers/directors recently. Today the IT officials grilled Eenadu chief Ramoji Rao for over three hours.
The talk in many circles in Hyderabad is that some big wigs in the TDP could be on the IT radar and they face the prospect f IT raids. Some people are even speculating the TDP chief Chandra Babu Naidu could be on the IT radar. Babu is one of the richest chef ministers in the country and he is said to be worth 2,000 plus crores by conservative estimates.
The bigwigs in the film industry are spending sleepless nights. The bigwigs ranging from top actor to producers and directors fear that the IT sleuth may conduct raids on them any time soon. The reason for the fear is not unfounded.
The Income-tax authorities have of late conducted raids on top businessmen, professionals and even top government officials. The massive raids have yielded information regarding tax evasion and huge amounts of unaccounted money. So the film industry people fear that the IT sleuths may make them as their next target.
2011/11/17 12:38:21 Mumbai, Nov 17 (IANS) A benchmark index for Indian equities markets Thursday fell in early trade with IT, energy and telecom stocks seeing selling.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,754.68 points, was ruling at 16,694.04 points, down 81.83 points or 0.49 percent from its previous close at 16,775.87 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 28.2 points or 0.56 percent lower at 5,002.25 points.
Broader markets were also ruling lower with the BSE midcap index down 0.48 percent.
2011/11/18 10:56:36 Mumbai, Nov 18 (IANS) A benchmark index for Indian equities markets Friday again started trade with a negative bias, falling over 140 points in the morning session.
The 30-scrip sensitive index (Sensex) of the BSE, which opened lower at 16,387.7 points, was ruling at 16,320.86 points -- down 140.85 points or 0.86 percent from its previous close at 16,461.71 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 50.15 points or 1.02 percent lower at 4,884.6 points.
Broader markets were also ruling lower with the BSE midcap index down 1.03 percent.
2011/10/4 3:45:14 The premises of former Tamil Nadu minister M.R.K. Panneerselvam and those of his siblings were Tuesday raided for allegedly amassing wealth disproportionate to known sources of income, officials said.
The Directorate of Vigilance and Anti-Corruption (DVAC) unit conducted the raids in Chennai, Cuddalore and Nagapattinam districts, they said.
The raids were conducted at the residence of the former health minister in the DMK government, his office and at a college run by him. The residences of his brother and sister were also searched.
After the AIADMK government came to power in May this year, Panneerselvam is the fourth former DMK minister to come under the DVAC scanner.
The DVAC previously raided residences of former DMK ministers K. Ponmudi, K.N. Nehru and T.M. Anbarasan and their relatives. (IANS)
(IANS) Shares of telecom giant Bharti Airtel Monday fell 4.43 percent in morning trade at the Bombay Stock Exchange (BSE) following raids at its office by the Central Bureau of Investigation (CBI) Saturday.
(IANS) Even as the CBI Saturday raided the offices of telecom service providers Bharti Airtel and Vodafone for alleged irregularities in additional spectrum allocation, the firms said they are co-operating with the government and their documents are in compliance with the laws.
A benchmark index for Indian equities Monday gave up its modest early gains and fell below the 17,000-mark in noon trade.
The Central Bureau of Investigation (CBI) Monday conducted raids at the residences and offices of former communications minister Dayanidhi Maran in connection with the 2G spectrum scam, officials said.
