LIVE MARKET TRACKER :   BSE SENSEX   26147.33      |    NSE NIFTY 7795.75    
GLOBAL MARKETS :  NASDAQ 4474.758   +0.42%    |    FSI London 6798.15   +0.04%    |    NIKKEI Japan 15328.56   -0.10%
  USD GBP EUR CAD AUD INR
USD - 0.587 0.7429 1.073 1.0576 59.99
GBP 1.7036 - 1.2656 1.828 1.8018 102.199
EUR 1.3462 0.7903 - 1.4445 1.4238 80.7591
CAD 0.9323 0.5473 0.6926 - 0.986 55.928
AUD 0.9457 0.5552 0.7026 1.0148 - 56.7343
INR 0.0167 0.0098 0.0124 0.0179 0.0176 -
Indian-Commodity  :  Top News  :  RBI relaxes ECB norms for successful spectrum bidders

RBI relaxes ECB norms for successful spectrum bidders (27-Nov-2012)

Giving some sigh of relief to the government and the telcos, the Reserve Bank of India (RBI) has relaxed overseas borrowing rules for successful bidders in the recently concluded airwaves auction, making it easier for them to raise money to pay the government.

RBI in its notification said that “The successful bidders making the upfront payment for the award of 2G spectrum initially out of rupee loans availed of from the domestic lenders would be eligible to refinance such rupee loans with a long-term ECB, under the automatic route,” also without seeking regulatory approval.

The telecom companies can further replace these short-term borrowings with long-term external (or overseas) commercial borrowings (ECB), provided the ECB is raised within a period of 18 months from the drawdown of the bridge finance.

RBI has also allowed the mobile operators to borrow from their parent companies without any limit, provided the parent owns a minimum 25 percent equity in the local company.

In the recently concluded auction the government got a lukewarm response from the operators for 1800 MHz band and received total bids worth Rs 9,407.64 crore, just one-third of the minimum Rs 28,000 crore that the government had expected. Five companies, Telenor, Vodafone, Idea Cellular, Videocon Telecommunications and Bharti Airtel bought airwaves in the recent auction. These companies are required to pay by December 1 or in installments. The RBI's move seems to have been taken after most of the bidders opted to pay the money in installments despite having to pay a higher interest rate compared to the ECB route.


Top News Today
Retail Inflation eases to 29-month low at 7.31% in June; Core inflation softens too
(15-Jul-2014)

Retail Inflation eases to 29-month low at 7.31% in June; Core inflation softens tooIn yet another encouraging development after four month low headline inflation numbers, provisional annual inflation rate based on all India general Consumer Price Index (CPI) (Combined) softened to 29......click on news to read complete article.

Tata Motors, Infosys and Suzlon to see some action today
(11-Jul-2014)

Tata Motors, Infosys and Suzlon to see some action todayTata Motors-owned luxury car maker Jaguar Land Rover (JLR) has registered its strongest ever half-year sales in 2014 selling over 240,000 vehicles. The UK-based auto major sold 240,372 cars between January......click on news to read complete article.

Railway Budget 2014-15 to be "growth oriented", big ticket announcements eyed
(08-Jul-2014)

Railway Budget 2014-15 to be "growth oriented", big ticket announcements eyedHaving done a pre-Budget hike of 14.2% in passenger fares and raising freight rates, Railway Minister Sadananda Gowda's will present his maiden Rail Budget amidst expectation of big ticket announcements,......click on news to read complete article.

International Stock News
US markets gain on encouraging economic data
(23-Jul-2014)

US markets gain on encouraging economic dataThe US markets closed higher on Tuesday, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports. On the economy front, consumer prices gained......click on news to read complete article.

US markets closed lower amid geopolitical tensions
(22-Jul-2014)

US markets closed lower amid geopolitical tensionsThe US markets closed lower on Monday, as investors remained jittery amid escalating war in Gaza and possible tougher sanctions against Russia. President Barack Obama called for an immediate ceasefire......click on news to read complete article.

US markets closed higher to post weekly gains
(19-Jul-2014)

US markets closed higher to post weekly gainsThe US markets closed higher on Friday, after a sharp sell-off on Thursday, finishing the volatile week with modest gains. Investors focused on earnings reports from companies such as Google Inc and Huntington......click on news to read complete article.

 

     
  
Recent Top News News
 
EquityInvestmentCompany ReportsIPO
Disclaimer
By clicking on this page you accept all the terms and conditions framed by us. News made available here are for informational purpose only. While utmost care has been taken in providing the same. We claim no responsibility for its accuracy. Readers of this blog who make their decision based on the information posted here are solely responsible for their actions.