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Thursday, September 27, 2007
Ram Setu
The Lord surveyed the Ram Setu and said "Hanuman, how diligently and strenuously you and your vanara sena had built this bridge several centuries back. It is remarkable that it has withstood the ravages of the climatic and geographical changes over centuries. It is indeed an amazing feat especially considering the fact that a bridge at
Hyderabad built by Gammon using latest technology collapsed the other day even before they could stick the posters on its pillars."
Hanuman with all humility spoke "Jai Sri Ram, it is all because of your grace. We just scribbled your name on the bricks and threw them in thesea and they held. No steel from TISCO or cement from Ambuja or
ACC was ever used. But Lord, why rake up the old issue now." Ram spoke "Well, Hanuman some people down there want to demolish the bridge and construct a canal. The contract involves lot of money and lot of money will be made. They will make money on demolition and make more money on construction. "
Hanuman humbly bowed down and said "Why not we go down and present our case ? "
Ram said "Times have changed since we were down there. They will ask us to submit age proof and we don't have either a birth certificate or school leaving certificate. We traveled mainly on foot and some times in bullock carts and so we don't have a driving license either. As far as the address proof is concerned the fact that I was born at Ayodhya is itself under litigation for over half a century, If I go in a traditional attire with bow and arrow, the ordinary folks may recognize me but Arjun Singh may take me to be some tribal and, at the most, offer a seat at IIT under the reserved category. Also, a God cannot walk in dressed in a three-piece suit and announce his arrival. It would make even the devotees suspicious. So it is dilemma so to say."
"I can vouch for you by saying that I personally built the bridge."
"My dear, Anjani putra, it will not work. They will ask you to produce the lay-out plan, the project details, including financial outlay and how the project cost was met and the completion certificate. Nothing is accepted without documentary evidence in India. You may cough but unless a doctor certifies it, you have no cough. A pensioner may
present himself personally but the authorities do not take it as proof. He has to produce a life-certificate to prove that he is alive. It is that complicated."
"Lord can't understand these historians. Over the years you have given darshan once every hundred years to saints like Surdas, Tulsidas, Saint Thyagaraja, Jayadeva, Bhadrachala Ramdas and even Sant Tukaram and still they disbelieve your existence and say Ramayana is a myth. The only option, I see, is to re-enact Ramayana on earth and set the government records straight once for all."
Lord smiled "It isn't that easy today. Ravan is apprehensive that he may look like a saint in front of Karunanidhi. I also spoke to his mama Mareecha, who appeared as a golden deer to tempt Sita maiyya when I was in the forest and he said that he won't take a chance of stepping on earth as long as Salman Khan is around."
Via Another Forum
Market Close: Nifty crosses 5K.. Now what ?
Just 6 sessions and the journey from 16K to 17K was completed yesterday. It was also the fastest 1K run the market had seen till now. Today was also a historical day as the Nifty passed its 5K in the early sessions after almost 10 months it passed the 4K mark. The indices zoomed up in the early sessions sparked by a rally across global markets. As the day progressed indices lost some of its early gains by mid sessions as investors booked profits at high levels. Indices traded in a ranged manner for most of the time but surged at the end to touch new all time high. Also the short covering ahead of September 2007 F&O expiry helped the market close at all time high.
Most of the sectoral indices edged higher on renewed buying interest shown by the investors. Metals and IT sectors lead the way as they ended up above 3%. IT sector suddenly saw some buying even though rupee traded at 39.71 against Dollar. Appreciating Rupee would put more pressure on the Tech stocks as almost 50% of revenues are from US. The rally was seen due to central bank's recent measures to tame the appreciating rupee as it relaxed overseas investment by local companies, mutual funds and individuals. Small and Mid caps also ended in green along with its front liners. Today US would release economic data. All depends on how the numbers come and importantly how will the market react to it.
Sensex ended the day up by 229 points at 17150.561. It was helped up by gains in Rel Energy (1117.25,+9 percent), TISCO (794.6,+6 percent), Infosys (1911.75,+5 percent), HDFC Bk (1433.3,+4 percent) and ONGC (971.65,+4 percent). Restricting the gains were HLL (218.8,-3 percent), Guj Ambuja (145.15,-2 percent), RCVL (582.8,-1 percent), Hindalco (164.1,-1 percent) and Grasim (3426.95,-1 percent).
Kewal Kiran Clothing Ltd (KKCL) was in the limelight for the day on the back that it is likely to acquire a mid size apparel brand. According to sources the company plans to acquire a brand in the kids wear segment where it has no presence yet. The acquisition would be funded through a combination of internal accruals and debt and if required, equity placement. The company is also looking to add a design house or become an exclusive licensee of an international brand. News are making rounds that it is also looking at forging a joint venture with a foreign player to get its brand in the country. At present KKCL earns 5 % of its total revenue from exports. Its K-Lounge setup contributes 20 % and the flagship denim brand Killer brings in about 50 %. The company has introduced three men's apparel brands focused on different age groups in the last few years. Company is expanding its exclusive K-Lounge stores to 143 by the end of December from 74 stores currently. Currently, around 53 % of the company's retail outlets are concentrated in the western region. Following the expansion the West would have 36 % of the outlets, while North would have 32 %, South (22 %) and East (11 %). The stock rallied and ended up by 5%. Do read the note on our site for a better view on the company.
Educomp Solutions, India's largest education company by market value, was rated 'sell' by Citigroup with target of Rs 2,380. The market reacted to it and the stock ended down by 4.7%. The educational business is seen the best sector with government also spending high for educating the people. The approved outlay for education in the 10th Plan is around Rs. 30,000 crores while for secondary education and higher (including vocational training is Rs. 13825 crores. The Government of India has spent over Rs.10,000 crores (USD 2.2 billion) on Elementary Education in the country during 2005-06 and around Rs 2563 crores on Higher/Secondary Education. Education in the country is funded through a 2% Education Cess and other Budgetary Allocations. Some companies have been shifting its focus on education. Core Projects and Technologies, an IT services company has shifted its focus to education services through the inorganic route. Educomp being foremost and only listed company was pampered by the investors. But now competition has started building.. Everonn, Navneet and now Core projects would be giving some tough competition to Educomp. Core projects at Rs 196 is valued at nearly 22 times estimated FY08 earnings while Educomp and Everonn trade at over 85 times estimated FY08 earnings. Do read the detailed note on Educomp, Everonn and Navneet. Note on Core Projects will follow soon..
Technically Speaking: Market zoomed in early session however was ranged for the whole day due to expiry of derivatives. Sensex touched intraday high of 17188 and low of 17108. Overall breadth was in favor of Declines. Declines stood at 1458 while Advances at 1286. High volumes have been noticed over last 4 days. Today also the market churned Rs 7727 crores. It was FNO expiry and the psychological level of 5000 was crossed for the Nifty as well. The rise in the Sensex was 162% of the fall which took place between 24th July and 17th August. Expect markets to take a breather before any further direction can be taken.
Post Market Commentary
The market closed the session on a strong positive note as BSE Sensex surged by 229.17 points to close at 17,150.56 while Nifty grew by 60.05 points to close at 5000.55. Both the benchmark indices i.e. BSE Sensex and Nifty touched their lifetime highs. Sensex touched the intraday high of 17,188.40 while Nifty crossed psycholological mark of 5000 during the trading session. The market rallied towards the end on the back of strong global cues. Overall, the market breadth was little weak as 1477 stocks were closed in red and 1298 stocks were ended up in green while 57 stocks remained unchanged in BSE. The BSE mid cap fell 20.66 points to close at 7,331.96 while Small cap manages to close with gains of 17.21 point at 9,046.55.
BSE Metal index surged by 416.96 points to close at 13,502.60 as Sterlite Industries (6.48%), Tata Steel (5.82%), NALCO (4.96%), JSW Steel (2.36%) and SAIL (0.47%) are closed in green.
BSE IT index closed firmly at 4,643.43 as it was up by 141.46 points. Infosys (4.79%), HCL Tech. (3.05%), Satyam (2.56%), Tech Mahindra (2.20%), TCS (1.99%) and Wipro (1.26%) closed in green.
BSE bankex index improved by 111.72 points to close at 9,229.52 as HDFC Bank (4.26%), SBI (2.05%), AXIS Bank (1.61%), ICICI Bank (0.97%) and Andhra Bank (0.74%) closed higher.
BSE oil & gas index grew by 22.16 points to close at 9,639.10 as ONGC (3.74%) and GAIL India (1.15%) closed in green while IOCL (3.09%), RPL (2.77%), HPCL (2.05%) and BPCL (1.27%) closed in red.
BSE Capital goods index closed higher by 36.72 points at 14,691.07 as BEML (2.96%), BHEL (2.60%) and Suzlon energy (0.94%) closed higher while ABB (1.93%), Siemens (0.51%) and L&T (0.21%) closed lower.
BSE Health Care Index closed up by 28.87 points at 3,720.23 as Glennmark (4.90%), Cipla (3.16%), Nicholas Piramal (3.24%), Pfizer (1.38%) and Dr Reddy (1%) closed in positive.
Rakesh Jhunjhunwala, Nirmal Jain, Nilesh Shah, Parag Parikh and more
17K’s a reality. So, what do you do now? Stay invested, or go cash? And, where do you fish for new opportunities? The million-dollar question that could now be dominating the minds of countless investors is: What to do with the pile of notional wealth they are sitting on. Does there exist enough investment opportunities even at current levels? If yes, what sectors one should look at. We looked around for answers to these and many other questions.
Though general returns may shrink, panelists felt investors will come across many good opportunities irrespective of the Sensex levels. Most of them, however, are not comfortable about the idea of classifying companies as tier-I and tier-II for investment purpose.
"One should not approach the market with the view that one will invest only in mid-cap or large-cap stocks. We should constantly look around for good opportunities," said Rakesh Jhunjhunwala.
The focus should also be on growth and value stocks, according to some. "I would have no problem buying companies that have high PEs if I estimate their growth correctly," said Narayan Ramachandran.
However, Parag Parikh feels it is the value of stock which matters most while making an investment decision. Nilesh Shah is concerned that managements have started diluting shareholders’ value big time.
"The company could be tier-I or tier-II, but it should have top-class management," he said. Nirmal Jain, however, believes that there are more opportunities in tier-II companies as there are a large number of companies listed in this segment.
There was a quick round of discussion on what sector-specific approaches investors should adopt. Here’s what they said:
Nirmal Jain : Capital goods, infrastructure and power equipment is where I would be looking to put my money in. Avoid IT stocks and allocate 30-40% to real estate and gold.
Narayan Ramachandran: IT would be my top bet, also a solid growth sector like telecom. I would also take an exposure to four-wheeler stocks.
Rakesh Jhunjhunwala: I feel whenever there is a correction in world markets, followed by a bull phase, commodity stocks will see the maximum expansion in PE. I see no reason why commodity stocks should quote the PE they are quoting at. Banking could throw up a surprise, retail and infrastructure look good bets, but they are fairly priced at these levels. I will put 2-3% of my investments in physical gold,
Parag Parikh: I don’t really believe in the sector theory, but I would be looking to put my money in sectors that are not the fad of the moment. Pharma looks good.
Nilesh Shah: Rather than sectors, I would bet on companies that stand to gain the most from domestic consumption, and run by good managements. I would advise diversification into all kinds of assets — equity, property, gold, debt, art, and also international equities
Andrew Holland: Go for Logistics, tourism and banks.
Vallabh Bhanshali: “Equity is the best researched class. I would prefer equity and cash in my portfolio. If an investor can understand some of the other asset classes, only then should he go for it.”
BSE, NSE seek explanation from RNRL
Stock market authorities have sought explanation from the Anil Ambani group firm Reliance Natural Resources (RNRL), whose share price has nearly doubled in the past few days, on media reports about its business plans.
Both the Bombay Stock Exchange and the National Stock Exchange brought the company under scanner last week and early this week to ascertain if the price movement was normal.
From Rs 52 at close on September 19, the share price hit a one-year high of Rs 103 during trading on September 25, although it ended down at Rs 94.85 that day.
There have been media reports that it plans to sell stake in coal-bed methane blocks to strategic investors and has applied for starting city gas distribution projects.
NSE wrote to company officials on September 21 after reports that it plans to start CGD projects in various cities. The company's share price surged by a whopping 35 per cent that day to settle at Rs 76.70 from Rs 56.80 a day ago.
The scrip soared another 22 per cent on September 24 to Rs 93.55. Incidentally, there is no circuit filter on the scrip.
Similarly, turnover rose to a whopping Rs 673.47 crore on September 21 when more than 9.5 crore shares changed hands. This was against Rs 136.5 crore in the previous day when only 2.4 crore shares were traded. On September 24, it recorded a turnover of about Rs 457 crore.
The company informed the bourses on September 24 that its affiliate firm Reliance Fuel Resources Ltd did submit an application to the Petroleum Ministry for setting up such projects in Mumbai, Delhi and the national capital region.
Record rally for seventh day in a row
After the Sensex breaking past 1,000-point milestone within record 6 days, the market rose for the seventh session in a row today with a gain of over 267 points to a record high of 17,188. The market opened 139 points above its previous close and zoomed to touch the early high of 17,158. The Sensex remained steady on the back of firm metal and information technology stocks. Strong support also came from Reliance Energy, Tata Steel and few IT stocks. After exhibiting some range-bound moves the Sensex rallied sharply towards the close and wrapped the session at 17,151, up 229 points. The broad based Nifty also hit the record high of 5,016 and the index ended the session by adding 60 points at 5,001.
However, the market breadth was negative. Of the 2,832 stocks traded on the BSE, 1,477 stocks declined, 1,298 stocks advanced and 57 stocks ended unchanged. Among the sectoral indices, the BSE Metal index flared up by 3.19% followed by the BSE IT index (up 3.149%), the BSE Teck index (up 1.72%) and the BSE Bankex index (up 1.23%). However, the BSE FMCG index ended in the negative territory.
Most of the index heavyweights closed with substantial gains. Reliance Energy showed solid strength today and shot up by 8.87% at Rs1,117. Among the other major gainers Tata Steel surged 5.82% at Rs795, Infosys vaulted by 4.79% at Rs1,912, HDFC Bank spurted 4.26% at Rs1,433, ONGC jumped by 3.74% at Rs972, Cipla scaled up by 3.16% at Rs176, ACC advanced by 2.82% at Rs1,189, BHEL added 2.60% at Rs2,041 and Satyam Computer rose 2.56% at Rs442. Among the laggards, HUL slumped by 2.86% at Rs219, Ambuja Cement dropped 1.69% at Rs145 and Reliance Communication slipped 1.21% at Rs583.
Over 6.29 crore Himachal Futuristic Communication shares changed hands on the BSE followed by Tata Teleservices (2.95 crore shares), IKF Technologies (2.85 crore shares), Reliance Natural Resources (2.42 crore shares) and Ispat Industries (1.82 crore shares).
Valuewise, Sintex Industries registered a turnover of Rs614 crore on the BSE followed by Reliance Natural Resources (Rs215 crore), Indiabulls Real Estate (Rs201 crore), Reliance Energy (Rs200 crore) and Tata Steel (Rs192 crore).
Sensex settles above 17,000; Nifty ends above 5,000
Market surged at the fag end of the trading session to touch new all time high, on short-covering ahead of expiry of September 2007 derivatives contracts. Both the niche indices BSE Sensex and S&P CNX Nifty struck all time highs in late trade. After the Sensex breached the 17,000 mark yesterday, the Nifty scaled the 5,000 level today.
Domestic bourses rose today, 27 September 2007, as a part of rally across global markets as weak US economic data reinforced expectations for another interest rate cut from the Federal Reserve, following a steep half-point reduction to 4.75% last week.
The 30-shares BSE Sensex up 229.17 points or 1.35% at 17,150.56, an all time closing high. It opened with upward gap of 138.22 points to 17,059.61. Its low for the day was at 17,018.56. It hit an all time high of 17,188.40 in late trade.
From a recent low of 13,989.11 on 21 August 2007, Sensex surged 3,161.45 points or 22.59% in just 27 trading sessions to 17,150.56 on 27 September 2007. FII buying boosted the bourses in this period.
The S&P CNX Nifty was up 60.05 points or 1.22% at 5,000.55, an all time closing high. It struck an all time high of 5,016.40 in late trade. It took a little under ten months for Nifty to reach 5,000 from 4,000. It had first hit the 4,000 mark on 1 December 2006.
Derivative contracts for September 2007 series expired today, 27 September 2007. The Nifty October 2007 futures settled at 5,004.95, a premium of 4.40 points as compare to spot closing
The market breadth was negative on BSE with 1458 shares declining as compared to 1286 that advanced. 61 remained unchanged. The breadth was positive till mid-afternoon trade
The BSE Mid-Cap index was down 0.28% to 7,331.96. It struck an all time high of 7,437.51 earlier in the day. The BSE Small-Cap index hit all time high of 9,127.42. It rose 0.19% to 9,046.55. Both these indices underperformed the Sensex.
All the sectoral indices on BSE edged higher expect the BSE FMCG index. BSE TecK index (up 1.72% to 3,784.50), BSE Metal Index (up 3.19% at 13,502.60), BSE IT Index (up 3.14% at 4,643.43), outperformed the Sensex.
However BSE Oil and Gas Index (up 0.23% at 9,639.10), BSE Consumer Durables index (up 1.17% to 4,800.81), BSE PSU index (up 1.04% to 8,139.21), BSE Capital Goods Index (up 0.25% at 14,691.07), BSE Health Care Index (up 0.78% at 3,720.23), BSE Realty index (up 0.65% to 9,031.00), BSE Auto Index (up 1.06% at 5,270.66), and BSE FMCG Index (down 0.80% at 2,120.28) were underperformers.
The total turnover on BSE amounted to Rs 7727 crore as compared to Rs 7,750.07 crore on Wednesday, 26 September 2007.
The NSE F&O turnover was a record Rs 86226.41 crore as compared to Rs 78536.17 crore on Wednesday, 26 September 2007
Among the 30-member Sensex pack, 23 rose while the rest slipped
India’s second largest power utility company in terms of revenue Reliance Energy (REL) surged 8% to Rs 1108.30. It was the top gainer from Sensex pack. As per reports REL is believed to be restructuring its businesses under three verticals — utility, infrastructure and real estate.
IT stocks rallied for the second day in a row after central bank’s recent measures to tame appreciating rupee. Infosys Technologies (up 5.25% to Rs 1,920), TCS (up 1.92% to Rs 1,061), Satyam Computer Systems (up 2.43% to Rs 441.80), and Wipro (up 1.19% to Rs 460) edged higher. On Tuesday, 25 September 2007, Reserve Bank of India relaxed overseas investment by local companies, mutual funds and individuals in a bid to tame the rupee's rise.
Auto stocks edged higher. Tata Motors (up 1.43% to Rs 750), Bajaj Auto (up 1.14% to Rs 2,521) and Hero Honda Motors (up 0.55% to Rs 740.60), rose.
India’s largest oil explorer in terms of revenue Oil & Natural Gas Corporation (ONGC) surged 3.77% to Rs 972. The government will raise administered prices for gas produced from assets awarded to state-run firms in a month's time, before the launch of a new licencing round, M.S. Srinivasan, oil ministry secretary, said on Wednesday.
World’s sixth largest steel manufacturer Tata Steel surged 6.81% to Rs 802. It hit a 52-week high of Rs 807.90 on BSE today.
Bharat Heavy Electricals (Bhel), the country’s largest power equipment maker by sales rose 2.37% to Rs 2,035. It hit a all time high of Rs 2045 on reports that it has won a Rs 765 crore turnkey order from Steel Authority of India (SAIL) to set up a 62.2 mega watt captive power plant in Burnpur, West Bengal. Reports further said Bhel’s order book stood at Rs 65,000 crore. The project is expected to be commissioned within 29 months.
Tata Motors, the nation’s top truck and bus maker in terms of sales rose 1.50% to Rs 750.50. Deutsche Bank is bullish on the stock and has maintained buy rating with target price of Rs 920.
India's largest private sector lender, ICICI Bank, rose 0.55% to Rs 1025. It hit an all time high of Rs 1039 on BSE. As per reports it sold $2 billion of five-year notes in the Rule 144a private placement market.
India’s largest company in terms of market capitalisation and operator of world's third largest refinery at Jamnagar, Gujarat, Reliance Industries (RIL) saw high volatility today. It slipped from day’s high of Rs 2364 to a low of Rs 2321. It settled 0.56% higher at Rs 2335 on 5.06 lakh shares. RIL is reportedly laying off 1,000 staff in the country's most populous state of Uttar Pradesh after failed attempts to reopen Western-style supermarkets, which closed after protests from small traders.
Ambuja Cements, the country’s second largest cement manufacturer in terms of sales extended early fall. It lost 2.47% to Rs 144 on 7.41 lakh shares. It was the top loser from Sensex pack
Hindustan Unilever (down 2.23% to Rs 220), and Reliance Communications (down 1.08% to Rs 583.55) were the other losers from Sensex pack
Sintex Industries rose 2.31% to Rs 362.90 on the back of massive block deal of 1.23 crore shares on BSE at Rs 355 per share by 14:34 IST. It was the top traded on BSE with total turnover of Rs 622.86 crore.
Reliance Natural Resources (Rs 215.41 crore), Indiabulls Real Estate (Rs 201.81 crore), Reliance Energy (Rs 199.30 crore) and Tata Steel (Rs 192.20 crore), were the other turnover toppers in that order.
Shares from sugar sector declined on profit booking after the recent rally. Dwarikesh Sugar (down 1.59% to Rs 62), Sakthi Sugar (down 2.90% to Rs 85.50), Triveni Engineering (down 7.2% to Rs 108), Balrampur Chini Mills (down 3.91% to Rs 75), Shree Renuka Sugars (down 1.78% to Rs 693.95), and Bajaj Hindustan (up 9.77% to Rs 171.40) plunged
Emaar MGF files for IPO
To offer 11.74 crore shares via IPO
Emaar MGF Land plans to offer up to 11.74 crore shares through an initial public offering of shares in India at a price to be decided by the book-building process.
The real estate company, a joint venture of Dubai's Emaar Properties and Indian real estate developer MGF Developments, has filed a prospectus with Sebi to sell shares with a face value of Rs 10.
The proposed number of shares to be offered include a pre-IPO placement and shares issued upon conversion.
Enam Securities and DSP Merill Lynch are the book-running lead managers for the IPO.
The company plans to construct residential, retail and hospitality properties in India.
Sistema, DLF join the telecom race
Russian conglomerate Sistema has finalised an agreement with Indian telecom services provider Shyam Telelink, the unlisted telecom services arm of the Shyam Telecom group, to acquire 74% in the company. The deal values Telelink at a conservative $114 million.
Simultaneously, Shyam has applied to the Department of Telecom (DoT) for unified access service licences (UASL) to operate networks in 21 Indian states.
Shyam’s application comes even as real estate major DLF Ltd today confirmed that it will apply for telecom licences by Friday, the fourth real estate company to have applied for the same purpose. IndiaBulls Real Estate Ltd, Unitech Ltd and Parsvnath Developers are the others. This takes the total number of applicants for telecom licences to 13, including the Reliance Anil Dhirubhai Ambani- backed Swan and Cheetah Telecom, HFCL, Ruia-backed BPL Ltd among others.
The scramble for applicants comes soon after Communications Minister A Raja announced that DoT would not accept any new UASL applications after October 1. Under the terms of the deal, Sistema JS Financial Company, a company listed on the London Stock Exchange, has agreed to acquire 51% in Telelink, which operates a small but well-performing CDMA technology-based wireless network with over 250,000 users in Rajasthan.
Sistema will seek the approval of the Foreign Investment Promotion Board and has rights to enhance its stake to 74%, the maximum that a foreign company can have in an Indian telecomservice provider.
The marks the second time the Russian company is trying to get a foothold in the booming Indian telecom services market. In 2005, Sistema had signed a non-binding agreement to acquire 49% in Aircel (a mobile operator in Tamil Nadu then promoted by NRI businessman C Sivasankaran) for $450 million. The deal fell through even while Sistema was pushing a plan to use part of India’s rupee debt to Russia for financing such bilateral projects.
For Shyam, this marks the second major divestment in its services business – it sold its GSM operation in Rajasthan to Bharti Airtel Ltd in a cash-and-stock deal some years ago.
Industry experts said the key reason for Sistema buying out Telelink rather than applying on its own for a licence is that the latter is already an operator and, therefore, ahead of new applicants in the race for allocation of spectrum.
Sistema is the largest private sector consumer services company in Russia and the CIS. The joint market capitalisation of companies under Sistema Telecom is over $20 billion.
Experts in the telecom business say that realty companies like Unitech and DLF with their large market capitalisation can raise the resources needed for the telecom business. With start-ups requiring over $5 billion to begin operations, most of them see a large upside in the business which is expected to grow to 500 million subscribers by 2011.
"We do not have a telecom partner right now, but we are going ahead and applying for licences. A special purpose vehicle will be set up for the venture," a DLF executive said.
The government is currently reviewing the policy on spectrum allocation and grappling with plans for introducing next-generation high-speed mobile services in India. Since telecom licensing norms were changed in 2003 to allow universal access (before this, licences were dependent on the technology being used), the government granted over 97 such licences.
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