MARKET WRAP: Sensex ends 399 pts up; Nifty reclaims 11K; IT stocks surge

All that happened in the markets today

4:35 PM

AGR Case :: Telcos are dragging us to a corner where we have no options, observes SC

>> Telcos should be reasonable in seeking time

4:30 PM

AGR Case :: 7-10 yr period would be reasonable to repay AGR dues, Tata Tele to SC

4:27 PM

AGR Case :: Telcos should share responsibility to secure the amount payable.

>> Revenue of the country needs to be saved, observes SC

4:26 PM

AGR Case :: Telcos should seek a reasonable period for payout

>> 20 years, sought by DoT, is too long a period, doesn't seem reasonable

4:26 PM

AGR Case :: If telcos don't secure the dues payable, how can we allow installment wise payments? SC observes

>> Says, 4 companies are in insolvency, almost Rs 40,000 cr of dues are sought from them

>> Says, Telcos are behaving dishonestly 

4:23 PM

AGR Case :: Just tell us how will you pay and what security are you giving for the payment?, asks SC from Tata

 >> Says, We will not consider any plea for financial difficulty

4:14 PM

AGR Case :: This is a waste of our time, we will impose very heavy costs, observes SC

>> Will decide on limited issue of time to be provided

>> We will impose more costs on telcos than any other court before. 

 

>> Telcos are trying to seek recalculation, trying to dilute the judgment.

4:12 PM

Market Closing Comment :: Vinod Nair, Head of Research at Geojit Financial Services

The Indian benchmark indices exhibited volatility, tracking earnings results and the SC AGR hearing. Nifty continued its momentum and closed above the 11,000 mark. This was in spite of increasing virus infections, both in India and abroad. The earnings results declared so far have been positive, as the sectoral leaders, especially  in the IT and Banking sector, have emerged better than expected in a quarter that was considered to be a washout, in terms of business. These 2 indices were also the main gainers in today’s trade. Uptrend may continue but it will be stock specific and investors seem to be looking at the earnings commentary for further direction

4:11 PM

AGR Case :: Bharti Airtel, Tata argue that dues payable should be limited to only license fee dues

>> Airtel, Tata seek lower due payable, argue that SUC dues should not be included in the DoT demand

4:01 PM

AGR Case :: Bharti Airtel is looking to reopen the issue, will not permit this at this stage, observes SC

>> If we permit you to recalculate, it would be violation of our orders

>> AGR definition has been clarrified by SC, don't try to review the issue.

4:00 PM

AGR Case :: If we are found to be wrong, we will pay the amount demanded by DoT, SC, says Singhvi for Bharti Airtel

3:58 PM

AGR Case :: Dues payable by us should be Rs 21,000 cr, not Rs 43,989 cr as claimed by DoT, says AM Singhvi for Bharti Airtel

>> DoT has clubbed SUC dues to amounts claimed.

>> AGR judgment of SC was only w.r.t to license fee dues, not SUC.

Alert: SUC is spectrum usage charge

3:50 PM

AGR Case :: Solicitor General presents information on dues received so far

>> Bharti Airtel has paid Rs 18,004 cr, Balance is Rs 25,976 cr 

 

>> Voda Idea has paid Rs 7,854 cr, Balance is Rs 50,399 cr

 

>> Tata has paid Rs 4,197 cr, Balance is Rs 1,2601 cr.

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)
VODAFONE IDEA	9.04	0.16	1.80
BHARTI AIRTEL	575.75	8.40	1.48
TATA COMM	701.55	33.40	5.00

(Telecom stocks at close)

3:44 PM

AGR Case :: Don't try to re-open the case, all dues are included in the AGR judgment, says SC to Bharti Airtel

>> No room availible for adjustment of dues payable by Airtel.

>> Solicitor General says, As per DOT, Bharti Airtel owes a sum of Rs 43,780 cr

3:39 PM

AGR Case :: Have paid Rs 18,000 cr after SC order, 60% of total dues paid by all telcos combined so far, says Abhishek Manu Singhvi for Bharti Airtel

>> Have Rs 21,000 cr of dues still payable towards license fee dues.

 

>> Govt has wrongly sought Rs 43,000 cr of total AGR dues, demand includes SUC dues as well.

3:39 PM

Sectoral trends on NSE at Close

3:37 PM

Sensex Heatmap at Close

3:35 PM

Closing Bell

>> Benchmark S&P BSE Sensex ends at 37,418.99 level, up 398.85 points or 1.08 per cent

>> Broader Nifty50 closes above crucial 11,000-mark at 11,022.2, up 122 points or 1.11 per cent.

 

3:30 PM

AGR Case :: Have no assets left with us except Spectrum, says Mukul Rohatgi for Voda Idea

>> GST refunds of Rs 8,000 cr accruing to us can be retained by Govt.

3:27 PM

AGR Case :: Not seeking re-calculation, will rely on the demands issued by DOT, says Rohatgi for Voda Idea

3:22 PM

AGR Case:: Self-assessment would be a violation of our orders, will be compelled to take action, observes SC

3:21 PM

AGR Case:: No one has the authority to overturn our orders, says SC

3:17 PM

AGR Case :: Will honour the judgement and the AGR dues sought from us, says Rohatgi

3:15 PM

AGR Case :: Who is the kingpin? Who is managing Voda Idea, observes SC

3:10 PM

AGR Case :: Voda Idea has conceded that no bank is prepared to lend it money, observes SC

>> SC asks, with so many losses, how are we to rely on you? 

 
>> How should we secure AGR dues payable by Voda? 
 

 

 

3:05 PM

AGR CASE :: Did Vodafone Idea ensure provisioning for AGR liabilities, observes SC

>> Rohatgi points out that the Co had not made provided earlier because it had won earlier in TDSAT;
>> Made provisions in the previous fiscal for about Rs 38,000 crore, says Rohatgi;
>> SC observes demands had been raised by the DoT; why was it not provided for by the Company?

(as reported by CNBC-TV18)

3:00 PM

AGR Case :: Total revenues over 10 yrs were Rs 6.27 trn, of which Rs 4.95 trn was spent on expenses, says Rohatgi

>> Bulk of revenues have been committed to expenses such as tax, levies, costs. 

>> Accounting for other expenses, losses come to over Rs 1 trillion

(Source: CNBC TV18)

2:54 PM

AGR Case :: Entire net worth of co has been wiped out over the last 15 yrs, says Mukul Rohatgi for Voda Idea

>> Have submitted financial documents like income tax returns.

 

>> All revenue has been spent on liabilities, tax, dues. 

 

>> Over 1 lakh cr of equity brought in by promoters has been eroded.

(Source: CNBC TV18)
 

2:51 PM

AGR Case :: SC begins hearing

2:48 PM

STOCK ALERT :: Rakesh Jhunjhunwala buys 1.12 million shares in June qtr