Top headlines: Vodafone India biz, President's rule in Maharashtra & more

From 5G spectrum auction to Maharashtra politics, here are the top news stories that made headlines today

Union Cabinet, Governor recommend President's rule in Maharashtra

Maharashtra Governor Bhagat Singh Koshyari on Tuesday recommended President's rule in the state. As per a statement tweeted by Koshyari's office, "He is satisfied that the government cannot be carried on in accordance with the Constitution, (and therefore) has today submitted a report as contemplated by provision of Article 356 of the Constitution." Article 356, commonly known as President's rule, deals with 'failure of constitutional machinery in the state'.

Won't pump more capital in India until provisions change: Vodafone to govt

Vodafone has told Indian authorities that it will not provide more capital for its India business unless there are provisions allowing it to compete with Mukesh Ambani's Reliance Jio. According to British media reports, Nick Read, Vodafone's CEO has. for all practical purposes, issued an ultimatum to the Indian government. Vodafone is scheduled to come out with its half year report on Tuesday. Reports say Read has communicated to the Modi government that Vodafine will not provide any more capital in India.

Govt can hold 5G spectrum auction, but older telcos unlikely to bid: COAI

According to the telecom industry body COAI, the government is well within its rights to hold spectrum auction in the current financial year if it so desires, but old operators, reeling under the impact of the SC ruling on statutory dues, are unlikely to participate. "The government can hold the auction if it wants, the larger question is who will turn up for bidding given the present financial situation," COAI Director General Rajan Mathews said. Mathews said given the latest AGR judgement from the apex court and the sector's deep crisis, the older operators are unlikely to have the wherewithal to bid for spectrum. DoT is also now mulling whether the apex court order also impacts any other company which uses spectrum or has a licence.
 

ArcelorMittal to shut down steel plant in South Africa, lay off 1000

ArcelorMittal will shut down a plant in South Africa’s Saldanha town and lay off nearly 1,000 workers after losses, amid a global downturn in the industry. The company said its Saldanha unit had lost its competitive cost advantage to compete in the export market, "mainly due to raw material and regulated prices", the company said in a statement. The South African government has expressed "disappointment" at the decision of ArcelorMittal South Africa (AMSA) to retrench nearly 1,000 workers across the company and to shut down its operations in Saldanha town.

Investors pull out Rs 31 crore from gold ETF in October to book profit

Investors pulled out a little over Rs 31 crore from gold exchange traded funds (ETFs) in October, after infusing nearly Rs 200 crore in the safe-haven asset in the preceding two months, primarily due to profit booking. Gold ETFs witnessed a net infusion of Rs 44.11 crore in September and Rs 145.29 crore in August, the first inflow since November last year, when Rs 10 crore was infused in such instruments. Prior to this, gold ETFs had seen a net inflow of Rs 20 crore in October 2016 and before that an inflow of Rs 5 crore was witnessed in such funds in May 2013.

Fund mobilisation via QIPs in 2019 is the second-highest in five years

Fund raising via qualified institutional placement (QIP) gained momentum in calendar year 2019 (CY19) with a total nine companies raising Rs 30,812 crore via the private placement route given the revival in equity market. This is 86 per cent higher compared to previous year and is the second-highest amount raised via this route in the past five years. In the past two months alone, four companies have garnered a cumulative Rs 22,400 crore via this route. In CY18, 25 companies had raised Rs 16,587 crore, while in CY17, as many as 43 companies had raised Rs 60,652 crore, shows data from PRIME Database.