Bharti Airtel (Bharti) and Reliance Jio Infocomm (Reliance Jio) on Tuesday, 10 December 2013, announced a comprehensive telecom infrastructure sharing arrangement under which they will share infrastructure created by both parties. This will include optic fibre network - inter and intra city, submarine cable networks, towers and internet broadband services and other such opportunities identified in the future.
The cooperation is aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment. This will also provide redundancy in order to ensure seamless services to customers of the respective parties, Bharti and Reliance Jio said in a combined statement.
The arrangement could, in future, be extended to Roaming on 2G, 3G and 4G, and any other mutually benefiting areas relating to telecommunication, including but not limited to jointly laying optic fibre or other forms of infrastructure services. The pricing would be at 'arm's length', based on the prevailing market rates, the statement from both the companies said.
As part of this arrangement, Bharti and Reliance Jio have already announced an agreement under which Bharti has provided capacity on its i2i submarine cable to Reliance Jio.
State-run Coal India (CIL) will be watched after media reports suggested that the Competition Commission of India (CCI) has imposed a penalty of Rs 1773.05 crore on CIL and its subsidiaries for abusing their dominant position as suppliers of non-coking coal to power producers. The penalty was imposed by CCI through an order dated 9 December 2013, reports suggest.
Power Grid Corporation of India's board of directors has approved the issue price for follow on public offer at Rs 90 per share. A discount of Rs 4.50 per share has been allowed to retail investors and eligible employees on the issue price.
On Tuesday, 10 December 2013 HDFC Equity Fund bought 5.10 lakh equity shares of SKF India at Rs 664 on the NSE.
Dutch liquor giant Heineken hiked its stake in United Breweries. Heineken International bought 35.58 lakh shares, or 1.37% stake, in United Breweries through a bulk deal on Tuesday, 10 December 2013. The deal was executed at Rs 772.9 per share, valuing the transaction at Rs 275 crore. Shares were acquired from Citicorp Finance (India).
Crompton Greaves will be watched after media reports suggested that the company is reportedly considering either selling or shutting its Canadian power transformer plant, to cut losses in its foreign business.
Future Consumer Enterprise (FCEL) after market hours on Tuesday, 10 December 2013 said it has made further investment of upto Rs 9.44 crore by way of subscription to and allotment of further equity shares of ACKPL, a subsidiary company of FCEL. With the latest acquisition, FCEL has increased its stake in ACKPL to 73.99%.
ACKPL operates in media and entertainment industry and has an established leadership in creation and publication of high quality content for both print and digital medium. It also operates India Book House, the largest distributor of books and magazines in India.
ACKPL's total revenue rose 42% to Rs 22.10 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Rushil Decor on Tuesday, 10 December 2013 said that it has added pre lamination facility at its existing particle board manufacturing plant situated in Surendranagar District, Gujarat which started in the FY 2009-10. The company is also adding the pre lamination facility at its existing MDF board manufacturing unit at Tal. & Dist. Chikmagalur, Karnataka which has started commercial operation in the last year. Also, the company is planning to expand its laminate manufacturing capacity at its existing laminate manufacturing unit at Mansa G.I.D.C., Dist. Gandhinagar. Gujarat by 1 lakh sheets per month.
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