business

The department of telecommunications (DoT) failed to clear all outstanding issues at the pre-bid conference for the auction of third generation (3G) radio frequencies organised on Monday but did signal that the auction was on for now. There have been apprehensions in many quarters that the much awaited auction might be postponed for a second time.

Only foreign players, which were visible at the conference, were the US telecom major AT&T and the world’s largest chip maker, Intel. However, many others might have sent their representation through India-based consultants in a move to protect their identity. There were present a number of consultants like PWC, Dua Consultants and BDA etc.

Read moreDoT fails to clear queries in pre-bid conference

India’s industrial production continues to surprise on the upside, giving strong indications of solid recovery going on in the Indian economy. The Index of industrial production (IIP) surged 9.1% in the month of September, compared with 10.4% in the previous month and 6% in the same month last year.

What is important is that the September IIP number, unlike the August double digit jump, has come on a much higher base. September’s 9.1% growth on top of 6% growth clearly shows strong sequential improvement compared with August’s 10.4% growth on top of poor base of 2.1% in the previous year. In other words, the continuous strength in the IIP numbers shows that it is not just the base effect that is pushing the IIP, but the recovery momentum is also playing a substantial role.

Read moreIIP continues to surge, hits 9.1% in September

The defence ministry has charged the Department of Telecommunications (DoT) over its failure to inform prospective bidders that the former had vacated two blocks of 3G spectrum for the upcoming auctions.

Telecom minister A Raja is likely to face wrath from different stakeholders with the recent defence ministry’s announcement. On October 26 this year, A Raja wrote to the finance ministry to ask the defence ministry to vacate 3G airwaves ahead of the auctions scheduled for early January 2010.

India’s steel majors cut prices between 3-5% on Tuesday in wake of softening global prices which has led to increased imports into the country. The decline was primarily in the flat products segment as the long products are already very competitively priced.

While the Steel Authority of India (SAIL), JSW Steel and Essar Steel have already announced the cuts, Tata Steel is yet to take a call on the issue. The industry is contending that the government was allowing India to be a dump yard for global steel makers by not raising the import duty.

Read moreIndian Steel companies cut prices by 3-5%

Engineering and construction major Larson & Toubro (L&T) has bagged a contract worth Rs 6,897 crore from Maharashtra State Power Generation Co. (Mahagenco) for 300 × 660 Megawatt (MW) super-critical boiler turbine generator units.

This is one of the single largest Engineer-Procure-Construct (EPC) orders in India’s power sector, the company said in its filing with the BSE.

Read moreL&T bags a contract worth Rs 6,897 crore from Mahagenco

The Reserve Bank of India (RBI) has made it clear in the latest monetary policy review that even though it would continue to support the cause of faster economic growth, there would be no relaxation in the objective of price stability and avoiding bubble economies. In this wake, the apex bank may take some more steps going forward to suppress formation of an asset bubble.

Read moreRBI may take more measures to check asset bubble