1:30 pm Telecom: India's telecom regulator has ruled on the definition of
adjusted gross revenue (AGR) for telecom companies. The TDSAT has said that AGR
will include all receipts except capital receipts and revenue from non-core
sources such as rent, profit on sale of fixed assets, dividend , interest and
miscellaneous income, etc will be included in AGR. The regulator has also
included forex adjustment under AGR apart from ruling that licenses fee will
not be charged twice on the same income.
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Profit booking drags the Nifty below
8400. The 50-share index is down 55.65 points or 0.7 percent at 8374.05. The
Sensex is down 234.78 points or 0.8 percent at 27655.35. About 1279 shares have
advanced, 1302 shares declined, and 147 shares are unchanged.
Only metal stocks led by Tata Steel
are seeing huge buying interest. Coal India, Maruti and BHEL are top gainers in
the Sensex. Among the losers are Sun Pharma, NTPC, SBI and M&M.
Meanwhile, manufacturing activity in
Asia's top two economic powerhouses slowed further in April, a disappointing
outcome that calls for yet more stimulus and puts pressure on the United States
and Europe to do more of the heavy lifting to drive global growth.
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