Vodafone Idea delays payment of AGR dues
Vodafone Idea (Vi) has said it is delaying by four years the payment of adjusted gross revenue (AGR) dues worth Rs 8,837 crore as the department of telecom (DoT) has offered the telco the option to do so.
After the delay, Vodafone Idea will pay the amount in six equal instalments starting 31 March 2026.
According to the company, an old DoT communication from 14 October 2021 had granted a four-year deferment on the dues as determined by the Supreme Court (SC). This covered all the AGR dues up to 2016-17 (dues which were included in the SC order).
Vodafone Idea Limited was quoting at Rs 8.65, up Rs 0.12, or 1.41 percent on the BSE.
Rising rates pressuring countries’ credit ratings, S&P Global warns
A growing group of countries are likely to see their credit ratings come under pressure as rising global interest rates hit already-stretched finances, one of the world’s biggest rating agencies, S&P Global, has warned.
A report by the firm on Wednesday said that heavily indebted Italy would face its highest debt bill as a percentage of its GDP since 2012 without European Central Bank help, while Ukraine, Brazil, Egypt, Ghana and Hungary were the most vulnerable emerging market countries.
IRB Infrastructure receives arbitral award of Rs 308 crore
IRB Infrastructure Developers received 75 percent of the arbitration award of Rs 419 crore from IRB Pathankot Amritsar Toll Road Ltd, an SPV of IRB InvIT Fund.
The Court has upheld Arbitral Tribunal’s Order and directed NHAI to release 75 percent of the arbitration award amount, i.e. Rs 308 crore, to the company. IRB Infra was the EPC contractor for Pathankot Amritsar BOT project, as per the company’s release.
Hydrocarbon division of L&T Energy has secured three offshore packages
The Hydrocarbon division of L&T Energy has secured three offshore packages from a prestigious overseas client.
The scope of work comprises Engineering, Procurement, Construction, and Installation for various new offshore jacket structures. L&T Energy Hydrocarbon (LTEH) has executed orders for this client in the past and repeat business is a testimony to L&T’s “Execution Par Excellence” philosophy, company said in its release.
Rahul Bajoria, MD & Chief India Economist, Barclays:
Inflation concerns remain central to policy deliberations. We see a clear focus on policymakers targeting a modestly positive real rate policy, which could mean more rate hikes are on the anvil.
The Reserve Bank of India (RBI) today released the minutes of its June policy review at which the Monetary Policy Committee (MPC) unanimously increased the repo rate by 50bp and made a significant increase to its inflation forecast.
The minutes show that MPC members remain concerned about elevated inflation levels, and their primary focus is on unraveling the pandemic-era extraordinary policy support measures. Overall, we believe the MPC is likely targeting a modestly positive real rates policy, which is consistent with its recent research and remains cognizant of the risks to the evolving growth outlook.
Nifty Bank index added 1 percent led by the IDFC First Bank, AU Small Finance Bank, ICICI Bank
Vodafone Idea board approves Rs 436 crore fund raise plan
The board of telecom major Vodafone Idea on June 22 approved the plan to raise a fund of Rs 436 crore from a Vodafone Group entity, via issuance of up to 42.76 lakh equity shares or warrants convertible into equity shares.
The board of directors, which met earlier in the day, has “approved raising of funds aggregating up to Rs 436.21 crore by way of issuance of either: (a) up to 42,76,56,421 equity shares of the face value of Rs 10 each; or (b) up to 42,76,56,421 warrants convertible into equity shares, to Euro Pacific Securities Ltd (a Vodafone Group entity and promoter of the company), on a preferential basis”, a regulatory filing noted.
Gold Prices Today: Yellow metal to come under selling pressure after Powell’s comments; support around Rs 50,500
“The notion that precious metal prices are range-bound suggests that there may be selling pressure near the range’s upper end. Gold has resistance at Rs 51300 and support at Rs 50500. Silver has…
Allsec Technologies, Quess Corp board approve Scheme of Amalgamation
The board of directors of Allsec Technologies and Quess Corp in their respective meetings have approved the Scheme of Amalgamation which provides for the merger of Allsec into Quess.
Market at 10 AM
Benchmark indices were trading higher with Nifty above 15500.
The Sensex was up 488.92 points or 0.94% at 52311.45, and the Nifty was up 151.20 points or 0.98% at 15564.50. About 2028 shares have advanced, 640 shares declined, and 95 shares are unchanged.
India’s January-March current account deficit falls to $13.4 billion
India’s current account deficit (CAD) fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 billion in January-March 2021. In percentage terms, the CAD in January-March 2022 was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter.
“The sequential decline in CAD in Q4:2021-22 (January-March) was mainly on account of a moderation in trade deficit and lower net outgo of primary income,” the central bank said. India’s merchandise trade deficit fell to $54.5 billion in the first quarter of 2022 from $59.8 billion the previous quarter, helping bring down the CAD.
Nifty Information Technology index added 1 percent supported by the L&T Technology Services, Mindtree, Coforge