The News International Team
1:55 pm 2G spectrum scam: Terming legal principles being wrongly applied by 2G court, the Supreme Court on Friday quashed its orders summoning Bharti Cellular CMD Sunil Mittal and Essar Group promoter Ravi Ruia in a corruption case related to allocation of additional spectrum during NDA rule in 2002.
Stating that actions of companies cannot be attributed to persons/individuals, the apex court has asked the 2G court to reconsider facts and evidence. However, the SC has granted the court the liberty to summon them again.
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the CBI. Earlier during the arguments, senior advocate FS Nariman, appearing for Mittal, had told the apex court that the trial court erred in summoning his client despite the fact that the CMD was not named as accused in the chargesheet by the CBI.
Nariman had told the bench that there was “nothing unusual” in the alleged assertion that Mittal had meetings with then Telecom Minister Pramod Mahajan and then Telecom Secretary Shyamal Ghosh.
1:30 pm Big gain Tech Mahindra has signed agreement to acquire Switzerland-based niche consulting and services company SOFGEN Holdings in an all-cash deal.
The acquisition will add USD 45 million to the revenue, Ravi Vasantraj, Global Head — BFSI, Tech Mahindra told CNBC-TV18. SOFGEN has a worldwide presence specializing in private, commercial and retail banking and has around 20 Tier-I clients across geographies. The firm has over 450 employees.
Tech Mahindra expects to close the transaction by March 2015. The stock is up 3 percent on the BSE.
1:20 pm Crude price cut? India expects falling crude prices to cut its revenue losses on fuel sales to Rs 77000 crore in the current fiscal year ending March, from an earlier estimate of 850 billion rupees, Oil Secretary Saurabh Chandra said.
State-owned oil companies sell crude and refined products to state refiners at discounted rates to partly compensate them for losses on fuel sales at regulated prices.
Chandra said revenue losses could go down further as oil prices are easing.
Don’t miss: Will outline capital usage plan soon, says Infosys
After the initial sprint post Infosys results, the market has gone flat once again. The Sensex is up 26.35 points at 27301.06 and the Nifty is up 3.55 points at 8238.15. About 1255 shares have advanced, 1439 shares declined, and 397 shares are unchanged.
Boosted by better-than-expected December quarter results, Infosys is up 5 percent. The second largest software services exporter in India third quarter consolidated net profit rose 5 percent as against estimated growth of 1.9 percent. Profit increased to Rs 3,250 crore in the quarter ended December 2014 compared to Rs 3,096 crore in previous quarter.
Dollar revenue rose by 0.77 percent to USD 2218 million from USD 2201 million during the same period. The more soothing factor in today’s results was its FY15 dollar revenue guidance that maintained at 7-9 percent, which analysts had expected to be cut.
Meanwhile, HUL, Dr Reddy’s Labs, Cipla and Tata Motors are gainers in the Sensex. Among the losers are NTPC, Bajaj Auto, Axis Bank, Bharti and ITC.