Tamilnadu Telecommunications Ltd JV partners to discuss company's future
One of the JV partners said it may not be able to support the sick company furtherBS Reporter | Chennai
January 10, 2015 Last Updated at 18:48 IST
Tamilnadu Telecommunications Limited (TTL) joint venturepartners are planning to meet on January 19 to discuss and decide the future of the Company. The development comes on the back drop of Telecommunications Consultants India Limited (TCIL), which holds 49 per cent stake in the company, has said it will not be in a position to support TTL anymore.
TTL is a sick Company under BIFR and a Sanctioned Scheme was issued by BIFR during July, 2010. The cutoff date for settlement with the banks was March 31, 2007. Since then there is no banking operation and as per the Sanctioned Scheme settlements made with the Banks during 2010-11.
TTL is an OFC manufacturing Company for telecommunications. Though the projections made in the Sanctioned Scheme were achievable and as per the OFC market data, due to various reasons the big projects of Government got delayed, according to TTL, noting one such project is the National Optic Fiber Network (NOFN) project of Government to cover the villages with Broad band.
Due to dull phase of market the Company's capacity utilisation for the past few years were less than 25 per cent, though the OFC requirement is huge in the Country, due to above said delays the projects are not implemented in time. This has resulted in continuous accumulation of loss year after year.
"For the past more than six years Telecommunications Consultants India Limited (TCIL), a Government of India Enterprise, one of the promoters having 49 per cent stake in TTL is financially supporting the Company. Due to low level of capacity utilization, the exposure of TCIL in TTL is continuously increasing, which has reached a stage that TCIL is also not in a position to continue the support," said the company in an announcement.
It was further stated the Promoters / JV Partners meeting has been proposed on January 19, 2015 in Chennai, to discuss and decide the future of the Company.
http://www.business-standard.com/article/companies/tamilnadu-telecommunications-ltd-jv-partners-to-discuss-company-s-future-115011000657_1.html
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Sterlite Tech up 5% as company to gain from Digital India plan
The integrated optical fibre company could be one of the key beneficiaries of the Digital India planSI Reporter | Mumbai
August 21, 2014 Last Updated at 10:29 IST
Shares of Sterlite Technologies were locked in 5% upper circuit at Rs 60.35 on expectations that the integrated optical fibre company would be one of the key beneficiaries of theDigital India plan.
The Cabinet on Wednesday approved a blueprint for the Digital India programme, which envisages all government services be delivered electronically by 2018. It also seeks to provide unique identities to all citizens.
The programme aims to “bring public accountability through mandated delivery of government services electronically” and provide a “unique ID and e-Pramaan, based on authentic and standards-based interoperable and integrated government applications and data bases”.
Sterlite Technologies is pioneering Fiber-to-Home deployment in the country to enable high speed broadband connectivity.
The stock opened at Rs 59.20 and touched a high of Rs 60.35. Over 275,000 shares were traded so far on both the stock exchanges.
Vindhya Telelinks soars on Reliance Mutual Fund buying
On November 3, Reliance Mutual Fund purchased 450,000 shares of Vindhya Telelinks at Rs 440 per share on the BSE.
SI Reporter | Mumbai
November 5, 2014 Last Updated at 09:46 IST
Vindhya Telelinks has soared 11% to Rs 511 in early morning deals on the BSE after Reliance Mutual Fund bought nearly 4% stake in telecom cables firm for about Rs 20 crore through open market.
On November 3, Reliance Mutual Fund purchased 450,000 shares representing 3.79% of the total equity of Vindhya Telelinks at an average price of Rs 440 per share, BSE bulk deal data shows.
Meanwhile, Anand Omprakash Agarwal and others had sold a combined 500,000 shares of the company, the data shows.
The stock opened at Rs 525 and touched a high of Rs 540 on the BSE. A combined around 15,000 shares changed hands on the counter in first half-an-hour of trading on the BSE and NSE.
http://www.business-standard.com/article/markets/vindhya-telelinks-soars-on-reliance-mutual-fund-buying-114110500136_1.html
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I suggested Telecom stocks especially Optic Fiber Cable companies like Birla Ericsson(Recommended @ Rs 11-13, 52 wk -High-Rs-86/- and Now Rs 68/-), Vindhya Tele(Recommended @ Rs 135-139, 52 wk -High-Rs-585/- and Now Rs 509/-),Sterlite tech(Recommended @ Rs 21-23, 52 wk -High-Rs-79/- and Now Rs 61/-), TNTele(Recommended @ Rs 2.9-2.3, 52 wk -High-Rs-8/- and Now Rs 4.7/-)
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