“There is no conviction in the market,” said Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi. “There is no positive trigger to take it higher. That’s why we are seeing this volatility.”
Telecommunication is one of the sectors in India which has witnessed the fundamental and structural and institutional reforms since 1991. Consider the great potential for the growth of telephone demand with the accelerated growth of economic activities, the government of India announced the National telecom policy in 1999. It provided the participation of private sector in this industry.
Telecommunication is one of the sectors in India which has witnessed the fundamental and structural and institutional reforms since 1991. Consider the great potential for the growth of telephone demand with the accelerated growth of economic activities, the government of India announced the National telecom policy in 1999. It provided the participation of private sector in this industry.
“The markets have rallied since May on expectations corporate earnings will be robust,” said Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi. “They have been disappointed.”
“The disinvestment move will help moderate India’s fiscal deficit,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd. in New Delhi. “Also, it may help in higher GDP growth led by increased government spending.”
Businessworld 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
London South East 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
“The 3G auction price will certainly act as a trigger for consolidation in the sector,” said Jagannadham Thunuguntla, the equity head for leading brokerage firm SMC Capital.
“But in the meanwhile, investors are not going to be kind to telecom stocks as the price paid for spectrum has been way above expectations,” Thunuguntla told IANS, adding these stocks were already out of favour since last year.
Reuters 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
The Gurdian 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
Bloomberg Dec 10, 2009 Sensex Advances On Borrowing Rules Led By Bharti, Jaip...Jagannadham Thunuguntla
“This is good for the companies because they require heavy capital expenditure,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “It makes sense to allow such companies to borrow from abroad.”
“The government’s balance sheet gives it no flexibility,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “It has to roll back some of the stimulus to control the fiscal deficit. Chances of a positive surprise are few in tomorrow’s budget.”
“The markets have rallied since May on expectations corporate earnings will be robust,” said Jagannadham Thunuguntla, the head of equities at SMC Capitals Ltd. in New Delhi. “They have been disappointed.”
“The disinvestment move will help moderate India’s fiscal deficit,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd. in New Delhi. “Also, it may help in higher GDP growth led by increased government spending.”
Businessworld 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
London South East 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
“The 3G auction price will certainly act as a trigger for consolidation in the sector,” said Jagannadham Thunuguntla, the equity head for leading brokerage firm SMC Capital.
“But in the meanwhile, investors are not going to be kind to telecom stocks as the price paid for spectrum has been way above expectations,” Thunuguntla told IANS, adding these stocks were already out of favour since last year.
Reuters 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
The Gurdian 20 May 2010 Telcos up as costly 3G auction ends;hurdles aheadJagannadham Thunuguntla
"Eventually, telecom stocks will come under pressure. No one has got an all-India licence, still the amount they are paying is not small. Their balance sheets will be stretched," said Jagannadham Thunuguntla, equity head SMC Capital in New Delhi.
Bloomberg Dec 10, 2009 Sensex Advances On Borrowing Rules Led By Bharti, Jaip...Jagannadham Thunuguntla
“This is good for the companies because they require heavy capital expenditure,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “It makes sense to allow such companies to borrow from abroad.”
“The government’s balance sheet gives it no flexibility,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “It has to roll back some of the stimulus to control the fiscal deficit. Chances of a positive surprise are few in tomorrow’s budget.”
Gulf News 26 Feb 2010 Stocks fall on fears that spending may be curbedJagannadham Thunuguntla
"The government's balance sheet gives it no flexibility," said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd in New Delhi. "It has to roll back some of the stimulus to control the fiscal deficit. Chances of a positive surprise are few in the budget."
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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1. Indian Stocks Fluctuate; Infosys Declines, Bharti Advances
By Rajhkumar K Shaaw
Aug. 28 (Bloomberg) -- India’s benchmark stock index fluctuated. Infosys Technologies Ltd. fell
after Morgan Stanley cut its rating, while Bharti Airtel Ltd. rose on news the government aims to sell
licenses for high-speed mobile services.
Infosys, the No. 2 software exporter, dropped the most in a week. Morgan Stanley reduced its rating
to “underweight” from “equal-weight”. Bharti, the nation’s largest mobile-phone services provider,
was set for its highest close in three months after ministers said they would auction so-called 3G
permits.
“There is no conviction in the market,” said Jagannadham Thunuguntla, the head of equities at
SMC Capitals Ltd. in New Delhi. “There is no positive trigger to take it higher. That’s why we are
seeing this volatility.”
The Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 146.55, or 0.9 percent, to 15,927.62
at 2:48 p.m. in Mumbai. The measure swung between gains and losses at least eight times today. The
gauge has risen 0.6 percent this week and is set for a 1.5 percent monthly gain.
The S&P CNX Nifty Index on the National Stock Exchange rose 1 percent to 4,734.40. The BSE 200
Index rose 0.9 percent to 1,949.9.
Bharti leapt 5.4 percent to 438.9 rupees, the second- biggest percentage gainer on the 30-member
benchmark. Reliance Communications added 0.1 percent to 263.35 rupees.
Ministers’ decision to issue permits to cover the 22 phone-service zones of the world’s second-largest
mobile market by users ends more than nine-month deadlock on pricing. The delay made India the
world’s biggest economy not offering 3G services.
Infosys Downgraded
Infosys lost 2.2 percent to 2,144 rupees. Morgan Stanley reduced its rating on the stock, saying the
stock’s valuation is “rich”. Tata Consultancy Ltd., the biggest software services provider, lost 2.6
percent to 533.5 rupees.
2. Thermax Ltd., a maker of power equipment, jumped 8.6 percent to 471 rupees after it won 2.55
billion rupees- worth ($52 million) of orders for captive boiler power plants, the company said in a
statement to the Bombay Stock Exchange.
Overseas funds purchased 10.4 billion rupees of Indian stocks on Aug. 26, the Securities and
Exchange Board of India said on its Web site. The funds have bought 378.4 billion rupees of Indian
stocks this year to date, compared with a record net sales of 530 billion rupees for the whole of 2008.
To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net.
Last Updated: August 28, 2009 05:20 EDT