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R-Com said to face Rs5,384 crore airwave fee

By Rajhkumar K Shaaw

New Delhi/Mumbai: India’s government has asked billionaire Anil Ambani’s Reliance Communications Ltd. to pay a fee of Rs5,384 crore ($804 million) before it shares some telecommunications airwaves, people familiar with the matter said. The stock fell.

“It seems like a negative thing but we should not have an over reaction to a short-term share price move,” said Abhimanyu Sofat, Mumbai-based co-founder of AdviseSure Ventures Pvt., an investment advisory firm. “Reliance Communications’ longer-term outlook will depend on how well it is able to leverage the partnerships with Reliance Jio.” Bloomberg

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Indian markets due for further declines in volatility

The rebound in Indian equities may get support from indications of easing volatility elsewhere around the globe.

The Chicago Board of Options Exchange Volatility Index, a US measure of investor anxiety known as the VIX, has stayed below its Indian counterpart for five weeks, the longest such run since November, data compiled by Bloomberg show.

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Sensex closes 170 points higher, Nifty above 7,700; Fed decision eyed

Indian stocks rose for a second day as emerging-market equities rebounded from a six-year low before the US Federal Reserve’s decision on interest rates.

Sun Pharmaceutical Industries Ltd, the nation’s most valuable drug maker, rose to a one-week high after it agreed to sell a manufacturing unit in the US Hindustan Unilever Ltd, the biggest home-products maker, rallied to a three-month high.

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