Home / Market Beat / Arbitration notice to Govt. for 2G spectrum. Nifty ends 1.8% up.

Arbitration notice to Govt. for 2G spectrum. Nifty ends 1.8% up.

Telecom woes continue to hog the limelight after the Supreme court gave a historic ruling, asking the government to re-auction the 2G spectrum. In the latest development, the Russian company, ‘Sistema’ has now invoked an arbitration clause, by writing a letter to the Govt. of India. The arbitration is based on the Indo-Russian treaty. As per this, post 6 months, if there is no settlement, then the usual arbitration process would follow. The act allows claim on expropriation of investments.

Back with the markets, it was a small pullback on Tuesday, after yesterday’s slides seen in the market.

The Nifty jumped 90 pts to close at 5375, up by 1.8% in the trade. The BSE Sensex managed to gain 1.6% to close at 17731.

Realty stocks were among the top gainers. The BSE realty index was up by 6%. DLF stock was up by over 4% in the trade.

ADAG group of stocks had also maintained a high from the morning. RCOM saw a gain of 7%, while Reliance Infra sore with 11% surges.

Other gainers included HDFC Bank, L&T, Tata steel and Bajaj Auto which gained over 3% each.


 

 

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