Spectrum auction worth RS 96k crore to start on May 20
Government will auction spectrum worth Rs 96,318 crore, at reserve price, from May 20, giving an opportunity to mobile operators to beef up their airwave holdings to support the strong growth in data consumption. Department of telecom (DoT) on Friday issues a notice inviting applications (NIA) for the sale which govt now wants to make an annual affair to enable companies have access to the scarce resource. Key Points
Times Of IndiaSpectrum auction for radio frequencies worth Rs 96k crore to start on May 20
New Delhi, Mar 8 (PTI) The upcoming spectrum auction for mobile services will start on May 20, according to a notice inviting applications released by the Department of Telecom on Friday. The government will auction eight spectrum bands for mobile phone services at a base price of Rs 96,317.65 crore. Spectrum, held by certain companies […] Key Points
ThePrintDawood Ibrahim's two ancestral properties sold off at auction
Two properties linked to fugitive gangster Dawood Ibrahim's family were sold at an auction in Mumbai organized under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act. The auction featured four properties in Maharashtra, with two receiving bids. Key Points
Economic TimesIPL auction 2024 sets new viewership records with 23 million views
Star Sports' broadcast of the IPL auction 2024, held on December 19, has achieved the highest viewership for any 'mini' auction in BARC history. The live auction attracted 22.8 million viewers, marking a 29% increase compared to the previous year. The event, lasting over 6 hours in Dubai at the Coca-Cola Arena, garnered a record-equalling watch time of 0.92 billion minutes, showcasing a remarkable 57% growth in total watch time from the previous year. Key Points
Economic TimesSiddhi Vinayak temple nets ₹60 L in jewellery auction
The Siddhi Vinayak temple trust in Mumbai earned ₹60.09 lakh through an auction of 117 gold items. The auction included various gold jewellery items and was seen as a way for devotees to bring home blessings. The temple authorities regarded the auction as a way of giving back to the devotees who had donated the items. | Mumbai news Key Points
Hindustan Times
Dress worn by Princess Diana sells for record $1.148 million at auction
In a landmark auction by Julien's Auctions, Princess Diana's 1985 dress fetched a staggering $1.148 million, breaking records as the most expensive dress from her collection ever sold. Designed by Jacques Azagury, the gown, featuring a black velvet bodice embroidered with stars, surpassed estimates by elevenfold. Another highlight was Diana's 1981 engagement blouse, fetching $381,000. This auction also showcased Hollywood memorabilia, underlining the enduring legacy of iconic fashion in history. Key Points
Economic TimesBid, laugh, repeat! IPL 2024 auction memes that will leave you in splits
While Pat Cummins became the first player to be sold for more than ₹20 crore, Mitchell Starc emerged as the costliest buy ever, secured by KKR for ₹24.75 crore. | Trending Key Points
Hindustan TimesIPL auction 2024 Live Updates: Franchises have 262.95 crore in purse to bid for 833 cricket players
IPL auction 2024 Live Updates: Ten franchises will have ₹262.95 crore to bid for 833 cricket players, 214 from India and 119 from overseas. Key Points
MintIPL auction: Mitchell Starc returns as 333 stars to go under the hammer
For the upcoming mini-auction of IPL 2024, INR 2 crore is the highest reserve price. Mitchell Starc and Pat Cummins will headline the auction. | Cricket Key Points
Hindustan Times'Iconic' items from 'The Crown', including Diana's revenge dress, to go for auction
Bonhams introduced The Crown auction on Sunday, characterizing it as a distinctive auction featuring almost 450 props, furniture, and costumes from all six seasons of Peter Morgans acclaimed drama centered on the British royal family. The Crown made its debut on Netflix in 2016, and the initial portion of its sixth and ultimate season is presently accessible, with the second part set to premiere on December 14. Key Points
Economic Times
States borrowing cost soars to 7.68%, the highest so far this fiscal
Eight states raised Rs 9,600 crore through state government securities (SGS) on Tuesday, which is 13.6 per cent higher than the amount indicated for this week in the auction calendar, according to Aditi Nayar, the chief economist at Icra Ratings. Key Points
Economic TimesTrai exploring auction models to 'best' allocate Satcom spectrum
The Telecom Regulatory Authority of India (Trai) is analysing three to four auction models for satellite spectrum, including the ones proposed by Elon Musk-owned Starlink and Reliance Jio. As per officials, the regulator will see what could be the best way to allocate spectrum - auction or administrative - after seeing a result of the auction analysis. Key Points
Economic TimesIndia's tea auction system under severe stress as buyers purchase teas privately
India's tea auction system is under strain as teas are increasingly being purchased privately. Buyers, both domestic and international, prefer private transactions for the longer-term credit options they offer, whereas auction purchases mandate payment within 13 days. This trend has prompted a 70% shift amongst large buyers towards private sales, leading to a reduction in auction competition and a negative impact on future private levels. Key Points
Economic TimesDoT to approach Trai for auction of new spectrum bands this week
The Department of Telecom (DoT) is planning to approach telecom regulator, Trai, this week for the auction of the 37 GHz spectrum band and radio waves of some expired licenses in 2024. The auction, expected to be held in the third quarter of this fiscal, may include the sale of the unsold spectrum in the 600 MHz band. Bharti Airtel and Vodafone Idea's licenses, which are due to expire in 2024, will also be up for auction. Key Points
Economic TimesDespite heavy supply, debt cost slips marginally for states to 7.32 per cent
In spite of that, the weighted average cut-off eased by 3 bps to 7.32 per cent from the last auction. The fall is also regardless of the fact that there was a mild rise in the weighted average tenor to 16 years from 15 years, Icra Ratings said in a note. Key Points
Economic Times
Michael Jordan's Olympic jersey fetches over $3 million at auction
Michael Jordan's jersey, which he wore while representing the United States during the 1992 Summer Olympics, fetched $3.03 million at an auction. Key Points
Hindustan TimesHinduja Group firm emerges highest bidder with Rs 9,650 cr offer for Reliance Capital in second auction
The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Key Points
Economic TimesRare T. Rex skeleton expected to fetch $5.6- $8.9 million at Zurich auction
The 293 T rex bones, assembled and erected into a growling 11.6-meter-long and 3.9-meter-high posture, are expected to fetch 5 million- 8 million Swiss francs. | World News Key Points
Hindustan TimesReliance Capital lenders cancel today's auction
According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. The major concern of the bidders is the compliance of resolution plans with the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP), guidelines, as in the first round of auction, the Hinduja Group firm submitted the bid post-auction. Key Points
Economic TimesReliance Capital resolution process deadline may be extended
Lenders of Reliance Capital may consider extending the deadline for completing the resolution process until May 30 as the second auction round is yet to take place and three bidders still have concerns regarding the compliance of resolution plans with regulatory guidelines, among other issues. The deadline for completing the process has been extended several times in the past. Reliance Capital is the third NBFC undergoing bankruptcy proceedings under the Insolvency and Bankruptcy Code. Key Points
Economic Times
Lenders postpone Reliance Capital auction to April 11
Besides Torrent Investments and Hinduja entity IndusInd International Holdings, Oaktree Capital have shown interest in participating in the auction process, the people said. This probably is one of the developments that prompted lenders to reschedule the auction. Key Points
Economic TimesJemimah Rodrigues’ parents watched her getting picked in WPL auction over video call from South Africa
In South Africa to support the Indian team, Jemimah Rodrigues' parents realized on auction day that no one was streaming it live. So they had to rely on an old-fashioned jugaad. Key Points
The Indian ExpressIndia to conduct 1st-ever auction of critical, strategic minerals. 20 blocks up for sale Wednesday
From mobile phones to e-vehicles, all modern tech dependent on critical minerals. Bidding to likely be completed within a month. J&K's 5.9 mn tonne lithium reserve could be on auction list. Key Points
ThePrintLewis Hamilton's Mercedes F1 car sets new record in auction
Lewis Hamilton's historic Mercedes F1 car, winning $18.8M at RM Sothebys auction, sets new record. Private collectors seek iconic race cars. Key Points
Economic TimesUnion Cabinet approves royalty rates for critical and strategic minerals including lithium
The Union Cabinet has approved royalty rates for critical minerals in India. The decision comes as the government prepares to auction critical mineral mines, including those containing nickel, lithium, cobalt, platinum, and rare earths. The move is aimed at attracting investment and development in the mining sector. India's mineral royalty rates are currently among the highest in the world, which has impacted the competitiveness of the sector. The auction for lithium reserves in Jammu and Kashmir is expected to take place soon, with overseas miners expressing interest. Key Points
Economic Times
auction of PM Modi’s mementos kicks off
The fifth annual auction of mementos presented to PM Narendra Modi began, with a painting of Banaras Ghat set at the highest quoted price of ₹64.8 lakh. | Latest News India Key Points
Hindustan TimesBank of Baroda issues public notice, to 'auction' Sunny Deol’s Juhu villa to 'recover Rs 56 cr dues'
The bank put out a sale notice for ‘Sunny Villa’ in a national newspaper Sunday for the auction to be held on 25 September. Rs 51.43 crore has been fixed as reserve price. Key Points
ThePrintLok Sabha passes MMDR Amendment bill
The Mines and Minerals (Development and Regulation) Amendment Bill, 2023 has been passed by the Lok Sabha. This bill will give the Central government the power to exclusively auction mining leases and composite licences for 26 critical minerals in India. The amendment is aimed at encouraging private sector participation in the exploration of deep-seated minerals, which include nickel, platinum and tin-bearing minerals, as well as lithium, graphite and cobalt that are needed for electric vehicles and batteries. This is the fifth amendment to the MMDR Act since 2014. Key Points
Economic TimesThis sealed original Apple iPhone gets sold for whopping ₹1.3 crore: Details inside
Rare, factory-sealed original iPhone sells for record-breaking $158,000 at auction. The 4GB model, produced for only a few months, was in exceptional condition. Key Points
mintT. rex skeleton fetches more than $6 million at auction
A 67-million-year-old composite Tyrannosaurus rex skeleton has been sold at a Swiss auction house. The bones come from three different T. rex specimens. Key Points
Hindustan Times
How did all 10 teams fare in IPL auction 2024? CSK, MI best; RCB, PBKS clueless
Ahead of the IPL 2024 season, we take a look how each team has stacked up at the end of the riveting eight-hour auction session in Dubai... | Cricket Key Points
Hindustan TimesStarc, Cummins slam records: How have IPL's costliest buys performed so far?
Mitchell Starc and Pat Cummins breached the INR 20 crore mark in the IPL 2024 auction, with Starc becoming the costliest player (INR 24.75 crore to KKR). | Cricket Key Points
Hindustan TimesMitchell Starc hits ₹24.75 crore jackpot, Cummins' record barely lasts an hour
Mitchell Starc beat Pat Cummins' record to become the most expensive player in IPL auction history at ₹24.75 crore. He will play for Kolkata Knight Riders. | Cricket Key Points
Hindustan TimesKolkata Knight Riders: Andre Russell, Shreyas Iyer retained; team drops 12 players. Check full list here
Kolkata Knight Riders is the latest team to announce the players it has retained and axed ahead of the auction for IPL 2024. It has released 12 players. Shreyas Iyer has been retained. Key Points
Economic TimesChennai Super Kings: Dhoni retained; team drops eight players. Check full list here
Chennai Super Kings has released eight players while retaining players like MS Dhoni, Jadeja and others. It has over Rs 32 crore in its purse for the auction that will take place in Dubai on December 19. Key Points
Economic Times
Public Sector Banks plan app for e-auctioning 500k properties
State-run banks will set up an e-auction app to dispose of about 500,000 properties over the next five years. Our target is that in the next five years, around six lakh transactions be done through the app, which include over one lakh auctions, and loan applications for those properties, said a senior bank executive, who did not wish to be identified. Key Points
Economic TimesSBI sells loan of Atibir Industries to CFM Asset Reconstruction Company
The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI. The bank had informed interested bidders that it would auction the loan under the Swiss challenge method based on an anchor bid. CFM ARC made the anchor bid and there were no counter bids, two people close to the development said. Key Points
Economic TimesRBI to hold 14-day variable rate repo auction for Rs 1 lakh crore on Friday
This will be only the second VRR auction conducted by the RBI since February 2020. The previous VRR auction was conducted on Feb. 10 for Rs 50,000 crore. Key Points
Economic TimesDo players get the right value for their talent in the IPL?
In the IPL auctions, little-known domestic cricketers hit jackpot deals, raising questions about the bidding system's logic. In this year's auctions too, uncapped players (one who hasnt played international cricket) secured more money than established players, highlighting the unpredictable and sometimes illogical nature of IPL auctions. Key Points
Economic TimesRCB bags Alzarri Joseph for record bid of Rs 11 crore in IPL 2024 auction; Woakes to Punjab Kings for Rs 4
The IPL 2024 auction witnessed Royal Challengers Bangalore's record bid for Alzarri Joseph and Punjab Kings acquiring Chris Woakes for Rs 4.2 crore. Woakes, with a base price of Rs 2 crore, fetched attention from Kolkata Knight Riders before landing with PBKS. Joseph's staggering bid of Rs 11 crores by RCB marked a highlight, while Umesh Yadav joined Gujarat Titans for Rs 5.8 crores after a heated bidding contest. Young talents Chetan Sakariya and Shivam Mavi also found teams, while Lockie Ferguson remained unsold in the dynamic auction. Key Points
Economic Times
Shree Cement plans to bid in India's lithium auction - source
India's Shree Cement (SHCM.NS) plans to bid for lithium mining rights under a government plan to secure critical minerals production through auctions that are expected to raise more than $5 billion. Key Points
ReutersStates' borrowing cost soars to 23-week high of 7.56%
The borrowing cost for Indian states has increased by 10 basis points to 7.56% at the first weekly debt auction of the third quarter. This is the highest rate in the past 23 weeks. Despite a decline in the average tenor to 13 years, the weighted average cost has risen. Additionally, the spread between the cut-off of 10-year state bonds and the new 10-year G-Secs yield has also increased slightly. Key Points
Economic Times