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TRAI releases consultation paper to discuss pricing, modalities for auction of 5G spectrum

Sensex drops 196 points; Nifty slips below 17,000-mark

Tata Steel was the top loser in the Sensex pack.

Equity benchmark Sensex dropped 196 points on Tuesday, hit by fag-end selling in auto and metal stocks following sluggish investor sentiment in global markets.

The selling pressure was triggered after European markets opened in the negative territory amid concerns over the Omicron variant of the coronavirus, traders said.

After rallying over 900 points, the 30-share BSE index surrendered all gains to settle 195.71 points or 0.34 % lower at 57,064.87.

Similarly, the NSE Nifty declined 70.75 points or 0.41 % to close below the 17,000-mark at 16,983.20.

Tata Steel was the top loser in the Sensex pack, shedding around 4 %, followed by Kotak Bank, Bajaj Auto, M&M, Bharti Airtel, Reliance Industries, IndusInd Bank and Maruti.

On the other hand, PowerGrid, Titan, Bajaj Finserv, Nestle India and Bajaj Finance were among the gainers.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with losses, while Shanghai was positive. Stock exchanges in Europe were in the red in mid-session deals.

Meanwhile, the rupee closed 10 paise lower at 75.17 (provisional) against the U.S. dollar.

International oil benchmark Brent crude tumbled 3.12 % to $ 71.15 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth ₹ 3,332.21 crore, according to exchange data.

Gold jumps ₹41; silver down by ₹667

In the international market, gold was trading with gains at $1,794 per ounce and silver was flat at $22.94 per ounce

Gold in the national capital on Tuesday jumped ₹41 to ₹47,217 per 10 gram in line with rally in international precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹47,176 per 10 gram.

Silver in contrast dipped ₹667 to ₹61,337 per kilogram from ₹62,004 per kilogram in the previous trade.

In the international market, gold was trading with gains at $1,794 per ounce and silver was flat at $22.94 per ounce.

"Gold prices traded higher with spot gold prices at COMEX trading half a per cent up at $1,794 per ounce on Tuesday," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Scotiabank Declares Qtly Dividend Of C$1/share; To Buyback Up To 24 Mln Shares – Quick Facts

While reporting financial results for the fourth quarter and fiscal 2021 on Tuesday, Canadian lender Bank of Nova Scotia (BNS.TO,BNS), called Scotiabank, announced a dividend of C$1.00 per share on the outstanding shares of the Bank, payable January 27, 2022 to shareholders of record at the close of business on January 4, 2022:

Scotiabank also announced that the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions have approved its normal course issuer bid to purchase up to 24 million of its Common Shares. This represents approximately two percent of the 1.22 billion Common Shares issued and outstanding as of November 22, 2021.

Scotiabank believes that the purchase of its Common Shares at market prices may be an appropriate use of its funds to generate shareholder value, as well as for capital management purposes.

Purchases under the bid may commence on December 2, 2021, and will terminate on December 1, 2022, or on such earlier date as Scotiabank may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSX.

JinkoSolar Q3 Adj. Net Income Declines; Revenues Down 2.3% – Quick Facts

JinkoSolar Holding Co., Ltd. (JKS) reported third quarter non-GAAP net income of RMB 15.9 million, down 95.1% year over year. Non-GAAP earnings per ADS was RMB 0.31, compared to RMB 7.22.

Net income attributable to ordinary shareholders was RMB 194.2 million, compared to RMB 6.9 million, previous year. Loss per ADS was RMB 0.49 compared to a loss of RMB 6.20.

Total revenues were RMB 8.57 billion, down 2.3% year over year. The company noted that the year-over-year decrease was mainly attributable to a decrease in the shipment of solar modules. Quarterly shipments were 4,993 MW, down 2.4% year over year.

For the fourth quarter, the company expects total shipments to be in the range of 7.3 GW to 8.8 GW. For full year 2021, the company estimates total shipments to be in the range of 22.8 GW to 24.3 GW.

The Bank Of Nova Scotia Q4 adjusted earnings Beat Estimates

The Bank Of Nova Scotia (BNS.TO) released a profit for its fourth quarter that climbed from last year.

The company’s bottom line totaled C$2.41 billion, or C$1.97 per share. This compares with C$1.75 billion, or C$1.42 per share, in last year’s fourth quarter.

Excluding items, The Bank Of Nova Scotia reported adjusted earnings of C$2.56 billion or C$2.10 per share for the period.

Analysts had expected the company to earn C$1.91 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 2.4% to C$7.69 billion from C$7.51 billion last year.

The Bank Of Nova Scotia earnings at a glance:

-Earnings (Q4): C$2.56 Bln. vs. C$1.78 Bln. last year.
-EPS (Q4): C$2.10 vs. C$1.45 last year.
-Analysts Estimate: C$1.91
-Revenue (Q4): C$7.69 Bln vs. C$7.51 Bln last year.

TRAI releases consultation paper to discuss pricing, modalities for auction of 5G spectrum

Telecom regulator TRAI on Tuesday released a detailed consultation paper to discuss modalities for auction of 5G spectrum bands, including pricing, quantum and related conditions.

The Telecom Department has asked TRAI to provide recommendations on issues such as applicable reserve price, band plan, block size, quantum of spectrum to be auctioned and associated conditions for auction of spectrum in 526-698 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300-3670 MHz and 24.25-28.5 GHz bands, the regulator said in a statement.

"The Telecom Regulatory Authority of India (TRAI) has today released a consultation Paper on ‘Auction of spectrum’ in the frequencies identified for International Mobile Telecommunications (IMT) / 5G," the statement added.

TRAI has sought comments from stakeholders on various issued outlined in its consultation paper by December 28, 2021. The deadline for counter-comments has been set at January 11, 2022.