Shares of four public sector undertakings (PSUs) rose 1% to 3% after the government withdrew telecom dues demand from the PSU firms.
Gujarat Narmada Valley Fertilizers & Chemicals (up 3.27%), Power Grid Corporation of India (up 3.26%), Oil India (up 2.99%) and GAIL India (up 1.04%) edged higher.
The media reported that the government on Thursday informed the Supreme Court it is willing to withdraw 96% of the Rs 4 lakh crore dues pending against various PSUs in the adjusted gross revenue (AGR) matter.
Solicitor General Tushar Mehta told a bench comprising Justices Arun Mishra, Abdul Nazeer and M R Shah that "We have taken a decision since they are not in the business of providing tele services to general public, we are withdrawing the dues from these PSU's 96% demand now stands withdrawn."
Last week the apex court had pulled up the Department of Telecommunication (DoT) for raising a demand of Rs 4 lakh crore from various PSUs in the garb of its last year judgement on adjusted gross revenue (AGR) matter and threatened to begin contempt proceedings against the officers concerned.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
