Telecommunication companies Mahanagar Telephone Nigam (MTE) and Tata Communications (TCL) ended this past week losing 12.3% and 12%, respectively. Last week, the Indian Department of Telecom (DoT) revealed that MTE has an outstanding due of INR 27.81 crore to the government, arising due to default in payment of annual license fee. Also, TCL has a maximum outstanding interconnection usage charges (IUC) of more than INR 290.18 crore.
Brazil Winners & Losers
Brazil's Bovespa eroded a marginal 0.4% at close last week, as the Brazilian real (BRL) appreciated to rally stock markets. Last week, the BRL gained following a gain in global stock markets coupled with a decline in credit risk after European leaders moved to ban on short-selling.
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