CDMA auction over: Sistema bids for eight circles - Angel Broking - Equity Bulls

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	The second round of CDMA auction has completed. CDMA operator Sistema Shyam Teleservices (SSTL) has bid for eight circles in the auction. However, a detail of which circles the company has bid is yet to be disclosed. SSTL, which is majority owned by Russian conglomerate Sistema, was the lone bidder for this round of auction. According to its application, SSTL intended to acquire 3.75MHz of spectrum each in 11 telecom zones in the 800MHz band. The government had, in November, failed to get any bidder for the 800MHz spectrum and then it had reduced the reserve price by 50%. The government has offered 76.25MHz of spectrum in the 800MHz band across the country. SSTL, which had lost its license in 21 circles due to a Supreme Court order in February 2012, had not bid in November. SSTL has already closed operations in 10 circles, and it is expected to bid for Delhi, Gujarat, Karnataka, Kerala, Kolkata, Maharashtra, Mumbai, T amil Nadu, UP (East), UP (West) and West Bengal. As per media reports, there have been no bids for Mumbai, Maharashtra and UP (East). SSTL had deposited Rs. 613.75cr for the auction, which made it eligible to bid for minimum quantum of 2.5MHz spectrum (two blocks of 1.25MHz airwaves frequency) in 11 circles. However, the company bid for only eight circles, which means it may curtail operations in three more circles. We maintain our Neutral rating on the overall telecom sector.
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