Consensus on reserve price, 3G auction soo

Finally, the long-awaited auctions of 3G spectrum, the airwaves that enable faster data download and video streaming on mobile phones, is poised to take place within two months.

The way for the auctions has been cleared on Tuesday after the finance ministry and the department of telecommunications (DoT) have buried their differences over what should be the minimum reserve price for the auctions. The two have agreed on a reserve price of Rs 3,510 crore, which is higher than Rs 2,020 crore proposed by DoT earlier and lower than Rs 4,040 crore suggested by the finance ministry.

Another significant development is that a 2% administrative charge, proposed by the Telecom Regulatory Authority of India (Trai), on the successful bidders annually has been dropped.

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With big bucks flying, Indian Premiere League just got bigger

The auction for the second season of the DLF Indian Premiere League (IPL) kicked off the usual drama and sensation.Although just about 17 players went under the hammer in the current season, and the bidders remained cautious while spending as the spending limit of all teams was set at $2 million(Rs9.8crore) each, it was not bereft of action.

The biggest action took place when the battle for capturing Mashrafe Mortaza, the Bangladesh all rounder heated up, between the Kings XI Punjab and Kolkata Knight Riders. The heated bidding started from $50,000 for Mortaza and finally KKR got him for $6,00,000, 12 times more than the base price. This climb set a new record after was Manoj Tiwary’s, bidding had seen a jump from $100,000 to $675,000 last year.

Another high of sorts was created when English cricketers Andrew Flintoff bagged by Chennai Super Kings and Kevin Pietersen bought by Bangalore Royal Challengers for Rs 7.5 crore each,

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