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3G Auction India: Day 21, Pan India Price 3x Of Base Price; Demand Flagging

Excessive demand of spectrum slots in the Karnataka circle, in Day 21 of India’s ongoing 3G Auction, pushed its price up by 9.8 percent to Rs. 9.71 Bn, as it looked set to be the next circle to break the Rs. 10 Bn mark, behind Mumbai, Delhi and Maharashtra. On the previous day, Karnataka’s price had increased by 8 percent. The provisional winning price for pan-India 3G spectrum, at the end of 122 rounds, was at Rs. 107.49 Bn.

It is also perhaps time for the activity level to be raised to 100% and for the auction to come to a close: at the end of the auction on May 5th, demand for only one circle was above par – Karnataka, and only Delhi, Mumbai, Gujarat, Kolkata and Bihar received bids equal to the number of spectrum slots available. Finish it off…give us a two day break before the Broadband Wireless Access auction begins.
Some observations on the auction:
— Price increased by Rs. 4.018 billion over 6 rounds on 4th May, compared to Rs. 4.273 billion over 6 rounds on the previous day
— Price for a pan-India spectrum slot is now over 3 times the base price of Rs. 35 billion – approximately 72.495 Bn higher.
— As many as 13 circles did not register appreciable increase in price; usually it’s been 11 circles. Price for 11 circles has more or less remained the same, day on day.

— Together, Delhi and Mumbai account for 33.2% of the pan-India price; consistently remained above 30% over the past week or so.
— Together, Delhi, Mumbai and Maharashtra account for 46.24% of the pan-India price, up from around 42% the previous day.
— Price for 7 circles – Madhya Pradesh, West Bengal, Himachal Pradesh, Orissa, Assam, North East and Jammu and Kashmir been more or less the same for 9 days now.
— Price for Jammu & Kashmir hasn’t increased for all 21 days, and though it has occasionally received bids, it’s never witnessed 100% demand.

— Compared to a growth of 8-9% on an average over the past few days, the price for Gujarat rose only around 3 percent on Day 21.
— Price for Delhi and Mumbai has consistently increased the most: on 4th May, Delhi rose by 6.17% to close at Rs. 17.56 Bn, and Mumbai by 6.47%, to close at Rs. 18.17 Bn.

— The minimum activity requirement was increased to 90% on 30th April.
— Mumbai, Andhra Pradesh, Karnataka and Kolkata saw excess demand on May 1st. Karnataka, like the previous day, had maximum demand, and its price will be increased the most at the resumption on bidding on May 4rd.
— 15 circles had less than par demand on May 1st.

Download: May 4th

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