40 rounds of bidding completed for 22 circles to date; believe activity levels remain below 100% (likely at 90%). Number of circles with excess demand up at 13 from 6 on Day 6. We believe players continue to alternate bids among circles and activity levels continue to remain below 100% (likely at 90% keeping in view the increase in number of bidders/circle).

Delhi circle is nearly at double its reserve price followed by UP (E), UP (W), Mumbai, Rajasthan and MP circles with bids at 80-91% of reserve price. Highest number of bidders for Rajasthan circle at 6. Number of circles with negative demand down to 8 from 11 on Day 6, including all Category C circles, one Category B circle and one Category A circle.

Provisional winning bid for pan-India license at ~INR 57 bn i.e. ~63% above the reserve price of INR 35bn; pegs 3G auction collection on Day 7 at ~INR 232bn (government estimate of collections from 3G & BWA auction is ~INR 350bn)

The Following Table [Click to Enlarge] Shows the State of Bids across various circles after a Week Long Bidding and Bid Increment Units for the day.