However, the government is readying a relief package and it could include a cut in the licence fee to 5 per cent, two years' moratorium on paying spectrum charges with interest, and referring the GST tax refund issue to the Council.
India's second-largest telecom firm Bharti Airtel on Tuesday reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU. This is against a loss (attributable to owners of the parent) of 763.2 crore during the year-ago quarter, the company said in a statement. Its consolidated revenues for the second quarter of FY21 stood at Rs 28,326.4 crore, up 18.8 per cent year-on-year (on a comparable basis) and 13 per cent y-o-y on a reported basis, it added.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
Indian-origin telecom titan Arun Sarin, who is retiring as Vodafone CEO in July, is likely to venture into private equity business and may also join boards of large international companies as a non-executive director.
Jio has accused incumbent telecom operators for not providing the required number of equipment to connect its mobile network with theirs
World No 1 men's shuttler Lee Chong Wei's coach Tey Seu Bock of Malaysia was appointed chief coach of Mumbai Masters for the inaugural Vodafone Indian Badminton League on Sunday.
In effect, companies which put their money in telecom in India would have done much better to keep the cash in bank and earn interest.
Just to promote govt's policy of Make in India, BSNL said, it cannot afford to procure sub-standard equipment from inexperienced companies, not having proven technology. BSNL complained that when competitors were procuring world-class 4G equipment from experienced vendors, why should BSNL be compelled to procure locally.
Experts say going ahead data price will fall further due to competition
Vodafone debuted at 20th rank in this year's list, prepared by consulting firm Hay Group and Chief Executive Magazine. PepsiCo is down to 7th position from its third rank last year. In the 2006 list, Citigroup, now headed by another Indian origin banker Vikram Pandit, was ranked at fourth. However, it does not find a place in this year's list. Nagpur-born Pandit was named the CEO of Citigroup earlier this month, after his predecessor Charles Price stepped down last month.
Trai has said the three operators were "intentionally denying and delaying" the provision of points of interconnects (PoIs) to Jio, "only to restrict a new entrant thus violating the terms and conditions of licence and regulations of the Authority which also caused a lot of inconvenience to the consumers."
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Around 1,200 protesters demanding scrapping of the amended citizenship act were detained on Thursday when they defied prohibitory orders imposed by the Delhi Police in Red Fort area. Internet, voice and messaging services by Airtel, Vodafone, Idea and Reliance Jio were suspended in parts of Delhi-NCR, in perhaps for the first time that the national capital experienced such restrictions.
SC raised questions over the government's decision ordering mandatory seeding of mobile numbers with Aadhaar.
Seeks capital gains tax payment prior to FIPB clearance.
Essar holds the key for the future of telecom joint venture Hutch-Essar, as domestic and global firms, including Reliance Communications and British giant Vodafone, reportedly vie with each other to acquire the country's third-largest mobile operator
With this, the Bharti group companies had enhanced their voting interest in Bharti Airtel to over 50 per cent, the company said in a statement.
Apart from the Google team led by AI scientist Manish Gupta, the company will also partner with the research community across the country to focus on tackling challenges in fields like healthcare, agriculture, and education.
The DoT estimates that it will receive Rs 29,524 cr in revenue from the telecom industry in FY18, which is 38% less than the Budget revenue target of Rs 47,300 cr for FY18
Do a straw poll of any business friends and you will laugh and weep at what they go through, points out Rahul Jacob.
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
Bharti Airtel and Vodafone Idea have communicated to the telecom department that they will not pay AGR dues of Rs 88,624 crore, the deadline for which ended on Thursday, and will wait for the outcome of modification petition listed for hearing before the Supreme Court next week, according to official sources. Reliance Jio on Thursday paid Rs 195 crore to the telecom department to clear all adjusted gross revenue dues accounted till January 31, 2020, according to an official source.
Lawyers representing govt point out that telcos, because of the large money they can save if they get a favourable judgement, prefer to fight till all legal options are exhausted
Vodafone to invest 1.3-billion pounds in upgrading and expanding its network in India.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
In the first phase, the company will sponsor 25 vehicles on five routes, including Chandni Chowk, Saket, IIT-SDA market area, GK-II and Delhi University-North Campus, Vodafone told reporters in New Delhi.
Sunil Mittal's Bharti, in which British telecom firm Vodafone has 10 per cent stake, said on Thursday it is yet to hear a final word from the UK-based operator on its plans to buyout Hutchison Telecom's stake in Indian joint venture Hutch-Essar.
Tata Teleservices and Reliance Communications have said that they had been denied extra spectrum even as the old GSM operators like Bharti, Vodafone and Idea were been allocated excess spectrum in many circles.
Here we encapsulate all the sporting action from last week in this stunning photo feature.
When Ernst & Young got the mandate from Vodafone late last week to carry out a due diligence on Hutchison-Essar Ltd, it was another feather in the cap for Rajiv Memani.
It was Arun Sarin's first and only press conference in India on October 28, 2005. Vodafone had just bought a 10 per cent stake in Bharti.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Reliance Jio test launched its services last December, but dates for commercial launch has not been announced.
One tenth mobile subscribers in India own multiple mobile phone connections, says a report.
'I hope the trend is sustainable and that economic activity accelerates going forward.'
'MFs acted as reckless lenders and not as prudent investors.' 'Clearly, how debt funds are being run is a systemic issue,' warns Debashis Basu.
Tata Teleservices has announced plans to launch 3G services by Diwali, while Vodafone has said it will launch the services by early 2011.
The auction for Broadband Wireless Access started on Monday with 11 players, including Bharti, Vodafone, RCom and Tatas, in the race to acquire the two slots on offer.
The minister said the companies have given representation which is being examined by the DoT before taking a final decision.
