Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
India Inc is unfazed by the sharp fall of the rupee against the greenback as most big firms have already hedged their foreign exchange exposures.
Idea announced the lowest tariff for mobile users in the city offering all local calls for 40 paise per minute on its network for a period of one year, and STD and SMS at 50 paise per minute, on any mobile and landline network.
The Aditya Birla Group company has already spent over Rs 3,000 crore on projects to take its production capacity from 17 million tonnes to 21.9 mt and plans to further scale up till 23.1 mt by June-end. K C Birla, chief financial officer, said, "We will continue to maintain our market share and, if required, we will go ahead with more capacity additions to ensure we don't become a loser in the market."
Not just Mumbai, the company's plans to roll out services in Bihar and Jharkhand has also been delayed due to the unavailability of spectrum.
Indian telecom companies are likely to get a windfall of Rs 100-150 crore (Rs 1 to Rs 1.5 billion) when they announce their first quarter results during this week.
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
This is under the accounting norms of the Securities and Exchange Commission of the United States. The company has said it would use its share premium account of Rs 8,600 crore (Rs 86 billion) for this write-off.
HOV Services pays Rs 660 crore for US firm.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries:
Vodafone plc has made it clear that it will not make any fresh equity infusion in its Indian telecom business--Vodafone Idea Ltd (VIL). Responding to a query, a spokesperson at the UK-headquartered telco said: "Just to confirm our position, there will be no new equity infusion from Vodafone Group." This is the first time that Vodafone has spoken about its stand after the government announced a telecom package.
The competition among mobile service providers in lucrative Mumbai market may hot up with the Aditya Birla Group's Idea getting the licence for the circle, where it could launch the new service by mid-2007.
Providence Equity Partners of the US, which had made an abortive attempt to enter India through the acquisition of C Sivasankaran's stake in Aircel last year, has picked up a 15 per cent stake in the Aditya Birla Group-controlled Idea Cellular.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Idea Cellular, the Aditya Birla group firm that is on the verge of taking over Spice Communications by buying out B K Modi's 41 per cent stake, is sounding out its bankers to raise funds to upgrade in the struggling telecom operator's network and technology.
The 189-million tonne domestic cement industry is gearing up to tackle attrition in the industry.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
Grasim Industries, a part of the Aditya Birla group, has decided to sell 53.3 per cent stake in Shree Digvijay Cement Company (SDCC) to Cimpor, a Portuguese cement maker, for Rs 322 crore (Rs 3.22 billion).
Grasim Industries Ltd has submitted an alternate proposal to Larsen & Toubro before the engineering major decides to demerge its cement business at its board meeting
Jaiswal gears up for SA Test with big hundred but Mumbai get only 1 point
Only experienced investors with a high risk appetite, a grasp of market cycles, and comfort with volatility and timing risk should invest.
GSM service provider Idea Cellular might get spectrum to start operations in the Mumbai circle by the end of the year, with the ministry of telecom close to clearing its application.
Vedanta Resources has delayed its offer to buy a further 20% stake in iron-ore mining company Sesa Goa.
Idea Cellular, the fifth largest mobile operator in the country with around 15 million subscribers, is believed to be on the verge of clinching a cash-cum-equity buyout of Spice Telecom that values the latter at around $1 billion.
NRI business tycoon Anil Agarwal-led Vedanta Resources will pay $1.37 billion (about Rs 5,700 crore) for acquiring 71 per cent stake in India's biggest iron ore exporter Sesa Goa.
TransWorks, the BPO/ ITES arm of the Aditya Birla Group, is looking for Voice-based Telemarketing Associates.
The initial public offer of Aditya Birla group flagship company Idea Cellular was oversubscribed more than 57 times in the process generating the highest ever demand of Rs 1,21,557 crore
Shrugging off a troubled history, which stunted growth for several years, Idea Cellular, India's sixth largest wireless player is moving on.
The company will go in for a pre-IPO private placement of 15 per cent of the shares to be offered through the issue.
