In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.
Leading telecom operators including Bharti Airtel, BSNL, Vodafone and the Tatas are understood to have been slapped penalty for non-verification of subscribers in the J&K and Assam circles.
Stock markets will be driven by domestic inflation data, ongoing quarterly earnings from corporates and global trends this week, analysts said. News flows around the general election would also be tracked by investors, market experts said.
Vodafone Idea will gradually lose market share given its weak balance sheet and limited financial flexibility, says Fitch.
The service, offering 175 channels, will be initially available to customers in 62 cities -- starting October 9, 2008 -- through 21,000 retail points, including retail relationship centres across the country. Later, it will be expanded to 252 cities.
The Supreme Court on Friday dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in calculation of Adjusted Gross Revenue (AGR) related dues payable by them. "All the miscellaneous applications are dismissed," a bench headed by Justice L Nageswara Rao said while pronouncing the order. The telecom companies had submitted before the apex court that arithmetical errors in the calculation be rectified and there are cases of duplication of entries.
The next spectrum auction will be held in late February 2024 and the reserve price for most bands will remain the same as the 2022 auction, department of telecommunications (DoT) officials have said. The government expects operators to go for low bands beginning in 600 megahertz (MHz), licences for many of which are lapsing soon. Back in September 2021, the government had decided that spectrum auctions should be held annually.
Among the Sensex firms, Tata Motors, Tata Consultancy Services, IndusInd Bank, Power Grid, Bharti Airtel, Sun Pharma, JSW Steel and Tata Steel were the major gainers. On the other hand, Bajaj Finance, State Bank of India, Bajaj Finserv, Axis Bank and NTPC were among the laggards.
Bharti Airtel is learnt to be considering a bid for South African telecom firm MTN, which has operations in over 20 countries. If successful, it will catapult the company into the league of top global telecom players.
Bharti Airtel is all set to start financial services on mobile phones as the company has been granted a licence by the Reserve Bank of India recently.
From the Sensex basket, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro and HDFC Bank were the major gainers. Titan, Nestle, Bharti Airtel and IndusInd Bank were among the laggards.
From the Sensex basket, Larsen & Toubro, Maruti, Reliance Industries, Nestle, Bharti Airtel, UltraTech Cement, Kotak Mahindra Bank and JSW Steel were among the major laggards. Bajaj Finance climbed nearly 1 per cent higher.
The country's largest telecom player Bharti Airtel sees 3G as a major growth propeller and says the journey of 3G to 4G and to LTE (long-term evolution) would take place much faster in India.
The company said in a statement on Monday 'it has retired equivalent debt from the proceeds (Rs 6,796 crore) of the preferential allotment in June 2013 of 5 per cent equity shares in Bharti Airtel at the rate of Rs 340 per share to Qatar Foundation Endowment'.
Airtel African customers already avail this facility across the company's mobile network in 17 African countries, not having to pay roaming charges on incoming calls while travelling across these countries.
Average data usage on Airtel India network grew about three fold to 2611 megabyte (about 2.5 GB) per customer from 904 MB on YoY basis. But the average revenue from the data services per customer declined by 22.7 per cent during the period.
From the Sensex basket, ITC, Kotak Mahindra Bank, Bharti Airtel, State Bank of India, Asian Paints, Tech Mahindra, Reliance Industries and Nestle were the major gainers. Maruti, HDFC Bank, Larsen & Toubro and Mahindra & Mahindra were among the laggards.
In India, there are 22 services area, or circles, for 2G telecom services and both the companies operate in all the circles.
Nokia Life services, where the information is customised and designed to meet customer needs in areas such as education, agriculture, healthcare, livelihood and even spirituality, are delivered as SMS messages to the consumers.
This move gives Airtel and Chinese major immense benefits.
The company, which on March 11 raised $1 billion through a 10-year bond issue, raised $500 million through senior notes.
Under another plan, it will offer unlimited voice calling along with 100 SMS per day, 5GB 3G/4G data and free subscription to Wynk Music and Wynk Movies for Rs 1,599
Singapore based telecom firm SingTel, which holds over 30 per cent stake in Bharti Airtel, on Wednesday said it has full faith in the company's corporate governance standards under the leadership of company's chairman Sunil Bharti Mittal.
Indian Telecom giant Bharti Airtel is looking to establish itself as a major player in the Island nation's mobile telephony space as it prepares to launch its $200 million operation in Colombo early next year. Mobile penetration in Sri Lanka is pegged at around 30 per cent, with approximately 2 million mobile users being added each year.
The Department of Telecommunications has suggested forfeiture of the performance bank guarantee given by Hutchison-Essar and imposed a penalty of Rs 50 crore
Among Sensex firms, HDFC Bank climbed more than 2 per cent. TCS, Maruti, Infosys, Reliance Industries and Bharti Airtel were among the major gainers. State Bank of India, JSW Steel, ITC, Tata Motors, UltraTech Cement and Nestle were among the laggards.
The awards, presented by the online community Outsourcing Centre, are given for the world's best outsourcing arrangements.
Bharti Airtel (Singapore) Pte Ltd, a subsidiary of Bharti Airtel, said on Monday it has been awarded the facility-based operator licence in Singapore, which will enable it to operate international carrier facilities from there.
Titan Company, Axis Bank, NTPC, Tata Motors, ITC, Tech Mahindra, Bajaj Finserv, ICICI Bank, HDFC Bank and Bajaj Finance were the other laggards. Bharti Airtel, Power Grid, Infosys and Larsen & Toubro were among the gainers.
Bharti Airtel has sought quashing of the government's September 28 decision directing the service providers to stop providing intra-circle roaming services.
Airtel announced complete acquisition of WBSPL in October last year for an estimated Rs 2,000 crore (Rs 20 billion).
Launched in March, it triggers re-verification of suspected fraudulent numbers. Failing re-verification, the number will be disconnected.
The company claimed it has also become the tenth telecom operator in the world to have more than 40 million subscribers in a single country, Bharti Airtel said in a statement in New Delhi on Wednesday.
Telecom operators Vodafone and Idea Cellular on Monday said they will resume 3G services in circles where they don't have spectrum through intra-circle roaming (ICR) pacts with other operators.
Bharti Airtel, India's largest private cellular operator, on Thursday announced an investment of over $2 billion (Rs 9,000 crore) in 2007-08 to expand network.
Among Sensex shares, Tech Mahindra fell by over 6 per cent after the company reported a 60 per cent decline in net profit to Rs 510.4 crore in the December quarter. Bharti Airtel, ITC, HCL Technologies, Asian Paints, Wipro, HDFC Bank, Nestle, Tata Steel, Tata Consultancy Services and Maruti were among the other major laggards. NTPC, ICICI Bank, IndusInd Bank, Reliance Industries, JSW Steel, Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra were among the gainers.
The Supreme Court on Friday issued notices to Bharti Airtel and Vodafone on a BSNL petition, seeking that the private telecom operators pay interconnection charges, along with penalty, for transferring to its network their calls that did not identify phone numbers.
The revenue, which will come through the billing of recharge vouchers, will be shared in the ratio of 75 : 25 by Airtel and MSRTC respectively.
Among the Sensex constituents, as many as 16 stocks closed with losses with Nestle India, Kotak Mahindra Bank, IndusInd Bank, Bajaj Finserve, Titan and JSW Steel being the major laggards. Index major Reliance, Hindustan Unilever, Maruti and Tata Steel also declined due to selling pressure. In contrast, NTPC, TCS, Tech Mahindra, Bajaj Finance bucked the trend and ended the day in green. Axis Bank, Bharti Airtel, Mahindra & Mahindra and Tata Motors also defied the trend.
Among the Sensex firms, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, Sun Pharma, HCL Technologies, Mahindra & Mahindra, Titan and Tata Consultancy Services were the biggest gainers. UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid and Tata Motors were among the laggards.
