Vodafone Idea's cash flow analysis indicates that its situation may remain challenging even after any relief measures, and the telco needs "meaningful capital infusion" with a long gestation period to become competitive, a report by Credit Suisse said on Wednesday. The report expects Airtel to be "well placed" in either of the scenarios, of two-private-operator sector, or three private operators post an industry repair. The note by Credit Suisse on the Indian telecom sector said there has been increasing interest among investors to evaluate valuations of Bharti Airtel and Indus Towers under two situations, in the wake of recent developments.
Supreme Court had on October 24 upheld government contention that non-core revenue in telecoms groups should be included in adjusted gross revenue. According to DoT's calculations, Bharti Airtel faces a liability of around Rs 42,000 crore after including licence fees and spectrum usage charges while Vodafone-Idea may have to pay about Rs 40,000 crore.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, research, Religare Broking, answers your stock market queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
Decision-making is stretched because of differences in views between ministries.
A yellow-sari daintily clad Indrani was beaming broadly and it seemed like for the first time, for her, Rahul had done something right. Vaihayasi Pande Daniel reports from the Sheena Bora Murder Trial.
The company at present provides monthly mobile services at starting price of Rs 24 without data, and plans with data service starts from Rs 33 onward. It did not disclose the quantum of hike.
After Vodafone Idea, Tata Teleservices (Maharashtra) on Tuesday said it will opt for conversion of the interest amount on AGR dues into equity and post conversion, the government's holding in the company is expected to be around 9.5 per cent. The announcement of Tata Teleservices (Maharashtra) came within hours of Voda Idea also deciding to opt for converting the interest amount on AGR dues into government equity. In a filing to the BSE, Tata Teleservices (Maharashtra) said Net Present Value or NPV of interest is expected to be nearly Rs 850 crore as per the company's estimates, subject to confirmation by the Department of Telecom (DoT).
Industry asked the government to be 'brave and bold' and said that it will rise to the occasion.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Airtel said the amount will be used for refinancing its existing loan portfolio.
Bharti will move FIPB soon for increasing Axa's stake to 49%
The government should convert Vodafone Idea's (Vi) debt into equity to avoid a duopoly in the telecom sector, Deutsche Bank Research said in its report on Monday. This, the bank suggested, would be the only viable solution in the backdrop of the Supreme Court dismissing the telecom company's application for recomputation of adjusted gross revenue (AGR) dues.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Measures reportedly being mulled by the government to ease telecom industry's stress and fundraising may give Vodafone Idea the much-needed breather, but structural issue undermining the sector can be fixed only with "sizable" tariff hike for 4G prepaid customers, according to a note by Edelweiss. It further observed that as Voda Idea's large liabilities are falling due, and given the impending launch of JioPhone Next (whose rollout timeline has now been pushed to before Diwali), "the sooner the government measures as well as tariff hikes are rolled out, the better it is". It is pertinent to mention here that the telecom sector has been keenly watching out for the relief package, which could include redefinition of Adjusted Gross Revenue (AGR) to exclude non-telecom items, cut in levies such as Spectrum Usage Charges and easier terms and conditions for surrendering radiowaves to the government.
VIL pegs dues at Rs 21,533 cr, less than half of DoT estimate. During a meeting with Vodafone Group CEO Nick Read, Telecom Minister Ravi Shankar Prasad made it clear that the government is against a monopoly in the telecom sector, and wants Vodafone Idea to survive and remain invested in India.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
'Is it advisable to have more number of scrips in small quantities or a few scrips in big quantities?'
One of the African women attacked and harassed during the midnight raid which Delhi Law Minister Somnath Bharti allegedly led in south Delhi on Friday claimed they were being targeted because of their colour.
Singh was reacting to a statement by the saffron leader recently that Digvijaya and Shatrughan Sinha should not be taken seriously.
Farmer unions protesting the Centre's three farm laws had said they would go ahead with their tractor parade in Delhi on Republic Day.
'The government is unwilling or unable to provide the kind of relief that Vodafone India is asking for.'
Vodafone Idea, which reported a loss of Rs 6,439 crore in the December quarter, said it had received letters from the department of telecommunications (DoT) directing immediate payment of dues amounting to Rs 54,000 crores after the SC judgment. "The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by the Supreme Court in its order dated October 24, 2019. The company proposes to pay the amount so assessed in the next few days," it stated.
British Prime Minister Theresa May will be in India tomorrow, but Cyrus Mistry will no longer head the Indo-UK CEO forum.
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
This equity capital infusion is the country's largest-ever FDI.
Jagran before Ginni and Kapil's wedding.
Performance is considered a major reason why Ravi Shankar Prasad might have had to leave telecom.
Mukesh Ambani remains the country's wealthiest promoter as his stake in Reliance is now worth Rs 3.25 trillion!
Richest 10 account for 41% of promoter wealth, up from 33% in December 2018, says Krishna Kant.
The country's largest telecom operator Bharti airtel joined hands with the Formula One Group Companies to become title sponsor of the Indian leg of the race series, scheduled on October 30. The race in India, which will be the 17th in the Formula One World Championship, will be called the 'Airtel Grand Prix of India', following the telecom major's tie-up with the Formula One Group Companies.
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
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