Year 2013 saw business leaders facing the ire of hostile investigative agencies.
Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51 per cent. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.
Mittal becomes the third business person from India in the history of ICC to be appointed on the ICC Executive Board.
The chairman of the Essel Group says he has settled 91.2 per cent of the estimated Rs 11,000 crore debt on the group's books.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The accused include former deputy prime minister Advani, former Union ministers Joshi and Uma Bharti, former Uttar Pradesh chief minister Kalyan Singh, besides Vinay Katiyar and Sadhvi Rithambara.
Bharti Airtel chairman Sunil Mittal on Thursday said he had reached out to Vodafone's Nick Read after bold telecom reforms were announced by the government and will also speak to RIL's Mukesh Ambani, as the telecom czar vowed to take the lead in bringing the industry together to unleash India's telecom dream. Mittal exhorted the industry to collaborate in areas such as infrastructure sharing to reduce costs but vehemently ruled out possibility of any cartelisation among players. Amid reports of its potential tie-ups with handset makers to counter Jio's upcoming ultra low-cost smartphone, Mittal said Airtel is in a state of "readiness" on an affordable smartphone "should a need arise".
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
The revenue for Q1 FY21 came in at Rs 23,939 crore, up 15.4 per cent from year-ago period.
Bharti Global is planning to put up more satellites and has set a stiff deadline to launch commercial Internet services by October in the UK, Alaska, northern Russia and northern Europe.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The latest telecom war kicked off after some pictures surfaced, showing Airtel banners among agitating farmers. According to the Jio camp, it was a giveaway that farmers were being enticed to port their phone numbers.
The telecom to look at opportunities to acquire another firm in India.
Dr Reddy's was the top gainer in the Sensex pack, rising over 3 per cent, followed by PowerGrid, TCS, HCL Tech, Infosys and Reliance Industries. On the other hand, L&T, IndusInd Bank, Bajaj Finserv and Bharti Airtel were among the laggards.
Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
Launching a defence of Delhi Law Minister Somnath Bharti in the case related to the midnight raid at Khirki Extension, Aam Aadmi Party said that although one of the victims had identified the former as being allegedly the one who had led the assaulters, a judicial probe still has to determine what the group had actually done.
The CBI has said the mall belongs to Yadav who has made investment in the project through a company.
The operators say that the move to have an India-specific standard will raise the costs not only of telecom networks but of chipsets for mobile devices because they will have to be made for the local market and, as such, will not enjoy global economies of scale.
While Airtel may be pushed to to No 3, Jio will find it mighty difficult to beat the new entity.
Decision-making is stretched because of differences in views between ministries.
Industry asked the government to be 'brave and bold' and said that it will rise to the occasion.
The launch of Reliance Jio Infocomm Ltd last September, particularly the tariff war it has unleashed on its competitors, has deepened the crisis facing India's telecom sector. One offshoot of this is the major drop in earnings reported by industry leaders Bharti Airtel and Idea Cellular with each passing quarter. Aslam Hunani/Rediff.com tells the story in numbers.
Vodafone Idea and Airtel have made provisions for their liabilities arising from the Supreme Court order in their latest September quarter results.
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.
Mittal said he discussed a plethora of issues with Commerce and Industry Minister Piyush Goyal and sought the government's support for faster clearances to streamline the group's investment plans.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The government has given an option to telcos to pay back interest on dues through equity and also conveyed that it has no interest in acquiring any telecom company, a top official of debt-ridden Vodafone Idea has said. Vodafone Idea Ltd (VIL) managing director and CEO Ravinder Takkar in an interview to PTI said it is clear that the government wants the company to compete in the market and there should be at least three private service providers in the telecom sector. "I have had many many interactions across various parts of the government leading up to this announcement (telecom reforms).
Bharti will move FIPB soon for increasing Axa's stake to 49%
Airtel said the amount will be used for refinancing its existing loan portfolio.
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.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
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.
"Lalu ji had madhur sambandh (cordial relations) with my father and political mentor Ram Vilas Paswan. I thank him for lending credence to my leadership. But, my current priority is the ongoing state-wide Ashirwad Yatra", Chirag told reporters in Patna.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Singh was reacting to a statement by the saffron leader recently that Digvijaya and Shatrughan Sinha should not be taken seriously.
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.
British Prime Minister Theresa May will be in India tomorrow, but Cyrus Mistry will no longer head the Indo-UK CEO forum.
