Equity benchmark indices Sensex and Nifty ended lower on Friday, dragged by auto stocks and relentless foreign fund outflows. Weak US markets and tariff threats also dented investor sentiment. The 30-share BSE benchmark Sensex dropped 424.90 points or 0.56 per cent to settle at 75,311.06.
Yunus, 84, was administered the oath of office by President Mohammed Shahabuddin at a ceremony at the presidential palace 'Bangabhaban'.
From the Sensex pack, Tata Consultancy Services and Infosys fell over 2 per cent each. Hindustan Unilever, Bharti Airtel, Sun Pharma, Power Grid, Bajaj Finserv, HCL Tech, Mahindra & Mahindra, and Tech Mahindra were also among the laggards. Among the gainers, Zomato jumped nearly 5 per cent. Larsen & Toubro, Axis Bank, ICICI Bank, IndusInd Bank and Kotak Mahindra Bank were also among the gainers.
India and the visiting US officials have decided to hold a wrap-up session on Saturday morning to conclude the three-day talks on the proposed bilateral trade agreement, government sources said. They said the discussions are at a "very" early stage.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Reacting to reports that Home Minister P Chidambaram may be appointed as head of the Empowered Group of Ministers on telecom, the Bharatiya Janata Party on Saturday said, this is a "cruel joke" on the nation and goes against Prime Minister Manmohan Singh's claim of maintaining a high level of integrity.
India and the US have decided to hold sector-specific talks in the coming weeks to finalise the structure of the proposed bilateral trade agreement (BTA), the government said on Saturday. The engagement between the two countries came in the backdrop of the USA's threat to impose reciprocal tariffs on its key trading partners, including India, on April 2.
Providing services like broadband connectivity, cable TV, enterprise solutions, and payment wallets is the need of the hour for telcos, and a second wave of consolidation is upon the industry, a rating agency said on Tuesday. India Ratings and Research said the sector, which was battered following the aggressive entry of Reliance Jio, will continue showing signs of recovery amid conducive regulatory environment and maintained a "stable" outlook for the industry in FY22. The second round of consolidation (Consolidation 2.0) is kicking-in in the industry, which will bring a transformation in the business models of telecom companies, leading to the evolution of incumbents from the providers of traditional voice-only services to complete digital solutions for households, it said.
Bharti Airtel was the biggest gainer in the Sensex pack, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestle. Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC were among the laggards.
Technology is rapidly reshaping industries that have long been rooted in tradition, driving a wave of innovation that is transforming everything from finance, banking, steel to manufacturing.
Some of India's largest conglomerates are gearing up to either commission or commercially start the first phase of their new energy projects this year, according to company executives and analysts.
Continuing its probe in the 2G spectrum allocation scam, the Central Bureau of Investigation questioned two top telecom honchos besides close aides of former Telecom Minister A Raja, including his brother Kalia Perumal. The agency quizzed chief executive officer of Loop Telecom Sandip Basu and chairman of Sistema Shyam Teleservices Rajiv Mehrotra in connection with the scam, official sources said.
Telecom equipment from China may face fresh curbs after the Cabinet on Wednesday cleared a proposal to secure telecom infrastructure by designating a "trusted source" for the purchase of equipment by service providers. Briefing reporters after the meeting of the Cabinet Committee on Security headed by Prime Minister Narendra Modi, Law, Telecom and IT Minister Ravi Shankar Prasad said a National Security Directive on Telecommunication Sector has been framed keeping in mind the national security.
Zomato emerged as the biggest gainer, followed by Reliance, Nestle, Asian Paints and Power Grid.
Internet major Google has appointed former joint secretary at Niti Aayog Archana Gulati as head of public policy in India. A Google spokesperson confirmed the appointment. Messages sent to Gulati elicited no immediate reply. Gulati was looking after digital communications policy matters at the government think tank and took voluntary retirement in April last year.
Engineering, telecom and healthcare sectors are likely to add close to 12 million new jobs by FY26, largely due to the focus on recovery along with technology proliferation and digitisation in these segments, according to a report. A report by TeamLease Digital, the staffing division of TeamLease Services, said specialised staff or professional staff with high-skill and expertise will form nearly 17 per cent of the overall jobs created. The report -- titled 'Professional Staffing - Digital Employment Trends Report' -- is a qualitative research that has surveyed and interviewed more than 750 employers/ leaders from across engineering, telecom and healthcare sectors.
A tech architect must have certifications across ERP platforms (SAP, Oracle, Microsoft) and Cloud platforms (MS, Google, Low code SAAS platforms such as Salesforce, and ServiceNow).
Bharti Airtel was the biggest gainer in the Sensex pack, rising 1.63 per cent, followed by Tata Steel, ICICI Bank, Titan, Asian Paints and Ultratech Cements. On the other hand, M&M, NTPC, Tata Motors, TCS and PowerGrid were the major losers.
Former Indian Prime Minister Manmohan Singh passed away on Thursday night at the age of 92. He was brought to the emergency department of AIIMS Delhi in critical condition after "sudden loss of consciousness."
"The team of senior officials have found that the mechanical parts of the interlocking system were opened. Normally, these parts get broken after an accident due to the heavy impact of the locomotive and coaches," a source, close to the inspection team, said.
If the fiscal deficit target of 4.9% of GDP has to be met for 2024-2025, which the government must in view of the uncertainties and challenges emerging both domestically and globally, the finance ministry may see in the composition of the current year's capex a sliver of hope, notes A K Bhattacharya.
IT major Wipro Limited has appointed Satya Easwaran, a former senior executive at consultancy KPMG, as its India head. Easwaran will be in charge of strengthening Wipro's business in India across key industry sectors through strategic consulting, transformation and modernisation engagements, it said in a statement on Monday. "India is a strategic market for Wipro and I am excited to welcome Satya to champion our bold ambition for growth and leadership here.
Buch, under a cloud over allegations of conflict of interest levelled by United States-based short-seller Hindenburg, was asked to appear before the PAC, which is reviewing the performance of the market regulator.
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved. The definition of AGR, which had been a major reason for the stress in the sector, has been rationalised by excluding non-telecom revenue of telecom companies.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
The Mysuru-Darbhanga Express train was given a green signal to pass through the main line, however, it entered a loop line already occupied by the freight train.
From the 30 Sensex pack, State Bank of India, Mahindra & Mahindra, Bharti Airtel, Titan, HDFC Bank, IndusInd Bank, Axis Bank and Bajaj Finance were the biggest laggards. JSW Steel, Tech Mahindra, Larsen & Toubro, Hindustan Unilever, HCL Technologies and Reliance Industries were among the gainers from the pack.
In a setback to telecom service providers, the Supreme Court on Thursday allowed the Centre's plea to recover adjusted gross revenue (AGR) of about Rs 92,000 crore from them.
Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
Canada-based Brookfield will acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of $2 billion, a release said on Friday. The transaction is subject to regulatory approvals and expected to close in the second half of 2024. "Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management, today announced the signing of an agreement with ATC to acquire 100 per cent of equity interests in American Tower's operations in India (ATC India), for an enterprise value of Rs 16,500 crore ($2 billion) which is subject to pre-closing terms as per the securities purchase agreement," it said.
Decisions are also being pushed on free allotment of additional spectrum to telecom firms, on extending the licence period for 'dual technology' firms like Reliance Communications/Tata Teleservices etc, and on revising merger and acquisition norms. Given how each of these cases is so controversial, even apart from the issue of propriety, it is unacceptable that a government on its last legs should be taking such decisions.
Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
With the new entity coming in force, Bharti Airtel will lose the tag of India's biggest telecom service provider to the new entity.
People in Bangladesh have welcomed the new interim government led by Nobel laureate Muhammad Yunus, hoping it would restore order, end repression and hold a fair election to facilitate a democratic transition of power.
Ratan Tata: A Life, the much awaited biography, reveals that after a year of 'parallel running', Tata began having second thoughts about Cyrus Mistry's 'suitability'. 'Mistry targeted Ratan, the man who had elevated him from virtual oblivion into the mainstream of the Tatas...'
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
'We expect market consolidation and recommend buying during market dips.'
Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga.
