Telecom operator Vodafone has been the top gainer of customers through mobile number portability facility while Reliance Communications is the biggest loser.
RIL says Sebi has not asked for revision of offer price, expecting clearance soon.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
Cardiac patients whose proposals for a regular health insurance plan get turned down should apply for a cardiac-specific plan.
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
RCom intends to utilise the proceeds of the proposed transaction to reduce its debt.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
HDFC chairman Deepak Parekh on Friday exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday. As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with HDFC Bank's core strengths -- its sales engine, execution capabilities at scale and deep insights on consumer behaviour. The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
Telecom complaints against other players were below 500 in the first half of 2016.
The company has increased the cost of 1 GB of 3G internet usage to Rs 156 from Rs 123 it charged earlier.
The total number of telephone connections in the country crossed the record one billion mark in May, bolstered by growth in number of mobile users.
In a major reform push, government on Thursday approved 100 per cent foreign direct investment (FDI) in the telecom sector, meeting a key demand of the fund-starved industry.
RCom had net debt of about Rs 40,222.6 crore at the end of June 30.
Reliance Communications Ltd (RCom) on Friday announced the sale of 51 per cent stake in its telecom tower business to Canada-based Brookfield Infrastructure Group, for an upfront cash payment of Rs 11,000 crore.
Facebook Inc is launching an open platform for online content and application developers to join its Internet.org service.
The agency had earlier alleged that the company had sold its 9.1% stake to Delphi for Rs 10 crore --a rate much lower than the prevalent market price.
The government is looking at a time frame within the first two weeks of July to kick off and complete the upcoming 5G auctions, according to discussions between officials and stakeholders. It is expected that the Telecom Regulatory Authority of India (TRAI) will give its recommendations on the base price by March, after which the necessary cabinet clearances will be given. The Department of Telecommunications (DoT) had earlier looked at undertaking the auction in the first quarter of 2022 but decided to push it back. Communications Minister Ashwini Vaishnaw had also said that the auctions are likely to take place in April-May.
Airtel, Vodafone, Idea, RCom, Reliance Jiosubmitted applications.
India's largest mobile operator Reliance Jio Infocomm will land the multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives, according to a statement on Monday. The high capacity and high-speed IAX system will connect Hulhumale directly with world's major internet hubs in India and Singapore. Jio's IAX project will land in the Maldives in collaboration with Ocean Connect Maldives, the statement said. The IAX system originates in Mumbai in the west and connects directly to Singapore, with branches including additional landings in India, Malaysia, and Thailand.
The debt resolution involves RCom exiting the SDR framework with no conversion of debt into equity and zero write-off by lenders, Anil Ambani said, adding that he expects full closure by March 2018.
Voice calling will be free on Jio phones for life and post December 31, 10 data plans will be offered
RCom and Aircel will hold 50 per cent each in the new company
Telecom major Bharti Airtel led the growth in segment with net addition of 1.31 million subscribers.
'Spectrum payment to push up telcos' debt to Rs 3.5 lakh cr'
DoT still working on final AGR dues due to varying accounting practices. Telecom operators have been submitting two separate audited details of deduction towards interconnection usage charges and roaming fee to the DoT.
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in the third quarter ended December 31, 2020, mainly due to gains from higher commodity prices and a big swing in banks' earnings. The combined net profit of 3,323 listed companies that have declared results so far was up 68.6 per cent year-on-year (YoY). In comparison, earnings were up six times (534 per cent) in the second quarter and 6.5 per cent in the corresponding period last year.
With the addition of 4,000 employees, the RCom staff strength is estimated to rise to 9,500
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At the close of trade, telecom stocks ended with as much as 4.3 per cent loss.
Investors' wealth eroded by a massive Rs 8,21,666.77 crore on Monday as the market saw a massive sell-off not seen in many months. The BSE benchmark Sensex plunged 1,170.12 points or 1.96 per cent to close at 58,465.89. This is the worst single-day drop for the gauge in over seven months. This was also the fourth straight session of decline for the Sensex.
The Mumbai-based firm is on a cost optimisation drive through outsourcing of network management services and call centre operations.
The deal includes Reliance Infrastructure's integrated business of Generation, Transmission and Retail Electricity Distribution
Billionaire Mukesh Ambani on Monday pressed for bridging the digital divide "both among nations and within nations", saying connectivity and communications have become the fundamental rights of every person. Also, there is a need to bring back the economies around the globe. Speaking at the Qatar Economic Forum, he said it is difficult to imagine what India would have been without the 4G telecom network during the pandemic. "The digital divide must be bridged, both among nations and within nations.
Bharti Airtel made part payment of Rs 4,725 crore.
Another major announcement that came was an MoU signed between GE and Hindustan Aeronautics Limited to jointly produce fighter jet engines for the Indian Air Force.
The Department of Telecom (DoT) has slapped a penalty of Rs 2,000 crore on Vodafone Idea and Rs 1,050 crore on Bharti Airtel based on sector regulator Trai's recommendation five years ago, according to sources. The DoT has given three weeks time to the telecom operators to pay the penalty, a source said while sharing the content of the demand notice served to the companies on Thursday. When contacted Bharti Airtel spokesperson said, "We are deeply disappointed with the arbitrary and unfair demand based on Trai recommendations of 2016 relating to provisions of point of interconnect to a new operator.
Despite the recent fall, the Nifty Midcap 100 index has outperformed by gaining 20 per cent till date in this year calendar year.
Despite the recent fall, the Nifty Midcap 100 index has outperformed by gaining 20 per cent till date in this year calendar year.
The development comes a day after RCom posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
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.
