Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
We got the same Diwali bonuses. We ate together. We carried equipment together on shoots. And when the odd reporter tried to throw her weight around and leave the camera person to carry bags of equipment, cables, the camera and tripod down the stairs and to the shoot location, Prannoy would step in, take the tripod off the shoulders of the colleague silently, lightening the load, recalls Revati Laul.
Patients and pregnant women, people out to buy essential items, and those travelling to or from railway stations, bus stops and airports will be exempted from the night curfew that kicks in at 11 pm on Monday due to rising COVID-19 cases in Delhi, according to a DDMA order.
High court orders Swan Telecom's promoter Shahid Balwa, the director of Kusegaon Fruits and Vegetables, Rajeev Agarwal, and three firms, namely Dynamic Realty, DB Realty, and Nihar Constructions to plant 3,000 trees each in the Delhi's South Ridge forest area.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
The government is looking to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI) and is soon going to appoint an intermediary to manage it. The plan is to sell about 8 lakh shares of RIL that will help the government garner around Rs 180 crore. The Department of Investment and Public Asset Management (DIPAM) will appoint an intermediary that will act as a custodian of these shares. The intermediary, based on its market analysis, will offload these shares at the best price, said an official. A final approval on the proposal is expected soon.
Climate experts also warn the intensity of rains in Kerala and Uttarakhand is "alarming" and must draw immediate attention towards "climate emergency".
The NDA government, under attack for blocking porn sites, on Monday told the Supreme Court that it does not believe in a "totalitarian" state and cannot become moral police.
A tussle between the Delhi government and the Lt Governor has left bureaucrats vulnerable to sudden transfers.
The government on Tuesday said it would require about Rs 300,000 crore (Rs 3000 billion) of investment for the equipment to roll out broadband services and 150 million new telephone lines over the next three years.
Cyber criminals are using apps and young women to trap people through mobile phone calls and video chats.
While Indian telecom czar Sunil Mittal's Bharti did not share deal details, UK Business Secretary Alok Sharma said his government and Bharti Global, will provide $500 million each.
After record fund raising, Reliance Industries now has a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines, Jio, Retail and oil-to-chemicals, according to the firm's chairman and managing director Mukesh Ambani. In the company's latest annual report released on Wednesday, he said the company sold minority stakes in Jio Platforms -- the unit that houses its telecom and digital business -- and retail arm for almost Rs 2 lakh crore and raised another Rs 53,124 crore through rights issue.
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
Attorney General K K Venugopal on Wednesday defended The Tribunals Reforms Act of 2021 in the Supreme Court and said that many times the top court through its judgments had waded "into the policy domain" and it should "keep in mind separation of powers".
'The announcement has come too late. This should have been done years ago.'
The first ever auction of non-core assets through the Department of Investment and Public Asset Management's (DIPAM) asset monetisation portal has failed to garner adequate response for land assets of Bharat Sanchar Nigam Ltd (BSNL) that was expected to garner at least Rs 470 crore. The DIPAM has asked its property consultants to identify issues in the bidding criteria that can be resolved. In November 2021, the DIPAM had listed six properties of BSNL and MTNL for sale through its new e-bidding portal for asset monetisation portal developed by state-run MSTC.
CEOs expect to finish the ongoing March quarter with positive growth as the corporates get back to work in full strength.
Vodafone Idea and Airtel have made provisions for their liabilities arising from the Supreme Court order in their latest September quarter results.
Reliance Jio and Bharti Airtel have enough capacity to absorb over 113.9 million Vodafone Idea subscribers who are on 4G if Vodafone Idea has to shut operations.
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.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
Equity indices gave up early gains to close in the red for the third session on the trot on Wednesday, weighed by selling in banking and finance counters amid inflationary pressures and persistent foreign fund outflows. A weak rupee and lacklustre global cues also kept buying sentiment in check, traders said. The 30-share BSE Sensex opened on a firm footing but failed to hold on the momentum, finishing 237.44 points or 0.41 per cent lower at 58,338.93. On similar lines, the broader NSE Nifty dipped 54.65 points or 0.31 per cent to close at 17,475.65.
Benchmark indices Sensex and Nifty retreated from over one-week highs to close lower on Wednesday due to profit booking in banking, IT and metal stocks amid weak global trends. After a two-day rally, the 30-share BSE Sensex dropped by 90.99 points or 0.16 per cent to settle at 57,806.49 in volatile trade. As many as 19 of its constituents declined while 11 advanced. The broader Nifty slipped by 19.65 points or 0.11 per cent to close at 17,213.60 with 31 of its stocks ending in the red.
...accusing them of failing to meet minimum standards.
Reliance has significant investments in telecom, consumer retail and media businesses in India.
The department for promotion of industry and internal trade (DPIIT) has suggested to the home ministry to allow limited activity in certain sectors such as heavy electricals and telecom equipment with reasonable safeguards. In a letter to Home Secretary Ajay Kumar Bhalla, the department said that these activities are essential to improve the economic situation and provide liquidity in the hands of the people.
The Central Bureau of Investigation (CBI) had told the finance ministry some "well-known" companies in the power, oil, and telecommunications sectors were involved in round-trip trading by indulging in third-party transfers in violation of law.
Meanwhile, Prime Minister Narendra Modi expressed anguish at the loss of lives in Uttarakhand and noted that rescue operations are underway to help the affected.
From the pandemic shocks to state polls to global trends, a raft of sentiment drivers are expected to steer the Indian stock market in 2022 after a historic year of massive investor returns and milestones. The Union Budget, which will be closely watched for further reform moves, and quarterly earnings of corporates will be among the developments on investors' radar amid global central banks moving towards tighter interest regime in the wake of inflationary pressures. The year 2021 was rewarding in a big way for equity investors.
Union minister Dayanidhi Maran today apprised Prime Minister Dr Manmohan Singh of the gravity of the fire tragedy at a private school in Tamil Nadu's Kumbakonam district in which 90 students were burnt alive
Fitch Ratings has upgraded Reliance Industries Ltd's (RIL) rating to 'BBB', one notch above India's sovereign rating, as the company benefits from cash flow generation across diversified business segments and continuation of deleveraging. In a statement, Fitch said it has upgraded RIL's long-term foreign-currency issuer default rating (IDR) to 'BBB', from 'BBB-', with a negative outlook. At the same time, the agency has affirmed RIL's long-term local-currency IDR at 'BBB+' with a stable outlook.
Having missed most of the first three industrial revolutions, India has its chance to lead the fourth industrial revolution through a convergence of its IT prowess, ultra-high-speed internet connectivity and affordable smart devices, billionaire Mukesh Ambani said on Thursday. The richest Indian, who heads the nation's most valuable company Reliance Industries, said his group's telecom and digital unit Jio was conceived to provide the key ingredients needed to lead the fourth industrial revolution.
Anmol Ambani, the eldest son of industrialist Anil Ambani, has lashed out against a new round of lockdowns being imposed amid the surge in COVID-19 cases, saying such restrictions do not concern health but control and that they destroy the very backbone of the society and economy. The 29-year-old former executive director of Reliance Capital Ltd in a series of tweets lambasted the new semi-lockdown rules hurting small businesses and daily wage earners. "Professional 'actors' can continue shooting their films. Professional 'cricketers' can play their sport late into the night. Professional 'politicians' can continue their rallies with masses of people. But YOUR business or work is not ESSENTIAL. Still don't get it?" he said in a tweet.
Stating that growth impulses and the fast-moving indicators are strong, Reserve Bank Governor Shaktikanta Das on Wednesday exuded confidence of the economy clipping at the projected 9.5 per cent this fiscal. Giving all the credit for the faster-than-expected recovery of the economy to the government, Das said the central bank has only been supporting the government in reviving the economy ravaged by the pandemic. Citing a slew of measures the government has taken since the pandemic struck in March 2020, the governor specifically mentioned tax cuts on fuels, tax resolution for the telecom sector, annulling of the retro tax legislation, sale of Air India, plans to sell some of the public sector banks and PLI scheme as the major reforms and growth-drivers bearing fruits now.
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