The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
'It's the brazen corruption involving politicians that makes you sit up years after the event,' notes Nivedita Mookerji after reading B K Syngal's Telecom Man.
From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers. Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.
The list of guests included celebrities from across the globe, politicians, the who's who of Hindi and south Indian cinema world and almost all the top cricketers of the country.
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.
The sale proceeds will be fully utilised to repay debt at Bharti Telecom and will make the promoter holding firm a 'debt free company'.
The Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
The initiative will help will enable telecom sector professionals with new-age capabilities and narrow the existing gap between demand and supply of skills.
'Initially, I didn't think much of him. But when I walked alongside him, I realized he has what it takes.'
Info Edge (India), the country's leading consumer internet company known for its platforms in recruitment (naukri.com), real estate (99acres.com), matrimony (jeevansathi.com) and education (shiksha.com) space, delivered revenue growth in line with expectations in the April-June quarter (Q1) of FY25.
Asia's richest man Mukesh Ambani drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the fourth straight year in a row while his children earned a sitting fee and a commission for being on the board of India's most valuable company. Ambani, 67, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
The 5G networks have rolled out in 738 districts across the country, and around 100 million subscribers are using these services, marking one of the fastest fifth-generation rollouts in the world, Parliament was informed on Wednesday. Telecom service providers have also committed a total investment of Rs 2 lakh crore, including a commitment of Rs 1.5 lakh crore for spectrum acquired through auction in July-August 2022, Minister of State for Communications Devusinh Chauhan said in a written reply in Lok Sabha. "As on November 24, 2023, 5G networks have been rolled out in 738 districts across the country and a total of 3,94,298 base stations have been installed with around 100 million subscribers using 5G services," he informed.
The tribunal accepted the government's argument that licence or spectrum is a state asset over which Aircel had no right of ownership.
The move comes against the backdrop of the US and some of its allies banning the purchase of Chinese telecom gear over security concerns and pressuring other countries to follow suit.
Reliance Jio, India's top telecom operator, announced a 12-27 per cent hike in mobile tariffs -- the first in two and half years, setting the stage for other operators like Vodafone Idea to raise charges. The company has also restricted the access of unlimited free 5G services for customers. The hike comes immediately after the spectrum auction, as per the anticipation of sector experts.
Will Mukesh Ambani disrupt the telecom market by offering consumers voice calls at rock-bottom tariff?
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.
Shareholders of industry giants Adani Enterprises, Reliance Industries, and Tata Motors - the latter two are part of the Sensex - will decide on combined related-party transactions of more than Rs 2.68 trillion proposed for this financial year and later. Related-party transactions for BSE 500 companies touched at least a six-year high of Rs 42.1 trillion in FY23, the Capitaline data shows. The Rs 42.1 trillion includes related-party transactions both at balance-sheet and profit-and-loss levels.
The Lok Sabha witnessed a display of linguistic diversity on Monday, with the newly-elected MPs taking their oaths in English and Indian languages, including Sanskrit, Hindi, Dogri, Bengali, Assamese and Odia.
Veteran Congress leader and former Union minister Sukh Ram has died, his grandson said on Wednesday. He was 94.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers. Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.
When, recently, Bharti Airtel announced a Rs 21,000 crore rights issue, analysts pointed out that its structure was similar to that of Reliance's issue in June 2020. One similarity is that shareholders in both companies have to pay only 25 per cent of the money on application. The rest is to be paid in two tranches. In Bharti Airtel's case, it is within 36 months; in Reliance Jio's, it is within 17 months.
Debt-saddled telecom operator Vodafone Idea Ltd's Rs 18,000 crore follow-on offering (FPO) on Monday was subscribed more than 3.3 times, as institutional investors poured in money but the retail segment lagged. On the last day of the offering, as many as 4,212.56 crore shares were sought against the issue size of 1,260 crore at 14.30 hrs, according to information on stock exchanges.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
IT services company HCLTech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. For the fiscal's first quarter ended June 2024 (Q1 FY25), the revenue came in at Rs 28,057 crore, 6.6 per cent more than in the year-ago period. Seen sequentially, it was 1.6 per cent lower than the March quarter.
However, the Polycab share price is up by nearly 80 per cent while Havells' has risen by 39 per cent. The Sensex has gained 26 per cent in this period. The Q1FY25 results were in line for both companies.
Sex, violence, song or dance -- the monsoon serves multiple purposes in Hindi movies. With the onset of the rains, it's the perfect occasion to highlight all the cool, crazy reasons Bollywood uses it as an excuse for.
Overall market reaction to the Budget was neutral. Investors absorbed the changes to the tax rates (positive for salaried class) and capital gains taxes (CGTs, negative due to the removal of indexation and increases. Other proposals largely pertain to supporting rural development, buybacks taxed as dividends, Custom duty changes that impact multiple sectors, higher outlays for clean energy, etc. There's some moderation in the growth of capex outlay across defence, fer
British telecom player Vodafone on Wednesday said it has sold an 18 per cent stake in Indus Towers for 1.7 billion euro (about Rs 15,300 crore). Meanwhile, Bharti Airtel has increased its stake by acquiring 2.69 crore shares, representing a 1 per cent stake, in Indus Towers. The shares were acquired by Airtel at an average price of Rs 320 apiece, taking the transaction value to Rs 862.38 crore, as per the bulk deal data.
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.
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.
At present 100% FDI is allowed, of which up to 49% investment in a company can be done through the automatic route
This is the second instance of a realty firm foraying into telecom in less than a month. In August, Delhi-based Parsvnath Developers had submitted an application to the DoT for a Unified Access Service licence in 22 circles.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The government on Friday unveiled long awaited Unified Licence norms that provide for delinking of spectrum from operational permits and allows companies to offer services using any technology.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
As part of the national telecom policy, which is likely to be released next month, various levies and charges including SUC would be reviewed in line with the input tax credit available.
