...accusing them of failing to meet minimum standards.
Investor wealth on Friday declined over Rs 2.23 lakh crore as markets cracked. The 30-share BSE Sensex slumped 549.49 points or 1.11 per cent to close at 49,034.67. During the day, it plunged 788.37 points to 48,795.79.
'The huge amount of investments being made by telcos in India for telecom gear, there is no way this demand could be met only by Europeans.' 'The Chinese are quick in installation and offer great value for money.'
Billionaire Mukesh Ambani's Reliance Industries Ltd has bought Britain's iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance's current stake in Oberoi hotels and hotel/managed residences in Mumbai that it's developing. Over the past four years, Reliance has announced $3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy. The UK-based firm, which owns a hotel and golf course in Buckinghamshire, UK, will add to Reliance's consumer and hospitality assets, the firm said in a filing late on Thursday.
India's traditional companies are now moving full scale into the renewable and alternative energy space that had been dominated by smaller players over the past decade. Companies such as government-owned NTPC and the Adani and the Tata groups restructured their businesses well in time to become major players in the green space. At the same time, other conventional companies, such as Larsen & Toubro and Reliance Industries Ltd (RIL), which have a presence both in the energy sector as well as myriad other activities - construction, technology and retailing - are tying up with new-age companies to hitch a ride to a greener path.
The deal follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake -- the world's largest tech investor -- bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.
According to Randstad Employer Brand Research (REBR) 2020, Microsoft India scored high on financial health, strong reputation and utilisation of the latest technologies. Others in the top 10 list are Samsung, Amazon, Infosys, Mercedes-Benz, Sony, IBM, Dell, ITC and TCS.
'There will be a series of rate hikes, but the pace and quantum will depend on how the economy in the US and the rest of the world behave.'
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of $36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report. Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical. At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation.
Intel Capital is the 12th company to join the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore.
Eminent rocket scientist S Somanath has been appointed as the chairman of the Indian Space Research Organisation as well as the space secretary, a personnel ministry order issued on Wednesday said.
Bharti Global and UK government-led OneWeb on Friday announced the launch of 36 communications satellites and said it aims to offer high-speed internet from its constellation of satellites in India by mid-2022. The recommencement of satellite launches by OneWeb comes within weeks of billionaire Sunil Bharti Mittal-run Bharti Group along with the British government taking over as the new owners of the broadband satellite communications company, which emerged from bankruptcy. The Low Earth Orbit (LEO) broadband satellite communications company on Friday launched the 36 satellites from a Soyuz launch vehicle, which began from the Vostochny Cosmodrome, in Russia.
The Delhi high court on Tuesday proposed to reduce from Rs 20 lakh to Rs 2 lakh the costs imposed on actress Juhi Chawla and two others by a single judge while dismissing her plea against 5G rollout, with a condition that she would have to do some work for public cause, considering that she is a celebrity and has presence in public.
Jio has been allocated spectrum in 28 gigahertz to run 5G trials.
Rakesh Jhunjhunwala-backed Nazara Technologies is all set to hit the primary market with its Rs 583-crore IPO on Wednesday. The diversified and online gaming firm's three-day issue will run through March 17-19 and will be entirely an offer for sale (OFS). While 5.29 million equity shares will be offloaded via OFS by some of the shareholders, Rakesh Jhunjhunwala, who owns 3.29 million shares or 11.51 per cent stake in the company as of September 30, 2020, has decided to hold on to his stake. The issue has a price band of Rs 1,100-1,101 and will be available in lots of 13 shares and multiples thereof.
Richest Indian Mukesh Ambani on Tuesday mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation. Ambani, 64, who has previously not spoken about succession plans at the country's most valuable company, said Reliance is "now in the process of effecting a momentous leadership transition." Ambani has three children -- twins Akash and Isha, and Anant.
Global telecom industry body the GSM Association on Thursday said it has decided to cancel the 2020 edition of the sector's largest event Mobile World Congress due to health safety concerns around novel coronavirus outbreak.
Professor Lajos Hanzo, chair of Telecommunications at the University's School of Electronics and Computer Science, and his team are working in a consortium with nine UK institutions and seven Indian Institutes of Technology to design the next generation of wireless systems across India.
There will be a huge market for healthcare professionals, data and security experts and digital marketers, says Navneet Singh, founder, Avsar HR Services.
Nasper-backed fintech firm PayU has started talks to acquire domestic payment gateway major BillDesk, and the deal size could be in the range of $3-4 billion, sources in the know said. "BillDesk has been open to being acquired for some time now, but in the past the valuations that the company was seeking proved to be a hurdle," said a source. "Three years ago too, PayU had approached BillDesk for an acquisition, but things didn't go ahead due to high valuations. "BillDesk had asked for $2-billion value then," said the source.
The acquisitions were made in areas which are closely related to Reliance's key businesses - telecom, internet, retail, digital, media, education, digital, chemicals and energy.
A large team led by Kumar Mangalam Birla has taken charge of the integration process.
The Big Two telecom companies have accelerated their moves towards this next-gen technology, though they have chosen very different routes to getting there.
'If the third wave of Covid infections is as bad as the second one, the market may get very polarised with a preference for blue-chips with low volatility.'
CEOs expect to finish the ongoing March quarter with positive growth as the corporates get back to work in full strength.
'I have personally been very keen on investing in lithium ion battery technology for some time.'
Dhirubhai may or may not have owned the government; it would seem his son wants to own the market, notes T N Ninan.
C Vijayakumar, the reticent chief executive of HCL Technologies, India's third-largest IT services firm, was recently appointed managing director, succeeding the founder, Shiv Nadar. Back in October 2016, when CVK, as he is popularly called within and outside of HCL, was named CEO, it had been somewhat of a surprise - his elevation being the result of his predecessor, Anant Gupta, suddenly stepping down to "pursue personal interests". CVK, 53, has since taken the firm from under $7 billion to over $10 billion in revenue.
Of the 59 IPOs for which the data is available, 36 IPOs received mega responses of more than 10x (of which, six IPOs more than 100x), while eight IPOs were oversubscribed more than 3x.
The latest deal would give Facebook deeper access to India, the second largest internet market after China.
It also said that to make it easier for people to subscribe, Disney+ Hotstar VIP has tied up with telecom players Jio and Airtel.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
Prime Minister Narendra Modi began his engagements in the US on Thursday by meeting with leading American CEOs from five different key sectors and highlighted the economic opportunities in India.
The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production. Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips forms a crucial part of electronics. Outlining the details of the scheme, he said the Rs 76,000 crore programme has been approved for the development of semiconductors and display manufacturing ecosystem.
Mukesh Ambani is stringing in new partnerships within the Reliance ecosystem with the best in global business -- from Facebook, Google and Microsoft to umpteen sovereign wealth funds and a soon-to-be-declared strategic partner in a big global retailer, notes Shailesh Dobhal.
"We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," Mukesh Ambani said at the company's annual general meeting.
Experts say while the increasing demand for a ban on Chinese goods might make for good optics, the reality is that India is still heavily dependent on that country in a wide range of industries like electronics, mobile devices, auto, pharma, telecom equipment, and fertilisers.
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
'The telecom companies are our lifeline now, despite having nearly collapsed under debt because of ill-advised policies.' 'Perhaps our obvious dependence on telecom services will spark well-conceived policies for this sector,' says Shyam Ponappa.
Alphabet Inc's Google has paid Rs 33,737 crore for a 7.73 per cent stake in Reliance Industries Ltd's (RIL) digital subsidiary, Jio Platforms Ltd, joining the list of global investors such as Facebook, billionaire Mukesh Ambani's firm said. The transaction also marks the US technology giant's biggest-ever investment in an Indian company. With this, Jio Platforms has raised a total of Rs 1.52 lakh crore by selling nearly 33 per cent stake to 13 financial and strategic investors in just 11 weeks.
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