'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
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.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
Indian cricket fraternity has also come out in support of the young pacer who had dropped a crucial catch in the 18th over of the match.
The long-awaited 5G spectrum auction is expected to be held in May this year if the Telecom Regulatory Authority of India (Trai) submits by March its recommendations on the rules regarding the sale process, according to a senior official of the telecom department. Telecom Minister Ashwini Vaishnaw earlier this month said the Trai has informed that it will submit its recommendations for the 5G auction by March and the Department of Telecommunications (DoT) is simultaneously firming up other processes to hold the auction at the earliest. "Trai has indicated that they will send it (recommendations) by March. "Thereafter, it will take us a month to make a decision around it," telecom secretary K Rajaraman told PTI.
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.
With the Adanis submitting an earnest money deposit (EMD) of just Rs 100 crore on Monday for the upcoming 5G spectrum auction, the apprehension among the rivals that the group is nursing ambitions of being an all-India mobile player has been allayed at least for now. Based on its EMD, analysts say it can buy spectrum worth just Rs 900 crore, whose use will be limited to enterprises and captive networks -- that too is likely only in a few circles where it has its infrastructure like ports, airports, and power stations. While getting all-India millimetre band spectrum of 400 MHz (which costs Rs 2,800 crore) is ruled out, it might choose circles like Gujarat and Mumbai to start with.
Actress-environmentalist Juhi Chawla on Monday approached the Delhi high court against the setting up of 5G wireless networks in the country, raising issues related to the radiation impact on citizens, animals, flora and fauna.
The Indian Army is effecting a major "reorientation" and "rebalancing" of its troops in the strategically sensitive areas along the Line of Actual Control (LAC) in Arunachal Pradesh, with a top general saying its overall combat readiness in the region is of a "very high order."
Pakistani news agency the Conflict News Pakistan reported that Pakistan might have test-fired a missile in response to a previous missile mistakenly fired from India.
Siva Prasad Nanduri, chief business officer, TeamLease Digital, outlines the skills that will help you get a job in 2023.
Sectors which attract maximum foreign inflows include services, computer software and hardware, telecommunications, automobile and trading.
Commercial 5G services will be rolled out in 13 cities in India, including the metropolises, in 2022, the Department of Telecommunications (DoT) said in a statement on Monday. These cities are Delhi, Gurugram, Mumbai, Pune, Chennai, Kolkata, Bengaluru, Hyderabad, Chandigarh, Lucknow, Ahmedabad, Gandhinagar, and Jamnagar. "These metros and big cities would be the first places for the launch of 5G services in the country next year," the DoT said.
China represents the "largest threat" to Britain and the world's security and prosperity this century and there is evidence to suggest it has targeted countries from the US to India, UK prime ministerial candidate Rishi Sunak said on Monday.
'It will be best for investors to have a systematic investment plan in mid-cap and small-cap funds with a three-/five-year horizon.'
Telecom gear makers, who are in talks with telcos, say that if all goes well, they are ready to roll out the first phase of 5G services from October this year and cover the country's top 30-50 cities (in limited areas) by March 2023. The gear makers expect the telecom companies to give them a heads-up about their plans as well as the equipment required by July, and have promised deployment in three to four months after that. India's main telecom gear suppliers are Nokia, Ericsson and Samsung.
With the restart of economic activity, fraudsters have shifted their focus to target unsuspecting people from travel and leisure, communities (online forums) and logistics sectors, a report said.
The much-talked-about sale of Ambuja Cement and ACC by Holcim Group will see the single-biggest outflow of foreign capital from the country if the two cement firms are acquired by Indian investors. The deal, valued at nearly $10.35 billion, will put in the shade Cairn Energy Plc's exit from India in 2010, when it sold Cairn India to Vedanta Group for $4.48 billion. According to various reports, big business groups such as AV Birla, JSW Group, and Adani Group are in the fray to acquire Holcim's assets in India.
The Centre is unlikely to announce an agreement over payment mechanism with Russia until a ceasefire is declared in the Ukraine war, said people in the know. An inter-ministerial group headed by the finance ministry has been meeting regularly for over a month to analyse and discuss payment mechanisms that can work under the current circumstances and ensure the trade between India and Russia is not disrupted. The US had recently said that there would be consequences for countries actively attempting to "circumvent or backfill" American sanctions against Russia.
Prime Minister Narendra Modi's call to make this decade a "techade" for India and the push for 5G, semiconductors and transformation through digital services is going to boost the technology sector in the country, industry players said on Monday. Modi, in his speech on the 76th Independence Day, touched upon all-round development of technology in the country, from 5G to push for electronic chips, laying of optical fibre cable (OFC) network across villages and enablement of digital entrepreneurship in villages through Common Services Centres, making the present decade as "techade" for India. Homegrown mobile devices maker Lava International's Chairman and Managing Director Hari Om Rai said electronics and technology sectors create about $4 trillion of revenue.
As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods -- air-conditioners (ACs) and LED lights-- with an aim to accommodate more players as several firms had expressed interest in the initiative. Last year, as many as 46 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 5,264 crore were selected in the first round the scheme.
The World Bank has announced that it will stop all its programmes in Russia and Belarus with "immediate effect" in response to Moscow's military operations in Ukraine and "hostilities" against the people of the war-torn country. On February 24, Russian forces launched military operations in Ukraine, three days after Moscow recognised Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities. The decision comes as a large number of countries, organisations and businesses are severing ties and have imposed sanctions on Russia over the country's invasion of Ukraine, and with Belarus for its support and cooperation with Moscow.
Vodafone Idea (Vi) is working on a fresh business plan that could alter its funding requirements. Addressing shareholder queries at the company's annual general meeting (AGM) on Wednesday, Vi chairman Himanshu Kapania said the exact amount will be worked out upon submission of a new business plan. "The management is working on a new business plan and will come to the board with the funding requirements," Kapania told shareholders in his first AGM as chairman.
Subhash Shankar Parab, a key accused in the Rs 7,000 crore diamantaire Nirav Modi bank fraud case, was "deported" from Cairo on Tuesday after a long diplomatic and legal process, officials said in New Delhi. A CBI team had gone to Egypt's capital to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in a Cairo suburb by Modi, the fugitive diamantaire, they said. The CBI had been chasing Parab, deputy general manager (finance) in Modi's Firestar Diamond and understood to be a key witness to the Letters of Undertaking (LoU) submitted to the Punjab National Bank (PNB) to siphon off over Rs 7,000 crore, they said.
The ship will now arrive on August 16 and remain at the Hambantota port till August 22, they said.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
Taliban have imposed a blockade in Afghanistan's Panjshir province, denying residents food and carrying out some extrajudicial killings, The Washington Post reported.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
Bharti Airtel on Thursday announced new postpaid plans and discontinued some previous ones. "In the post-pandemic world, an abundance of high-speed data is increasingly becoming a key need for customers as work from home and online education is the new normal. "In this context, Airtel has further simplified its postpaid plans to offer industry-leading data benefits backed by a 5G-ready network and superior digital-first customer care. "The plans also come with a range of exclusive benefits such as bundled content and business productivity tools," Airtel said in a press release.
More than 6,000 URLs, accounts or websites were blocked in 2021, Parliament was informed on Wednesday.
Telecom service operator Airtel on Thursday urged the government not to charge high fees for allotting 5G spectrum, saying a faster roll out of the next-generation telecommunication network can have more benefits than collecting revenue in upfront cost. Sunil Bharti Mittal, chairman of Bharti Enterprises which runs the country's second largest telco, said that there are a variety of applications across sectors ranging from healthcare to video interactions, which will make 5G a technology to be introduced as soon as possible. "5G is important and that's why we keep on requesting the government to make the 5G as an enabler for hundreds of things that we develop in the country, to keep the spectrum at affordable pricing, to not load the industry too much," Mittal said at the Times Network India Economic Conclave.
Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
Winter Games in Beijing has glaring security problems that could expose sensitive data to interception, according to a report
The income tax department has found alleged manipulation of account books for reducing taxable income in India by Chinese telecom company Huawei whom it raided recently, sources said on Thursday. The searches were conducted on February 15 at the main business and residential premises of "key office bearers" of a multi-national group, engaged in distribution of telecom products and providing captive software development services, the CBDT said in a statement. Sources identified the company as Huawei.
The government has developed an asset monetisation dashboard for monitoring real-time progress of its ambitious Rs 2.5 trillion-plus pipeline, and providing visibility to investors. The portal has been prepared as the government tries to provide a one-stop shop to investors keen on taking over assets of government departments and ministries.
Sector regulator Trai on Tuesday directed telecom operators to "immediately" enable port out SMS facility for all mobile users requiring it, irrespective of value of their tariff offer, vouchers, or plans they have opted for. Trai's stern missive on smooth network portability, assumes significance as Reliance Jio had recently written to the regulator complaining that the new tariff structure of Vodafone Idea (VIL) allegedly restricts entry-level customers to port out their mobile number from its network. Telecom Regulatory Authority of India (TRAI) has taken a strong note of telecom service companies not providing outgoing SMS facility in certain prepaid vouchers.
The Union Cabinet has approved the modalities for holding 5G spectrum auctions, and 72097.85 MHz of radio waves will be put on the block by July-end, an official release said on Wednesday.
Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
With Western corporations, including Microsoft, AWS and Oracle, shutting down their operations in Russia, the rest of the world has become acutely aware of its dependence on a clutch of technology service providers.
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