Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.
Cabinet will take a decision on a conciliation offer from Vodafone.
Says govt and Vodafone would have a reasonable compromise.
For the fifth consecutive time, the Sydney Cricket Ground (SCG) will be splashed with pink for the Vodafone Pink Test featuring Australia and Sri Lanka, starting on Thursday.
A bench headed by Chief Justice S A Bobde took note of the submissions by a battery of senior lawyers including A M Singhvi and C A Sundaram and said it will list the fresh pleas "sometime in next week" before the same bench which had heard the earlier petition in the high-stake matter.
CEOs expect to finish the ongoing March quarter with positive growth as the corporates get back to work in full strength.
'Is it advisable to have more number of scrips in small quantities or a few scrips in big quantities?'
Telecom complaints against other players were below 500 in the first half of 2016.
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.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
The launch of Reliance Jio Infocomm Ltd last September, particularly the tariff war it has unleashed on its competitors, has deepened the crisis facing India's telecom sector. One offshoot of this is the major drop in earnings reported by industry leaders Bharti Airtel and Idea Cellular with each passing quarter. Aslam Hunani/Rediff.com tells the story in numbers.
Vodafone Idea (Vi) lost 12.4 million subscribers in the first quarter of FY22, the most since the fourth quarter of FY20, as the second wave of Covid hurt its operational and financial performance. Vi had managed to trim subscriber losses in the third and fourth quarters of FY21. However, it lost 12.4 million subscribers and its customer base shrunk to 255.4 million in the first quarter of FY22. Sequential fall in 4G users was modest, indicating that most of the loss was in the low-margin 2G segment.
Channel Seven has threatened to terminate its contract with Cricket Australia (CA) unless there is some clarity over a playing schedule, which has been compromised by COVID-19 restrictions.
Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.
Bulk of these customers use 2G phones and are still focused on voice services and might prove useful for both Bharti Airtel and the Idea-Vodafone combine.
Idea, Reliance and BSNL have call drop rates in the range of 10 per cent or above.
The companies have offered to pay upfront the principal amount due for licence fees and spectrum usage charges (SUCs) on the basis of adjusted gross revenue (AGR). This amount will not include the interest, the penalty, and the interest on the penalty.
From spending a little less than three hours on making voice calls, Indians are spending well over 5 hours. So, while people make more calls, they are spending less than ever, reports Romita Majumdar.
It will be the first ever Pink Ball Test the two sides play against each other.
Taking the pole position among other operators, Reliance Jio logged download speed of 19.12 mbps during April, even bettering its own performance of 18.48 mbps demonstrated in the previous month
Airtel reported a 19 per cent rise in its ARPU in the March quarter, as it removed the non-paying users from its network.
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.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
The FPI holding in India's top 100 companies, which are part of the Nifty 100 index, declined to 24.23 per cent on average at the end of March this year, from a high of 27.5 per cent at the end of March 2021. This is the lowest FPI holdings in India's top listed companies in at least three years. A general sell-off by FPIs has weighed on stock prices and the benchmark S&P BSE Sensex is down 8.5 per cent, from its 52-week high made in October 2021. Most analysts expect FPI flows to remain weak in FY23 as well, given rising bond yields in the US and an expected earnings slowdown in India due to high inflation and commodity prices.
Mittal said he discussed a plethora of issues with Commerce and Industry Minister Piyush Goyal and sought the government's support for faster clearances to streamline the group's investment plans.
Bharti Airtel chairman Sunil Mittal on Thursday said tariffs need to go up amid "tremendous stress" in the telecom sector, and Airtel will not hesitate to raise prices, but it will not do so unilaterally. The comments by the telecom czar came at a time when Airtel's rival Vodafone Idea has approached the government for a one-year moratorium on payment of spectrum instalment of over Rs 8,200 crore - due in April 2022. Cash-strapped VIL has told the telecom department that while it is working on raising new funding for the last six months, "investors are not willing to invest in the company because they believe that unless there is a significant improvement in consumer tariffs, the health of the industry will not recover and they will incur a loss on their investment".
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
Slams Channel 7 for talking game down.
Vodafone Plc's trusted ally, Analjit Singh of Max India, has been appointed non-executive chairman of its India operations. He talks about the backdrop of the two recent Supreme Court verdicts.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
Telecom companies have been desperately waiting for a bailout package from the government after a Supreme Court order put their statutory liabilities at Rs 1.47 lakh crore.
IndusInd Bank was the top loser among Sensex stocks, dropping by 4.38 per cent. SBI declined 2.41 per cent, HDFC Bank 1.77 per cent and Axis Bank fell by 1.5 per cent. Among others, auto, FMCG and power stocks also closed in the red.
The Indian market is more in sync with mobile markets of advanced countries like the UK, Japan, and South Korea, where there are fewer players - three to four.
Amit Shah's net worth grew 32 per cent to Rs 37.91 crore, mainly due to 80 per cent appreciation in the market value of his securities.
The temptation to get into businesses that are hot is perhaps too great for any politician, no matter what his public slogans are. Nehru plunged into hot sectors of his time -- engineering and iron and steel. Modi has plunged into digital payments -- the hot sector of his time, notes Debashis Basu.
The telco, being one of the first operators in the circle, has a strong base of high-value subscribers; Airtel could leverage that for its top-end services.
India's telecom subscriber base grew to over 1.17 billion in October with Bharti Airtel maintaining its leadership in mobile subscriber addition that accounts for over 98 per cent of total connections in the country, according to the monthly report released by sector regulator Trai on Wednesday. This is the second consecutive month when Airtel added highest number of subscribers. In September, it had regained the leadership position in subscriber addition after a gap of four years. The Sunil Bharti Mittal-led company added 3.67 million new customers in October, taking its total wireless customer base to 330.28 million in October 2020, the Telecom Regulatory Authority of India's (Trai) report said.
Foreign-origin companies may still hold sway over consumer product and electronics companies but, in several areas, be it tractors, liquor or specialised financial products, it is the Indians who are the kings.
To help 2G customers who have to buy a new phone to upgrade to 4G, the company had earlier introduced 4G feature phones, to make it affordable for them to make the switch.
Doha-based Qatar Foundation Endowment has bought five per cent stake for $1.18 billion in Bharti Airtel.
