Signalling both change and continuity, India's new government, headed by Prime Minister Narendra Modi for a third consecutive term, got into work gear on Tuesday with cabinet ministers and ministers of state filing into their respective offices to assume charge.
A higher-than-expected consumer price inflation (CPI) print for March in the US has dashed hopes of an interest rate cut by the US Federal Reserve (US Fed) in June. Analysts now expect the US central bank to start cutting rates in September, provided inflation remains in check and oil prices remain supportive. The markets, analysts believe, partially factored in this possibility.
Doha-based Qatar Foundation Endowment has bought five per cent stake for $1.18 billion in Bharti Airtel.
Though three stocks offer higher leverage via derivatives, be ready for some volatility.
In a major reform push, government on Thursday approved 100 per cent foreign direct investment (FDI) in the telecom sector, meeting a key demand of the fund-starved industry.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
For the smart phone industry, it has been a lacklustre quarter of CY2024, with sales falling by 3-4 per cent over the same period last year, according to Counterpoint Research projections. However, with the launch of many new models in Q1 of CY24, overall shipments grew year-on-year by 10-12 per cent. In CY23 shipments remained flat, ending the year with 152 million units.
Emkay Share and Stock Brokers said that over the last couple of months, there has been a lot of disturbance in the telecom sector due to the regulatory issues on spectrum allocation, resulting in the gross under performance of the telecom shares.
Ahead of its Rs 18,000 crore further public offer (FPO), Vodafone Idea on Monday said it expects to roll out 5G services in select pockets within 6-9 months of raising fresh capital. Its chief executive Akshaya Moondra said rollout of the modern 5G telecom services is one of the objectives of raising the capital from the public and once the funding comes, it will start work on the rollout. "With this round of funding, we believe we will be able to (come) back to participate in the industry growth which has not been possible," he said.
Internet major Google will make the Pixel series of smartphones in India and they will become available from 2024 onward, a senior company official said on Thursday. Google senior vice president for devices and services, Rick Osterloh, said the company will partner with international contract manufacturers to make the phones in India.
While smart boys like the Ruias of Essar, Ajay Piramal, Max India promoter Analjit Singh laughed all the way to the bank, the Tatas, Anil Ambani, Malaysian tycoon T Ananda Krishna of Maxis (which invested in Aircel), Sistema, and Norway's Telenor burnt their fingers, notes Surajeet Das Gupta.
Vodafone Idea board on Tuesday approved a fund-raise of up to Rs 20,000 crore through a combination of equity and equity-linked instruments, the crisis-ridden telco said, adding promoters will also participate in the proposed equity raise. Overall, Vodafone Idea plans to raise around Rs 45,000 crore through a mix of equity and debt, the company said. The company has been fighting a desperate battle for survival -- it has a debt of Rs 2.1 lakh crore and is reporting quarterly losses, amid massive subscriber churn.
Reliance Jio has sent a second legal opinion to the Telecom Regulatory Authority of India (Trai) on the subject of the potential allocation of satellite spectrum. The letter is written by retired Supreme Court Justice L Nageshwara Rao and argues in favour of auctions, stating that any other method for allocating spectrum apart from auctions could be constitutionally unsound. Business Standard has reviewed the letter.
The Supreme Court recently quashed a rule that mandated telecom operators to compensate consumers.
Among the Sensex firms, major winners included Tata Steel, rising 3.77 per cent, followed by HCL Tech, which gained 3.62 per cent. IndusInd Bank and PowerGrid closed with a gain of 3,60 and 3.34 per cent, respectively. Other gainers were Tech Mahindra, Hindustan Unilever, Bajaj Finserve and Bharti Airtel, among others. On the other hand, ICICI Bank, Axis Bank, Asian Paints, Bajaj Finance and TCS were the only laggards, sliding up to 2.94 per cent.
Companies may face significant spectrum fees from the government.
The main thrust of the policy is on the multiplier effect and transformational impact of such services on the overall economy.
The Ministry of Corporate Affairs has asked the Department of Telecommunications to reconsider its decision to issue Mumbai-based Loop Telecom an all-India mobile services licence, suggesting the company had links with Essar Group that violate restrictions on telecom cross-holdings by groups.
The Telecom Regulatory Authority of India on Thursday launched a channel selector application which will facilitate consumers to view their TV subscription and choose the channels of their interest while removing the unwanted ones.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value creation at the site at Rs 25,000 crore.
'In the next 15-20 years, India will have at least 50 new (AI-driven) billion-dollar companies that are going to solve problems for the largest companies around the world.'
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Collectively, these companies spent Rs 628 crore (Rs 6.28 billion) on political contributions in the past five years, according to their annual reports.
The package gives the officers time until October 15 to take a decision on staying back with one of the two public service undertakings.
The company received a fresh equity infusion in 2012-13.
On the Sensex chart, Bharti Airtel was the biggest loser with nearly 3 per cent drop in its share price. It was followed by IndusInd Bank, Maruti Suzuki, HeroMoto Corp and Tata Steel.
The government has warned telecom operators against marketing or advertising their services below 256 kbps download speed as broadband.
In a development that may help jailed former Telecom Minister's A Raja's defence in court, the telecom regulator has informed the CBI that Trai did not recommend the auction of 2G spectrum in 2007, implying that there was no loss to the exchequer in the award of licences.
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.
Former Telecom Minister A Raja's private secretary R K Chandolia had threatened several senior telecom ministry officials to ensure grant of spectrum to Swan Telecom which was ineligible for getting the spectrum licence, Central Bureau of Investigation said on Saturday in its chargesheet on 2G scam.
The DoT estimates that it will receive Rs 29,524 cr in revenue from the telecom industry in FY18, which is 38% less than the Budget revenue target of Rs 47,300 cr for FY18
Ambani said, it will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Analyst are cautious about the performance of IT services sector from January to March quarter (Q4) of FY24 and the first half (H1) of FY25. While the Bloomberg consensus on revenue implies the market is expecting 2-3 per cent growth on a quarter-on-quarter (Q-o-Q) basis for the IT majors through FY25, the H1FY25 is likely to see even flatter returns, and Q4FY24 is likely to be poor. There is likely to be some recovery in the second half (H2FY25) but even so, there's a chance that the market will be overall disappointed.
Both Houses of Parliament were adjourned sine die on Thursday, a day ahead of the scheduled end of the Winter session, that saw a security breach in the lower house, suspension of over 140 MPs and the expulsion of Trinamool Congress leader Mahua Moitra.
The Unified Licence for all 22 Service Areas across India will make the company the first telecom operator in the country to get pan India Unified Licence, the company said in a statement.
Tata Sons Private Limited, the holding company of the Tata group, witnessed a precipitous drop in its net debt to Rs 5,656 crore in the 10 months ended January this year, as its cash reserves burgeoned to Rs 9,516 crore during this period. Eight years ago, in 2015-16, Tata Sons reported a net debt of Rs 5,132 crore; from March 2017 until March 2023, this figure was above the Rs 14,700 mark, peaking at Rs 27,437 crore at the end of March 2019, according to data sourced from Capitaline. The company's gross debt nearly halved to Rs 15,173 crore until January 2024 on a standalone basis, down from a peak of Rs 31,363 crore reported in the financial year ended March 2019.
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