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AGR: Vodafone Idea pays Rs 3,000 crore, says principal amount paid

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Vodafone

Vodafone Idea on Friday has said that it has cleared the principal amount towards AGR dues as it paid Rs 3,354 crore to the Department of Telecommunications (DoT) on Monday.

The payment comes a day ahead of the Supreme Court’s hearing on the issue of Adjusted Gross Revenue (AGR).In a regulatory filing, the telecom operator had earlier paid a sum of Rs 2,500 crores on February 17, 2020 and a further sum of Rs 1,000 crores on February 20 towards the AGR liability.

“The company has today paid a further amount of Rs 3,354 crores to the DoT, being the balance part of the principal amount towards AGR liability. Thus the company has paid the full principal amount of Rs 6,854 crores towards the AGR dues,” it said.

According to Vodafone Idea’s own assessment, its AGR dues stand at Rs 21,533 crore and the principal amount out of the total dues is Rs 6,854 crore. However, according to the DoT’s estimate, the company’s overall dues stand at Rs 53,000 crore.

The other major player Bharti Airtel has already said that it has paid its full adjusted gross revenue dues of about Rs 13,000 crore.

After meeting Telecom Secretary Anshu Prakash here on March 11, Bharti Airtel Chairman Sunil Bharti Mittal said that the as the government has directed to pay the full amount, the company has paid the full amount.

He said that the full AGR dues is about Rs 13,000 crore, and Rs 5,000 crore is extra, adding that the company has also submitted its self-assessment document.

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Hiked again, petrol nears century mark pan-India

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Fuel prices increased again across the country on Friday adding more misery to common man’s woe, as he already grapples with rising food prices amid shrinking income.

Petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per-litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Friday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 23-30 paisa per litre across the four metros.

Accordingly, the price of petrol increased by 27 paisa per litre to Rs 96.93 per litre and diesel by 28 paisa per litre to Rs 87.69 per litre in Delhi.

In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 103.08 per litre on Friday. Diesel price also increased in the city by 30 paisa per litre to reach Rs 95.14 a litre, the highest among metros.

Across the country petrol and diesel prices increased on Friday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in the two other metros have also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continued to firm up, this mark could also be breached in other places by month-end.

With Friday’s price hike, fuel prices have now increased on 26 days and remained unchanged on 23 days since May 1. The 26 increases have taken up the petrol prices by Rs 6.54 per litre in Delhi. Similarly, diesel have increased by Rs 6.96 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of worlds largest fuel guzzler — the US, retail prices of fuel in India is expected to firm up further in coming days.

The benchmark Brent crude which reached multi year high level of over $75 on ICE or Intercontinental Exchange a couple of days back had diverted slightly to remain at around $73 a barrel currently.

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Aster DM Healthcare ties-up with Dr. Reddy’s Laboratories on Sputnik V vax

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Aster DM Healthcare has partnered with Dr. Reddy’s Laboratories to administer the Sputnik V Vaccine as part of a limited pilot soft launch.

To help bolster the vaccine implementation drive by the Government of India, Aster DM Healthcare will initially inoculate beneficiaries in Kochi (Kerala) and Kolhapur (Maharashtra) through Aster Medcity, Kochi and Aster Aadhar, Kolhapur hospitals.

At Aster, over a hundred staff have been trained at the 14 hospitals spread across the country. Beneficiary protocols have been established as per Standard Operating Procedures recommended by the Government which includes registration, waiting area allocation along with patient education & awareness displays and post-vaccination observation, Aster said in a statement.

Trained medical staff along with emergency care support, will be stationed to administer appropriate care in case of an adverse event, the statement added.

Dr. Reddy’s has facilitated the necessary cold storage infrastructure for vaccine storage at the hospitals.

Speaking about the association, Harish Pillai, CEO – Aster India, Aster DM Healthcare, said: “We are pleased to collaborate with Dr. Reddy’s Labs to administer the Sputnik V Vaccine, through its pilot program and are certain that it will further accelerate the overall vaccination drive. We look forward to building a strong partnership with Dr. Reddy’s across our network of hospitals to further strengthen our efforts in providing easy access and vaccinating the community”.

Commenting on the alliance, M.V. Ramana, CEO – Branded Markets (India & Emerging Markets), Dr. Reddy’s, said: “We are pleased to collaborate with Aster DM Healthcare in Kochi and Kolhapur as we scale up our soft pilot launch of the Sputnik V vaccine in India to more cities ahead of its commercial launch. In the upcoming months, we hope to inoculate as many Indians as possible.”

Aster DM Healthcare Limited is one of the largest integrated healthcare service providers operating in GCC and an emerging healthcare player in India.

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Hyundai Motor hopes to beef up SUV sales with Alcazar

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India’s second largest car maker Hyundai Motor India Ltd is hoping to notch up good sales volumes in its sport utility vehicle (SUV) segment with the launch of 6/7 seater Alcazar, said a senior official.

Nearly 45 per cent of the company’s sales volume is contributed by its SUVs. The SUV sales volume is expected to go up further with the launch of premium SUV 6/7 seater Alcazar, he added.

Last fiscal, the company logged a total sales (domestic and exports) of 575,877 units.

Launching the company’s new premium SUV 6/7 seater, Alcazar on Friday, Tarun Garg, Director, Marketing and Sales told reporters that 45 per cent of company’s sales is contributed by SUVs (Venue, Creta, Kona and Tucson) and the numbers will go up with Alcazar coming into play.

Presently the company commands 25 per cent market share in the SUV segment.

Garg said with Covid-19 happening people are preferring personal mobility and with vaccination going on, economic growth projected in double digit the prospects are good.

As regards the waiting period, Garg said it may come down as the third shift at the factory near here will start operating from Monday onwards.

The new model has a waiting period of 6-8 weeks.

The Alcazar available in 6/7 seater, petrol/diesel, manual/automatic transmission modes is priced between Rs 16.30 lakh to Rs 19.99 lakh depending on the model.

Garg said the company has followed only three trims for Alcazar and there is no base model and is positioned between Creta and Tucson.

Hyundai Motor has received about 4,000 bookings for Alcazar with all the models getting equal bookings.

According to Garg, Alcazar is developed mainly for the Indian market and may also be exported to some countries.

Queried about the status of mass market electric car project, Garg said it will be launched in three years’ time.

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