Connect with us
Saturday,22-January-2022
Breaking News

Business

Outlook on Vodafone Idea critical, says parent firm

Published

on

Vodafone

Vodafone on Wednesday said the outlook for its India telecom joint venture Vodafone Idea remained “critical” and it was seeking relief from the government to pay the adjusted gross revenue (AGR) dues over a longer period.

“In October, the Supreme Court gave an adverse judgment in the AGR case against the industry. The outlook for Vodafone Idea (VIL) remains critical. VIL is seeking relief from the Indian government to ensure that the rate and level of payments it makes to the government is sustainable and it can meet its other commitments as they fall due,” the London-based telecom major said.

In November, the Department of Telecommunications (DoT) granted a two-year spectrum moratorium. In January the Supreme Court rejected the review petition filed by VIL and others over the AGR judgment.

Both VIL and Bharti Airtel later filed modification petitions, expected to be heard soon, requesting the court to order the DoT to determine a payment schedule for AGR dues and other relief.

Vodafone Idea needs to pay over Rs 53,000 crore as licence fee, spectrum usage charge, interest and penalty dues to the DoT after the October SC order, which widened the definition of AGR to include non-core items.

This left 15 telcos, including Vodafone Idea, with over Rs 1.47 lakh crore dues.

Tata Teleservices has also filed a modification petition in the Supreme Court, seeking space to discuss with the DoT modalities and timeline for payments.

The telcos are hoping that they will be allowed to spread the payment over several years, thus softening the blow.

Business

Zomato shares decline 9%, market cap falls below 1L cr

Published

on

By

Shares of online food aggregator Zomato declined 9 per cent intraday on Friday.

Analysts are linking the decline with unsupportive valuations. Over the past one-month period, Zomato shares fell nearly 18 per cent.

Listed in July 2021, Zomato shares are, however, up more than 50 per cent from its IPO issue price of Rs 76. On Friday’s closing, it was at Rs 114 per share.

“The costs have escalated due to the tax imposed on the aggregator, along with the fact that the lockdown is also not currently happening, which also appears to be a weakness,” said Ravi Singhal, Vice Chairman at GCL Securities.

With Friday’s losses, the company’s market capitalisation fell below the 1 lakh crore-mark, NSE data showed.

According to Ravi Singh, Vice President and Head of Research, Share India Securities: “The technical setup in Zomato stock is in bearish formation on intraday and daily which may drag the stock up to Rs 112-110 levels in the near term.

“The valuations of the company are also not supporting the growth. Zomato is facing tough competition from Swiggy in many ways, mainly having a thinner Metro restaurant network and density versus Swiggy. We recommend investors to maintain the sell position in the stock.”

Continue Reading

Business

Decline in equities continue for 4th straight sessions

Published

on

By

The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

Continue Reading

Business

Decline in equities continue for 4th straight sessions

Published

on

By

The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

Continue Reading

Trending