Consumers continue to get relief from rising fuel prices as oil marketing companies (OMCs) have kept pump prices of petrol and diesel unchanged post revision of duties by the state governments on Diwali eve.
Accordingly, petrol and diesel prices remained static for the 14th consecutive day on Thursday under the daily price revision mechanism followed by oil marketing companies.
So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from the previous days’ level of Rs 110.04 a litre, remained at the same level on Thursday. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre.
In the financial capital Mumbai, petrol continued to be priced at Rs 109.98 a litre and diesel Rs 94.14 a litre.
Prices also remained static on Wednesday in Kolkata where the price of petrol reduced by Rs 5.82 to Rs 104.67 per litre and that of diesel by Rs 11.77 to Rs 89.79 per litre in the first week of November.
Petrol price in Chennai also remained at Rs 101.40 per litre and diesel Rs 91.43 per litre.
Across the country as well, the price of the fuel largely remained unchanged on Thursday but the retail rates varied depending on the level of local taxes.
The global crude prices, which has touched a three-year high level of over $85 a barrel on several occasions in the past one month, has softened now to below $ 80 barrel. Rise in the US inventory has pushed down crude prices, but OPEC+ decision on only gradual increase in production in December could raise crude prices further. This could put pressure on oil companies to revise fuel prices upwards again.
Before price cuts and pause, diesel prices have increased 30 out of the last 55 days taking up its retail price by Rs 9.90 per litre in Delhi.
Petrol prices have also risen on 28 of the previous 51 days taking up its pump price by Rs 8.85 per litre.
Since January 1, 2021, petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.
The excise duty cut by the Centre on November 3 was the first such exercise since the onset of Covid pandemic. In fact, the government had revised excise duty on petrol and diesel sharply in March and again in May last year to mobilise additional resources for Covid relief measures.
The excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between March 2020 and May 2020 and was standing high at Rs 31.8 on diesel and Rs 32.9 per litre on petrol before finally the Centre decided on duty cut.
IBM sells its Watson healthcare assets to Francisco Partners
IBM has announced to sell healthcare data and analytics assets from the company (currently part of the IBM Watson Health business) to Francisco Partners, a leading global investment firm.
Although financial terms of the transaction were not disclosed but previous reports pegged the value at around $1 billion.
The assets acquired by Francisco Partners include extensive and diverse data sets and products, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.
The transaction is expected to close in the second quarter of this year, IBM said in a statement late on Friday.
“The agreement with Francisco Partners is a clear next step as IBM becomes even more focused on our platform-based hybrid cloud and AI strategy,” said Tom Rosamilia, Senior Vice President, IBM Software.
“IBM remains committed to Watson, our broader AI business, and to the clients and partners we support in healthcare IT.”
Watson was one of IBM’s highest-profile initiatives in recent years and a big bet on the growing healthcare sector.
IBM currently has a market value of $108 billion, way behind its Cloud-computing rivals like Amazon and Microsoft.
In its fourth quarter, cognitive applications revenue, which includes Watson Health, came to $1.5 billion, a decrease of 2 per cent year over year.
IBM Watson was one of the “strategic imperatives” under former CEO Ginni Rometty.
“We have followed IBM’s journey in healthcare data and analytics for a number of years and have a deep appreciation for its portfolio of innovative healthcare products,” said Ezra Perlman, Co-President at Francisco Partners.
Under the terms of the agreement, the current management team will continue in similar roles in the new standalone company, serving existing clients in life sciences, provider, imaging, payer and employer, and government health and human services sectors.
Confirm willingness to fund debt owned to lenders: FRL independent directors to Amazon
Future Retail’s independent directors have asked e-commerce giant Amazon if it is willing to fund Rs 3,500 crore to repay the retail company’s lenders.
Notably, the question to Amazon was posted after the e-commerce giant in an earlier letter to independent directors objected to the sale of Future Retail Ltd (FRL)’s small-format stores.
“FRL is in need for cash infusion urgently in order to repay its lenders. FRL is required to pay its lenders Rs 3,500 crore by January 29, failing which it will be classified as an NPA,” said the letter dated January 21.
“Since you are objecting to the sale of small-format sales, the proceeds of which were to be used to repay lenders and thereby avoid NPA classification, please confirm that you are willing to fund this amount by Monday through an unsecured, long-term loan, subordinated to FRL’s existing lenders or any other mutually suitable and legally acceptable structure.”
Besides, the letter to e-commerce giant said, “If you do so, FRL will use such funds in order to repay FRL’s existing lenders. Alternatively, you are also free to engage with the lenders so that we do not fall foul of our OTR process or obligations.”
Accordingly, the independent directors asked the e-commerce giant to provide the confirmations for such funds by January 22, 2022.
“Once you have provided these confirmations in writing and agree to infuse Rs 3,500 crore in order to repay FRL’s lenders by January 29, 2022, we would be happy to assess a detailed proposal and meet Amazon India Head Abhijeet Muzumdar.”
Furthermore, the letter asked Amazon, “Coming to the specific aspects of your proposal — we note that your letter refers to a potential transaction between Samara Capital and FRL as a ‘solution’.”
“In this regard, you are requested to confirm if Amazon can act on behalf of Samara Capital and has the authority to negotiate and finalise such transaction on its behalf.”
It asked Amazon to confirm the structure for the proposed transaction, and that the Manager of Samara Capital is owned-and-controlled by resident Indians.
“As you know, FRL is in the multi-brand retail sector and FDI in this sector is restricted. You are also aware that Amazon’s transaction in Future Coupons, has resulted in regulatory scrutiny, including by the Competition Commission of India, as well as enquiries by the Enforcement Directorate.”
“It is therefore critical that any investment being proposed is in compliance with all applicable laws, including FDI laws, CCI regulations and SEBI regulations, and that any such transaction should not raise further regulatory scrutiny.”
Vodafone Idea’s net losses widen YoY in Q3FY22, ARPU improves sequentially
Telecom service provider Vodafone Idea’s net losses widened year-on-year to Rs 7,230 crore during the Q3FY22.
In the same quarter last fiscal, it was Rs 4,532 crore. In Q2FY22, it was Rs 7,132 crore.
Revenue from operations during the quarter declined to Rs 9,717 from Rs 10,894 crore in the same period in the corresponding fiscal.
However, Average Revenue Per User during the quarter stood at Rs 115, as against Rs 109 in Q2FY22, an increase of 5.2 per cent quarter-on-quarter.
“We remain focused on executing our strategy to improve our competitive position and win in the marketplace. Separately, we have opted for upfront conversion of interest arising from deferment of spectrum and AGR dues into equity,” MD and CEO Ravinder Takkar said.
“Revenue for the quarter was Rs 97.2 billion, a quarter-on-quarter improvement of 3.3 per cent, aided by several tariff interventions including the recent tariff hikes taken by all operators in November 2021.”
The telecom company continued to invest in 4G to increase its coverage and capacity, it said in a statement.
“During the quarter, we added 4,000 4G FDD sites primarily through refarming of 2G/3G spectrum to expand our 4G coverage and capacity as well as continued to upgrade our core and transmission network,” the company said.
In late November 2021, Vofafone Idea, along with Bharti Airtel and Reliance Jio, raised tariffs on prepaid customers by around 20 per cent.
The upward revision in tariffs helped Vodafone Idea in increasing its ARPU by five per cent in Q3FY22, it said.
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