Business
Taxes still high, govt needs to resolve telecom’s ‘pressing issues’: Sunil Mittal

Bharti Airtel Chairman Sunil Bharti Mittal on Monday said that the telecom industry has been making investments despite low returns and it is now time for the government to attend to the issues faced by the sector, including the continuing high taxes.
In an investor call, Mittal said that the government has also been asking the industry to step up investment in the digital infrastructure and the industry has been also urging the government to attend to some “pressing issues inhibiting continued investments in the sector given the negative to low returns”.
“The taxes on this industry remain high. For every Rs 100 of revenue, Rs 35 go in various forms of levies. We hope that as we step up and do our part, the government will also favourably look at some of the genuine demands of the industry enabling a multiplier effect and positive outcome,” he said.
On the company’s plan to raise Rs 21,000 crore through rights issue, he said that the capital will help improve the leverage position for the company and simultaneously provide the fuel to accelerate investments across several parts of its portfolio to drive competitive and profitable growth.
“5G auctions are expected to happen next year and Airtel, as a leader, intends to roll out 5G network in key cities at the earliest to be able to provide the benefits of the new-age networks to its customer, especially the heavy users and industrial applications,” Mittal said.
The handsets which are 5G enabled have started to make their way into India and Airtel expects that by the time 5G networks are built, there will be large number of 5G enabled handsets ready to use the services.
Airtel also plans to accelerate its rollout of fibre to prepare the network in time for 5G rollout and also have millions of additional home passes of FTTH for home broadband along with accelerating its investment in the fast-growing Data Centres business.
“We are conscious of our current leverage ratio which while we believe is comfortable; however, it is not a sentiment shared by some or all. Conscious of the same and not further loading the company with any additional debt, especially as the above opportunities need their outlays, the Board approved the fresh capital raise which will allow the company to have a better leverage ratio, stronger and earlier access to building new market opportunity across, 5G, fiber and homes, and importantly give us the needed elbow room and fuel, to fearlessly accelerate its mission.”
The rights issue has been designed such that the money will be called upon as and when required and closely monitored for utilisation, he said.
Business
Mumbai Airport Refutes IATA’s Claims On Cargo And Passenger Flight Slot Changes, Defends Operational Adjustments

Mumbai: Days after airlines trade body IATA expressed disappointment at Mumbai airport operator MIAL’s decision to stop cargo freighter flights and withdrawal of slots for passenger flights, the airport refuted the claim on Thursday.
“Mumbai International Airport Ltd (MIAL) is disappointed by the statement issued by the IATA on April 29 and strongly refutes its assertions,” MIAL said in a statement. “Contrary to the claims made by IATA, the recent adjustments to cargo operations and slot allocations at Chhatrapati Shivaji Maharaj International Airport (CSMIA) have followed a transparent, consultative and regulatordriven process,” it said.
These operational changes are part of a broader infrastructure upgrade initiative governed by the Airports Economic Regulatory Authority of India (AERA) as part of the Fourth Control Period review, MIAL said. In a strongly worded statement on Tuesday, IATA’s Head of Worldwide Airport Slots, John Middleton, called on MIAL to reverse the cuts immediately.
“MIAL continues to respect international best practices, including the guidelines issued by the Worldwide Airport Slot Board and remains committed to maintaining coordination,” the private operator said.
Business
Together, we sail towards a stronger, bolder India: Gautam Adani

Thiruvananthapuram, May 2: Gautam Adani, Chairman of the Adani Group, on Friday said he is grateful to Prime Minister Narendra Modi and Kerala Chief Minister Pinarayi Vijayan for their support towards building India’s first deep-sea automated port which is a future global transshipment hub, adding that together, “we sail towards a stronger, bolder India”.
This is a triumph of vision, resilience, and partnership, said Gautam Adani as PM Modi dedicated to the nation the Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,900 crore.
“Today, at Vizhinjam, history, destiny, and possibility came together as a 30-year-old dream of Kerala became India’s gateway to the world,” said the billionaire industrialist in a post on X.
“We are proud to have built India’s first deep-sea automated port. A future global transshipment hub. This is a triumph of vision, resilience, and partnership,” Gautam Adani added.
The Adani Group Chairman further stated that “together, we sail towards a stronger, bolder India.”
Vizhinjam Port, having strategic importance, has been identified as a key priority project that will contribute to strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transhipment.
Its natural deep draft of nearly 20 metres and location near one of the world’s busiest sea trade routes further strengthen India’s position in global trade.
“A historic day. Grateful to the Central and State Governments, and the administration and people of Kerala, especially Thiruvananthapuram, for their support in making this port stand as a testament to India’s strategic and bold maritime ambitions,” said Karan Adani, Managing Director of Adani Ports and SEZ Ltd (APSEZ), in a post on X.
The port is expected to significantly lower logistics costs for Indian manufacturers by 30-40 per cent, enhancing the country’s export competitiveness.
With plans to increase capacity to 5 million TEUs by 2028 with the latest technology, the port is set to play a crucial role in India’s maritime infrastructure.
Working closely with the state government and the Central government, the Adani Group has already invested over Rs 4,500 crore in the Vizhinjam International Seaport project. The Adani Group is expected to invest another Rs 20,000 crore in the project’s upcoming phases, creating more than 5,000 jobs and boosting the local economy to unprecedented heights.
Business
Sensex, Nifty trade in green amid positive global cues

Mumbai, May 2: The Indian stock indices opened in the green on Friday following positive cues from the global markets.
At 9:22 am, Sensex was up 350 points or 0.44 per cent at 80,592 and Nifty was up 71 points or 0.29 per cent at 24,407.
Midcap and smallcap indices were trading flat compared to largecap. Nifty midcap 100 index was up 40 points or 0.08 per cent at 54,185. Nifty smallcap 100 index was down 12 points at 16,436.
Among the sectoral indices, auto, PSU bank, private bank, financial services, metal and realty were major gainers. Pharma, FMCG and media were major laggards.
According to analysts, on the technical front, Nifty 50 continues to consolidate in a narrow range, forming a neutral candlestick pattern. On the hourly chart, a flag and pole pattern are developing, suggesting a possible bullish breakout.”
“If Nifty sustains above 24,400, it can potentially head towards 24,500 and 24,700 levels. Immediate support levels are placed at 24,200, 24,100, and 24,000, offering dip-buying opportunities,” said Mandar Bhojane from Choice Broking.
In the Sensex pack, Adani Ports, Maruti Suzuki, IndusInd Bank, Axis Bank, ICICI Bank, M&M, Tata Motors, TCS, Infosys, HDFC Bank, NTPC and SBI were top gainers. Nestle, Titan, Bajaj Finserv, HUL, Power Grid and Bajaj Finance were the top losers.
The international markets were trading with gains. Tokyo, Hong Kong, Seoul, Jakarta and Bangkok were in the green.
The US market also closed with gains on Thursday. In the last session, the technology index Nasdaq surged more than 1.5 per cent.
Meanwhile, Brent crude was at $ 62.62 per barrel with a gain of about one per cent.
On the institutional front, FIIs continued their buying streak for the 11th consecutive session, albeit with a modest net buy figure of Rs 50 crore.
Meanwhile, DIIs showed stronger conviction, purchasing equities worth Rs 1,792 crore. The combined flow suggests a supportive undertone for the Indian equities.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said that overall trend for the Nifty remains bullish, as it continues to trade above all key moving averages.
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