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Saturday,16-October-2021

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Vodafone Idea board to mull raising funds post AGR verdict

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Vodafone

The Board of Directors of Vodafone Idea Ltd (VIL) will meet on Friday to discuss and evaluate proposals for raising funds in one or more tranches through public issue, issue of equity shares or securities among other options.

The announcement came after the Supreme Court’s September 1, verdict on the Adjusted Gross Revenue (AGR) issue, wherein the top court gave a 10-year timeline to the telcos to repay their dues, with an upfront payment of 10 per cent by March 31, 2021.

“A meeting of the Board of Directors of the Company is scheduled to be held on September 4, 2020, inter-alia, to consider and evaluate any and all proposals for raising of funds,” the company said in a regulatory filing late Tuesday.

The board will consider raising funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode or combination thereof, by way of issue of equity shares or by issue of any instruments or securities, including securities convertible into equity shares.

According to an assessment by the Department of Telecommunications, (DoT), Vodafone Idea owed a total of Rs 58,254 crore. As per the government, the operator now owes balance AGR dues of around Rs 50,399 crore.

On Wednesday, shares of Vodafone Idea rose after plunging in the previous session weighed down by the Supreme Court verdict. Around 11 a.m., its shares on the BSE were trading at Rs 9.61, higher by 8.10 per cent from its previous close.

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Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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Petrol, diesel get more expensive, retail prices up again 35 paise/ltr

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Petrol and diesel prices rose again on Thursday after a two-day break, taking its retail rates to record high levels across the country.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paise per litre to Rs 104.79 per litre and Rs 93.53 per litre respectively.

In India’s financial capital, Mumbai, petrol became costlier by 34 paise per litre to Rs 110.75 a litre on Thursday, the highest across all the four metro cities. Diesel also costs Rs 101.40 for one litre in Mumbai.

The price increase on Thursday has come after fuel prices remained static for the past couple of days.

Diesel prices have now increased 16 out of the last 20 days taking up its retail price by Rs 4.90 per litre in Delhi. The price of diesel has increased between 20-30 paise per litre so far, but, since Wednesday last week it has been increasing by 35 paise per litre.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised the pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 13 of the previous 16 days taking up the pump price by Rs 3.60 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude prices have been on a surge rising over a three-year high level of over $ 83.7 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price both in the international market was higher by around $9-10 per barrel as compared to average prices during August.

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Sitharaman attends FMCBG meeting in Washington D.C.

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Union Minister for Finance & Corporate Affairs Nirmala Sitharaman participated in the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting under the Italian Presidency held on October 13 in Washington D.C. on the sidelines of the IMF-World Bank Annual Meetings.

The meeting was the final FMCBG Meeting under the G20 Italian Presidency and saw discussions and agreements on various issues concerning global economic recovery, pandemic support to vulnerable countries, global health, climate action, international taxation and financial sector issues.

For a sustained recovery from the pandemic, the G20 Finance Ministers and Central Bank Governors agreed to avoid any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability, and safeguarding against downside risks and negative spillovers.

Sitharaman noted that for transitioning from crisis to recovery, one of the major challenges is ensuring equitable access to vaccines for all. The Finance Minister suggested that keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.

The Finance Minister appreciated the role of G20 in rallying pandemic response and supporting vulnerable countries through debt relief measures and the new SDR allocation. Going forward, Sitharaman suggested on focusing efforts on making the benefits reach the intended countries.

The Finance Minister joined the G20 Ministers and Governors in agreeing on the need for strengthening efforts to counter climate change. Sitharaman emphasised that considering the varied policy spaces and different starting points of countries, the centrality of climate justice based on United Nations’ Framework Convention on Climate Change and principles of Paris Agreement would be critical for taking forward discussions towards successful outcomes.

For addressing tax challenges arising from the digitalisation of the economy, the G20 FMCBGs endorsed the final agreement as set out in the Statement on a two-pillar solution and the Detailed Implementation Plan released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) on October 8, 2021.

The meeting concluded with the G20 FMCBGs reaffirming their commitment to advance the forward-looking agenda set in the G20 Action Plan to steer the global economy towards a strong, sustainable, balanced and inclusive growth.

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