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

Business

Vodafone Idea shares dip as SC dismisses plea on correction of AGR calculation

Published

on

Vodafone-Idea

 Shares of Vodafone Idea plunged over 7 per cent on Friday after the Supreme Court dismissed the plea by telecom operations to correct the alleged errors in Adjusted Gross Revenue (AGR) calculation.

At around 12.20 p.m., shares of Vodafone Idea on the BSE were trading at Rs 8.58, lower by 7.24 per cent from its previous close.

A bench headed by Justice L. Nageswara Rao said all applications dismissed.

On Monday, the apex court already said it would pass its order on applications filed by Vodafone Idea, Bharti Airtel and Tata Tele Services Ltd, alleging arithmetical errors in calculation of AGR dues payable by them.

The top court, citing an earlier order in the matter, had noted the order clearly point out that no re-assessment of AGR related dues can be done.

The telcos submitted that arithmetical errors can be rectified and there are cases of duplication of entries.

Senior advocate Mukul Rohatgi, representing Vodafone Idea, had submitted they were not blaming the Department of Telecommunications (DoT) for it, and there are arithmetical entries.

Rohatgi added that they want to bring these errors to the attention of concerned department, for their rectification.

The bench reiterated that the apex court order had made it clear that there cannot be any re-assessment.

In September last year, the top court had given 10 years’ time to telcos, who were struggling to pay Rs 93,520 crore in AGR dues outstanding amount to the government.

The apex court had said that telecom operators shall make the payment of 10 per cent of the total dues as demanded by DoT by March 31, 2021. The bench had said the rest of the amount was to be paid in yearly instalments commencing from April 1, 2021 to March 31, 2031.

Shares of Bharti Airtel, however, were trading higher.

At around 12.20 p.m., its shares on the BSE were trading at Rs 553.25, higher by Rs 6.75 or 1.24 per cent from its previous close.

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