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.
Philippines officially cancels chopper deal with Russia
The Philippines is officially cancelling a 12.7-billion-peso ($227 million) contract to purchase 16 Russian military transport helicopters, the government said on Wednesday.
“The Department of National Defence is formalizing the termination of the contract with SOVTECHNOEXPORT LLC of Russia for the procurement of 16 units of Mi-17 heavy-lift helicopters for the Philippine air force,” dpa news agency quoted Arsenio Andolong, the Department’s spokesman, as saying.
Andolong said the Department’s contract review committee will “undertake the appropriate processes and exercise due diligence in formalizing the termination of the project’s contract”.
“We are also preparing to initiate a diplomatic dialogue with the Russian side regarding matters arising from the project’s cancellation,” he added in a statement.
Former Defence Secretary Delfin Lorenzana said the decision to cancel the contract was made in the last days of administration of former President Rodrigo Duterte due to fears of US sanctions amid the Russia-Ukraine war.
He said the decision was made after the Philippine ambassador to the US Jose Manuel Romualdez warned that “the disadvantage that (the Philippines) will get is more than (the advantage) if we get the choppers”.
Lorenza said he was not certain if the government would still be able to recover a 2-billion-peso down payment made for the contract.
Prudent financial management helps Reliance Jio reduce running costs
Reliance Jio Infocomm Limited prepaid entire deferred liabilities pertaining to spectrum acquired in auctions of year 2014, 2015, 2016 and the spectrum acquired in year 2021 through trading of right to use with Bharti Airtel Limited aggregating to Rs 30,791 crore (including accrued interest) in FY2021-22.
This was refinanced through a mix of INR Loans and Debentures. The Company expects that this prepayment will result in interest savings of about Rs 1,200 crore annually.
Reliance, a responsible organisation, leveraged its intellectual capital to contribute to the country’s fight against Covid-19.
Reliance’s scientists analysed more than 1,000 genomes of the virus.
The knowledge base was used to develop novel cost-effective diagnostic kits called ‘R-Green’ and ‘R-Green pro one’. These kits have received ICMR approval and showed a high degree of accuracy and specificity during validation studies.
Reliance has also collaborated with IIIM-CSIR (Jammu) to develop an RT-LAMP Kit to facilitate the point-of-care diagnosis of Covid-19.
The R&D team actively contributes to the company’s technical wisdom to facilitate innovation globally by publishing research articles on diagnostics and treatment. Application of natural-astaxanthin for COVID-19 management published in ‘Biomedicine and Pharmacotherapy’ journal is recognised as top 100 research paper. The paper is listed in WHO’s global repository.
PSA based oxygen concentrators can produce oxygen with 93 per cent (+- 3 per cent) purity. The unit is an excellent solution during hospitalisation situation due to Covid-19 to maintain the SpO2 level of a patient. Reliance R&D has designed oxygen generator with a purity of 90 per cent to 95 per cent with 5 LPM oxygen leveraging its expertise in adsorption technology.
Reliance collaborated with India’s CSIR-National Chemical Laboratory (CSIR-NCL) to recycle Covid-19 PPE waste. Useful products such as automotive components and flowerpots are being made from the recycled PPEs.
Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on August 29.
Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.
India’s forex reserves rises after four weeks of fall
India’s forex reserves rose around $2.4 billion during the week ending July 29, after falling for last four consecutive weeks, on back of positive inflows by foreign investors in the Indian equity market.
The country’s foreign exchange reserves rose by $2.315 billion to $573.875 billion during the week ending June 29, according to the Reserve Bank of India’s (RBI) weekly supplementary statistical data.
“India’s foreign exchange reserves, supplemented by net forward assets, provide insurance against global spillovers. Our umbrella remains strong,” RBI Governor Shaktikanta Das said. “The Reserve Bank has also used its foreign exchange reserves accumulated over the years to curb volatility in the exchange rate,” he added.
During the current financial year (up to August 4), the US dollar index (DXY) has appreciated by 8 per cent against a basket of major currencies. In this milieu, the Indian Rupee has moved in a relatively orderly fashion depreciating by 4.7 per cent against the US dollar during the same period – faring much better than several reserve currencies as well as many of its EME and Asian peers.
The depreciation of the Indian rupee is more on account of the appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy.
“Market interventions by the RBI have helped in containing volatility and ensuring orderly movement of the rupee. We remain watchful and focused on maintaining stability of the Indian rupee,” Das added.
In July, foreign investors turned net buyers in the Indian equities nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets. This comes heavy sell-off by these entities of around Rs 50,203 crore.
According to NSDL data, investment of foreign investors in July month stood at Rs 4,989 crore, as compared to over Rs 50,000 crore outflows in June, Rs 39,993 crore in May and Rs 17,144 crore in April.
The other central banks of Asia also used their foreign exchange reserves to defend their currency.
Despite the resultant drawdown, India’s foreign exchange reserves remain the fourth largest globally.
Assam CM urges Aamir Khan to postpone his visit to state
‘Jungle Raj’ returns in Bihar: BJP
BJP appoints new bosses for Maharashtra, Mumbai
Comedian Raju Srivastava’s health deteriorates
CM Eknath Shinde snubs Thackeray again, drops Shiv Sena from BAC meet
IT department finds pharma group gave freebies worth Rs 1000 cr to health professionals
Sufi conference in J&K’s Bandipora hosts a sizeable gathering
Voting begins to elect new President of India
Balasaheb Thackeray’s grandson Nihar joins Eknath Shinde group
4 held for offering namaaz at Lulu mall
Crime2 years ago
Class 10 student shoots dead classmate in Uttar Pradesh school
Maharashtra1 year ago
Mumbai Mayor hits the streets, orders people to wear masks
Crime4 months ago
‘You must stop this’, SC expresses concern on hate speeches made at Dharam Sansads
Maharashtra11 months ago
Corona third wave knocked in Maharashtra!
National News11 months ago
IAF aircraft carrying Rajnath Singh and Nitin Gadkari lands at NH in Rajasthan
Bollywood2 months ago
Anushka Sharma starts shooting for her ‘Chakda Xpress’
Entertainment1 year ago
Targeted in Sandalwood drugs case for being a woman: Actress Ragini Dwivedi
Business4 weeks ago
IT department finds pharma group gave freebies worth Rs 1000 cr to health professionals