Category: BUSINESS

Having posted India’s biggest ever quarterly loss after being forced to provision for statutory dues, Vodafone Idea believes the government will not be in conflict with the Supreme Court if it does provide any relief for payments ordered by the apex court, brokerages have said.Vodafone Idea Ltd (VIL) faces a liability of Rs 44,150 crore after the Supreme Court ordered that non-telecom revenues should be included in the adjusted gross revenue (AGR) of mobile phone service providers for calculation of statutory dues such as licence fee and spectrum usage charge.”Though…

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The Consumer Expenditure Survey 2017-18 findings will not be released this year because of “data quality issues”, the government said today after reports that consumer spending in rural areas has plummeted for the first time in more than four decades. “In view of the data quality issues, the Ministry has decided not to release the Consumer Expenditure Survey results of 2017-2018. The Ministry is separately examining the feasibility of conducting the next Consumer Expenditure Survey in 2020-2021 and 2021-22 after incorporating all data quality refinements in the survey process,” the…

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Benchmark BSE Sensex on Wednesday dived 229 points as concerns over poor macro data and confusion over US-China trade deal persisted.Further, continued unrest in Hong Kong led to fall in regional markets, also impacting sentiment on Indian bourses.A sharp depreciation in the Indian rupee too added to investors’ woes, traders said. The rupee dropped below the 72-level against the US dollar in intra-day trade.After gyrating 386 points during the day, the 30-share Sensex ended 229.02 points, or 0.57 per cent, lower at 40,116.06.Similarly, the broader NSE Nifty fell 73 points,…

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Markets regulator Sebi on Monday disposed of adjudicating proceedings initiated against ABG Shipyard, for allegedly not making requisite disclosure under the Listing norms, as the company is under liquidation.ABG Shipyard is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC, 2016) as per the National Company Law Tribunal (NCLT) orders.In an order, the Securities and Exchange Board of India (Sebi) noted that it is mandatory and a pre-condition to obtain the leave of NCLT for commencing instant proceedings against the company, which is under liquidation.However, the regulator said leave…

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With the current VRS plan expected to cut BSNL’s staff by almost half, the DoT has instructed the corporation to put in place measures to ensure business continuity and smooth transition, particularly for manning telephone exchanges in rural areas. At present, various options are being discussed for the transition period. A source in Department of Telecom (DoT) told PTI said the matter requires urgent focus, and meetings are on to find a solution to ensure there is no impact on day-to-day manning of exchanges and other operations, once the VRS…

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Reliance Industries has cut by about 7 per cent the minimum price it is seeking for the natural gas it plans to produce from newer fields in the Bay of Bengal KG-D6 block after key customers such as fertiliser plants protested over the high base price, sources said. Reliance and its partner BP Plc of the UK is in the market seeking bids from potential users for the 5 million standard cubic metres per day of natural gas they plan to produce from the R-Cluster Field in KG-D6 block from…

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Equity benchmark BSE Sensex tumbled 330 points on Friday as investors pressed the exit button after Moody’s cut India’s credit rating outlook citing growth concerns. Profit-booking following the recent record-setting run and unease over frothy valuations also took their toll, analysts said. Trading on a weak note though the day, the 30-share Sensex briefly turned positive to hit a fresh intra-day high of 40,749.33, but failed to sustain the momentum. It finally ended 330.13 points, or 0.81 per cent lower at 40,323.61. Similarly, the broader NSE Nifty plunged 103.90 points,…

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Steel consumption in India is set for a quantum jump and investors should come forward and become a partner in the country’s growth story, Union Minister Dharmendra Pradhan said on Wednesday.The minister noted that the steel sector is becoming more vibrant, efficient, environment-friendly and globally competitive supported by various policies of the government and the entrepreneurial spirit of the industry. He was addressing an event organised by International Chromium Development Association (ICDA) here.“There is a strong positive correlation between steel usage and a nation’s economic growth. As India embarks on…

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