Net bank deposits by non-resident Indians have fallen by nearly 90% so far this financial year as more and more foreign workers dipped into their bank accounts in the face of a crisis in the Gulf region, industry association ASSOCHAM said. Net bank deposits — the difference between total deposits and not withdrawals — came […]
Reliance Jio has reported revenue of Rs 7,213 cr, including GST, and an operating profit of Rs 261 cr for the second quarter of the financial year. However, after deducting costs related to the wear and tear of its machines, Reliance Jio reported a pretax loss of 414 cr. This means that on the bottom […]
Reliance Jio has reported revenue of Rs 7,213 cr and an operating profit of Rs 261 cr for the second quarter of the financial year. Per capita data consumption was 9.62 GB per user per month. Average voice consumption was 626 minutes per month during the period, it added. This is the first quarter of […]
Karnataka Bank’s second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year. However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr. The Net Interest Income rose to 440 cr from 397 cr last year. Gross non-performing assets stood at 1,715.70 […]
State-owned telecom provider Bharat Sanchar Nigam Ltd will increase the speed cap on all its DSL and Fiber broadband plans to 10 Mbps. At present, most plans have a speed cap of 4 Mbps. However, higher speeds will be available only in areas which are relatively close to the telephone exchange. For example, the ADSL […]
Bharti Airtel Limited’s (BBB-/Stable) announcement that it plans to acquire the consumer mobile operations of Tata Teleservices and Tata Teleservices (Maharashtra) Ltd (Tata Telecom business) is positive for the deal participants as well as the industry, Fitch Ratings said. Bharti’s credit profile will improve slightly as it is paying no consideration for the operations, which […]
Nila Infrastructures Limited said it got a contract worth Rs 107.3 cr from Jodhpur Development Authority to create 3,152 flats in Barli. The Company will also get 7.5 acres free of cost that can be sold or developed. The township, to be completed in four years, comprise 2,128 flats for economically weaker section at 325 […]
Private players such as Reliance Industries and Essar — owned by Russia’s Rosneft — have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said. From practically nothing in 2014, private players including Shell and […]
Reliance Industries, the parent of telecom operator Jio, will announce its quarterly performance numbers at around 5 pm today. Besides its core oil and gas business, the company will give an update on the operations of its telecom unit. Some in the market even expect it to reveal the new set of tariffs that will […]
The Reserve Bank of India has imposed a monetary penalty of ₹20 lakh on Religare Finvest for the failure to comply with the directions/orders issued by RBI on an assignment transaction. “An inspection of the company was conducted under section 45N of the RBI Act, 1934 during September-October 2015. During the inspection, it was observed […]
Tata Consultancy Services Ltd, the country’s largest IT services exporter, reported revenue largely in line with expectations, while net profit fell slightly. Revenue was 30,541 cr, up 4.3% on year. Dollar and constant currency numbers have not yet been revealed. Operating margin was 25.1%, up 1.7%, but still below historical averages. Net profit was up […]
Bharti Airtel Limited, India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel. The move is likely to give Airtel access to sub-GHz spectrum for expanding its 4G network, while preventing Tata Teleservices […]
Mid-sized IT services provider Cyient reported revenue growth of 6.7% on quarter to $150.1, an increase of 10.0% on year. Out of this, services revenue accounted for $134.3 Mn, up 4.2% on quarter and 9.2% on year. Operating profit jumped 21.5% on quarter to Rs 21.41 bln. Earnings grew 26.9%to at 21.11 bln. “Q2 FY18 […]
India Ratings, a Fitch company, said it sees no chance for a revival in the fortunes of natural gas-based power generation plants in India. The country saw the setting up of several such plants, especially in Andhra Pradesh, at the turn of the century on expectations of a gas boom from the Krishna Godavari basin […]
Himachal Futuristics or HFCL, promoted by Mahendra Nahata — who helped in the formation of Reliance Jio — said it won a Rs 558 cr advance purchase order from BSNL to set up microwave radio links for a defence network. “The Company has received an Advance Purchase Order worth Rs.558 Crore approx from Bharat Sanchar […]
Reliance Capital said the IPO of its subsidiary Nippon Life Asset Management will open on Oct 25 and close on Oct 27, with a price band of Rs 247 to Rs 252 per share. The offer will raise about 1,500 cr, out of which about Rs 600 cr will go to the company and the […]
Reliance Jio, India’s most popular wireless data provider, said it will introduce new plans from Oct 19, and that it was offering “100%” cashback on its popular recharge of Rs 399 that gives three months of services. In a promotion put up on its website, the company said the 100% cashback was a Diwali offer, […]
Bharti Airtel has announced a scheme to offer a 4-inch smartphone at an effective price of Rs 1,399 — after cash backs — to take on the challenge posed by Reliance Jio’s Jiophone. The customer needs to make a down payment of Rs 2899 for the 4G smartphone. He will get a cash refund of […]
Pharma major Lupin said that its US subsidiary, Lupin, Inc has acquired Symbiomix Therapeutics, LLC for a cash consideration of USD 150 million including a USD 50 million upfront and other time‐based payments. In addition, there are sales based contingent payments. Lupin had entered into an option to acquire the company earlier this year. Symbiomix […]
Construction major Larsen & Toubro said it won a ₹ 1150 crore contract from Oil & Natural Gas Corporation (ONGC) for the transportation & installation of the oil company’s Daman Development Project. The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project, the company said. […]
