Bharti Airtel said it has stopped the policy of allowing users to continue on its network even if they spend nothing on outgoing calls and use their numbers only for receiving incoming calls. The company said it has done this by removing many of its existing prepaid vouchers and plans, and replacing them with ‘minimum […]
Bharti Airtel today said that it was ‘open to’ partnering with cable operators to get access to last mile connections to customers for its broadband service. “We would be open to looking at partnerships to expand our access to the last mile,” said CEO Gopal Vittal. The comment came in the context of Reliance Jio […]
Mukesh Ambani, the billionaire who changed the face of telecom in India in the last two years, said he has set his eyes on replicating his success in wireless telecom in the sphere of wired telecom as well. He said the 4G services launched by Reliance Jio has helped India move from the 155th of […]
InterGlobe Aviation, the company that operates Indigo Airlines, reported a bigger-than-expected net loss for the second quarter as fuel costs zoomed 84%. Net loss came in at Rs 652.1 cr for the quarter ended September 2018 compared to a net profit of Rs 552 cr last year. The “higher fuel prices [were] responsible for more […]
Zydus Wellness, the consumer healthcare arm of Zydus Cadila, said it has agreed to acquire Heinz India Private Ltd, the Indian unit of global FMCG major Kraft Heinz. The transaction, which will be carried out in association with Cadila Healthcare Ltd, values Heinz India at Rs 4595 cr, the company said. Heinz India’s business comprises the brands Complan, Glucon D, […]
Midsize outsourcing and IT services firm Zensar Technologies reported higher profits for the April-June quarter, boosted by the sharp run-up in the value of the dollar against the rupee. Revenue rose 2.3% on quarter in dollar terms and 7.1% in rupee terms. Adjusted for currency movements, revenue was up 4.1% on quarter and 17.5% on […]
Mumbai-based RBL Bank reported a 48% jump in operating profit on strong growth in both interest as well as non-interest income. However, a near-doubling of provisions to Rs 140 cr (flat sequentially) prevented the full benefits from reflecting on the bottom line. The company’s overall interest income in the second quarter rose by Rs 372 […]
Construction major Ahluwalia Contracts said it has won a Rs 539 cr order from the government of India-controlled NBCC for the redevelopment of the iconic Charbagh Railway station in Lucknow. With this, said the company, the total inflow of orders in the seven months of this year has been Rs 2,575 cr. Further details, such […]
In yet another indication that the real estate market is starting to revive, Sunteck Realty, a Mumbai-based real estate developer, announced that it has sold 2,000 out of the 2,476 flats in its upcoming West World project in Naigaon near Mumbai. It said the sales has generated Rs 600 cr, which implies a per unit […]
Even as liquidity remains tight for non-banking finance companies in India, PNB Housing Finance said it has raised Rs 1,775 cr from various mutual funds and banks by issuing commercial paper. Commercial paper refers to short-term loans raised by companies, and are typically used to meet short-term requirements like taking care of inventory and accounts […]
Alembic Pharmaceuticals said one of its dermatology-focused joint ventures cleared its first United States Food and Drugs Administration (USFDA) inspection at its new formulation manufacturing facility located at Karakhadi, Gujarat, India without any observations. The inspection was carried out between 15th October, 2018 and 19th October, 2018. Alembic holds 60% of Aleor, with Orbicular Pharmaceutical […]
Sabarimala Chief Priest Kandararu Rajeevaru has said that he will shut the temple and walk out if the Kerala Police continue to force their way into the temple with a woman’s rights activist and a female journalist. “I have discussed this matter with the seniors of the family,” said the priest, “and have arrived at […]
Reliance Jio, India’s largest telecom operator, has seen its data traffic double to 2.6 billion GBs per month this September from 1.3 billion GBs a year ago, according to the company’s quarterly update. Surprisingly, the 100% growth in data consumption has outpaced the 83% jump in subscribers. Analysts and observers had expected the company’s data consumption […]
Reliance Industries made a strong pitch to the thousands of local cable operators associated with cable feed providers Den Networks and Hathway Cable and Datacom as it announced its purchase of the two companies. Reliance will spend Rs 2,290 cr for a 66% stake in Den Networks, and Rs 2,940 cr for a 51.3% stake […]
Libi CS, a self-proclaimed atheist, was taken away by police today on her way to the holy site of Sabarimala. The woman, a native of Cherthala in Kerala, had announced on Facebook yesterday that she, along with three of her friends, will visit Sabarimala today. “When Rahul Easwar (leader of the agitation) is camping at […]
The Maharashtra cabinet has today given approval for the redevelopment of Asia’s largest slum, Dharavi, at a cost of around Rs 20,000 cr. The latest plan involves the creation of 70,000 flats over an area of 200 acres, including 50 acres that has to be contributed by the Indian Railways. A total of 55,000 families […]
CNBC TV18, controlled by Reliance Industries, reported that the diversified company is likely to announce its acquisition of two of India’s top cable companies, Den Networks and Hathway Cable and Datacom, tomorrow. The TV channel, controlled by Reliance via a trust, said the acquisition is likely to be announced along with RIL’s second-quarter results on […]
Sterlite Tech said it has got the confirmed order to build and manage a pan-India digital network to enable communication for the Indian Navy. Typically, such projects are won by multinational companies. However, given that the network will be used for defence purposes, the Navy seems to have preferred an Indian vendor. Nevertheless, it will […]
Dr. Reddy’s Laboratories, one of the biggest pharmaceutical companies in India, said it has agreed to sell its API manufacturing unit located in Jeedimetla, Hyderabad, to Therapiva Private Ltd, an emerging generics pharmaceutical company. The company did not reveal the financial details of the deal, but said the transaction is designed as a slump sale […]
The Supreme Court today agreed to hear the petition filed by BJP leader Subramanian Swamy against continued control and oversight of temples by the state government of Kerala. Unlike in other places, the control of temples in Kerala — which used to rest with the kings before independence — was directly transferred to the newly […]
