Maruti is said to invest Rs 11,000 crore for its new manufacturing unit in Haryana. The company on Friday completed the process of allotment of an 800-acre site at IMT Kharkhoda in Sonipat district with HSIIDC (Haryana State Industrial and Infrastructure Development Corporation Limited), the auto major said in a regulatory filing.
Smartphone maker Vivo is increasing its focus on the country’s premium segment to take on the likes of Apple and Samsung in the country. The company, which is co-creating its premium phones with Zeiss, claimed to have grown 300% in the Rs 30,000 and above price segment in the past 12 months in the offline channel and expect the same growth trajectory even this year.
The decision caps more than a year of deadlocked talks with government representatives as Tesla sought to first test demand by selling electric vehicles (EVs) imported from production hubs in the United States and China, at lower tariffs. But the government is pushing Tesla to commit to manufacturing locally before it will lower tariffs, which can run as high as 100% on imported vehicles.
“This means that the builder has increased his price to the end user and the end users have to pay that price,” Gossain explained. “The builder is, of course, resisting the additional costs by the vendor. But there has been a 70% increase in steel prices in the last one and a half years so we also have to increase.”
According to CII, the index illustrates that despite COVID-19 pandemic, disbursement of retail loans in rural India witnessed a growth of 23% by value from Rs 10.10 lakh crore in FY 2018-19 to Rs 12.45 lakh crore in FY 2020-21and 30% by volume from 506 lakhs in FY 2018-19 to 661 lakhs in FY 2020-21)
According to pre-Budget recommendations of telecom industry body COAI, whose members include Vodafone Idea, Bharti Airtel and Reliance Jio, the telecom sector wants the government to suspend universal service obligation fund (USOF), which financially supports rollout of telecom services in the rural area, to reduce burden on the service providers.
“Vodafone has expressed the need to release bank guarantees since the AGR dues themselves have been deferred by four years,” a senior government official told ET. “The company also wishes that the date of the apex court order in favour of the government be frozen as the date till which to compute the AGR dues.”
In a filing to the LSE, the UK company said it and the Aditya Birla Group (ABG) intend to contribute towards an issue of equity share by Vodafone India (Vi). “Vodafone and ABG, the promoters of Vodafone Idea Limited (Vi), are committed to support Vi in its efforts to strengthen its balance sheet… Vodafone and ABG intend to contribute towards an issue of equity shares by Vi once the terms of such a capital raise have been evaluated and decided on by the board of directors of Vi,” it said.
Last September, Crisil Ratings had upgraded its long-term rating on Bharti Airtel’s bank loan facilities and debt programme to AA+/stable from AA/stable, reflecting an improvement in the telco’s operating metrics. The ratings firm said it expects a further improvement in the company’s overall credit risk profile in the near-to-medium term on the back of improving cash accruals helped by tariff hikes.
“The telecom industry is estimated to see a jump in revenue growth in Q4FY22 at around 10% sequentially due to the full impact of tariff hikes taken by operators last November, although the pace of 4G upgrades is likely to slow down in coming quarters due to the increased cost of services,” Kunal Vora, head of India Equity Research, BNP Paribas, told ET.
“The government has taken a policy decision that BBNL is going to be merged into BSNL. This means all work of BBNL at the pan-India level is going to come to BSNL,” Purwar said at the All India Conference of AIGETOA on March 13. Referring to his meeting with the union telecom minister, Purwar said he had an hour-long meeting to this effect.
“We are creating businesses for the future,” he said. “So we’re looking at 5G, complete network and 5G network stack. We already have a 4G and 5G we will announce this year. We’re looking at an end-to-end stack. We’re getting into precision manufacturing, semiconductors and getting into batteries.”
The winning bidder for RCom, UV Asset Reconstruction Company, and lenders have given in-principle consent to the RP to explore the sale of its unencumbered assets, said the people. The RP, Anish Nanavaty backed by Deloitte, will obtain a fresh valuation and hold an auction of the assets, similar to the process followed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, they said.
With India Inc returning to “normal” and travel restrictions lifting gradually, Indians have resumed their business travels, said the survey. Further, despite being worried about the increasing prices, some consumers have resumed spending on shopping, recreation and entertainment activities.