Monday, August 10
New Delhi: If Bharti Airtel or another company wants relief on arrears linked to adjusted gross revenue (AGR) similar to what the government has offered to Vodafone Idea, it must first get a favourable direction from the court, communications minister Jyotiraditya Scindia said.ET last week reported that Airtel and Tata Group units were considering approaching the government seeking equitable treatment on AGR-based statutory payment dues. Airtel chairman Sunil Mittal told a news channel in Davos that the telecom operator has written to the government for reassessment of its liabilities, since the issue affected it as well. “What the Government of India has followed is on the basis of a direction of the Supreme Court and the direction was very specific for Vodafone Idea,” Scindia told ET
ET Intelligence Group: Steelmakers are likely to face sequential decline in profitability for the December quarter due to softening domestic prices and rising input costs. While they benefited from operating leverage and lower iron ore prices, these gains were offset by higher coking coal costs and weaker realisations. On the other hand, non-ferrous metal producers are likely to show improvement in earnings on strong rebound in aluminium, zinc and copper prices. EBITDA of steel companies is projected to drop 9-21%. The key drag for them is the steep fall in domestic hot-rolled coil (HRC) prices following the expiry of the provisional safeguard duty in November, which was not restored until the end of the December quarter. Average domestic HRC prices declined by 4.5% sequentially to ₹47,2
Davos, Bengaluru: Hitachi India plans to increase its local workforce by more than 5,000 over the next five years, as the Japanese conglomerate bets on rapid infrastructure development and digital transformation in India. The investments will span energy, artificial intelligence and resources, and will be integrated into the company's global centres of excellence, Bharat Kaushal, executive chairman of Hitachi India, said on the sidelines of the World Economic Forum in Davos. Hitachi India already employs 42,000 people across multiple businesses. The hiring drive is part of a wider strategy to capitalise on surging investment in India's energy and rail sectors, as well as the growing adoption of advanced technologies such as artificial intelligence and industrial automation
Mumbai: Silver exchange-traded funds (ETFs) tumbled in a panic sell-off on Thursday, with several schemes plunging 15-20% during the day - far sharper than the 2-3% decline in spot silver prices. The steep divergence followed an abrupt unwinding of speculative positions built over the past few weeks as the sudden reversal of the recent record-breaking rally took investors by surprise. Tata Silver ETF slumped16%, while Silverbees, ICICI Prudential Silver ETF, and Zerodha Silver ETF tumbled 10-11% on Thursday. Spot Silver was up 3.1% at $96 per ounc, after falling as much as 2.6% earlier in the day. "A decline in the underlying spot appears to have led to a sharp sell-off in the ETF instruments with supply pressure outweighing demand significantly, leading to a wider divergence versus the sp
