India’s largest carmaker Maruti Suzuki reported a 14% increase in net sales for the third quarter, but net profit increased by only 3% due to a rise in tax expenses and investment losses. Operating profit rose 22% on year. Higher “tax rates and lower non-operating income due to mark-to-market impact on the invested surplus” were […]
Balaji Telefilms, the television content producer header by Ekta Kapoor, said it has decided to make its digital content available on various content applications of Reliance Jio. So far, the most of the content was exclusive to Balaji Telefilm’s own app, ALTBalaji, which also competes with Jio’s apps. According to Google’s Play Store, the Android […]
Public sector banks would need to divert an estimated Rs 63,000 cr, or about 41% of the total money that the government has promised, to meet increased provisioning requirements for loans under the new Ind-AS accounting standard, India Ratings said, adding that this would ‘knock down’ their growth aspirations and hurt market share. Provisioning refers […]
IT services provider Wipro said it will invest $9.9 million (Rs 63 cr) in marketing consultant Harte Hanks and will jointly offer end-to-end marketing technology services to customers. Harte Hanks specializes in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center. “Wipro’s investment in Harte Hanks […]
Idea Cellular CEO Himanshu Kapania sounded a note of caution and urged Bharti Airtel and Reliance Jio to stop trying to beat each other by cutting prices. “We don’t want to participate in the present level of price drops,” Kapania said, in the context of the company’s quarterly results. “We are hoping that the volatility […]
Shriram Transport Finance Company said it has decided to sell a majority stake in its vehicle auction company Shriram Automall to Cartrade.com to create what it called India’s leading used vehicle platform. CarTrade, owned by MXC Solutions India, will acquire majority stake in Shriram Automall India Limited (SAMIL), India’s offline auction platform for pre-owned vehicles […]
Telecom operator Bharti Airtel said it received the approval of the Rwanda Utilities Regulatory Authority for its acquisition of Tigo Rwanda Limited, a subsidiary of Millicom International Cellular S.A. The deal was announced a month ago. “The merged entity will have the largest customer base in Rwanda with 5.9 million subscribers,” it said. It will […]
Idea Cellular reported a 12.8% sequential decline in gross revenue in the third quarter, while average revenue per user or ARPU fell by 13.6% to 114 rupees. However, the decline was less than that reported by bigger peer Airtel. Against the 13.6% fall in ARPU reported by Idea, Airtel’s ARPU had declined by 15% during […]
Battery and electrical goods maker Eveready Industries India said it will float a joint venture the Wings Group of Indonesia to enter the market of fast moving consumer goods (FMCG) in India. Eveready will acquire 30% shares in the new company, with the remaining held by Universal Wellbeing Pte. Ltd, part of the Wings Group. […]
The stocks of Bharti Airtel and Idea Cellular were down around 4% in early trade on Wednesday after Reliance Jio indicated that it would cut tariffs by about 25% as part of a new Republic Day offer. Airtel shares were trading down 21 rupees at Rs 471, while those of Idea were down 4.35 rupees […]
JMC Projects, the construction arm of Kalpataru Power Transmission, said it won six orders totaling Rs 751 crores. Out of the five, three are residential, two commercial and the other one industrial. Out of the three residential projects, two are in North India and one in South India. Both commercial buildings are being built in […]
Reliance Jio has slashed its prices again, offering unlimited calls at a starting price of Rs 98 per month and increasing data allocation on its existing plans. The move comes after Bharti Airtel started offering up to 90 GB at a price of Rs 193. The price of the entry-level pack has been cut from […]
In a sign that it is willing to go all the way in taking on Reliance Jio, Bharti Airtel has slashed its 4G price to an all-time low of Rs 2.14 per GB. With its new tariff line-up, Bharti Airtel is now the cheapest operator by some distance for those who require 2.0 to 2.5 […]
Reliance Jio said it hosted the first ever India Digital Open Summit at its corporate park in Navi Mumbai. Despite having a lot of users, India has very few regular open source events, and the most prominent of them, FOSS.IN, was last held in 2012. Reliance Jio’s support comes in the context of the company […]
Havells India, one of India’s best performing companies and an electrical goods maker, reported an 11% like-for-like revenue growth for the third quarter and a sharp increase in profit margins. In the second quarter, the company was able to report only a 4% increase in comparable sales. The company’s comparison quarter last year had been […]
Reliance Capital, the financial services arm of the Anil Ambani Group, said its insurance unit, Reliance Nippon Life Insurance, signed up state-owned Bank of Maharashtra as a corporate agency to distribute its products. The Anil Ambani Group company said partnership further will increase distribution fee revneue for the bank. “Bank of Maharashtra with its extensive […]
Bharat Sanchar Nigam Ltd or BSNL, which is scheduled to start its 4G services this month, has overhauled its tariff plans in circles such as Kerala, the first state in line for LTE launch. As part of the tariff overhaul, it has withdrawn its most jaw-dropping plans, and replaced them with newer ones. The impact […]
Lost in the details of the financial and technical data disclosed by Reliance Jio on its third-quarter performance was a tiny bullet point announcing that the company had broadcast a pan-India stream over eMBMS. eMBMS or enhanced Multimedia Broadcast Multicast Service is a hybrid technology that tries to marry the traditional one-to-many broadcasting architecture used […]
Reliance Jio, the latest entrant to the Indian telecom market, has reported a 451% growth in its profit before finance and tax costs and reported its first ever net profit of Rs 504 cr. Earnings before interest and tax (EBIT) jumped to Rs 1,436 cr in Oct-Dec from Rs 260 cr in the previous three […]
Information Technology services provider Wipro Ltd reported a year-on-year decline in its quarter three revenue to Rs 13,669 cr from Rs 13,688 cr in the year-ago period. In the preceding September quarter, revenue was at Rs 13,468 cr. Total IT services revenue was at Rs 13,682 cr versus Rs 13,469 cr in the preceding quarter […]
