Companies and Markets

Companies & Markets

Jio seeks cancellation of North-East tender award to Airtel

Reliance Jio has approached telecom secretary Aruna Sundararajan for cancellation of the mobile tender for the North-East awarded to Bharti Airtel, alleging that it limits project deployment to 2G services.

On September 8, the Telecom Commission had cleared Airtel’s bid to install nearly 2,000 mobile towers in north eastern states for Rs 1,660 crore under the government-funded Comprehensive Telecom Development Plan for the North-Eastern Region (NER).

Private tag: Tata Sons secures shareholders' approval

Tata Sons, the promoter of the USD 105 billion cars-to-software group, today won shareholders' nod to convert itself into a private limited company, limiting in effect Cyrus Mistry family's ability to sell their stake to outsiders.

IUC cut will not bring down mobile tariffs

Rajan Mathews, Director General of Cellular Operators Association (COAI) is convinced that the lower IUC rates, as announced by telecom regulator TRAI, are not going to lower but raise or maintain status quo in tariff. However, Reliance Jio, is of the view that a lower or zero mobile termination charge (MTC) will bring down mobile bills and benefit customers. The operators association represents leading telcos –Airtel, Vodafone and Idea Cellular.

R-Jio fights rivals in telco War

Mobile telephony in India, with its promise of bringing people and places within reach of the common man, had been a sunrise sector. With a subscriber base touching one billion, it appeared to fulfil some dreams. But, starting with 1994, when the government began giving mobile licences, the sector has also been bogged down by litigations. The latest is the one on the interconnect usage charge (IUC), and from what it appears, it has the makings of a full-fledged legal battle between the incumbent forces and the one that threatens to upstage them.

Bharat Road Network a laggard, share sheds 10% in three days

Kolkata-based Bharat Road Network’s performance on stock exchanges after the Rs 600-crore IPO has been disastrous so far. The shares are down by nearly 10 per cent from the issue price, that too at a time when primary market offerings are making investors richer in a short span of time.

Thyssenkrupp, Tata Steel agree to merge as Europe’s second biggest steel entity

The German labour minister Andrea Nahles said on Wednesday that a merger between Germany’s Thyssenkrupp and India’s Tata Steel should not happen at any cost and the headquarters needed to be in Germany if it did

happen.

Thyssenkrupp and Tata Steel struck a preliminary deal on Wednesday to merge their European steel operations in a 50-50 joint venture to create Europe’s Number 2 steel maker after Arcelor Mittal.

CVD perks up Jindal Stainless, sends steel maker’s scrip flying

The progressive recovery of steel market and recent imposition of countervailing duty (CVD) on flat stainless steel products has given a fresh lease of life to stressed steel maker Jindal Stainless.

The company’s scrip is flying on the bourses, gaining more than six times its value in the last one year. 

ICICI Pru’s top holders weigh $570 million offering

ICICI Prudential Life Insurance’s two biggest shareholders are weighing a sale of about a 6 per cent stake in the Indian insurer, according to people with knowledge of the matter.

Prudential and ICICI Bank are considering a possible deal to pare their stakes as soon as in the next few months, said the people, who asked not to be identified as the information isn’t public.

The stockholders are weighing a sale to help the Mumbai-based company meet the requirement of a minimum 75 per cent public float, according to the people.

Danfoss seeks to double turnover from India operations in 3 years

Danish energy efficiency equipment provider Danfoss, which wants to double its turnover from India operations to Rs 2000 crore in three years, is preparing MSME suppliers to meet its quality specifications.

Danfoss had moved to a new facility at Oragadam near Chennai couple of years back. It had invested Rs 500 crore on the facility located in a 50-acre land. Currently, local manufacturing accounts for 20 per cent of the sales of the company in India. It produces energy efficient electronic controls for power sector, refrigeration, air-conditioning and commercial compressors.

Thyssenkrupp works council softens stand on Tata deal

Thyssenkrupp’s works council is prepared to consider a merger of the group’s European steel operations with those of Tata Steel, even though it remains opposed to such a move as a way to restructure the business.

“Negotiations will be difficult,” Wilhelm Segerath, head of Thyssenkrupp’s works council and member of the group’s supervisory board, told reporters on Tuesday. “We will examine it and if in the end our conditions are fulfilled and the whole unit is debt-free then it’s a possibility.”

The works council wants job and plant guarantees and investment pledges.

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