IGI Logo

Key News

Asset monetisation drive of beleaguered BSNL, MTNL hits roadblock again

The asset monetisation drive of the beleaguered Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) has hit a bump, yet again, as it faces land use change hurdles in some states. It is learnt that the monetisation exercise is not working and the department of telecommunications (DoT) will take a fresh look into it. Recently, during the review of the telecom sector by the Prime Minister, the issue of selling the assets of BSNL and MTNL was also flagged off by the department.

SpiceJet to raise Rs 2,500 crore to fund working capital requirements

Low-cost airline SpiceJet has announced that it will raise Rs 2,500 crore to fund its working capital requirements. “The intensity with which the second wave of Covid-19 struck and the unimaginable devastation it has caused, both for the already battered travel industry and generally, will take time to heal. To ensure our long term growth and sustainable operation we have decided to raise funds of up to Rs 2,500 crore. These funds will be used to significantly strengthen our balance sheet,” Ajay Singh, Chairman and Managing Director of the company said. SpiceJet is the third Indian airline after Go First (earlier GoAir) and IndiGo, which has also announced that it will raise capital. While Go First is in the process of going public, IndiGo has announced that it will raise Rs 3,000 crore.

Voda Idea cuts loss by 39.5% to Rs 7,022 cr on lower exceptional expenses

Vodafone Idea (Vi) cut down its net loss by 39.5 per cent YoY in the fourth quarter FY21 to Rs 7,022 crore on the back of lower operating and exceptional expenses. In the same quarter of the previous year, it had posted a net loss of Rs 11,643 crore. The figure, however, widened 55 per cent on a sequential basis as the company had reported a loss of Rs 4,532 crore in Q3FY21. The company managed to trim subscriber loss to two million in the fourth quarter on a sequential basis but it lagged peers on other parameters, such as average revenue per user (ARPU). Vi is yet to close its fundraising; the firm said it is in active discussions with potential investors.

Tata Motors wins order for 15 hydrogen-based fuel cell buses from IOCL

India's move towards alternative automotive fuel technology got a fillip with Tata Motors bagging an order of 15 hydrogen-based fuel cell buses from Indian Oil Corporation Ltd. The deal would entail supplying buses to the Research & Development Centre of IOCL at Faridabad apart from Tata Motors collaborating with the country's largest fuel retailer to undertake R&D projects.

Amul announces pan-India hike in prices of milk by Rs 2 per litre

Prices of Amul milk will be increased by Rs 2 per litre with effect from July 1 across all brands, a senior Gujarat Cooperative Milk Marketing Federation (GCMMF) official said on Wednesday. He said the price was being hiked after a gap of nearly one year and seven months which became necessary due to an increase in the production cost. "Prices of Amul milk will be increased by Rs 2 per litre across India from tomorrow. The new prices will be applicable on all Amul milk brands like Gold, Taaza, Shakti, T-special, as well on cow and buffalo milk," said RS Sodhi, Managing Director, GCMMF, which markets Amul brand of milk and dairy products.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer