Birla says "willing to hand" Vodafone Idea stake
Vodafone Idea chairman Kumar Mangalam Birla has offered to hand over the group's 27.66% stake in the debt-laden Vodafone Idea to any public or private entity to keep the firm afloat.
Birla suggested selling the stake in a June 7 letter to Cabinet Secretary Rajiv Gauba, a month before the Supreme Court dismissed the company's plea for recalculation of adjusted gross revenue (AGR) dues.
In the letter, Birla said potential foreign investors are not willing to invest in the company due to absence of clarity on (AGR) liability, the moratorium on spectrum payments and floor pricing.
According to official data, Vodafone's AGR liability is about Rs. 58,254 crore, of which it has paid Rs. 7,854.37 crore. As of March 31, the company owed Rs. 96,270 crore in deferred spectrum payment obligations and Rs. 23,000 crore to banks and financial institutions.
Kumar Mangalam Birla
Sensex, Nifty hit record highs
Equity benchmark index Sensex and NSE Nifty 50 Index rose to record highs on Tuesday, helped by gains in technology and consumer stocks, as economic indicators pointed to a recovery in demand.
Nifty 50 index climbed 0.53% to 15,970, while Sensex rose 0.65% to 53,293.11, Reuters reported.
UST to hire over 10,000 techies in 2021
UST, a digital transformation solutions firm, on August 3 said it has plans to hire over 10,000 new employees across the globe in calender 2021.
The California-based company will recruit over 10,000 techies with proficiencies and skills in digital transformation, cybersecurity, cloud infrastructure, Java, data science and engineering, application development and modernisation, AI/ML, robotic process automation and intelligent process automation.
Indian indices open higher, rise in early trade
Sensex approaches all-time high, tops 53,200, Nifty around 15,950 led by IT, auto stocks
Tata hikes prices of passenger vehicles
Tata Motors has announced that effective August 3, it will increase prices of passenger vehicles on an average of 0.8%, depending on the variant and model.
However, for its “New Forever” range, the company will offer protection from the price increase to vehicles that will be retailed on or before August 31.
IMF approves big increase in funds to alleviate pandemic impact
The governing body of the International Monetary Fund has approved a $650 billion expansion in the agency's resources to support economically vulnerable countries battling the coronavirus pandemic and the economic downturn it has caused.
The 190-nation lending institution said on Monday, August 2, 2021, that its Board of Governors approved the expansion of its reserves known as Special Drawing Rights, the largest increase in the institution's history.
“This is a historic decision ... and a shot in the arm for the global economy at a time of unprecedented crisis,” IMF Managing Director Kristalina Georgieva said. “It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.”
Asian stocks slip; oil prices rise
Asian stocks slip as Delta variant raises concern among investors
Oil prices rise amid fear of covid curbs and slow factor activity