Business

As price war rages, Vodafone India seeks merger with rival Idea Cellular leftright 2/2leftright

By Kate Holton and Sankalp Phartiyal | LONDON/MUMBAI Britain’s Vodafone Group confirmed on Monday it was in talks to merge its Indian subsidiary with local rival Idea Cellular in an all-share deal that would create a new market leader better able to contest a brutal new price war. Vodafone, the world’s second-largest cellphone operator, has endured a tumultuous ride since ...

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Reliance Jio Asks TRAI to Impose ‘Highest Penalty’ on Airtel for Misleading Ads

Newcomer Reliance Jio has asked telecom regulator TRAI to “impose highest penalty” on Airtel, accusing the latter of grossly exaggerating the value of data in a promotional offer, and giving misleading tariff ads. Jio has shot-off a letter to the telecom regulator alleging that in so far as the advertisements issued by Airtel for prepaid and postpaid tariff packs are ...

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Global shares, dollar retreat on Trump travel ban, weak U.S. GDP

By Nichola Saminather | SINGAPORE Asian share markets and U.S. stock futures fell on Monday after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad, adding to fears that his ‘America First’ policy may prove destabilising for the rest of the world. Trump on Friday put a 120-day hold on allowing refugees into the country, an ...

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India likely to need higher sugar imports, says leading refiner

By Mayank Bhardwaj | NEW DELHI India’s sugar production is likely to be lower than government estimates this season, raising the possibility of higher imports by the world’s biggest consumer of the sweetener, the chief executive of leading Indian refiner Shree Renuka Sugars told Reuters. The government has forecast production of 22.5 million tonnes for the 2016/17 season and lower ...

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Maruti Suzuki Q3 profit rises 48%

NEW DELHI, JAN 25:   Led by higher sales, the country’s largest passenger car manufacturer Maruti Suzuki India Ltd (MSIL) on Wednesday reported standalone net profit of ₹1,744 crore for the third quarter ended December 31 up 48 per cent against ₹1,183 crore in the same period last year. “Growth in sales, increase in share of the company’s higher segment models, ...

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India’s Bharti offers free data, deepening price war with rivals

Bharti Airtel Ltd, India’s top wireless carrier, said on Tuesday it would offer free data to woo new and existing 4G customers, intensifying a price war in the sector and sending share prices tumbling. The package is Bharti’s latest response to the entry last year of new operator Reliance Jio, backed by billionaire Mukesh Ambani, which shook India’s telecom sector ...

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State Bank of India cuts lending rate by 90 bps across maturities

State Bank of India, the country’s biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 percent from 8.65 percent, while three-year loan ...

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Global diamond business roiled as cash crunch hits Indian stone cutting

By Rajendra Jadhav and Susan Taylor | SURAT, INDIA/TORONTO The global diamond industry is facing disruption that could stretch through the first few months of next year, including Valentine’s Day in February, as a result of Prime Minister Narendra Modi’s radical move to abolish most of the nation’s cash overnight. In Surat, craftsmen usually spend 10-12 hours a day in ...

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