Tariffs unsustainably low, more needs to be done, says Bharti Airtel CEO

on Tuesday said that while the telecom industry has seen some bit of repair, continue to be “unsustainably low”, as it exhorted the sector regulator to address the floor price issue “sooner than later”.

In an earnings’ call, CEO, India and South Asia, Gopal Vittal, said although the company is by-and-large comfortable with its spectrum holding and has the required headroom, it is keen to have sub-GHz footprint across the country to plug some gaps.

Airtel had, on Monday, reported Q4 loss at Rs 5,237 crore, mainly on account of provisioning for paying statutory dues, while its full year losses ballooned to a record Rs 32,183 crore.

Vittal said the industry has witnessed some repair but emphasised that more needs to be done on tariffs, which are still unsustainably low. “We believe that an ARPU (Average Reveue Per User) of Rs 154 is inadequate to turn a reasonable Return on Capital as a company and remain hopeful that ARPUs will get to Rs 200 in the short term and eventually to Rs 300 which is where it should be for a business like ours. Of course, even at this level

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Bank of India engages Uniken to secure internet, mobile banking channels

In its pursuit to secure its digital initiatives, has decided to extend Uniken’s REL-ID (Relative Identities) Secure Platform to secure its digital and channels globally.

A recent report that was highlighted in the Rajya Sabha, estimated the number of frauds at 1,367 in FY17, and 2,127 in FY18. In 2019, there were 1,477 cases of ATM/debit card, credit card and internet banking frauds. Moreover, payment systems such as UPI/IMPS are likely to register average annualised growth of over 100 per cent, according to Reserve Bank of India’s 2021 vision document. In view of this, RBI has also issued some guidelines as security and risk mitigation measures for digital payments, and Uniken’s REL-ID ensures RBI and other statutory guidelines around protecting digital banking assets with security solutions.

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Bimal Gandhi, chief executive officer, Uniken Inc said, “Mobile and digital enterprises are constantly exploring options to be ahead of competition by working closely with their customers, partners and employees. Enterprises are enabling seamless access to enterprise applications over the internet and are

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General Atlantic picks up 1.34% stake in Jio Platforms for Rs 6,598 crore

Reliance Industries (RIL) on Sunday announced selling 1.34 per cent stake in its digital services subsidiary, Jio Platforms, to private equity (PE) firm for Rs 6,598.38 crore to accelerate consumer business and cut debt.

This is the fourth such stake sale within a month and it values Jio Platforms at Rs 4.91 trillion on an equity basis and Rs 5.16 trillion on an enterprise-value basis. So far, RIL has raised Rs 67,194.75 crore by selling 14.8 per cent in Jio.

While its legacy petrochemical business is facing pressure, Mukesh Ambani-controlled RIL is stitching deals with marquee investors, including Facebook, Silver Lake, and Vista Equity Partners, and expanding service offers to grow its digital business and trim debt.

Alongside the Jio stake sale, RIL is hoping to raise Rs 53,125 crore in the country’s biggest-ever rights issue. As of March 2020, RIL’s gross debt stood at Rs 3.36 trillion and net debt stood at Rs 1.61 trillion. These deleveraging initiatives, along with the proposed stake sale to Saudi oil giant Aramco, will help the company to become net debt-free by March 2021.

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More enquiries for hatchbacks post easing of lockdown, says Maruti Suzuki

The country’s largest passenger car maker has said that a few days after it started sales after the easing of the lockdown, it is seeing more enquiries for hatchbacks than for sedans or SUVs. The company expects greater offtake by first time buyers seeking functionality than by existing car owners wanting to upgrade, during these difficult times.

While the company used to report bookings of around 4,000-5,000 cars every day prior to the imposition of the on March 24, following the partial lifting of restrictions, it has received some 6,000 bookings within a week.

The company says that is a positive trend as the number of bookings it gets every day is on the rise. This is in line with its expectations on the revival of consumer confidence. Maruti is going all out to ensure safety at its showrooms, said Shashank Srivastava, Executive Director – Marketing & Sales, India.

The firm opened 1,150 showrooms by middle of this week the and has delivered a little under 3,000 vehicles.

“Going by the trend of enquiries and the bookings, hatches seem to have increased in percentage. Almost

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Tech Mahindra arm leverages AI for potential Covid-19 therapeutic drugs

IT services firm has said that the company’s research and development arm Makers Lab, is taping into (AI) to conduct research and find potential therapeutic drugs for the treatment of Covid-19.

Makers Lab conducted molecular docking studies of 19 Food and Drug Administration approved ligands and anti-viral drugs. It is a technique that enables search for therapeutically potent drugs and molecules in real-time, to find compounds which can act as inhibitors against a viral protein computationally, according to the Pune-based company’s statement.

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said, the development was just the first step where computational analysis can reduce the amount of time taken to narrow down the search amongst the vast array of molecules present in the process of finding a cure to the pandemic. “There is more work needed to be done to move the process from molecular docking to actual drug design, testing and drug development at scale.”

“As a leading global digital transformation provider, is not only committed to ensure the well-being of our employees,

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Manappuram Finance posts 30% growth in profit before tax in Q4FY20

on Thursday posted a growth of 30.4 per cent in profit before tax at Rs 534.07 crore during the quarter ended March 31, 2020, as compared to Rs 409.41 crore during same period of last year. The company’s total income grew 38.7 per cent to Rs 1618.15 crore during the quarter as against Rs 1166.51 crore during same quarter a year ago.

While profit before tax for the whole year ended March 31, 2020 grew by 37.8 per cent to Rs 2007.30 crore, as compared to Rs 1456.59 crore during FY19, tootal income for the fiscal year grew 30.8 per cent to Rs 5551.19 crore, as against Rs 4242.04 crore during the previous fiscal year.

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Profit before tax from gold loan and others grew 44.5 per cent to Rs 459.47 crore during the quarter, as compared to Rs 317.97 crore during same quarter a year ago. However, profit before tax from microfinance business declined by 18.4 per cent to Rs 74.59 crore as against Rs 91.44 crore a year ago.


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