Telecom Majors Feel Sting of Top Court's Verdict On
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EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE THE HINDU DELHI FRIDAY, NOVEMBER 15, 2019 BUSINESS 15 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE market watch 14-11-2019 % CHANGE Sensex dddddddddddddddddddddd 40,286 ddddddddddddddd0.42 Telecom majors feel sting of top court’s verdict on AGR US Dollardddddddddddddddddddd 71.96 ddddddddddddddd0.18 Gold ddddddddddddddddddddddddddd 38,995 ddddddddddddddd0.03 Brent oil ddddddddddddddddddddd 63.02 ddddddddddddddd1.04 Airtel posts ₹22,830 crore loss in Q2 Vodafone Idea loss at ₹50,922 cr. NIFTY 50 PRICE CHANGE Firm recognised exceptional items of ₹22,394 crore Humongous loss came despite 41.5% increase in revenue Adani Ports. ............. ..... 369.10. ....... -1.70 Asian Paints. ............ ... 1771.85. ........ 1.40 Axis Bank . ................ ..... 715.90. ........ 4.70 Special Correspondent fore the Supreme Court and special correspondent NEW DELHI Bajaj Auto . ............... ... 3233.30. ...... 27.30 also seeking other reliefs, MUMBAI Bajaj Finserv. ........... ... 9061.85. ...... 83.50 Bharti Airtel posted a mas with others affected in the Bajaj Finance . .......... ... 4210.55. ...... 66.00 Vodafone Idea, India’s se Bharti Airtel . ........... ..... 362.50. ....... -6.10 sive net loss of ₹22,830.1 industry, from the govern cond largest telco by num BPCL. ........................ ..... 514.65. ........ 4.55 crore for the quarter ended ment,” the company said. ber of subscribers, reported Britannia Ind . .......... ... 3230.80. .....-38.95 September 30 due to the ‘sig In a regulatory filing, it Cipla . ........................ ..... 451.40. ........ 3.50 a record net loss of ₹50,922 Coal India . ............... ..... 202.35. ....... -4.90 nificant financial implica said the group would need crore, the largest in Indian Dr Reddys Lab . ........ ... 2734.05. .....-29.10 tion’ following the recent Su significant additional financ corporate history, due to a Eicher Motors. ......... 21558.15. .... 205.95 preme Court ruling in favour ing to discharge its obliga GAIL (India). ............ ..... 121.80. ....... -2.05 onetime provision of Grasim Ind . .............. ..... 733.95. ....... -5.60 of the Department of Tele tions under the court judg ₹30,774.5 crore made post HCL Tech. ................. ... 1147.80. ........ 9.20 com’s interpretation of ad ment. “The group has an the Supreme Court’s ruling. HDFC . ....................... ... 2226.80. ...... 19.35 justed gross revenues (AGR). established track record of HDFC Bank. .............. ... 1273.90. ...... 16.35 “Consequent to the re Hero MotoCorp . ...... ... 2591.65. ........ 2.55 For the quarter, the com accessing diversified sources cent judgment by the Su Hindalco . ................. ..... 188.50. ....... -4.65 pany, which had posted net of finance across markets preme Court, we have ac Hind Unilever . ......... ... 2069.05. .....-21.95 profit of ₹249.2 crore in Q2 of and currencies. However, ICICI Bank . ............... ..... 498.65. ...... 12.90 counted for the estimated IndusInd Bank . ........ ... 1375.10. .....-39.10 last year, recognised excep there can be no assurance of liability of ₹27,610 crore re Bharti Infratel . ........ ..... 208.65. ....... -9.55 tional items of ₹22,394.4 the success of management’s Infosys . .................... ..... 705.30. ...... 13.95 lated to license fee and crore (net of tax). It provided plans to access additional Indian OilCorp. ........ ..... 136.85. ........ 3.00 ₹16,540 crore related to ITC . ........................... ..... 253.90. ........ 0.05 for an additional amount of der on October 24, ruled in crore. “On the AGR verdict sources of finance to the ex spectrum usage charges up The loss was reported in cognised a charge of ₹25,680 JSW Steel. ................ ..... 245.75. ....... -3.00 ₹28,450 crore for licence fee favour of DoT, while direct of the Supreme Court, we tent required, on terms ac Kotak Bank . ............. ... 1597.60. ....... -8.20 to September 30, 2019 in spite of a 41.5% increase in crore as a part of exceptional as estimated based on the ing telecom operators to pay continue to engage with the ceptable to the Group, and L&T. .......................... ... 1380.45. .....-12.55 cluding the interest, penalty revenue to ₹10,844 crore item after adjusting the avail M&M . ....................... ..... 578.45. ........ 3.75 apex court judgment and their statutory dues within government and are evaluat to raise these amounts in a and interest thereon of during the quarter. Compa able provision and potential Maruti Suzuki . ......... ... 7247.15. ...... 92.55 spectrum usage charges as three months. The firm’s ing various options available timely manner.” Nestle India Ltd. .... 14231.35. ....... -1.90 ₹33,010 crore,” Vodafone ny’s EBITDA during the payments, on satisfaction of estimated based on the defi consolidated revenue was to us. We are hopeful that “This represents a mate NTPC . ....................... ..... 118.55. ........ 0.25 Idea said in a statement. quarter stood at ₹3,347 contractual conditions, un ONGC . ...................... ..... 136.20. ....... -2.00 nition of AGR. ₹21,131 crore, up 5%. Follow the government will take a rial uncertainty whereby, it This estimate was based crore. der amechanism with Voda PowerGrid Corp . ..... ..... 188.00. ....... -1.25 “These provisions have ing the provisions, it said the considerate view in this mat may be unable to realise its Reliance Ind . ........... ... 1462.75. ....... -9.55 on demands received from “Whilst the Company has fone Group,” the statement been made without prejud liabilities/provisions as at ter given the fragile state of assets and discharge its lia State Bank . .............. ..... 306.00. ....... -0.80 DoT till date, an estimation provided for SUC, consider added. Sun Pharma . ............ ..... 410.20. ....... -1.80 ice to the company’s right to September 30, 2019, were the industry,” Gopal Vittal, bilities in the normal course for the period for which de ing that no spectrum is used Ravinder Takkar, MD & Tata Motors . ............ ..... 167.05. ....... -3.55 contest DoT’s demands on ₹34,260 crore. This compris MD and CEO, India & South of business, and accordingly Tata Steel . ............... ..... 391.95. ....... -5.95 mands had not been raised, for generating nontelecom CEO, said “We are in active TCS . .......................... ... 2196.80. ...... 18.20 facts as well as on rights es principal of ₹8,747 crore, Asia, said. “The manage may cast significant doubt together with interest and income, the Company is discussions with the govern Tech Mahindra . ....... ..... 758.35. ........ 1.30 available in law,” it said, ad interest of ₹15,446 crore, pe ment is reviewing its options on the Group’s ability to con penalty adjusting for certain evaluating the levy of SUC ment seeking financial relief Titan . ....................... ... 1169.10. ...... 10.05 ding it was hopeful of relief. nalty of ₹3,760 crore and in and remedies available, in tinue as a going concern,” it UltraTech Cement. .. ... 4003.40. .. -112.20 computation corrections, it on such income. According following the recent Hon’ble UPL. .......................... ..... 535.55. ....... -5.75 The Supreme Court, in its or terest on penalty of ₹6,307 cluding filing petitions be added. added. ly, during the quarter we re Supreme Court ruling.” Vedanta . .................. ..... 144.00. ....... -4.40 Wipro . ...................... ..... 252.75. ....... -0.35 YES Bank. ................. ....... 68.75. ........ 0.55 Zee Entertainment . ..... 282.00. ....... -8.55 ICICI Bank, Union Bank, UCO Moody’s cuts IndiGo to go nonstop to London with EXCHANGE RATES India’s growth Indicative direct rates in rupees a unit widebody planes, offer business class except yen at 4 p.m. on November 14 Bank classify DHFL as NPA forecast to 5.6% CURRENCY TT BUY TT SELL US Dollar. .................... 71.77. ......72.09 We will go everywhere in the world, except U.S., says CEO Euro . ............................ 78.93. ......79.28 Repayments have been due for more than 90 days Press Trust of India British Pound. ............. 92.20. ......92.62 New Delhi JAGRITI CHANDRA and Gatwick. IndiGo could Japanese Yen (100) . .. 66.08. ......66.37 MANOJIT SAHA NEW DELHI Chinese Yuan . ............. 10.22. ......10.27 State Bank of India is also Moody’s Investors Service be leasing five to six widebo Mumbai Swiss Franc . ................ 72.59. ......72.92 likely to mark the loan as on Thursday slashed In The country’s biggest low dy planes, which would be Singapore Dollar . ....... 52.66. ......52.90 Even as a debt resolution NPA as it has started to build Canadian Dollar. ......... 54.11. ......54.36 dia’s economic growth fo cost carrier, IndiGo, has de used to provide daily con Malaysian Ringitt . ...... 17.26. ......17.35 plan for troubled mortgage provisions for the troubled