Vodafone India on Tuesday told the Delhi High Court that it was aggrieved by the free voice services being provided by Reliance Jio as it violated telecom regulator TRAI's tariff orders.
Vodafone contended before Justice Sanjeev Sachdeva that inter-connection usage charges (IUC) form the floor price as per tariff orders of the Telecom Regulatory Authority of India (TRAI) and "one cannot go below that".
The company alleged that by providing the free voice calls and continuing to do so as a promotional offer beyond a period of 90 days, Reliance Jio was violating IUC norms and TRAI tariff orders and regulations.
(Source: PTI)
Tata Motors, India’s largest automobile company by revenue, and Volkswagen Group, Europe’s largest car maker by volume, are said to be at an advanced stage of finalising a partnership that can have a wide-ranging impact on India and other emerging markets.
A representative of the venture told Economic Times that sharing vehicle architecture and technology is at the heart of the discussion.
The companies are looking at sharing modular platforms for India and emerging markets, including the advanced modular platform (AMP) being developed by Tata Motors. Volkswagen may offer technical knowhow on producing multiple models based on modular architecture.
(Source: Economic Times)
After a quiet start, the government’s app-based payments platform – the unified payments interface (UPI) – seems to be picking up.
The real-time transaction platform launched in August last year, has recorded “exponential” growth in both number and value of transactions following demonetisation, AP Hota, chief executive officer of National Payments Corporation of India (NPCI) told BloombergQuint on Monday. Merchants, however, are conspicuous by their absence from the network, he added.
(Source: Bloomberg Quint)
The government said on Tuesday demonetisation was “viewed positively” by the market, as deposits were expected to surge in banks, and led to bullish sentiment, especially for short-end bonds
The finance ministry said in its quarterly debt management report:
The domestic currency hit an all-time intra-day low of 68.86 against the dollar on 24 November 2016, amid concerns about demonetisation and a possible rate hike by the US Federal Reserve in the near-term.
(Source: Financial Express)
Flipkart-owned fashion retailer Myntra plans to invest in and forge strategic partnerships with at least 15-20 local fashion brands as part of its new accelerator programme and is simultaneously looking to bring more international brands to its marketplace this year, a top company executive said.
Myntra, which launched its Brand Accelerator programme in December last year, has set an ambitious target of generating a valuation of about $500 million-$1 billion from these private brands over the next three years.
(Source: Livemint)
Nearly 27 months ago, billionaire Uday Kotak announced the takeover of ING Vysya Bank after years of eyeing it. At that time, many competitors were envious that he got the asset for a song. While the merger, which has propelled the bank to fourth rank, is nearing completion, insiders believe that it wasn’t as inexpensive as people believed it to be.
(Source: Economic Times)
The Centre has agreed to pay the Assam government Rs 6,323 crore as royalty for onshore drilling by two public sector oil exploration companies – Oil and Natural Gas Corp Ltd (ONGC) and Oil India Ltd (Oil India) – after the parties involved settled the dispute.
With the parties reaching an agreement, the Supreme Court on Tuesday disposed of cases related to the royalty payout.
The Oilfields (Regulation and Development) Act of 1948 mandates oil producers to pay 20 percent of the market value of crude they extract as royalty to the state where oil blocks are located.
(Source: BloombergQuint)
India’s growth momentum witnessed a recovery in January but it is not broad-based and overall economic activity remains below pre-demonetisation levels, says a Nomura report. The slowdown that started in the October-December quarter of 2016, post the demonetisation is spilling over into the first quarter of 2017 (January-March).
Nomura expects GDP growth to slow from 7.3 percent in third quarter (July-September) of 2016 to 6.0 per cent in Q4 (October-December) and to 5.7 percent in Q1 (January-March) 2017.
(Source: PTI)
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