QBiz: BSNL to Launch 4G Services; IBM Tops US Patent List for 2019

Top business news of the day.

4 min read
Image used for representational purposes.

1. BSNL Seeks to Launch 4G Services by 1 March3

State-owned Bharat Sanchar Nigam Ltd (BSNL) is readying to launch 4G services by 1 March, for which it has already sought spectrum from the Department of Telecommunications (DoT).

“BSNL has written to DoT asking the licensor to release spectrum, as agreed by the Government earlier, to start 4G services by March 1. A technology-driven company, launching of 4G services is an important milestone in its revival plan, which is necessary to keep abreast with competition,” a source close to the development told BusinessLine.

(Source: The Hindu BusinessLine)

2. Sebi Bans Former Diageo Official Nishat Shailesh Gupte for 7 Years in Insider Trading Case

Regulator Sebi has barred Nishat Shailesh Gupte, a former official of Diageo Plc, from the capital markets for seven years for indulging in insider trading activity in United Spirits.

Besides, Sebi has directed three persons related to Gupte — Poonam Haresh Jashnani, Haresh Parmanand Jashnani and Varun Haresh Jashnani — to disgorge unlawful gains totalling over Rs 1 crore made by them, along with interest, in the insider trading case.

Sebi said Gupte, who was the Global Business Development Manager (M&A) of Diageo, was in possession of unpublished price sensitive information (UPSI) relating to the open offer for acquisition of shares of United Spirits Ltd (USL) by Relay BV together with Diageo Plc as the person acting in concert (PAC).

(Source: Financial Express)

3. Yes Bank Acquires 30% Stake in Reliance Power Arm

Yes Bank on Tuesday, 14 January, said it has acquired around 30% stake in a wholly-owned subsidiary of Reliance Power pursuant to invocation of pledged shares.

The bank has acquired 12,73,21,500 equity shares having nominal value of Rs 10 each per share constituting around 29.97% of the post-issue paid-up share capital of Rosa Power Supply Company Ltd (RPSCL), a wholly-owned subsidiary of Reliance Power Ltd, Yes Bank said in a regulatory filing.

"Shares have been acquired pursuant to invocation of pledge of shares to RPSCL subsequent to default/breach of terms of credit facilities sanctioned by YES Bank to Reliance Power Ltd," it added.

(Source: Livemint)

4. Will Urge FM to Probe Alleged Avoidance of GST by Amazon, Flipkart: CAIT

Traders body CAIT on Tuesday said it will urge Finance Minister Nirmala Sitharaman for an investigation into alleged avoidance of GST and income tax liability by both Amazon and Flipkart.

"Amazon and Flipkart have caused huge GST and income tax revenue loss to the government and CAIT will soon meet the finance minister and urged her to institute a investigation into avoidance of GST and income tax liability on both Amazon and Flipkart," CAIT said in a statement.

(Source: The Economic Times)

5. E-Commerce Giant Amazon Pumps in Over Rs 1,700 Cr Into India Units

E-commerce major Amazon has pumped over Rs 1,700 crore into its payments and wholesale business units in India, signalling opportunity that the US giant sees in the country.

Amazon Pay India has received Rs 1,355 crore from Amazon Corporate Holdings and Amazon.com.incs.Limited, while Amazon Wholesale (India) allotted shares worth about Rs 360 crore to Amazon Corporate Holdings and Amazon.com.incs.Limited, regulatory documents filed with the corporate affairs ministry showed.

The digital payment unit allotted shares to the said units on 31 December 2019, while Amazon Wholesale (India) made the allotment on 30 December.

(Source: The Hindu BusinessLine)

6. Will Ensure Disinvestment-Bound Air India Keeps Operating Uninterruptedly: Aviation Ministry

The Civil Aviation Ministry on Tuesday, 14 January, said it would ensure that Air India continues to operate uninterruptedly and improve its operations even as the government plans to go ahead with the national carrier's disinvestment process.

The statement comes after Air India chief Ashwani Lohani told the ministry in December that the carrier's financial situation was "grossly untenable" for sustaining operations. However, Lohani on 4 January stated that rumours about the airline's shutdown are "all baseless.”

(Source: The Economic Times)

7. After a Turbulent Q2, Indigo and Spicejet Are Poised to Take off in Q3

InterGlobe Aviation Ltd and SpiceJet Ltd made a rough landing in the September quarter (Q2), reporting massive losses. InterGlobe runs IndiGo, India’s largest domestic airline by market share.

The big question now is whether the December quarter results will bring good news. The seasonally strong Q3 naturally means performance would be better compared to Q2.

Both airlines are expected to report profits in Q3. However, as one analyst points out on condition of anonymity, “Things would definitely have been better if yields were healthier."

(Source: Livemint)

8. IBM Tops US Patent List for 2019, India Second-Highest Contributor

Tech giant IBM on Wednesday said it has received record 9,262 US patents in 2019, with India being the second-highest contributor. “IBM inventors received record 9,262 US patents in 2019, achieving a milestone of most patents ever awarded to a US company and marking the company’s 27th consecutive year of US patent leadership,” a statement said.

In 2019, IBM was granted patents across key technology areas such as artificial intelligence (AI), blockchain, cloud computing, quantum computing and security, it added. IBM inventors from India received over 900 patents, the second-highest contributor to the global tally after the US.

Few of the patents filed from India include infrastructure costs and benefit tracking, automation and validation of insurance claims for infrastructure risks and failures in multi-processor computing environments, and eye contact-based information transfer.

(Source: Financial Express)

Liked this story? We'll send you more. Subscribe to The Quint's newsletter and get selected stories delivered to your inbox every day. Click to get started.

The Quint is available on Telegram & WhatsApp too, click to join.

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!