BUSINESS
Airtel pays Rs 8,312.4 cr for 5G spectrum, settles 4 yrs' dues upfront
Airtel said it has paid four years of 2022 5G spectrum dues upfront. "This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow," said Gopal Vittal, MD and CEO, Bharti Airtel. Airtel also has access to Rs 15,740.5 crore in capital from the rights issue which is yet to be called. "With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience," Vittal added.
Sensex tops 60,000-mark in early morning trade
At 11:40 a.m., Sensex was trading at 60,190.62, which was up 348.41 points or 0.58 per cent, and Nifty was trading at 17,925.00, up 99.75 or 0.56 per cent. Bajaj Finserv, Bajaj Finance, NTPC, Tech Mahindra, Bharti Airtel were top gainers on the Sensex during early morning trade. In the Sensex, BSE IT and BSE Consumer Durables were major gainers and traded up 0.74 per cent and 0.69 per cent, respectively.
Tamil Nadu power utility to float tenders for EV charging stations at 100 spots
According to the office of the electricity minister, the Central power ministry has accorded sanctions for 256 charging stations across Tamil Nadu and 151 charging stations are already functional. This includes stations of private sector entities and public sectors like the Chennai corporation. The Tamil Nadu electrical policy 2019 envisages a charging station every 25 km.
GERD as percentage share of GDP remained at 0.7% in last few years
This figure is lower when compared to the GERD of many other countries, including Israel, South Korea, the US, Japan and Germany, among others. This is significant as Prime Minister Narendra Modi on his Independence Day speech called for push into research and innovation. While addressing the nation, Modi added 'Jai Anusandhan' (research, innovation) to the 'Jai Jawan, Jai Kisan, and Jai Vigyan' slogan used by political leaders.
Can Bhavish Aggarwal pull off his electric car dream amid harsh ground realities?
Aggarwal has pressed the EV accelerator hard while Ola's electric two-wheeler sales are now going south. On August 15 when the company showcased its upcoming electric car that claims to give 500 km on single change and can go from zero to 100 kms within 4 seconds, the company had sold merely around 1,400 Ola S1 and S1 Pro scooters in the first 15 days of the month (according to the government VAHAN data).
China heat wave hits Apple, Toyota suppliers as production halted
China's Sichuan provincial government has told manufacturers, including suppliers to Apple and Toyota Motor, "to suspend production" keeping the intense heat wave in mind, reports Nikkei Asia. The city of Chengdu houses the main production base of Foxconn, which assembles iPads and Apple Watches. The report, citing sources, said that the plant has halted operations but the "impact is not significant at this time".
Indices end higher for third straight session, Sensex closes at 58,842
At close, Sensex ended up 379.43 points or 0.64 per cent at 58,842.21, while Nifty closed up 127.10 points or 0.72 per cent at 17,825.25. About 1,995 shares advanced, 1,553 shares declined, while 157 shares remained unchanged on Tuesday. Mahindra & Mahindra, Maruti Suzuki India, Asian Paints, Hindustan Unilever, Ultratech Cement and HDFC, among others, were the major gainers on the BSE.
Equity AUM of mutual funds rises more than 10% on-month in July
The month saw a decline of sales of equity schemes by 14.3 per cent on-month to Rs 304 billion and the pace of redemptions picked up to Rs 148 billion, up 16 per cent on-month. Consequently, net inflows slowed to Rs 157 billion in the July from Rs 228 billion in the previous month. The Nifty, after three consecutive months of decline, bounced back smartly in July with 8.7 per cent on-month gain, the highest since December 2020.
Wholesale Price Index (WPI) comes down to 13.93% in July
The wholesale price index (WPI) had spiked to 15.18 per cent during the month of June. The WPI in July 2021 was at 11.57 per cent. Inflation in July, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, electricity, chemicals & chemical products, food products, etc., as compared to the corresponding month of the previous year, said the ministry.
Ratan Tata invests in startup that connects the elderly with young graduates
In the last six months, "Goodfellows" has completed a successful beta and will now be available in Mumbai and soon in Pune, Chennai and Bengaluru. "The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue In India. I hope the investment helps the young team at Goodfellows grow," said Tata. During the beta testing, Goodfellows received a positive response with over 800 applications from young graduates looking to be employed at Goodfellows of which a shortlisted cohort of 20 provided companionship to the elderly in Mumbai.
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