victorybull

Author: victorybull

  • Long-awaited 5G spectrum auction expected in April-May 2022: Official

    The long-awaited 5G spectrum auction is expected to be held in May this year if the Telecom Regulatory Authority of India (Trai) submits by March its recommendations on the rules regarding the sale process, according to a senior official of the telecom department.

    Telecom Minister Ashwini Vaishnaw earlier this month said the Trai has informed that it will submit its recommendations for the 5G auction by March and the Department of Telecommunications (DoT) is simultaneously firming up other processes to hold the auction at the earliest.

    “Trai has indicated that they will send it (recommendations) by March. Thereafter, it will take us a month to make a decision around it,” Telecom Secretary K Rajaraman told PTI.

    Earlier, the government has taken time of 60-120 days to start the bidding rounds in the auction after receiving recommendations from Trai on spectrum auction.

    Rajaraman said it will take the DoT two months to start the auction from the day it gets recommendations from the Trai.

    According to the DoT, 5G is expected to deliver download speed 10 times faster than 4G services.

    As per the process, DoT seeks reference from the Trai on spectrum price, method for allocating it, block size of spectrum, payments terms and conditions, among others.

    The Trai holds consultation with the industry and other stakeholders and then submits recommendations to the DoT.

    As per the current practice, the apex decision making body at the DoT, the Digital Communications Commission (formerly the Telecom Commission) takes the decision on Trai recommendations and then approaches the Cabinet for the final approval.

    Rajaraman said that the DoT has already selected MSTC as the auctioneer for the upcoming auction.

    Trai has given participants in 5G spectrum consultation to submit their additional comments by February 15 after which it will review and come up with recommendations.

    Telecom operators have demanded up to 95 per cent cut in the spectrum frequency band price. Both telecom and satellite players are at loggerheads with each other on rules for the 5G spectrum auction.

  • India, Australia vow to work together for inclusive growth in Indo-Pacific: EAM S Jaishankar

    India and Australia have pledged to work together for building more trusted and resilient supply chains and ensuring broad and inclusive growth in the strategic Indo-Pacific region, External Affairs Minister S Jaishankar said in Melbourne on February 12. Speaking at a joint press conference with his Australian counterpart Marise Payne after their bilateral meeting and attending a crucial meeting of Quad foreign ministers on February 11, Jaishankar said he spoke at length with Payne about regional, multilateral and global issues, besides discussing developments in South Asia, Southeast Asia and in the strategically vital Indo-Pacific region.

    “We shared our experiences responding to the COVID challenge itself, but also in assisting other friendly countries in particular with vaccines, and we have committed ourselves today to building more trusted and resilient supply chains and ensuring broad, inclusive growth in the Indo-Pacific, he said.

    Jaishankar said that as liberal democracies, India and Australia would continue to work towards a rule-based international order, freedom of navigation in international waters, promoting connectivity, growth and security for all while respecting the territorial integrity and sovereignty of all states, in an apparent reference to China, which has been behaving aggressively in the region.

    The ministers also talked about the progression in defence and security cooperation, reflecting the two countries’ growing strategic convergence.

    “Minister Payne and I also have shared concerns about terrorism and extremism. We have serious concerns about continuing cross-border terrorism, and it’s our shared endeavour to deepen counterterrorism cooperation, including in the multilateral forum, he said.

    “I think we’ve had very productive, very useful and very wide-ranging discussions and discussions, in fact, reflect the real profound transformation in our ties, which has happened in this very difficult period, he said.Jaishankar thanked the Australian government for enhancing engagement in the North East Indian Ocean region and on the Maitri scholarship, fellowship and cultural partnership programmes.

  • Over 6.2 crore ITRs, 21 lakh audit reports filed on new e-filing portal

    Over 6.2 crore income tax returns and about 21 lakh tax audit reports have been filed on the new e-filing portal since June last year. The new income tax portal was launched on June 7, 2021.

    “More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022,” the tax department said in a statement.

    Out of the 6.2 crore ITRs filed for AY 2021-22, 48 per cent are ITR-1 (2.97 crore), 9 per cent ITR-2 (56 lakh), 13 per cent ITR-3 (83 lakh), and 27 per cent ITR-4 (1.66 crore), ITR-5 (11.3 lakh), ITR-6 (5.2 lakh) and ITR-7 (1.41 lakh).

    The government had in January extended till March 15 the deadline for corporates to file income tax returns for the fiscal ended March 2021, while the same for filing tax audit report and transfer pricing audit report for 2020-21 fiscal is February 15.

    ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.

    Sahaj can be filed by an individual having income of up to Rs 50 lakh and who receives income from salary, one house property/other sources (interest etc). ITR-4 can be filed by individuals, HUFs and firms with total income of up to Rs 50 lakh and having income from business and profession. ITR-3 is filed by people having income as profits from business and trusts, respectively.

  • Zomato to invest $400 million more in quick commerce; will set up a lending biz for restaurants

    Online food delivery firm Zomato Ltd on Thursday said its revenue from operations for the December quarter rose from both a year earlier and sequentially, even as its loss shrank.

    Revenue from operations for the fiscal third quarter rose to Rs 1,112 crore from Rs 1,024.2 crore in the July-September period and Rs 609.4 crore a year earlier. Loss narrowed dramatically to Rs 67.2 crore, compared with Rs 434.9 crore a quarter earlier and Rs 351.3 crore in the previous-year period.

     

    Online food delivery firm Zomato Ltd on Thursday said its revenue from operations for the December quarter rose from both a year earlier and sequentially, even as its loss shrank.

    Revenue from operations for the fiscal third quarter rose to Rs 1,112 crore from Rs 1,024.2 crore in the July-September period and Rs 609.4 crore a year earlier. Loss narrowed dramatically to Rs 67.2 crore, compared with Rs 434.9 crore a quarter earlier and Rs 351.3 crore in the previous-year period.

     

    Zomato said it saw 9% growth in revenue from operations on a quarterly basis, while its customer delivery charges shrank 22%.

    “This was driven by a Rs 7.50 per order reduction in customer delivery charges in Q3 FY22 as compared to Q2 FY22,” Zomato said, explaining that it re-distributed its growth investments more in favour of discounts on customer delivery charges compared with food coupons.

    “We are seeing higher return on investment with discounted delivery charges as compared to coupons. As a result, discounts per order reduced by Rs 5 per order in the last quarter as compared to Q2 FY22,” it said.

    Zomato reiterated its focus on the quick-commerce segment and added that it will invest an additional $400 million in the space in the next two years.

    The Gurgaon-based company also expanded to 180 new cities, taking its presence in India to more than 700 cities.
    Zomato’s adjusted revenue — a combination of revenue from operations and customer delivery charges — increased 78% on year to Rs 1,420 crore. As reported by ET earlier, the company saw a massive increase in food order volumes on New Year’s Eve, resulting in gross order value (GOV) of $18 million, 78% higher than the same day last year.
    Zomato’s GOV grew by 84.5% Y-o-Y and 1.7% Q-o-Q to Rs 5,500 crore in the December quarter.

    Zomato said over the years, unit economics in its food delivery business has improved with scale. Contribution margin (as a percentage of GOV) has improved steadily from a negative 15% in 2019 to 1% today, it said. “A 5% contribution margin in our food delivery business (at the current scale) should get us to Ebitda break-even as a company (covering all common corporate costs as well).”

  • Oil prices steady as investors eye US-Iran nuclear talks

    Oil prices were mixed on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.

    Brent crude futures slid 10 cents, or 0.1%, to $91.45 a barrel at 0130 GMT, while U.S. West Texas Intermediate crude was at $89.74 a barrel, up 8 cents.Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multi-year lows.

    U.S. crude inventories fell 4.8 million barrels in the week to Feb. 4, dropping to 410.4 million barrels – their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts in a Reuters poll had forecast a 369,000-barrel rise.

    U.S. product supplied – the best proxy for demand – peaked at 21.9 million barrels per day (bpd) over the past four weeks due to strong economic activity nationwide, EIA data showed.

    The surprise crude draw reinforces how tight the oil market remains, OANDA analyst Edward Moya said in a note.

    “Crude prices have too many catalysts that support a move to $100 oil in the near future,” he said, pointing to geopolitical tensions across Europe and the Middle East, and improving demand globally as normal travel resumes in large parts of the world.

    However, investors are closely watching the outcome of U.S.-Iran nuclear talks which resumed this week. A deal could lift U.S. sanctions on Iranian oil and ease global supply tightness.

    The White House publicly pressured Iran on Wednesday to revive the 2015 Iran nuclear agreement quickly, saying that it will be impossible to return to the accord if a deal is not struck within weeks.

    “The core uncertainty remains whether Iran is willing to sign on the dotted line,” Eurasia analyst Henry Rome said, adding that the consultancy was holding onto a 40% call on a return to the agreement.

    Separately, U.S. President Joe Biden and King Salman of Saudi Arabia discussed energy supplies and developments in the Middle East, including in Iran and Yemen, during a phone call on Wednesday.

    Salman also spoke about maintaining balance and stability in the oil markets and emphasised the need to maintain the OPEC+ supply agreement, state news agency SPA said.In Europe, U.S. Vice President Kamala Harris will be meeting its allies and partners in Munich next week seeking to deter Russian aggression in Ukraine.

  • Shares of this realty firm zoomed 165% in 6 weeks, trade at 7-year high

    Shares of D B Realty hit an over seven-year high of Rs 116.70, and was locked at the 5 per cent upper circuit on the BSE on Wednesday, after its board approved raising funds via issuing 50 million convertible warrants to Rekha Jhunjhunwala and others.

    The stock of Mumbai-based real estate company has been locked at the 5 per cent upper circuit for the eight straight trading day. It quoted at its highest level since June 2014. The counter has seen huge trading volumes, with a combined 2.1 million equity shares changing hands. There were pending buy orders for 1.6 million shares on the NSE and BSE.

    In the past six weeks, the stock price of D B Realty has zoomed 165 per cent from Rs 44 on December 29, 2021. In comparison, the S&P BSE Sensex was down 1 per cent during the same period.

    D B Realty in an exchange filing today said, its board approved raising of funds through issue of 50 million warrants convertible into equivalent number of equity shares of the face value of Rs 10 each to non-promoter investors on a preferential basis. This in addition to 77 million warrants that had already approved in board meeting held on February 3, 2022, the company said.

    DB Realty will allot 10 million warrants each to ace investor Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala and M/s RARE Investments, a partnership firm represented through its partner Rekha Jhunjhunwala.

    Rekha Rakesh Jhunjhunwala held 5 million or 2.06 per cent stake in D B Realty as on December 31, 2021, the shareholding pattern data shows.

    Besides these two, the company will allot 5 million warrants each to Lotus Family Trust represented by its Trustee namely Barclays Wealth Trustees (India) Private Limited and M/s KIFS Dealers, a partnership firm represented through its Partner Khandwala Finstock Private Limited. The company will also allot 10 million warrants each to Abhay Chandak and Aditya Chandak.

    An amount equivalent to at least 25 per cent of the warrant issue price shall be payable at the time of subscription and allotment of each warrant and the balance shall be payable by the warrant holder(s) on the exercise of the warrant(s) at any time within a period of 18 months from the date of allotment, the company said.

    On Friday, February 4, 2022, the Mumbai-based real estate major Godrej Properties said it had decided not to go ahead with the proposed investment in DB Realty. The company said the decision was taken after receiving shareholders’ feedback.

    The day before, Godrej Properties had announced a plan to invest Rs 400 crore for around 10 per cent stake in DB Realty and another Rs 300 crore to set up a joint platform for undertaking slum redevelopment projects. The total size of the joint platform of Godrej Properties and DB Realty would have been Rs 600 crore, with each party contributing Rs 300 crore.

  • Shares of this realty firm zoomed 165% in 6 weeks, trade at 7-year high

    Shares of D B Realty hit an over seven-year high of Rs 116.70, and was locked at the 5 per cent upper circuit on the BSE on Wednesday, after its board approved raising funds via issuing 50 million convertible warrants to Rekha Jhunjhunwala and others.

    The stock of Mumbai-based real estate company has been locked at the 5 per cent upper circuit for the eight straight trading day. It quoted at its highest level since June 2014. The counter has seen huge trading volumes, with a combined 2.1 million equity shares changing hands. There were pending buy orders for 1.6 million shares on the NSE and BSE.

    In the past six weeks, the stock price of D B Realty has zoomed 165 per cent from Rs 44 on December 29, 2021. In comparison, the S&P BSE Sensex was down 1 per cent during the same period.

    D B Realty in an exchange filing today said, its board approved raising of funds through issue of 50 million warrants convertible into equivalent number of equity shares of the face value of Rs 10 each to non-promoter investors on a preferential basis. This in addition to 77 million warrants that had already approved in board meeting held on February 3, 2022, the company said.

    DB Realty will allot 10 million warrants each to ace investor Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala and M/s RARE Investments, a partnership firm represented through its partner Rekha Jhunjhunwala.

    Rekha Rakesh Jhunjhunwala held 5 million or 2.06 per cent stake in D B Realty as on December 31, 2021, the shareholding pattern data shows.

    Besides these two, the company will allot 5 million warrants each to Lotus Family Trust represented by its Trustee namely Barclays Wealth Trustees (India) Private Limited and M/s KIFS Dealers, a partnership firm represented through its Partner Khandwala Finstock Private Limited. The company will also allot 10 million warrants each to Abhay Chandak and Aditya Chandak.

    An amount equivalent to at least 25 per cent of the warrant issue price shall be payable at the time of subscription and allotment of each warrant and the balance shall be payable by the warrant holder(s) on the exercise of the warrant(s) at any time within a period of 18 months from the date of allotment, the company said.

  • COVID disrupts health services in over 90% of countries: WHO

    Disruptions in basic health services such as vaccination programmes and treatment of diseases like AIDS were reported in 92% of 129 countries, a World Health Organization survey on the impact of the COVID-19 pandemic showed on Monday.

    The survey, conducted in November-December 2021, showed services were “severely impacted” with “little or no improvement” from the previous survey in early 2021, the WHO said in a statement sent to journalists.

    “The results of this survey highlight the importance of urgent action to address major health system challenges, recover services and mitigate the impact of the COVID-19 pandemic,” the WHO said.

    Emergency care, which includes ambulance and ER services, actually worsened with 36% of countries reporting disruptions versus 29% in early 2021 and 21% in the first survey in 2020.

    Elective operations such as hip and knee replacements were disrupted in 59% of the countries and gaps to rehabilitative and palliative care were reported in about half of them.

    The survey’s timing coincided with surging COVID-19 cases in many countries in late 2021 due to the highly transmissible Omicron variant, piling additional strain on hospitals.The WHO statement attributed the scale of disruptions to ”pre-existing health systems issues” as well as decreased demand for care, without elaborating.

  • Indian stock markets can fall another 10%

    Budget euphoria is slowly fading away on Dalal Street as global headwinds stare in the eye. Geopolitical tensions involving Ukraine and Russia, coupled with fear of easy money drying up amid soaring inflation, are giving a rude reality check to stock market investors. Yesterday, the BSE Sensex plunged over 1,300 points in intra-day trade while the Nifty50 slipped below the 17,150 level. The Nifty 50 and BSE-Sensex tumbled for a third straight day and moved below the highs made on Budget-day.

    The indices ended nearly 2% lower at 17,214 and 57,621, respectively. With this, the markets have turned negative for the year, and are down 1 percent YTD.U R Bhat, who is co-founder & director at Alphaniti Fintech, believes markets can fall another 3-5% from here on as an actual clash on the Russian border is not priced in at all. Brent crude prices are already up 16% in a month amid simmering tensions between Russia and NATO over Ukraine. Brent is above $93 per barrel mark but a full-scale war can take it past the $100 per barrel mark, analysts worry. Most analysts, including those at Rabobank International and BofA Securities, see Brent hitting the $125 mark by June 2022. On their part, the benchmark indices – the S&P BSE Sensex and the Nifty50 – have slipped around 3% each in the past month. On the contrary, the Nifty Energy index that comprises upstream players like Reliance Industries and ONGC has outperformed with a rise of nearly 6% as oil prices rose during this period. Going forward, market mavens suggest investors stay stock-specific and tread cautiously in the markets. These global factors will continue to dictate market trends on Tuesday as well. Domestically, investors will track the three-day RBI policy meeting, which will begin later today. That apart, the December quarter result of prominent companies, including Bharti Airtel, Escorts, Indraprastha Gas, IRCTC, and Godrej Consumer products will be on investor radar. Moreover, shares of Adani Wilmar will also debut on the bourses today.

  • Delhi logs 1,151 new COVID-19 cases, 15 more deaths; positivity rate 2.62%

    Delhi reported 1,151 new COVID-19 cases and 15 more fatalities on Monday, while the positivity rate rose slightly to 2.62 percent, according to data shared by the health department. With this, the national capital’s case count increased to 18,45,084 and the death toll climbed to 25,998, it said.

    Delhi on Sunday reported 1,410 fresh COVID-19 cases and 14 more deaths, while the positivity rate was at 2.45 percent. The number of COVID-19 tests conducted a day ago stood at 43,991, it said.Delhi had on Saturday reported 1,604 cases with a positivity rate of 2.87 per cent, and 17 more deaths. The number of daily cases in Delhi has been on the decline after touching the record high of 28,867 on January 13.

    The city had recorded a positivity rate of 30.6 percent on January 14, the highest during the ongoing wave of the pandemic. It took just 10 days for daily cases to drop below the 10,000-mark. The national capital had on January 23 reported 9,197 new Covid cases with a positivity rate of 13.32 per cent and 34 deaths.

    The surge in Covid cases in Delhi during the third wave of the pandemic was due to the Omicron variant of the virus which is highly transmissible. Several families in a large number of neighbourhoods had tested positive, but medical experts said since the infection had happened at the same time, the recovery too was quicker for the community a

    Also, there has been less chance of more spread of the infection as people have been largely home isolated with a very little number of patients needing hospitalisation this time, they said. The DDMA had on Friday held a meeting to review the COVID-19 situation and decided to reopen higher education institutions and coaching centres along with schools for classes 9-12 from February 7 amid dipping Covid cases in the city.

    The DDMA, however, decided that night curfew will continue in Delhi. Gyms have also been allowed to reopen with certain restrictions. There are 15,416 beds for Covid patients in Delhi hospitals and 936 (6.07 per cent) of them were occupied, the bulletin said.

    A total of 936 Covid patients were in hospitals, the Monday health department bulletin stated. Out of them, 328 were on oxygen support, including 84 on ventilator support. The number of active cases stands at 7,885, it said.

    The number of people under home isolation stood at 5,715 on Monday, while it was 6,401 a day before. The number of containment zones in the city stood at 28,980, a fall from 30,546 the previous day.