Closure of ops in 13 circles cuts SSTL loss to Rs 845 cr

Aug 27 2013, 02:38 IST
Comments 0
SummarySSTL, the Indian telecom arm of Russian conglomerate Sistema, has reported a reduction in loss

SSTL, the Indian telecom arm of Russian conglomerate Sistema, has reported a reduction in loss at R844.7 crore during the three-month period ended June 30, 2013 due to cutting down of operations in loss-making circles. The company had posted a loss of R1,180 crore during the same period a year ago. "There was a one-time loss reduction of around R469 crore due to closure of operations where returns were not very high. The finality of operations came after March auctions and we could relaunch our business in Q2," Sistema Shyam Teleservices' CEO Dmitry Shukov said.

Joe King to lead Audi India ops, Perschke back to HQ

German luxury carmaker Audi on Monday announced a top-level management change in its Indian operations, with Joe King being appointed as head effective September 1, 2013 in place of Michael Perschke, who is moving back to the headquarters. Perschke, who moved to Audi India in July 2010 and was instrumental in Audi’s success in the country, will move as head of network strategy and business management, international level at Audi AG, the company said in a statement.

BSNL may set up towers in naxal-infested areas

State-run BSNL and the Universal Services Obligation Fund (USOF) are likely to sign an MoU by the end of this month for setting up mobile towers in states affected by naxal violence. "We will try to sign the MoU (with BSNL) by the end of this month," USOF administrator N Ravi Shankar said. The USOF was created under the National Telecom Policy, 1999, for providing access of telecom services to people in rural areas at affordable prices. BSNL has already floated a notice inviting tender for setting up 1,315 sites of 2G GSM network in left-wing extremist areas of Bihar, Jharkhand, Orissa and West Bengal for five years, which is extendable by two years.

TV makers expect new import levy to boost sales

With the imposition of 36% duty on imported TVs as baggage becoming effective from Monday, manufacturers, including Panasonic, Sony and Samsung, are hoping that their local sales in India will grow in double digits. "This will result in expanding profit margins and will lead to better profitability," Panasonic India MD Manish Sharma said. The jump in terms of volume for the industry in India will be approximately 1.5-2 million units and the value would be around R400 crore approximately, he added. Expressing similar views, another Japanese manufacturer, Sony, said local consumption

Single Page Format
Ads by Google

More from Front Page

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...