Share Market highlights: Bharti Airtel posts net loss of Rs 23,000 crore in Q2

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Updated:Nov 14, 2019 5:08:29 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE:  Telecom major Bharti Airtel on Thursday reported a net loss of Rs 23,044.9 crore in the second quarter of FY20 as against loss of Rs 2,866 crore in the last quarter.

Sensex, Moodys, BSE, Infosys, Nifty, economic growth, mutual funds, Indian equities, NSE, FMCGThe market capitalisation of the BSE stood at Rs 152.72 lakh crore.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Telecom major Bharti Airtel on Thursday reported a net loss of Rs 23,044.9 crore in the second quarter of FY20 as against loss of Rs 2,866 crore in the last quarter. In the corresponding quarter last year, the company posted a net profit of Rs 119 crore. Sunil Bharti Mittal-led telco reported an exception loss of Rs 30,711 crore.  “Despite being a seasonally weak quarter, we witnessed positive revenue growth in Q2 on the back of various initiatives aimed at providing superior differential services through our Thanks platform. We continue to witness strong data traffic growth of ~ 81% Y-o-Y and added ~8 Mn 4G customers on our network during the quarter. We remain committed to strengthening our network and providing a superior experience to our customers. On the AGR verdict of the Hon’ble Supreme Court, we continue to engage with the government and are evaluating various options available to us. We are hopeful that the government will take a considerate view in this matter given the fragile state of the industry,” Gopal Vittal, MD and CEO, India & South Asia said in a statement.Meanwhile, the headline indices ended higher on Thursday in financial heavyweights. The Sensex ended 170 points higher at 40,286.48, while the Nifty was trading near the 11,900-mark. ICICI Bank, Infosys, Bajaj Finance were among the top gainers, jumping up to 3%. VEDL, IndusInd Bank, Tata Motors were the biggest losers, shedding up to 3%. Telcos Bharti Airtel and Vodafone Idea plunged in the morning trade on Thursday, ahead of their Q2 results.

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    16:09 (IST)14 Nov 2019
    Restaurants 2.0: Now, robots will decide if you should get free beer or nothing

    How would you like visiting a restaurant which knows your previous orders, profiles you and decides if you should get a complimentary beer or wine or in some cases, maybe nothing? Dineout, a platform that allows restaurant reservation, has been working on a technology that profiles customers and helps restaurants in identifying those who usually spend high, Ankit Mehrotra, Co-founder, Dineout, told Financial Express Online. “Someone who has a profile to spend Rs 5,000, restaurants must be able to offer them a free glass of wine. Someone who has a profile of spending Rs 2,000, maybe they should get a free beer,” Ankit said. Dineout said that personalisation and offering better services to customers is at the heart of this program while maintaining high business margins for restaurants.

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    15:56 (IST)14 Nov 2019
    BSE live: Sensex ends 170 points up, Nifty near 11,900; ICICI Bank, Infosys among top gainers

    The headline indices ended higher on Thursday in financial heavyweights. The Sensex ended 170 points higher at 40,286.48, while the Nifty was trading near the 11,900-mark. ICICI Bank, Infosys, Bajaj Finance were among the top gainers, jumping up to 3%. VEDL, IndusInd Bank, Tata Motors were the biggest losers, shedding up to 3%. Telcos Bharti Airtel and Vodafone Idea plunged in the morning trade on Thursday, ahead of their Q2 results. A look at LIVE Sensex heatmap.

    15:12 (IST)14 Nov 2019
    Nike breaks up with Amazon as Jeff Bezos’ company gets flooded with fakes

    Nike Inc. is breaking up with Amazon.com Inc. The athletic brand will stop selling its sneakers and apparel directly on Amazon’s website, ending a pilot program that began in 2017. The split comes amid a massive overhaul of Nike’s retail strategy. It also follows the hiring of ex-EBay Inc. Chief Executive Officer John Donahoe as its next CEO — a move that signaled the company is going even more aggressively after e-commerce sales, apparently without Amazon’s help. “As part of Nike’s focus on elevating consumer experiences through more direct, personal relationships, we have made the decision to complete our current pilot with Amazon Retail,” the company said in a statement. “We will continue to invest in strong, distinctive partnerships for Nike with other retailers and platforms to seamlessly serve our consumers globally.”

    14:50 (IST)14 Nov 2019
    How SIP calculator works: Find out how much to save to become a crorepati

    Crorepati Calculators: To start investing in equity mutual funds, one is often asked to save through SIP. The systematic investment plan (SIP) can be monthly or quarterly or at any fixed interval and works better in the case of equity mutual funds (MFs). Investing using the SIP mode helps to keep the average cost of MF units low and also helps avoid the temptation to time the market. SIP suits long-term goals such as children’s education, marriage or for own retirement. But, before one starts a monthly SIP, the investor would want to know as to how much will the final amount become. SIP calculator can be of use and help the investor decide how much should he or she save to reach his/her goal of Rs 1 crore or a higher amount.

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    12:45 (IST)14 Nov 2019
    Bharti Airtel, Vodafone Idea shares bleed up to 21% after DoT order to pay dues; Q2 earnings today

    Shares of telecom majors Bharti Airtel and Vodafone Idea plunged on Thursday morning, after DoT order to pay dues within the next 3 months. Bharti Airtel share price plunged more than 3.5% to hit the day’s low at Rs 354.55 on BSE. Vodafone Idea shares dived more than 21% to hit the day’s low at Rs 2.90 on BSE. The department of teleco-mmunications (DoT) has sent out notices to all the telecom operators and internet service providers to pay their licence fee and spectrum usage charge dues to the government as per the definition of what constitutes adjusted gross revenue given by the Supreme Court in its order dated October 24.

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    11:52 (IST)14 Nov 2019
    IndiGo, GoAir may get more time to replace engines of A320neos

    The Directorate General of Civil Aviation (DGCA) will review its earlier directive to IndiGo and GoAir to replace at least one of the two engines in 36 identified A320neos fitted with Pratt & Whitney engines, which have operated for over 2,900 hours. The civil aviation authority may give the airlines more time to comply with the directive. GoAir was given till November 13 and IndiGo till November 19 to replace at least one of the engines. Failing to comply with the order would result in the planes being grounded, the DGCA had said.

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    11:47 (IST)14 Nov 2019
    Paytm ‘fraud’: This big money manager lost Rs 5,000 from mobile wallet, here’s how he got it back

    A prominent investment manager got a rude shock this morning, when he discovered that Rs 5,000 from his Paytm wallet got automatically transferred to a juice vendor. Notably, Vikaas M Sachdeva, CEO of a reputed AMC, was hit by fraud and his entire balance of Rs 5,520.93 got transferred to Shree Balaji Juice centre at about 12.15 am on Tuesday morning. Sharing the incident of Twitter, Sachdeva said that the fraud took place when he was asleep at home. “Just flagging off a fraud which happened to me. My entire paytm balance of over 5k got transferred to an entity called Balaji juice centre at 12.15 am today while I was asleep at home. Reported it to @Paytmcare but am surprised how vulnerable paytm is to cyberfraud,” Vikaas Sachdeva tweeted. 

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    11:32 (IST)14 Nov 2019
    Retail inflation hits 16-month high in October

    CPI inflation hit a 16-month peak of 4.62% in October, as food inflation jumped to 7.89% — the highest since July 2016. This could limit the quantum of the repo rate cut in December, even as a slowdown in economic growth deepens. Core inflation fell to a series low of 3.6% in October, mirroring demand slump. But inflation outlook faces significant upside risks from unfavourable base for food inflation, at least until March 2020.

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    11:17 (IST)14 Nov 2019
    No CAR relief for foreign banks: RBI

    Twelve years after the Gujarat International Finance Tec-City (GIFT City) was mooted with a grand plan to develop it as India’s first international financial service centre (IFSC) capable of getting a good slice of the huge business the likes of Dubai and Singapore generate as IFSCs, regulatory hurdles continue to dog its progress. The Reserve Bank of India (RBI) is learnt to have insisted that foreign banks setting up shop in GIFT City would have to maintain the same capital adequacy ratio (CAR) as the domestic banks are required to, since any exemption or special dispensation could pose a risk to the country’s financial sector and its balance of payments situation. The view was expressed by the central bank representative during a meeting with the finance ministry last week, official sources said.

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    11:17 (IST)14 Nov 2019
    No relief: DoT notice asks telcos to pay AGR dues in 3 months

    The department of teleco-mmunications (DoT) on Wednesday sent out notices to all the telecom operators and internet service providers to pay their licence fee and spectrum usage charge dues to the government as per the definition of what constitutes adjusted gross revenue given by the Supreme Court in its order dated October 24. “It is submitted that the Supreme Court while delivering the judgment dated 24.10.2019 also ordered as follows: We give three months’ time to deposit the amount, which is due and compliance be reported,”, DoT’s letter issued on November 13 read. This means that the operators have time till January 25, 2020 to pay their dues which totals to around Rs. 1.3 lakh crore.

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    11:06 (IST)14 Nov 2019
    India world’s most open, investment friendly economy: PM Modi at BRICS Business Forum

    India is the world’s most “open and investment friendly” economy, Prime Minister Narendra Modi said here on Thursday as he wooed the BRICS business leaders, urging them to invest in the country and take advantage of its “limitless” possibilities and “countless” opportunities. Addressing the closing ceremony of the BRICS Business Forum, prime minister Modi said the grouping of five countries had led to economic development despite the global economic slowdown. “India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires USD 1.5 trillion investment,” he said.

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    11:00 (IST)14 Nov 2019
    Amitabh Kant tells founders “Think new ideas”, at launch of mentoring platform for EV startups

    Digital platform to connect startups and investors for funding LetsVenture on Wednesday launched LetsAccelerate —  a programme for public and private startup accelerators and incubators to outsource their frameworks, curriculum, insights, sourcing of startup applications, skill-building programmes in form of boot camps, workshops, assistance in funding for startups to LetsVenture. The online platform that helps startups in curating themselves, getting discovered and helping them raise funding also launched Electric Vehicle (EV) Innovation Labs — a platform for startups in the electric vehicle space to seek mentoring and investment. This was launched by Niti Aayog CEO Amitabh Kant.

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    10:55 (IST)14 Nov 2019
    BRICS Summit: PM Modi meets Brazilian President Jair Bolsonaro, holds ‘fruitful talks’

    Prime Minister Narendra Modi on Wednesday met Brazilian President Jair Bolsonaro here and held “fruitful talks” to strengthen bilateral ties. Modi, who is in Brazil for the 11th BRICS Summit which will focus on building mechanisms for counter-terrorism cooperation and strengthen India’s ties with the world’s five major economies, met Bolsonaro on the sidelines of the meeting and spoke about diversifying cooperation for the benefit of the people.

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    10:35 (IST)14 Nov 2019
    Explained: Three key takeaways from the US President Donald Trump impeachment hearing

    The top U.S. diplomat in Ukraine, testifying in the first televised hearing of the impeachment inquiry against President Donald Trump, linked the president on Wednesday more directly to a pressure campaign on Ukraine for investigations of Democratic presidential contender Joe Biden and his son that would benefit him politically. That was the first of three key takeaways from the hearing that will likely come up again in future proceedings.

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    09:59 (IST)14 Nov 2019
    Credit crisis at home doesn’t stop some lenders getting global loans

    While most of India’s shadow lenders remain caught in a prolonged cash crunch at home, some of the highest-quality financiers are finding that yield-hungry investors in the global loan market are eager to extend credit. That’s helped reduce average margins on overseas loan deals for non-state Indian shadow lenders to a record low, according to data compiled by Bloomberg. Highly-rated firms including Tata Capital Housing Finance Ltd., L&T Finance Ltd. and Fullerton India Credit Co. have sought loans in the global market in recent months.

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    09:47 (IST)14 Nov 2019
    ITC takes 33.42% stake in vending machines start-up

    The cigarette-to-FMCG-to-hotel major ITC on Wednesday said it has entered into agreements to pick up to 33.42% stake in Delectable Technologies, a Bengaluru-based startup, which is engaged in fabricating vending machines and app-based sale of FMCG products through such machines. The diversified conglomerate, in a stock exchange filing, said the objective of this cash deal is to strengthen presence of its FMCG products in the emerging distribution channel of vending machines. ITC will pay up a maximum of Rs. 7.50 crore in four tranches over a period of 12 months for this stake acquisition.

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    09:38 (IST)14 Nov 2019
    BSE live: Bharti Airtel, Vodafone Idea plunge ahead of Q2 results; Sensex up

    Telcos Bharti Airtel and Vodafone Idea plunged in the morning trade on Thursday, ahead of their Q2 results. Notably, Bharti Airtel is set to report its September quarter results today, after deferring from October following the Supreme Court's ruling on the adjusted gross revenue (AGR) issue. Airtel has already released the numbers for its Africa operations. Rival Vodafone is also set to release its financial results for the quarter. Bharti Airtel share price plunged more than 3% to hit the day's low at Rs 355.05. A look at LIVE Sensex heatmap.

    09:18 (IST)14 Nov 2019
    Asian stocks retreat as China’s growth slowdown deepens

    Asian stocks fell on Thursday after soft Chinese economic data showed the trade war between Beijing and Washington hitting growth in the world’s second-largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan , which had drifted in to positive territory in morning trade, turned negative to trade 0.4% lower. Japan’s Nikkei stock index dropped 0.6%, while Shanghai blue chips turned from positive to flat and Australia’s S&P/ASX200 index wiped some of its gains to trade less than 0.5% higher by mid afternoon in Sydney.

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    09:15 (IST)14 Nov 2019
    Retail inflation at 16-month high; crosses RBI’s comfort level at 4.62% in October

    Retail prices in India have surged to a 16-month high in October 2019. The retail prices indicator– Consumer Price Index (CPI) — grew at 4.62 per cent, exceeding RBI’s benchmark of 4 per cent, according to the Ministry of Statistics and Programme Implementation (MOSPI).  To keep the retail prices stable, the government has notified a medium-term inflation target of 4 per cent till March 2021. Food inflation can be attributed to the spike in retail prices as Consumer Food Price Inflation (CFPI) skyrocketed 7.89 per cent in October. The prices of vegetables and pulses rose dramatically by 26 per cent and 12 per cent on-year respectively. The prices of meat and fish also rose nearly 10 per cent. 

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    09:08 (IST)14 Nov 2019
    PM Modi says wants to make India a $5 trillion economy by 2024

    India’s GDP in 2018 was $2.6 trillion. Modi said that BRICS targets for investment and trade must be more ambitious and that he welcomes suggestions to further reduce trade costs. India’s Prime Minister Narendra Modi said that his country aims to be a $5 trillion economy by 2024, in remarks to leaders at a summit of BRICS major emerging economies on Wednesday.

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    09:07 (IST)14 Nov 2019
    Inflation breaches RBI’s target in October; will the surge continue? Here’s what analysts say

    Even as the retail inflation crossed the RBI’s comfort level for the first time in over a year, it may continue to remain higher in the remaining fiscal year, an analyst said. The CPI-based inflation may remain higher than 4 per cent mark in the remaining fiscal year, Aditi Nayar, said adding that this may further complicate the policy decisions in the wake of the ongoing slowdown. The RBI has targeted an inflation level at 4 per cent with plus and minus 2 per cent. The retail inflation breached the central bank’s medium-term target of 4 per cent in October for the first time in 15 months, on the back of higher food prices.

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    09:06 (IST)14 Nov 2019
    BRICS Summit: PM Modi meets Vladimir Putin in Brazil, gets invitation for Russia’s annual Victory Day celebrations

    Russian President Vladimir Putin has invited Prime Minister Narendra Modi for the Victory Day celebrations in May next year as the two leaders had an “excellent meeting” during which they reviewed the progress made in the bilateral ties and discussed ways to further expand the special strategic partnership. Modi, who is in Brazil for the 11th BRICS Summit which will focus on building mechanisms for counter-terrorism cooperation and strengthen India’s ties with the world’s five major economies, met Putin on Wednesday on the sidelines of the meeting and reviewed the full range of India-Russia relations.

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