Share market highlights: Sensex ends 70 points up, Nifty below 11,900; Bharti Airtel, SBI top gainers

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Updated:Nov 15, 2019 3:53:12 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended the session marginally higher on Friday, led by gains in index heavyweights.

Sensex, Moodys, BSE, Infosys, Nifty, economic growth, mutual funds, Indian equities, NSE, FMCGThe Sensex closed 70 points higher at 40,357, while the Nifty closed below the 11,900-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended the session marginally higher on Friday, led by gains in index heavyweights. The Sensex closed 70 points higher at 40,357, while the Nifty closed below the 11,900-mark. Shares of telecom firms Bharti Airtel, Vodafone Idea soared on Friday morning, after reports that the government is mulling putting a minimum price for calls and data. Bharti Airtel shares zoomed more than 9% to hit the day’s high at Rs 395 on BSE. Vodafone Idea shares zoomed more than 10% to hit the day’s high at Rs 3.25 on BSE. A committee has sought recommendations from Department of Telecom (DoT) on setting a minimum charge for all tariffs for telecom players and also assessing the impact it will have on telecom operators, CNBC TV18 reported citing sources. The move will come as a welcome relief to these telecom players reeling under a massive stress. Bharti Airtel on Thursday posted its biggest consolidated net loss at Rs 23,045 crore for the July-September quarter on the back of provisions for the licence fee and spectrum usage charge based on the definition of the Supreme Court of what constitutes adjusted gross revenue. This the second consecutive loss after 14 years. The company made an exceptional charge during the quarter of Rs. 22,394 crore (net of tax) which comprises a charge on account of licence fee and SUC of Rs. 16,815 crore and Rs. 11,635 crore, respectively. Vodafone Idea posted a net loss of Rs. 50,922 crore for the second quarter ended September, the highest ever net loss reported by a company in India. The company’s performance took a hit on account of an exceptional charge of Rs. 25,680 crore it took during the quarter, on account of the recent Supreme Court ruling on adjusted gross revenue (AGR). The company has made a provision for potential payments that it will have to make to the department of telecommunications (DoT). The benchmark S&P 500 stock index posted a slim gain to end with a record closing high on Thursday, as a dour forecast from tech stalwart Cisco Systems was offset by a strong report from big box retailer Walmart. We bring to you LIVE updates.

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Highlights

    15:53 (IST)15 Nov 2019
    BSE live: Sensex ends 70 points up, Nifty below 11,900; Bharti Airtel, SBI top gainers

    The headline indices Sensex and Nifty ended the session marginally higher on Friday, led by gains in index heavyweights. The Sensex closed 70 points higher at 40,357, while the Nifty closed below the 11,900-mark. Shares of telecom firms Bharti Airtel, Vodafone Idea soared on Friday morning, after reports that the government is mulling putting a minimum price for calls and data. Bharti Airtel shares zoomed more than 9% to hit the day's high at Rs 395 on BSE. A look at LIVE Sensex heatmap.

    14:35 (IST)15 Nov 2019
    China loads up banks with money as it steps up efforts to fight slowdown

    China’s central bank unexpectedly added liquidity to the banking system Friday to help lenders through the tax season, a move that analysts saw as a sign that larger-scale stimulus is unlikely in the near term. The People’s Bank of China offered 200 billion yuan ($29 billion) of one-year loans to banks on Friday. It kept the interest rate unchanged at 3.25%, showing restraint in monetary policy after this week’s worse-than-expected economic data. Liquidity in the banking system is at a “reasonable, sufficient” level as the operation offsets companies’ need for funding to pay tax, the PBOC said in a statement.

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    14:21 (IST)15 Nov 2019
    HDFC Bank joins RIL, TCS: India’s most valued private sector bank crosses 7 lakh crore m-cap

    HDFC Bank on Friday crossed Rs 7 lakh crore in market capitalisation (m-cap) for the first time becoming only the third firm after TCS and RIL. India’s most valued private sector lender hit Rs 7.01 lakh crore in m-cap. HDFC Bank stock has climbed over 20 per cent so far this year. In today’s trade, the stock hit a new historic high of Rs 1,283.40 on the BSE. The scrip traded at Rs 1,280.60, up 0.5 per cent from the last close. With an m-cap of Rs 9.32 lakh crore, Mukesh Ambani’s RIL is the most valued firm followed by TCS which has a m-cap of Rs 8.19 lakh crore. HDFC Bank shares were trading at Rs 1,281.45, up 7.55, or 0.59 per cent at the time of reporting.

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    14:10 (IST)15 Nov 2019
    Blow for Fortis Healthcare: Singh brothers can’t sell to Malaysia’s IHH, rules Supreme Court

    India’s Supreme Court has refused to lift the block on completion of the takeover of embattled hospital chain Fortis Healthcare Ltd. by Malaysian operator IHH Healthcare Bhd, the latest twist in one of the country’s most contentious and long drawn out corporate battles. The court held Fortis’ founders — Malvinder Singh and Shivinder Singh — guilty of contempt of court and said it could start similar proceedings against the company, according to a judgment Friday. This effectively halts IHH’s open offer to Fortis shareholders that would have brought its holdings in India’s second-largest hospital company above 50%. IHH is already Fortis’ largest shareholder with a 31% stake.

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    13:04 (IST)15 Nov 2019
    Explained: Why is Alibaba listing in Hong Kong?

    Chinese e-commerce giant Alibaba is set to price its first share sale in Hong Kong next week, raising up to $13.4 billion in what will be the largest deal in the city since 2010 and the world’s biggest ever cross-border secondary listing. Analysts say establishing a base outside the United States gives the U.S.-listed company options, especially in the light of the U.S.-China trade dispute. It is an “escape valve listing”, said Travis Lundy, an analyst at Quiddity Advisors who publishes on SmartKarma. “Investors can take delivery or buy and sell shares (in Hong Kong) should U.S.-China relations worsen. This should be considered a non-negligible benefit for any U.S.-listed Chinese company,” he added.

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    12:33 (IST)15 Nov 2019
    Anil Ambani's Reliance Power hits lower circuit on poor Q2 show

    Shares of Reliance Power on Friday declined nearly 5 per cent, hitting their lower circuit, on the back of weak September quarter earnings. On the BSE, the stock saw a decline of 4.77 per cent, hitting its lower circuit at Rs 3.99. Similar trend was seen on the NSE as the scrip was trading at Rs 4, down 4.76 per cent.  The company on Thursday reported a 69.38 per cent decline in consolidated net profit at Rs 45 crore for the quarter ended September 30. The company had posted a net profit of Rs 147 crore in the July-September period of the previous year, Reliance Power said in a BSE filing. (from PTI)

    12:31 (IST)15 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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    12:29 (IST)15 Nov 2019
    Economy slowdown: India needs ‘big bang’ for growth; here’s why govt’s fiscal stimulus may not work

    The Indian economy continues to slow. The monthly Index of Industrial Production fell to an eight-year low in the month of September, contracting by over 4%. According to India’s central bank, growth in bank credit to industries in the same month fell to 2.7%, the lowest in a year. While the numbers for services are a little better, even they stand at a two-year low. Economists have little faith that things will turn around on their own. The government desperately needs to revive investment. The only way to do so is to embrace something it’s avoided thus far: a true reform “big bang.”

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    12:22 (IST)15 Nov 2019
    Vodafone India unit pleads for relief after posting India’s biggest quarterly net loss

    After posting the worst quarterly loss in India’s corporate history, Vodafone Group Plc’s besieged local venture is appealing for urgent relief from the government to help avert a collapse. Facing a $4 billion demand from India to cover past dues, Vodafone Idea Ltd. took a one-time charge that led to a net loss of 509 billion rupees ($7.1 billion) in the three months through September. The nation’s second-largest phone operator, formed by the merger of the British firm’s local unit with billionaire Kumar Mangalam Birla’s Idea Cellular Ltd., hasn’t seen any profit since the deal was announced in 2017.

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    12:18 (IST)15 Nov 2019
    Singapore fines Swiss banking giant UBS $8 million for deceptive trades

    Singapore has fined Swiss banking giant UBS Sg$11.2 million ($8 million) after investigations showed its advisors deceived clients about prices for bonds and other financial products. The city-state’s central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors’ actions and paid a civil penalty. “The conduct of UBS through its representatives is unacceptable and has no place in the financial services industry where trust and integrity are paramount,” said Ong Chong Tee, deputy managing director, financial supervision, at MAS.

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    12:14 (IST)15 Nov 2019
    SC says Singh brothers violated earlier orders in Fortis Heathcare sale

    The apex curt had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo.  A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold. The apex court said that they would hear the Singhs on the quantum of sentence later.  The Japanese firm had filed contempt petition against the former Ranbaxy promoters alleging that execution of their arbitral award had been in jeopardy as the Singh brothers disposed of their controlling stakes in Fortis Group to the Malaysian firm. (From PTI)

    12:10 (IST)15 Nov 2019
    SC holds Singh brothers, Fortis Healthcare guilty of contempt

    The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited. The apex curt had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo. (From PTI)

    11:58 (IST)15 Nov 2019
    Bharti Airtel, Vodafone shares zoom on reports of govt fixing floor price for calls

    Shares of telecom firms Bharti Airtel, Vodafone Idea soared on Friday morning, after reports that the government is mulling putting a minimum price for calls and data. Bharti Airtel shares zoomed more than 9% to hit the day's high at Rs 395 on BSE. Vodafone Idea shares zoomed more than 10% to hit the day's high at Rs 3.25 on BSE. A committee has sought recommendations from Department of Telecom (DoT) on setting a minimum charge for all tariffs for telecom players and also assessing the impact it will have on telecom operators, CNBC TV18 reported citing sources. A look at LIVE Sensex heatmap.

    11:46 (IST)15 Nov 2019
    ArcelorMittal to finally acquire Essar Steel: SC sets aside NCLAT judgment; why it’s big win for lenders

    In a big win for ArcelorMittal, Supreme Court on Friday set aside NCLAT judgment, approving its Rs 42,000 crore bid for acquiring debt-struck Essar Steel. The July 4 order had provided for equal distribution of proceeds between financial and operational creditors in the distribution of ArcelorMittal’s bid amount. Now, the takeover would take place according to the October 23, 2018, resolution plan of ArcelorMittal.The judgment by a bench headed by Justice R F Nariman also pronounced that there is no doubt that the ultimate discretion on distribution of proceeds is with the committee of creditors (CoC).

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    11:45 (IST)15 Nov 2019
    Apple launches MacBook Pro with biggest display ever: Price in India, specifications

    Apple on Wednesday launched its most-premium MacBook Pro 16-inch model that replaces the 15-inch model. The 16-inch MacBook Pro model also ditches Apple’s most controversial keyboard in favour of a new Magic Keyboard that brings the scissor-switch mechanism back. Apple has updated its website to reflect the changes in the laptop line-up, including the discontinuation of the 15-inch model. The new MacBook Pro costs Rs 1,99,900 onwards in India while its US pricing starts at $2,399 (roughly Rs 1,73,000). Pre-orders are now live in the US while the availability in India has not been announced.

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    11:38 (IST)15 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.

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    11:34 (IST)15 Nov 2019
    Best investment option for child education: Sukanya Samriddhi, Equity Mutual Fund or something else – Find out

    Where to invest for child education: If you are contemplating to save for your children’s education needs, it is time you act fast and avoid any kind of procrastination. As against general inflation, education inflation is rising at a much faster pace. “From primary to secondary to higher education, parents are increasingly finding it difficult to meet the growing fee structure and other costs associated with education,” informs Tarun Birani, Founder and CEO, TBNG Capital Advisors.

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    11:17 (IST)15 Nov 2019
    Essar Steel had moved SC against NCLAT order on July 19

    ArcelorMittal, which was declared the highest bidder for debt-laden Essar Steel, had moved the Supreme Court against a part of the order of the National Company Law Appellate Tribunal (NCLAT) which had ruled that the profit of Rs 3,495 crore generated during the corporate insolvency resolution process cannot be given to it. The appellate tribunal had held that the profit should be distributed among all the financial and operational creditors on a pro-rata basis of their claims. The NCLAT had on July 4 said if ArcelorMittal did not pay the total dues to the creditors – financial creditors or operational creditors – “but pays lesser amount than the claim, then in such case, the profit should be distributed among all the creditors”.

    11:08 (IST)15 Nov 2019
    SC relaxes timeline of 330 days in major relief for lenders

    The SC has also relaxed timeline of 330 days to find a resolution of the stressed asset as prescribed in IBC (Insolvency and Bankruptcy Code). The court said that it is open for the NCLAT to extend the timeline if required. The court has clarified that financial creditors enjoy primacy and NCLT cannot interfere with the commercial decisions taken by the Committee of Creditors (CoC), potentially clearing the decks of its takeover by ArcelorMittal. Justice Nariman, while pronouncing the order, said, no doubt the ultimate discretion on distribution is with Committee of Creditors (CoC) but its decision should also balance the interests of all stakeholders.

    11:02 (IST)15 Nov 2019
    BSE live: ArcelorMittal's wait for Essar Steel finally over; SC rules in favour of financial creditors

    In a major relief, the Supreme Court set aside NCLAT's ruling and allowed ArcelorMittal to acquire Essar Steel, ending its long wait. The NCLAT ruling had provided for equal distribution between financial and operational creditors. Further, the apex court also relaxed timeline 330 days to find a resolution of stressed asset as prescribed in IBC. Justice Nariman, while pronouncing the order, said, no doubt the ultimate discretion on distribution is with Committee of Creditors (CoC) but its decision should also balance the interests of all stakeholders.

    10:44 (IST)15 Nov 2019
    BSE live: Voda, Airtel shares zoom after reports that govt is mulling floor price for data, calls

    Shares of telecom firms Bharti Airtel, Vodafone Idea soared on Friday morning, after reports that the government is mulling putting a minimum price for calls and data. Bharti Airtel shares zoomed more than 9% to hit the day's high at Rs 395 on BSE. Vodafone Idea shares zoomed more than 10% to hit the day's high at Rs 3.25 on BSE. A committee has sought recommendations from Department of Telecom (DoT) on setting a minimum charge for all tariffs for telecom players and also assessing the impact it will have on telecom operators, CNBC TV18 reported citing sources.

    10:13 (IST)15 Nov 2019
    Stock corner: SpiceJet top pick in aviation space; target price cut 4.9% to Rs 160

    SpiceJet’s (SJ) Q2FY20 EBITDAR (adjusted for forex loss) of Rs. 1.4bn came below estimate due to lower yield. Yield growth of 1.9% YoY belied our 3.5% YoY growth estimate on account of rising competitive intensity induced pricing pressure. Key highlights: fuel CASK fell 0.9% QoQ (estimate 3.3% QoQ) due to on-boarding of smaller B-737 NGs (168 seats) versus SJ’s larger aircraft (189 seats); we expect yields to remain flat YoY in Q3FY20; 3) capacity growth/ PLF at 51%/89% in line with estimate.

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    09:52 (IST)15 Nov 2019
    Bajaj Finance raises Rs 385 crore through NCDs

    Bajaj Finance on Thursday indicated it has raised Rs. 385 crore through secured redeemable non-convertible debentures (NCD) via private placement. The NCDs have two options with tenors of 1092 days and 1852 days and coupon rates of 7.35% and 7.66% respectively. The instruments have been rated ‘CRISIL AAA/ Stable’ by the ratings agency Crisil, the firm said in an exchange filing. Bajaj Finance had recently raised Rs. 8,500 crore through qualified institutional placement (QIP) by issuing over 2.17 crore equity shares at an issue price of Rs. 3,900 per share. The firm said the capital raise will support the growth of the company over the next few years.

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    09:26 (IST)15 Nov 2019
    BSE live: Vodafone Idea, Bharti Airtel plunge up to 10% after record loss in Q2; Sensex up

    The headline indices Sensex and Nifty opened higher on Friday morning, after S&P 500 notched up a record close yesterday. The Sensex was up about 155 points to 40,437, while the Nifty was trading above the 11,900-mark. Vodafone Idea shares plunged more than 10% top hit the day's low at Rs 2.66 on BSE. Bharti Airtel shares slumped more than 2% to hit Rs 354.40 on BSE, after the firm posted record quarterly loss in Q2. Bharti Airtel on Thursday posted its biggest consolidated net loss at Rs 23,045 crore for the July-September quarter. A look at LIVE Sensex heatmap.

    09:13 (IST)15 Nov 2019
    NCLAT sets aside NCLT order approving Dhanuka’s resolution plan for Orchid

    In a blow to beleaguered Orchid pharma, the National Company Law Appellate Tribunal (NCLAT) has set aside the Chennai NCLT order that approved the resolution plan of Dhanuka Laboratories on the ground that the amount offered in favour of stakeholders, including the financial creditors and the operational creditors, was much less than the liquidation value. This was Orchid’s second resolution plan – the previous one by US-based Ingen Capital was annulled by the NCLT after the firm had failed to remit the upfront payment as per norms. In its November 13 order on an appeal filed by one of the resolution applicants, Accord Life Spec, the NCLAT Bench ordered setting aside of the approved resolution plan. The matter stands remitted to the adjudicating authority (Chennai NCLT) for decision in accordance with law, the NCLAT said.

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    09:12 (IST)15 Nov 2019
    Downgrade: Now, Moody’s cuts India GDP forecast for 2019 to 5.6%

    Moody’s Investors Service on Thursday cut its forecast for India’s 2019 (calendar) GDP growth by 60 bps to 5.6%, in what reflected a continuing trend of such downward revisions by prominent domestic and foreign agencies. “We now forecast slower real GDP growth of 5.6% in 2019, from 7.4% in 2018. We expect economic activity to pick up in 2020 and 2021 to 6.6% and 6.7%, respectively, but the pace to remain lower than in the recent past,” Moody’s said in its latest Global Macro Outlook report.

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    09:10 (IST)15 Nov 2019
    Oil rises on hopes for OPEC supply curbs, new optimism on US-China trade deal

    Oil prices posted early gains as OPEC’s outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. Optimism that the United States and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was “getting close”, citing what he called very constructive discussions with Beijing. Brent crude futures were up 30 cents, or 0.5%, at $62.58 a barrel by 0147 GMT, having dropped 9 cents on Thursday.

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    09:08 (IST)15 Nov 2019
    Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

    Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore. The bank had earlier reported a net loss of Rs. 5,641 crore for the year ended March 2019. Similarly, Indian Overseas Bank (IOB) revised its net loss for FY19 to Rs. 6,000 crore from Rs. 3,738 crore, as reported earlier. So far, five banks have disclosed divergences in asset recognition for FY19.

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    09:07 (IST)15 Nov 2019
    Falling revenue: Govt yields to recalcitrant taxpayers, key GST returns diluted

    The goods and services tax collections are falling — the rate of annual growth was negative in both September and October — but that doesn’t seem to make the authorities any stricter in enforcing compliance and closing the avenues for evasion. On Thursday, the government not only extended yet again the due dates for filing Form GSTR-9 (annual return) and Form GSTR-9C (reconciliation statement) by one and three months, respectively, to December 31 and March 31, but also undermined the utility of these returns by virtually removing its crucial anti-evasion features.

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    09:06 (IST)15 Nov 2019
    Asian shares rise, but gains capped by weak sentiment

    Asian equities rose on Friday after the S&P 500 index notched a new record closing high, but investor sentiment remained fragile following weak data from China and Germany, which reinforced concerns about the global economy. Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.34%. Japan’s Nikkei added 0.58% and Australian shares gained 0.53%. The safe-haven yen weakened, with the dollar rising 0.11% to buy 108.50 yen.

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    09:04 (IST)15 Nov 2019
    Vodafone Idea posts Rs 50,922 crore loss, India’s biggest quarterly net loss

    Vodafone Idea posted a net loss of Rs. 50,922 crore for the second quarter ended September, the highest ever net loss reported by a company in India. The company’s performance took a hit on account of an exceptional charge of Rs. 25,680 crore it took during the quarter, on account of the recent Supreme Court ruling on adjusted gross revenue (AGR). The company has made a provision for potential payments that it will have to make to the department of telecommunications (DoT).

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    09:03 (IST)15 Nov 2019
    Bharti Airtel posts huge loss of Rs 23,045 crore in Q2 after AGR provisioning

    Bharti Airtel on Thursday posted its biggest consolidated net loss at Rs. 23,045 crore for the July-September quarter on the back of provisions for the licence fee and spectrum usage charge based on the definition of the Supreme Court of what constitutes adjusted gross revenue. The company made an exceptional charge during the quarter of Rs. 22,394 crore (net of tax) which comprises a charge on account of licence fee and SUC of Rs. 16,815 crore and Rs. 11,635 crore, respectively. Bharti said in the absence of available reliefs, with respect to the operations of the company, the liabilities/provisions as at September 30, 2019, aggregate Rs. 34,260 crore (comprising principal of Rs. 8,747 crore, interest of Rs. 15,446 crore, penalty of Rs. 3,760 crore and interest on penalty of Rs. 6,307 crore).

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