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Congress slams govt over mobile phone tariff hike by 3 leading firms
The Congress party criticized the Modi government for allowing three major private telecom companies—Reliance Jio, Bharti Airtel, and Vodafone Idea—to increase mobile service tariffs, accusing them of profiteering from 109 crore users. Congress leader Randeep Surjewala condemned the unilateral tariff hikes, highlighting that the companies collectively raised rates by an average of 15% effective July 3 and 4, 2024.
Pakistan's federal cabinet approves hike of PKR 5.72 per unit in basic power tariff
Pakistan's federal cabinet has approved a significant hike in the basic power tariff, raising it by PKR 5.72 per unit. This increase, effective from July 1, 2024, will raise the average electricity tariff to PKR 35.50 per unit. The move aims to cover financial losses and support an IMF bailout, despite causing consumer strain.
Telecom competition takes a breather, may recharge Vodafone Idea
Voda Idea's financial health is expected to improve with a projected increase in ARPU, revenue growth, and a slowdown in market share loss after the tariff hike. Vi is seeking external debt funding to bolster network expansion and 5G rollout after a recent capital raise.
Stars are aligning! Vodafone Idea share price targets increase after tariff hike
Vodafone Idea's target price sees a boost post-tariff hike, reflecting industry trends. Kotak Equities emphasizes low ARPU in India and the need for Jio to seize monetization opportunities.
Australian shares fall as inflation data triggers rate hike worries
Australian shares closed lower on Wednesday, dragged by declines in financial and mining stocks, as concerns about rate hikes heightened the risk of loan defaults and higher cost of capital.
Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 cr turnover: GTRI
The Global Trade Research Initiative (GTRI) proposed several reforms to enhance India's Goods and Services Tax (GST) system on its 7th anniversary. Recommendations include raising the GST exemption limit to Rs 1.5 crore for firms (up from Rs 40 lakh), simplifying the tax structure by reducing slabs and eliminating state-wise registration requirements. GTRI highlighted GST's role as the world's largest indirect tax platform, with over 1.46 crore registrations.
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Budget 2024: D-Street captains urge FM Sitharaman to hike STT charges on high frequency traders
Every sale and purchase of equities listed on exchanges incurs a Securities Transaction Tax. The STT rate is 0.017% on options sales and 0.01% on futures sales. Additionally, a proposal to discourage retail investors from trading futures and options by imposing an additional tax was reportedly not discussed, according to ETNow sources.
Karnataka BJP protests fuel price hike with cycle jatha, party workers detained
Karnataka BJP has staged a 'cycle jatha' in various locations across the state to protest the state government's hike in fuel rates. Workers in Bengaluru were detained midway, calling the detention unconstitutional. The party accused the government of suppressing protests and urged the people to revolt against the government.
After fuel prices, Bengaluru to hike water tariffs? Karnataka Dy CM DK Shivakumar weighs in
Karnataka Deputy CM DK Shivakumar addressed concerns over potential water tariff increases in Bengaluru, noting that rates have not been adjusted in a decade despite financial losses. He stressed the necessity for new projects and highlighted difficulties in obtaining financing from banks for the Bangalore Water Supply and Sewerage Board (BWSSB).
CM Siddaramaiah challenges BJP to stage demo against Centre over injustice to Karnataka
Karnataka Chief Minister Siddaramaiah challenged the BJP to protest against the Centre's treatment of the state, citing fuel price hikes and lack of central funds. He criticized the BJP for failing to address issues like rising petrol prices despite lower crude oil costs. Siddaramaiah highlighted discrepancies in fund allocation and accused the BJP of neglecting Karnataka's development needs.
Gautam Adani raises stake in Adani Enterprises by 1.32% in June quarter
The billionaire businessman did so via the open market. He bought this stake in AEL in two tranches. Between May 10 and 14, he reportedly bought an additional stake of 0.42% in the group’s flagship company through Kempas Trade and Investment. He followed it up with a 0.92% stake purchase through Emerging Market Investment DMCC.
Pakistan hikes defence budget by nearly 15 per cent in 2024-25
Pakistan announced a 15% increase in defence spending, reaching Rs 2,122 billion in the 2024-25 budget. Finance Minister Aurangzeb presented the budget in the National Assembly, the first under the PML-N and PPP coalition government.
Domestic air passenger traffic grows 5.1 pc to about 138.9 mn in May: ICRA
In May, domestic air passenger traffic grew 5.1% YoY to 138.9 million, 14% higher than pre-Covid levels, as per Icra. The Indian aviation industry outlook is stable with a continued recovery in passenger traffic and stable cost environment, expecting the trend to continue in FY2025.
Not with standing weekly loss, downside in gold likely to remain limited
Going by the action in bonds, the markets are still not giving much credence to the idea of a rate hike. The next week is quite crucial for the financial markets as many major data and reports will be released.
India's power sector anticipates healthy growth in FY2025; demand seen remaining strong at around 6%
The healthy demand growth continued in the first two months of FY25 at over 10 per cent supported by a favourable base. The report stands validated by the record maximum power demand of 250 GW on May 30, as announced by the Ministry of Power.
Visa fee hike hits IT cos; Airport cab fares set to rise
Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in today’s ETtech Morning Dispatch.
Airlines dole out hikes and bonus after a good year
IndiGo and Air India announce salary hikes and bonuses for employees. IndiGo offers a 5% bonus to mark profitability in FY24, while Air India hikes salaries and bonuses up to Rs 1.8 lakh from April 1.
Air India gives salary increments to staff; announces target performance bonus for pilots
Air India unveiled its annual salary increments for employees and introduced an annual target performance bonus for pilots, marking the first appraisal cycle since the Tata Group assumed control of the struggling airline over two years ago. Alongside the rise in fixed pay for the fiscal year 2023-24, Air India has implemented an element of annual target performance bonus for its pilots, contingent upon both company-wide and individual performance. This addition will take effect starting from the fiscal year 2024-25.
Nomura upgrades Vodafone Idea, doubles target price. Should you buy?
Vodafone Idea Target Price: Nomura has upgraded its rating on Vodafone Idea, expressing optimism that the worst is behind the company and it is now poised for better prospects. The stock has been upgraded from "reduce" to "neutral". Vodafone Idea's Q4 revenue stood at Rs 10,600 crore, which was in line with estimates.
Stocks in news: Godrej Properties, Whirlpool, Solara Active Pharma, TCS, Nestle India
Bandhan Bank reported a net profit of Rs 54.62 crore for the quarter ended March 2024, which was down from Rs 808 crore in the year ago period.
U.S. regulators reconsider capital hike for big banks, WSJ reports
The Federal Reserve and two other U.S. regulators are moving toward a new plan that would significantly reduce a nearly 20% mandated increase in capital for the country's biggest banks following lobbying efforts by industry CEOs like JPMorgan Chase's Jamie Dimon, the Wall Street Journal reported on Sunday.
Signalling clarity on payment approach: Vi may give government more equity to clear its bills
Vodafone Idea (Vi) CEO Akshaya Moondra discussed the telco's strategy to address government dues, including further conversions into equity and utilizing internal accruals. With obligations towards spectrum and AGR payments, Vi aims to leverage these methods before the moratorium ends in September 2025. Moondra also emphasized the viability of tariff hikes post-elections, highlighting the essential nature of mobile services. Vi is actively planning 5G rollouts, aiming for key city deployments over the next six months.
Revenue/Ebitda misses led to Vi’s higher net loss in Q4FY24: Analysts
Vodafone Idea's widening net loss to Rs 7,675 crore in the fiscal fourth quarter was attributed to lower revenue and operating income. Despite minimal customer losses, Vi struggled to compete with Reliance Jio and Bharti Airtel. Analysts noted a decline in revenue and Ebitda, with a modest increase in ARPU. The recent equity raise aims to alleviate financial strain.
Your phone bill could rise by up to 25% post election
The report said while the quantum of hike may appear large, it should be manageable for both urban and rural users, especially as data usage is sticky. For urban households, subscribers' spending on telecom would go up to 3.6% of total expenditure from 3.2%, it said, while for rural subscribers spending would increase to 5.9% from 5.2%.
Robinhood's crypto business drives massive earnings beat
Online brokerage Robinhood Markets beat estimates for first-quarter profit on Wednesday, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue.
Vi expects to clear all vendor dues in FY26, say analysts
According to Vodafone Idea management, proceeds from Rs 18,000 crore FPO and proposed Rs 25,000 crore debt funding would enable telco to also upgrade network, say analysts.
How an Housing.com CEO lost 70 kg weight in 2 years? He now does not take medicines for BP or cholesterol
Weighing 151.7 kilograms, tech entrepreneur Dhruv Agarwala embarked on a journey to transform his body. Through walking, strength training, reduced food intake, and abstinence from alcohol, he shed 71.1 kilograms within two years.
ECB posts its first loss since 2004 after barrage of rate hikes
Central banks around the world have suffered financially from the combined effects of large asset-purchase programs conducted when inflation was low and quickly rising interest rates after the pandemic.
Gaming app Hike posts almost 8-fold surge in FY23 revenue, losses up by 24%
Hike's overall expenses surged to Rs 299 crore in FY23, up 114% on year from Rs 140.45 crore in the previous fiscal. This increase was mainly driven by higher employee salaries, server costs and marketing expenses.
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