Corporates

Analysts covering the country's telecoms sector say Vodafone Idea is the most fragile of its three major wireless carriers.

The rating action reflects CRISIL's expectation of a lower likelihood of any relief from Government of India after the Supreme Court (SC) on February 14, 2020, did not grant any relief to the telecom companies, including Vodafone Idea, on adjusted gross revenue (AGR) dues and directed them to make the payment before the next hearing date i.e. March 17, 2020.

US President Donald Trump on Tuesday imposed sanctions on the trading arm of Russian oil major Rosneft.

JLR CEO Ralf Speth said the company has enough supplies to ensure production for the next two weeks, but from the third week onwards it remains risky and could even mean plant closures. "We have flown parts in suitcases just to make sure we have all the parts but for the third week, we still have parts missing," Mr Speth said.

The Department of Telecom has issued demand notices to GAIL, Oil India and Power Grid for Rs 1.83 lakh crore, Rs 48,000 crore and Rs 22,000 crore, respectively.

The Competition Commission of India (CCI) in 2015 ordered a probe into allegations of anti-competitive practices after similar fares were being offered on certain routes by IndiGo, SpiceJet, GoAir, state-run Air India and now-defunct Jet Airways.

Reliance in August valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20 per cent stake.

Ratings agency Standard and Poor's Indian unit, Crisil, warned on Monday that nearly three gigawatts of solar power projects worth $2.24 billion could be at risk of penalties for missing a July 2020 completion deadline as the coronavirus hit solar industry supplies.

HSBC said it would merge its private banking and wealth businesses, axe European stock trading and cut US retail branches as it seeks to remove $4.5 billion in costs.

China is the world's biggest metals consumer but also the top exporter of some industrial metals, such as steel and aluminium.

Analysts covering the country's telecoms sector say Vodafone Idea is the most fragile of its three major wireless carriers and if it shuts shop, the market would shape up as a duopoly of rivals Airtel and Reliance Industries' Jio.

Reliance Industries' holding in Network18 will be cut to about 64 per cent from 75 per cent as a result of the recast, the Mumbai-based company said in the statement.

Vodafone Idea Ltd (VIL) has said its board has authorised the company to immediately pay Rs 2,500 crore, a portion of its statutory dues, to the telecom department on Monday.

Vodafone Idea and Tata Group have made part payment of about Rs 2,500 crore and over Rs 2,190 crore, respectively, to the telecom department towards statutory dues, a government official said on Monday.

Mr Puri was speaking at an event held to distribute the 'Letters of Appreciation' issued by Prime Minister to the staff of Air India who conducted evacuation operation of the stranded Indians from the Wuhan city.