Vodafone Financial News

Zydus Lifesciences Ltd.(up 0.82 per cent), GlaxoSmithKline Pharmaceuticals Ltd.(up 0.36 per cent), Lupin Ltd.(up 0.22 per cent) and Laurus Labs Ltd.(up 0.01 per cent) were among the top gainers. Ipca Laboratories Ltd.(down 1.76 per cent), Biocon Ltd.(down 1.71 per cent), Cipla Ltd.(down 1.61 per cent), Granules India Ltd.(down 1.17 per cent) and Dr.

Bajaj Auto Ltd.(up 4.54 per cent), Hero MotoCorp Ltd.(up 2.1 per cent) and TVS Motor Company Ltd.(up 0.52 per cent) were among the top gainers. Bharat Forge Ltd.(down 1.5 per cent), Tata Motors Ltd.(down 1.02 per cent), Balkrishna Industries Ltd.(down 1.01 per cent), Tube Investments of India Ltd.(down 0.96 per cent) and Ashok Leyland Ltd.(down 0.91 per cent) were the top losers on the index.

Shares of Coforge Ltd.(up 0.6 per cent) and Persistent Systems Ltd.(up 0.07 per cent) ended the day as top gainers in the pack. On the other hand, L&T Technology Services Ltd.(down 5.63 per cent), MphasiS Ltd.(down 1.55 per cent), LTIMindtree Ltd.(down 1.12 per cent), Wipro Ltd.(down 0.96 per cent) and Tech Mahindra Ltd.(down 0.87 per cent) finished as the top losers of the day.

Shares of Prestige Estates Projects Ltd.(up 2.59 per cent), Brigade Enterprises Ltd.(up 0.5 per cent) and DLF Ltd.(up 0.03 per cent) ended the day as top gainers in the pack. On the other hand, Indiabulls Real Estate Ltd.(down 3.26 per cent), Godrej Properties Ltd.(down 1.85 per cent), Phoenix Mills Ltd.(down 1.49 per cent), Sobha Ltd.(down 1.16 per cent) and Oberoi Realty Ltd.(down 1.12 per cent) finished as the top losers of the day.

Shares of Tata Motors Ltd.(up 1.95 per cent), Maruti Suzuki India Ltd.(up 0.35 per cent) and Tube Investments of India Ltd.(up 0.07 per cent) ended the day as top gainers in the pack. On the other hand, Bharat Forge Ltd.(down 1.34 per cent), Balkrishna Industries Ltd.(down 1.11 per cent), MRF Ltd.(down 1.09 per cent), Bosch Ltd.(down 1.05 per cent) and Samvardhana Motherson International Ltd.(down 0.97 per cent) finished as the top losers of the day.

Supreme Court's ruling to treat licence fees as a capital expenditure that could potentially prompt authorities to raise hefty retrospective demands, including penalties on operators for tax payment shortfalls of past periods. Kotak Institutional Equities estimates Bharti Airtel could face a potential tax demand (excluding penalties) of Rs 6,000 crore for 2020-23, while Reliance Jio could be stung by a Rs 8,400-crore tax demand (without penalties) for 2017-2023. Analysts expect the final tax demands to be higher. Amortisation benefits This is after factoring in potential penalties for short payment of taxes for prior periods. While there could be an initial financial impact, sector experts expect that burden to even out over the licence period, with the tax outgo for telcos likely to decline in later years once amortisation benefits accumulate.

Shares of Bajaj Auto Ltd.(up 1.27 per cent), MRF Ltd.(up 1.22 per cent), Balkrishna Industries Ltd.(up 0.84 per cent), TVS Motor Company Ltd.(up 0.48 per cent) and Maruti Suzuki India Ltd.(up 0.43 per cent) ended the day as top gainers in the pack. On the other hand, Bosch Ltd.(down 1.63 per cent), Tata Motors Ltd.(down 1.57 per cent), Tube Investments of India Ltd.(down 0.63 per cent), Bharat Forge Ltd.(down 0.1 per cent) and Samvardhana Motherson International Ltd.(down 0.05 per cent) finished as the top losers of the day.

additional tax liabilities of about $1 billion on the telecom sector this fiscal year alone, impacting operator cash flows, the Supreme Court on Monday held that licence fees payable by the telcos will be treated as entirely «capital in nature». It set aside a Delhi HC order that categorised licence fees before and after July 31, 1999, differently, as capital expense and revenue expense, respectively. Rejecting this recharacterisation, a top court bench comprising Justices B V Nagarathna and Ujjal Bhuyan said the licence fees remain capital regardless of instalment payments after the New Telecom Policy 1999 came into effect. Big setback for older telcos The order is a setback for older telecom companies Bharti Airtel and Vodafone Idea, and, to a lesser extent, even for Reliance Jio, as they will need to reassess their financial structures and potentially face increased tax liabilities. «Variable licence fees will be treated as a capital expenditure and, as a corollary, the deduction will not be allowed in the year of the expenditure now,» said taxation lawyer Abhishek A Rastogi, founder of Rastogi Chambers.

Shares of Tata Motors Ltd.(up 4.73 per cent), Tube Investments of India Ltd.(up 1.72 per cent), Maruti Suzuki India Ltd.(up 1.38 per cent), Ashok Leyland Ltd.(up 0.74 per cent) and MRF Ltd.(up 0.37 per cent) ended the day as top gainers in the pack. On the other hand, Samvardhana Motherson International Ltd.(down 1.15 per cent), Bajaj Auto Ltd.(down 1.06 per cent), Eicher Motors Ltd.(down 0.5 per cent), Balkrishna Industries Ltd.(down 0.38 per cent) and Mahindra & Mahindra Ltd.(down 0.26 per cent) finished as the top losers of the day.

Shares of Persistent Systems Ltd.(up 0.18 per cent) ended the day as top gainers in the pack. On the other hand, Tech Mahindra Ltd.(down 2.66 per cent), Infosys Ltd.(down 1.93 per cent), Tata Consultancy Services Ltd.(down 1.86 per cent), HCL Technologies Ltd.(down 1.75 per cent) and LTIMindtree Ltd.(down 1.71 per cent) finished as the top losers of the day.

Shares of Bosch Ltd.(up 3.84 per cent), TVS Motor Company Ltd.(up 3.07 per cent), Maruti Suzuki India Ltd.(up 1.62 per cent), MRF Ltd.(up 0.87 per cent) and Bajaj Auto Ltd.(up 0.83 per cent) ended the day as top gainers in the pack. On the other hand, Ashok Leyland Ltd.(down 1.04 per cent), Hero MotoCorp Ltd.(down 0.4 per cent) and Tube Investments of India Ltd.(down 0.26 per cent) finished as the top losers of the day.

Shares of Dr. Reddy's Laboratories Ltd.(up 1.62 per cent), Cipla Ltd.(up 1.46 per cent), Divi's Laboratories Ltd.(up 0.99 per cent), Torrent Pharmaceuticals Ltd.(up 0.92 per cent) and Sanofi India Ltd.(up 0.79 per cent) ended the day as top gainers in the pack.

space sector to cut dependence on imports and manufacture space services-related equipment locally, as is the case with the telecom sector, the minister of state for communications, Devusinh Chauhan, said. “India’s telecom sector had huge reliance on imports, but...the country is now manufacturing telecom products (locally) and preparing for the next-generation of telecom technology…,” Chauhan said at an industry event on Tuesday. “Space will also have (an indigenous) technology like this.” The minister called on industry and stakeholders to explore additional futuristic technologies that could be “worked upon” in the telecom and satellite sectors. Tata-backed Nelco, though, warned that the very survival of satellite players in India would be at stake if satellite spectrum is not priced right by the government. The company reiterated the call for satellite spectrum allotment via the administrative route, as is the global practice. “Spectrum is the satellite industry’s lifeline…unless that is really (at) the right price, it will be impossible for the industry to survive,” Nelco managing director PJ Nath said at the event.

Tata Steel Global ratings agency Fitch Ratings has upgraded the issuer rating on the steel major to “BBB-” from “BB+”, with a stable outlook. The company’s plans to turnaround the UK operations with investments and part funding from the UK government has triggered the rating upgrade.

Bharti Airtel and Vodafone Idea on Monday requested the Supreme Court to hear in the “open court” their curative petitions against an earlier order, which rejected pleas for rectification of what they called arithmetical errors in the telecom department’s calculation of adjusted gross revenue (AGR) dues. Senior counsel Harish Salve, appearing for Vodafone Idea, told a bench led by Chief Justice of India DY Chandrachud that its curative petition should be heard soon. Salve was joined by senior counsel KK Venugopal, who appeared for Airtel, in seeking open court hearing on the curative petitions, saying that the «prejudice is so huge that there is a need for open court hearing”. The CJI said the court would decide on open court hearing after consulting the other judges who would be part of the bench.

Shares of TVS Motor Company Ltd.(up 1.41 per cent) ended the day as top gainers in the pack. On the other hand, Hero MotoCorp Ltd.(down 2.72 per cent), Sona BLW Precision Forgings Ltd.(down 2.46 per cent), Samvardhana Motherson International Ltd.(down 2.37 per cent), Mahindra & Mahindra Ltd.(down 2.17 per cent) and Tube Investments of India Ltd.(down 1.44 per cent) finished as the top losers of the day.

Investing.com — European stock markets traded lower Monday, as investors assessed the implications of the military conflict in the Middle East and the associated surge in oil prices.

Shares of Bharat Forge Ltd.(up 2.06 per cent), Bosch Ltd.(up 1.97 per cent), Maruti Suzuki India Ltd.(up 0.9 per cent), MRF Ltd.(up 0.73 per cent) and Mahindra & Mahindra Ltd.(up 0.7 per cent) ended the day as top gainers in the pack. On the other hand, Tube Investments of India Ltd.(down 1.03 per cent), Balkrishna Industries Ltd.(down 0.89 per cent), Sona BLW Precision Forgings Ltd.(down 0.6 per cent), Ashok Leyland Ltd.(down 0.2 per cent) and Samvardhana Motherson International Ltd.(down 0.1 per cent) finished as the top losers of the day.

Shares of Aurobindo Pharma Ltd.(up 2.69 per cent), Torrent Pharmaceuticals Ltd.(up 2.34 per cent), Granules India Ltd.(up 2.18 per cent), Alkem Laboratories Ltd.(up 1.87 per cent) and Laurus Labs Ltd.(up 0.96 per cent) ended the day as top gainers in the pack. On the other hand, Natco Pharma Ltd.(down 0.69 per cent) and Zydus Lifesciences Ltd.(down 0.21 per cent) finished as the top losers of the day.

₹3,273 crore, the company informed the exchanges. Vodafone Idea said DoT has in a communication on October 4 disposed-off the company's representation and objections in respect of license fee demand of ₹1,749 crore and ₹1,524 crore, respectively (including interest till 31.03.2023) for FY2015-16 and FY2016-17.

Shares of HDFC Bank Ltd.(up 1.42 per cent) and Bandhan Bank Ltd.(up 0.01 per cent) ended the day as top gainers in the pack. On the other hand, Axis Bank Ltd.(down 4.37 per cent), Punjab National Bank(down 4.14 per cent), State Bank of India(down 2.76 per cent), IDFC First Bank Ltd.(down 2.54 per cent) and Bank of Baroda(down 2.5 per cent) finished as the top losers of the day.