Top headlines: Airtel accepts 4-year moratorium; IPL gets 2 more teams

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Bharti Airtel accepts 4-year moratorium on spectrum, AGR payments

Bharti Airtel has informed the government that it will opt for the four-year moratorium on payment of AGR and spectrum dues, a source said.

The option of dues moratorium was offered by the government to telcos as part of a recently-announced relief package for the telecom sector. Read more

Tech Mahindra Q2 net up 26% YoY to Rs 1,339 cr, down slightly sequentially

Tech Mahindra, a top-5 IT services provider, reported a strong set of numbers in the second quarter of FY22, as growth was driven by adoption of 5G, cloud and digital transformation.

The company reported net profit at Rs 1,339 crore up 25.8 per cent, but down 1.1 per cent sequentially. Profits were impacted by higher tax rates in other geographies. The revenue for the quarter grew 16.1 per cent year-on-year at Rs 10,881 crore. Revenue was up 6.7 per cent sequentially. Read more

Govt signs share purchase agreement with Tatas for Air India sale

The Centre has signed the share purchase agreement (SPA) with Tata Sons for the privatisation of national carrier Air India.

The wholly-owned subsidiary of Tata Sons, Talace Pvt Ltd, earlier this month had emerged as the successful bidder to buyout government’s shareholding in Air India. The share purchase agreement (SPA) with Tata Sons was signed today, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet. Read more

New IPL teams: CVC Capital wins bid for Ahmedabad, RPSG Group gets Lucknow

Kolkata-based business tycoon Sanjiv Goenka's RPSG Group claimed the Lucknow franchise for a whopping Rs 7,090 crore while international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5,600 crore offer as the eagerly-awaited two new IPL teams were unveiled in Dubai on Monday, PTI reported.

The BCCI was expecting a windfall in the range of Rs 10,000 crore but to their surprise, earned Rs 12,690 crore from the two new teams that will take part in the 2022 IPL.

Monsoon withdrawal in 2021 is seventh-most delayed retreat in 46 years: IMD

The southwest monsoon withdrew from the entire country on Monday, making it the seventh-most delayed retreat since 1975, according to the India Meteorological Department (IMD).

In view of a significant reduction in rainfall activity over most parts of the country, the southwest monsoon has withdrawn from the entire country today (October 25, 2021). Simultaneously, with the setting in of northeasterly winds in the lower tropospheric levels, the northeast monsoon rain has commenced over extreme south peninsular India today, the IMD said in a statement. Read more