Top headlines: DoT finds gaps in telcos' AGR math; PM urges calm on Corona

From Tatas making additional AGR payment to why foreign lenders are rushing to invest in Indian retail banking space, here are top 10 headlines of the day

DoT to seek details of AGR calculation from telcos this week

The Department of Telecommunications (DoT) will, this week, issue fresh notices to telecom companies seeking details of their adjusted gross revenue (AGR) calculations as it has found discrepancies in the amount paid by the telcos and the sum sought by the government. "We have so far received Rs 24000 crore from the companies, which is way less than the amount that we had arrived at. They will have to explain it to us as to how they arrived at their numbers," a senior DoT official said. Read More Here

India stocks up for Coronavirus

India, the world's main supplier of generic drugs, on Tuesday restricted the export of 26 pharmaceutical ingredients and drugs made from them, including paracetamol, as concern mounted the coronavirus outbreak could turn into a pandemic. Indian pharma companies get almost 70% of the active pharmaceutical ingredients (APIs) for their medicines from China. Already, the coronavirus outbreak has disrupted businesses dependent on Chinese supplies and industry professionals say Indian generic drugmakers are likely to face supply shortages from China if the epidemic drags on. Read More Here

Ready to take action for smooth functioning of markets: RBI on Coronavirus

In the wake of the volatility in the financial markets due to COVID-19, the Reserve Bank of India today said that it is ready to take appropriate action to ensure orderly functioning of financial market, maintain confidence and preserve financial stability. The apex bank added that it is closely monitoring global and domestic developments continuously. Globally, financial markets have been quite volatile, with the spread of coronavirus triggering risk-off sentiments and flight to safe havens. The spillover to the financial markets in India has largely been contained, RBI said in its statement. Read More Here

No need to panic from coronavirus, says PM Modi

Prime Minister Narendra Modi on Tuesday asked people not to "panic" as authoriities ramped measures to detect infections in different parts of the country. A total of eight new infections were detected on Tuesday: two in Delhi and six in Agra. Separately, seven persons were suspected of contracting the virus in Uttar Pradesh. PM Modi in a tweet, said, “There is no need to panic. We need to work together, take small yet important measures to ensure self-protection.” Read More Here

Tatas make additional payment of Rs 2,000 crore towards AGR dues

Tata Teleservices on Tuesday paid an additional amount of about Rs 2,000 crore to the telecom department on ad hoc basis towards their AGR liabilities, PTI reported. The additional payment of over and above Rs 2,197 crore it has already submitted to the government, is aimed at covering any reconciliation differences. The government estimated Tata's dues at about Rs 14,000 crore. Earlier, Tata Teleservices had paid Rs 2,197 crore as its AGR dues to the DoT, saying it was the company’s full and final payment. Read More Here
 

Voda Idea pays around Rs 3,043 cr towards deferred spectrum dues: Report

Troubled Vodafone Idea on Tuesday paid about Rs 3,043 crore to the telecom department towards deferred spectrum dues, sources said. Deferred spectrum dues are essentially instalment payments that are made by telcos for airwaves bought in past auctions. The move assumes significance as VIL has been under financial pressure and is confronted with AGR (Adjusted Gross Revenue) liabilities of over Rs 53,000 crore. Read More Here

Why foreign lenders are rushing to invest in Indian retail banking space

Outsized returns in India, besting local lenders for the first time in a decade, are emboldening banks such as Citigroup, Deutsche Bank and HSBC to invest more in a market that has long held promise but tended to under-deliver. Easing regulations and a surge in online banking are driving the change, with several overseas lenders increasing investment plans for the country to win affluent clients away from domestic rivals, senior bankers told Reuters. Read More Here

India's electricity supply rises 7.1% in February on strong demand

India's electricity supply rose 7.1 per cent during February, provisional government data showed, marking the second straight month of growth after five straight months of decline. Power supply rose to an average of 3.62 billion units per day in February, up from 3.38 billion units last year, an analysis of daily load despatch data from state-run Power System Operation Corp Ltd (POSOCO) showed. Read More Here

Retail tycoon Yusuff Ali becomes first Indian to receive Saudi Green Card

Abu Dhabi-based Indian retail tycoon M A Yusuff Ali has become the first Indian to receive Saudi Arabia's premium residency, his office said in a statement on Monday. Yusuff Ali, 64, is the chairman of the LuLu Group, who was ranked the richest expat in the UAE by the Forbes magazine last year. The permit, informally known as Saudi Green Card, grants expatriates the right to live, work and own business and property in the Kingdom without need for a sponsor, the LULU group said in a statement. Read More Here
 

Bitcoin a currency or commodity? Regulators grapple with 

So bitcoin's a currency, right? Well, yes, it can be used to buy, sell and price goods much like dollars and euros. A commodity? Come to think of it, it does behave a lot like oil and gold - it can be bought and sold in cash markets or via derivatives such as futures. What about a security? Many cryptocurrencies are, in a way. They're issued like stocks in "initial coin offerings" and used to represent shares in online projects. Read More Here

IndiGo, GoAir to replace 180 unmodified PW engines by May 30: DGCA

Aviation regulator DGCA on Tuesday stated that IndiGo and GoAir will be replacing a total of 180 unmodified Pratt and Whitney (PW) engines on their A320neo planes with modified ones by the end of May this year. IndiGo and GoAir have 106 and 43 such A320neo aircraft - fitted with PW engines - in their fleet, respectively. Post the induction of the aircraft into service, there have been a number of incidents of snag in their PW engines. Read More Here