From the swearing-in of India’s new Chief Justice to major corporate earnings reports and the cancellation of a cricket tournament in Pakistan-administered Kashmir, this week was packed with significant developments across various sectors. Read on for a comprehensive overview.
From a continuing market downturn to alarming air quality in Delhi, today’s news in India paints a mixed picture. The stock market saw its fifth consecutive decline, while Vodafone Idea reported narrowing losses. Meanwhile, Delhi’s air quality deteriorated to severe levels, impacting residents’ health. In sports, Virat Kohli’s absence from the top 20 Test rankings marks a significant shift. Read on for a comprehensive overview of the day’s most important events.
The Supreme Court has reinstated tax notices worth ₹20,000 crore to ₹23,000 crore issued by the Directorate of Revenue Intelligence (DRI) against major companies including Vedanta, Vodafone Idea, Adani Enterprises, and Canon. This decision overturns a 2021 ruling that had limited the DRI’s authority to issue such notices.
India’s stock market reached new heights on Friday, with the BSE benchmark hitting a record high. Meanwhile, the primary market remains buoyant with 11 IPOs set to launch next week. Vodafone Idea has also announced a significant investment in network infrastructure, awarding contracts worth $3.6 billion to Nokia, Ericsson, and Samsung.
The Supreme Court has dismissed curative petitions filed by Vodafone Idea and other telecom companies, upholding its 2019 ruling on Adjusted Gross Revenue (AGR) calculations. This decision throws Vodafone Idea deeper into financial crisis, while Airtel sees a slight boost. The court’s refusal to reconsider the AGR calculation method will likely further burden Vodafone Idea, which is already struggling to meet its financial obligations and improve its services.
The Supreme Court of India will hear curative petitions filed by telecom giants Bharti Airtel and Vodafone Idea challenging the 2019 AGR ruling that imposed significant financial burdens on the companies. The hearing, scheduled for 1:30 pm today, will be closed to the public.
Indian markets witnessed significant developments today, May 27, 2024. Nine stocks, including Vodafone Idea and Bandhan Bank, were placed under the F&O ban list by the NSE for exceeding market-wide position limits. The Indian Air Force’s 18 Squadron, equipped with indigenous Tejas aircraft, became operational at Sulur. Apple’s iPhone SE 4 made its debut in India, while budget carrier Go First resumed flight operations after filing for bankruptcy. The highly anticipated IPO of Awfis Space Solutions is set to close today. Additionally, the results for major school board exams, including RBSE 10th and MSBSHSE 10th, are expected to be released.
Vodafone Idea’s Follow-on Public Offering (FPO) has been successfully listed on the National Stock Exchange, marking a significant milestone for the telecom company. The listing is expected to enhance liquidity and increase trading volumes for the company.
The successful completion of Vodafone Idea’s 18,000-crore follow-on public offer (FPO) marks a significant turning point for the Indian telecom industry, according to Aditya Birla Group chairman Kumar Mangalam Birla. Calling Vodafone Idea a ‘national asset,’ Birla expressed his belief that the company is well-positioned for a smart turnaround with the support of the funds raised and continued backing from banks.
Vodafone Idea’s Follow-on Public Offer (FPO) has been hailed by Aditya Birla Group Chairman Kumar Mangalam Birla as a turning point for India’s telecom industry. The event signifies the start of ‘Voda Idea 2.0,’ and the company’s shares rebounded significantly after the FPO listing.
