Bharti Airtel logs first quarterly loss in 14 years

Telco posts ₹2,866 crore loss in Q1

02/08/2019, PRESS TRUST OF INDIA,NEW DELHI

Bharti Airtel on Thursday posted a staggering ₹2,866 crore loss for the June quarter, its first consolidated loss in 14 years, as the telco lost ground to rival Reliance Jio and took a hit from exceptional items such as charges towards accelerated depreciation of 3G network gear.

The revenue rose 4.7% to ₹20,738 crore during the first quarter ended June 2019.

“After accounting for hit of ₹14,454 million (₹1,445.4 crore) towards exceptional items (net of tax), the resultant net loss for the quarter ended June 30, 2019 came in at ₹28,660 million (₹2,866 crore), compared to profit of ₹973 million (₹97.3 crore) in the corresponding quarter last year and ₹1,072 million (₹107.2 crore) in the previous quarter,” the company said in its quarterly report.

‘Exceptional hit’

The “exceptional hit” for the quarter included amongst other heads a charge towards accelerated depreciation of 3G network equipment and operating costs on network re-farming and up-gradation programme as well as incremental provision for derivative liabilities pertaining to customary indemnities provided to a clutch of investors of Airtel Africa and expenses relating to its recent listing, the company explained.

Airtel’s revenue from India mobile services increased 4.1% year-on-year to ₹10,724 crore.

In revenue terms, Reliance Jio is now comfortably placed on top of the telco stack given that its topline stood at ₹11,679 crore in June quarter (just three years into its commercial operations) against ₹11,269.9 crore of Vodafone Idea.

Airtel, though, registered an improvement in many of the operational parameters. For instance, for the June quarter, Airtel’s India Average Revenue Per User stood at ₹129 against ₹123 in the March quarter. Also, mobile data traffic on its network grew 94% year on year.

Commenting on the earnings, Gopal Vittal, MD and CEO (India and South Asia), Bharti Airtel, said the first quarter of the year has begun with a “healthy and equitable growth across all our lines of businesses. Headline pricing remained stable, albeit at low levels,” he said.

SC transfers Unnao cases to Delhi court

02/08/2019

Sunday’s ‘accident’ killed two of her aunts accompanying her in the car and left her and her lawyer critically injured. The victim is on ventilator support at King George’s Medical College and Hospital in Lucknow. The CBI is investigating suspicions of foul play.

The court ordered the CBI to complete its probe into the ‘accident’ case in the next seven days. As an exception, it said, the CBI could take another week. But under no circumstance should the probe extend beyond a fortnight.

The agency, represented by Solicitor-General Tushar Mehta, initially sought a month’s time to complete the probe. “A month? You have seven days… you do what you have to do within that time,” CJI Gogoi said.

The court also ordered protection for the girl and her family by personnel from the Central Reserve Police Force at the urging of its amicus curiae V. Giri.

Mr. Giri said the girl was in the hospital with just her mother to attend to her. The family was not financially well off. The State should pay her an “exemplary” compensation, he said.

But the Uttar Pradesh government protested that it would pay a compensation only “as per statute”.

“What is happening in this country? You want the Supreme Court to follow statutes to order compensation?” the CJI said.

The court finally fixed ₹25 lakh as the interim compensation and ordered the U.P. government to pay the amount on August 2.

The court insisted on getting a complete low-down on the Unnao cases and the status of the CBI probe.

Further, the court directed Mr. Mehta to have a team of doctors check the medical condition of the victim and her lawyer to see if they could be airlifted to Delhi for advanced treatment.

At 2 p.m., Mr. Mehta informed the court that both were medically fit to be shifted. The court said it would pass the necessary orders whenever their families gave their consent to shifting both to Delhi.

In a separate order, the CJI Bench directed Sanjeev Sudhakar Kalgaonkar, Secretary General of the court, to conduct an enquiry within seven days into whether any lapse or negligence on the part of Registry officials caused the Unnao victim’s letter to reach the CJI late.

Thursday’s first hearing began with the CJI asking Mr. Mehta to have a responsible officer of the CBI present in the court by noon with the entire case detail. The CJI was not swayed when Mr. Mehta asked the court to reschedule the case for Friday. “Tomorrow is another day, Mr. Solicitor. We want this to happen today,” he responded.

Man faces action for cancelling food order

02/08/2019, STAFF REPORTER,BHOPAL

Two days after a man in Jabalpur cancelled an order on food aggregator Zomato for being assigned a non-Hindu delivery executive, the local police on Thursday decided to make him sign a bond stating he would not post incendiary messages on social media that were against secularism and could disturb harmony.

“His tweets ended up dividing Twitter users on religious lines and could stoke communal disharmony. Therefore, we are taking preventive measures and taking him to the SDM court where he will be asked to sign a bond and a notice would be served on him,” said Amit Singh, Jabalpur Superintendent of Police.

The police had warned him that if he made such statements again, he would be charged under Section 122 and sent to jail for the remaining bond period.

Senior bank executive held in Srijan scam

02/08/2019, SPECIAL CORRESPONDENT

The CBI has arrested the Chief Manager, Indian Bank, Zonal office, in connection with the multi-crore Srijan scam in Bihar.

Armed with a non-bailable warrant issued by the Special Judge, CBI Court II, Patna, a CBI team, led by Devesh Kumar, Sub Inspector of Police, CBI, New Delhi, arrived here and arrested Chief Manager D. Deo Shankar Mishra on Wednesday.

Magistrate V.S. Balamurugan issued a transit warrant to produce him before the CBI Court II in Patna.

The accused was allegedly involved in the scam when he was posted as the Branch Manager in Bhagalpur in Bihar.

The CBI has been investigating the over ‘₹1,000-crore scam’ after registering a case in August 2017.

UGC panel urges review of process to appoint V-Cs

It says quality of research is linked to academic leadership

02/08/2019, SPECIAL CORRESPONDENT,NEW DELHI

A panel set up by the University Grants Commission (UGC) to promote and improve the quality of research in Indian universities, has called for a review of the way Vice-Chancellors (V-Cs) are appointed. The panel emphasised that the quality of research culture depended on good academic leadership.

In the last three years, several appointments have come under fire, with some V-Cs being removed because of financial irregularities and lack of qualifications.

“The UGC /MHRD as well as State governments must seriously review the mechanism by which Vice-Chancellors are appointed. Good academic leadership is essential for improving the research culture, including the quality of Ph.D./M.Phil. Degrees,” says the report of the committee headed by former Indian Institute of Science director P. Balaram. The report was made public on Wednesday.

The report underlines that “It is also extremely important to ensure that Governing Bodies of the universities [syndicate/executive council etc.] have eminent academics as members.”

court orders

Amid doctors’ protest, RS clears NMC bill in Parliament

Sushmi.Dey@timesgroup.com

New Delhi:02.09.2019

Rajya Sabha on Thursday passed the National Medical Commission (NMC) Bill with an aim to reform medical education sector inflicted with corruption and malpractices. The proposed legislations seeks to regulate the cost of private medical education, ease the burden of entrance exams on students, increase the number of medical colleges and create a mid-level health cadre with limited rights to prescribe drugs.

Though Lok Sabha had passed the bill on July 29, it will have to reapprove the legislation because the government introduced some minor changes, which have been passed by the Upper House. It was passed on a day when doctors are on a countrywide strike against the proposed legislation.

The bill that seeks to repeal the Indian Medical Council Act 1956 was approved by a voice vote in the Upper House, amid a walkout by AIADMK. The key provisions of the bill include setting up of a new medical education regulator - National Medical Commission (NMC) – which will replace the Medical Council of India (MCI), introduction of final year MBBS exam as National Exit Test which will also serve as a licentiate exam for MBBS students, entrance exam for post graduate medical courses as well as a screening test for foreign medical graduates.

Full report on www.toi.in

Rahul calls FM ‘incompetent’

New Delhi:Congress leader Rahul Gandhi termed finance minister Nirmala Sitharaman “incompetent” as he warned that the economy was hurtling towards recession.

Tagging a news report painting a bleak picture of Indian economy, Rahul Gandhi tweeted, “Mr PM, the economy has derailed and there seems to be no light at the end of the tunnel. If your incompetent finance minister is telling you there is light, trust me it’s the train of recession coming at full throttle.”

A day earlier, Rahul had tweeted, “Demonetization and GST rollout are perfect examples of ineptitude and lack of depth in the Modi government.” TNN