Airtel has decided to pay the basic income for April to nearly 25,000 employees of its distribution partners and retail franchisee network to help them tide over the unprecedented situation arising out of the ongoing lockdown to contain the spread of COVID-19.
Telecom operator Bharti Airtel has surpassed HDFC to become the country's fifth most valued firm in terms of market valuation. At close of trade on Wednesday, Bharti Airtel's market capitalisation (m-cap) stood at Rs 2,78,206.15 crore, Rs 1,987.86 crore more than that of HDFC's valuation of Rs 2,76,218.29 crore on the BSE.
Bharti Airtel and Reliance Jio will continue to gain market share at the cost of Vodafone Idea''s "worsened" financial health that may deteriorate further in the wake of the AGR judgment, Axis Capital said in a note on Friday.
Bharti Enterprises has committed over Rs 100 crore to support India’s fight against COVID-19, the company said in a statement on Tuesday. A large portion of the corpus will be immediately contributed to the PM CARES Fund.
Vodafone Idea plunged 40 per cent to Rs 2.91 and Bharti Airtel declined 5 per cent to Rs 431.25 on the BSE. Both the companies erased their early gains and were trading with losses.
Bharti Airtel and Vodafone Idea Ltd, whose self-assessed dues to the government are less than half of what the Department of Telecommunications (DoT) estimates, must disclose workings highlighting areas of difference as minority shareholders deserve to know, an analyst report said.
The comment assumes significance as the government on March 4 had asked Bharti Airtel, Vodafone Idea and other telecom companies to pay the remaining adjusted gross revenue (AGR) dues as per the Supreme Court order without further delay.
Vodafone Idea, Bharti Airtel and Reliance Jio on Tuesday paid cumulative over Rs 6,000 crore to the government towards deferred spectrum dues while Tatas said it has deposited another Rs 2,000 crore for ad hoc statutory liabilities.
Bharti Airtel pays an additional Rs 8,004 cr towards adjusted gross revenue dues to the Department of Telecom. Earlier on February 17, the company had deposited Rs 10,000 crore aggregating to a total payment of Rs 18,004 cr now complied with AGR judgment and directions of the Supreme Court.
Fitch Ratings on Thursday said it has taken Bharti Airtel off 'watch negative' and affirmed the telecom operator's long-term foreign currency issuer default rating at 'BBB-' with a stable outlook.
A number of telecom firms are in troubled waters with over a massive Rs 1.47 lakh crore of adjusted gross revenue (AGR) dues to pay. These include top telcos -- Bharti Airtel and Vodafone Idea -- who owe about 60 percent.
The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives.
In an ultimatum, the Department of Telecommunications has ordered firms including Bharti Airtel and Vodafone Idea to clear dues before Friday midnight.
Bharti Airtel on Wednesday said its wholly-owned subsidiary Network i2i plans to raise funds worth up to USD 250 million (approximately Rs 1,780 crore) through perpetual bonds.
Telecom operator Tata Teleservices on Thursday said the Department of Telecom (DoT) has approved the merger of its consumer mobile business with Bharti Airtel. Tata Teleservices listed arm said in a regulatory filing said the DoT through its letter dated February 6, 2020 has conveyed approval of the competent authority in DoT for taking on record demerger of consumer mobile business undertaking of the company into Bharti Airtel Limited (BAL).
Telecom operator Bharti Airtel on Tuesday posted a consolidated loss of Rs 1,035 crore for the third quarter ended December 31, 2019. The company had recorded a profit of Rs 86 crore a year ago.
The removal of Bharti Airtel's name from the Directorate General of Foreign Trade (DGFT) blacklist is expected to come as a relief to the telecom operator which is otherwise staring at billions of dollars in past statutory dues.
The Directorate General of Foreign Trade (DGFT), which is under the Commerce ministry, has put Bharti Airtel under entry list which is commonly known as blacklist for non-fulfilment of export obligation in respect of certain EPCG authorisation issued to them. Following the move, the company will not be able to avail any export benefit or licence from the DGFT.
Telecom major Bharti Airtel has partnered with money transfer firm Western Union, wherein the former's payments bank customers can receive international remittances into their accounts, says a joint statement of the companies.
The Department of Telecom (DoT) had on Tuesday approved raising of foreign direct investment in Bharti Airtel to 100 per cent from 49 per cent allowed earlier, a stock exchange filing of the company had said.
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