Singtel on Thursday posted a second-quarter loss of S$668 million (USD 491.29 million) hurt by a one-time charge recorded by India’s Bharti Airtel.Bharti Airtel said it made a provision of 284.50 billion (USD 3.99 billion) rupees after India’s Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.Singtel, Southeast Asia’s largest telecoms firm, reported a 3% rise in underlying net profit to S$737 million for the quarter.Close Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about Singtel posts first ever quarterly loss on Bharti Airtel provision
Liberty global quarterly results
Gaurav GargAfter the announcement of Q2 FY20 results, most of the OMCs announced below estimate bottomline along with muted revenues. Factors that impacted performance were low demand, lower diesel to petrol price parity and struggling auto sector. Let’s look at these in detail to get a perspective.Crude oil prices surged briefly after explosive drones cut Saudi Arabia’s oil production by half, but it remained in lower range for most part of the quarter. In Q2, Brent Crude prices traded in the range of $57-$70 a barrel. Brent Crude closed at $62.22 on November 11th, 2019. Lower crude prices generally mean, higher GRMs and in turn higher profitability for OMCs.Close Indian economy grew at its slowest pace in more than four years in the March quarter and the risk of a wider fiscal deficit threatens government spending as private investment falls, leaving the outlook for infrastructure and construction activities to be uncertain over the near to medium term. related news … [Read more...] about Why OMC’s Q2 results failed to meet street’s expectations?
Siemens on Tuesday reported an 18.4 percent increase in consolidated net for the quarter to September at Rs 330.6 crore driven by higher revenue.The company, which follows the October-September fiscal year, said revenue from operations increased 5.7 percent to Rs 4,018 crore during the fourth quarter.For the full year, its net income jumped 21.6 percent to Rs 1,087 crore on an revenue of Rs 13,323.1 crore, up 8.38 percent over the previous year.Close "The overall performance was very satisfactory despite a challenging market environment. Based on our visibility, we see muted capex spending in the next couple of quarters by both public and private sector companies," Siemens managing director Sunil Mathur said. related news RCap says shareholding in RGIC transferred to IDBI Trustee Services Govt explores national brand for textiles for global market Wall Street opens at record high as trade optimism persists Despite the slowdown, its gas & power and digital industries … [Read more...] about Siemens Q4 net jumps 18.4% to Rs 330 cr on higher sales
Shares of telecom players Bharti Airtel and Vodafone Idea have been soaring since they released their September quarter results on November 14.Shares of Bharti Airtel jumped nearly 7 percent to hit its fresh 52-week high of Rs 435.95 while Vodafone Idea surged 30 percent to the intraday high of Rs 5.80 on November 19.Even as they reported a mammoth cumulative loss of Rs 74,000 crore for the second quarter of the financial year 2010, at first glance, the market appears to be riding the hope that the tide will change for these telecom stocks.Close The hope was bolstered after reports emerged that the government is keeping a close eye on the sector and may announce some sort of relief for the beleaguered sector. related news Will a slow but steady Q2 turn things around for NBFCs? Q2 rejig: Promoters raise stake in over 50 BSE500 cos; reduce in nearly 100 Market Headstart: Nifty likely to open lower; Rallis India, Granules top picks Meanwhile, both companies decided to increase … [Read more...] about Buy, sell or hold? Telecom stocks ringing loud
AI. Digital. Machine learning.One could never seem to escape from these terms at the recent NASSCOM conclave in Mumbai. It would not be an exaggeration to say the whole place reverberated with the digital slogan despite geopolitical uncertainties looming large.Yes, one never knows how Brexit will swing or where trade wars will lead to. The US government’s position when it comes to H1B visa is only all too clear and is not bound to change anytime soon.Close And yet, IT industrialists are confident that there is no better time to be in this business than now. Many digital focused enterprises cite previous quarterly results that showed strong growth and increasing digital contribution. related news Oil slips to $62 as trade talks between US-China drag on Divided opposition no challenge to us in Jharkhand polls: BJP leader Govt to set up Agri Entrepreneurial Cell for startups “We don’t see it diminishing any time soon,” Rishad Premji, chairman, … [Read more...] about This week in IT: It’s digital everywhere