17
Tuesday
July 2018
5:35 AM IST
News Headlines
Rajinikanth Supports 'One India, One Election' Proposal        Trump asked me to sue EU over Brexit, says Theresa May        Haiti prime minister resigns after deadly unrest        Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia        Djokovic beats Anderson, wins 4th Wimbledon title        Thailand Open Super 500: PV Sindhu loses to Nozomi Okuhara in final        France clinches World Cup with win over Croatia        H-1B visa alert: Donald Trump makes things worse for Indian techies        World Cup: Belgium beat England 2-0 to finish 3rd        PV Sindhu makes final of Thailand Open, Okuhara awaits        Angelique Kerber defeats Serena Williams to win Wimbledon 2018        Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress        If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti        Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore        Social media hub like creating surveillance state: SC        World Cup: Deflated England, Belgium get ready for third place clash        First time in winter: FIFA confirms 2022 World Cup to be held between November and December in Qatar        Mental strength carried Croatia to World Cup final, says Lovren        Kohli currently best batsman because Smith not there: Ponting        Rupee up 19 paise against dollar ahead of key macro data release        
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Business News
Telcos' pre-tax losses widen to Rs 38,153 cr in 2016-17
 
New Delhi, Mar 28 (PTI) Telecom companies' pre-tax losses widened to a staggering Rs 38,153 crore in the 2016-17 fiscal from Rs 1,699 crore in the preceding year, Parliament was informed today.

Also, 24 out of 50 companies reported losses before tax during 2016-17, the government said.

"Based on audited/unaudited information submitted by telecom service sector companies to TRAI, the profit-before-tax (PBT) for the telecom service sector companies has decreased from Rs (-) 1,699 crore for the financial year 2015-16 to Rs (-)38,153 crore for the financial year 2016-17," Sinha said in a written reply to the Lok Sabha.

"The government ensures healthy competition in telecom sector. Recently, TRAI has reiterated the regulatory principles of non-predatory, non-discrimination and transparency in tariff offers vide Telecommunication Tariff (63rd Amendment) Order, 2018 on February 16, 2018," Sinha said.

The note of minister's reply mentioned that the likelihood of a company getting into financial stress is high when the debt to Ebitda ratio is 4 times or above on a sustained basis.

As per data shared by Sinha, telecom major Airtel had the debt to Ebitda ratio of 3 times, Idea Cellular 5.8 times and Reliance Communications (RCom) 7.4 times.

In view of financial stress and market scenario, Idea Cellular opted for combining its wireless business with Vodafone and RCom decided to adopt strategic debt restructuring process.

Sinha said that bankruptcy petitions have been filed by Aircel and its subsidiaries before National Company Law Tribunal.

He said that during radiation audit by the vigilance arm of the Department of Telecom (DoT), it was revealed that most of the mobile towers of Aircel were switched off which led to non-generation of porting code and further causing great inconvenience of the customers.

"It has also been mentioned that the quality of service being offered to the customers is getting adversely affected... DoT has issued direction to M/s Aircel Limited on 19.03.2018 for compliance of various clauses of the agreement including those relating to customer services and quality of performance," Sinha said.


Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
Mukesh Ambani announces high-speed broadband, Jio Phone 2 with WhatsApp, FB
Gadkari flags off taxi ambulance services
India expecting US to get in touch with it over sanctions on Iran
Nifty ends higher, hovers around 10,700-mark
No plans to close operations at Brady House branch in Mumbai: PNB
India to provide tariff concessions on 3,142 items to APTA members
Exports seem to have good performance in June: Prabhu
WhatsApp's 'one-way' broadcast mode for group chats is here
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Trump asked me to sue EU over Brexit, says Theresa May
 (London, July 15, 2018):Embattled British Prime Minister Theresa May today revealed that Dona
Haiti prime minister resigns after deadly unrest
Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore
After UK-US spats, Trump flies in to turmoil in Britain
NATIONAL NEWS
Rajinikanth Supports 'One India, One Election' Proposal
 (Chennai, July 15, 2018):At a time when major political parties in Tamil Nadu are opposed to
Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress
If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti
Bombay HC pulls up Pune cops over probe into Rajneesh's 'will'
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