Vodafone India and Idea Cellular, on Friday, were asked to immediately stop providing 3G services and pay a penalty of Rs 550 crore and Rs 300 crore, respectively, in circles where they do not have spectrum.
In March, the department of telecom (DoT) had issued a similar order to Bharti Airtel. The country's largest telecommunications firm had been asked to stop offering 3G services in circles where it didn't own spectrum, along with a penalty of Rs 350 crore.
After hitting Rs 1,200-crore telecom deal with Anil Ambani's Reliance Communications, Mukesh Ambai-led Reliance Industries Ltd (RIL) has invested Rs 800 crore in Anil-led Reliance Mutual Fund's various mutual funds schemes.
The investments by RIL have been made in Reliance Mutual Fund's Fixed Maturity Plans (FMPs) and some debt schemes.
RIL invests a considerable portion of its surplus funds in mutual funds, but made no investment in Reliance Mutual fund's schemes since the division of the conglomerate in the year 2005. The recently made Rs
The Delhi High Court provided a big relief to the Indian arm of Finnish handset maker Nokia by issuing an interim stay on income-tax (I-T) department's Rs 2,080-crore tax demand.
The tax department issued the tax demand order to Nokia in mid-March and the handset maker received it last week. The company challenged the order in the Delhi High Court, which issued an interim stay on it on last Friday.
The proposed merger of Mahindra Satyam with Tech Mahindra has been delayed by six more months.
In a filing with the Bombay Stock Exchange (BSE), the company revealed that its board of directors postponed the merger plan up to September 30, 2013.
Sistema Shyam Teleservices Ltd (SSTL) has asked its customers in 10 circles to use up their entire balance with in the next 30 days as it is going to shut down all operations in those circles.
The CDMA operator, which operates under MTS brand name, will close operations in Andhra Pradesh, Assam, North East, Bihar, Haryana, Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh, Orissa and Punjab.
The operators also suggested its customers in the concerned service areas to switch to some other telecom operators of their preference.
Australia's second-biggest mobile carrier, SingTel Optus has recorded a 2.6 per cent rise in its earnings in the quarter from October to December, 2012.
The telecom service provider, which is undergoing a cost cutting programme, said that it recorded a 2.6 per cent increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to $576 million. The company also said that it added just 22,000 mobile customers during the December quarter and its revenues fell 6 per cent to $2.28 billion.
Amcom Telecommunications has said that its net profit before significant items has increased 20 per cent to $10.05 million during the six month period till December, 2012.
The company said that the reported net profit fell 62 per cent at $9.95 million mainly due to a one-time profit of $18 million from the distribution of iinet shares to Amcom shareholders in the previous year.
Bogota, Feb 9 : Colombia's government has suspended a scheduled auction of 4G mobile broadband service after learning about a potential merger deal involving two of the participants, Information Technologies and Communications Minister Diego Molano said.
India's biggest cellular service provider Bharti Airtel announced on Thursday that it would split its domestic business into eight hubs.
The new organisational structure, which will take effect from March 1, will be controlled by market operations director (for India) Ajai Puri.
All the operations chiefs of the eight hubs will report to Mr. Puri, who will report to the company's joint managing director and CEO-designate Gopal Vittal. At present, Mr. Puri is the operations director of the company's north and east business.
In a move which apparently comes in the wake of consumer complaints about EE's high prices and fairly low data allowance for its high-speed 4G network, the mobile network operator has recently announced a revision of its mobile phone tariff prices, and has also increased its data allowances.
Announcing its new special promotional data plans, EE - which is currently the only LTE provider in the UK - said that it is reducing the monthly tariff for its basic 4G service from £36 to £31.
China's largest telecommunications equipment manufacturer, Huawei Technologies has said that it has an open mind about an Initial Public Offering (IPO).
The remarks about confidence over the issue of share to the public were made after the company reported sales that surpassed that of Ericsson AB. Chief Financial Officer Cathy Meng Wanzhou said that the company is not looking to raise funds at the moment and the IPO would depend upon the level of investor interest in the company's shares.
India's leading telecom service provider, Bharti Airtel has increased its 2G data rates in the country in order to cope with the high cost of obtaining licence and related infrastructure costs.
The company increased its 1GB 2G data by 25 percent to Rs. 125. The plan was earlier priced below Rs. 100 in the country. The company said that he increase in tariff is relating to rate elasticity, customer demand and supporting cost structures.
The next round of spectrum sale which will be held before March 2013, and it generate nearly Rs 25,000 crore for the Government according to the Department of Telecom's (DoT's) new auction plan.
The DoT has plans to put around 24 slots of spectrum on sale. Of 24 slots those, 12 will be in the 1800 MHz bands and the remaining will be in the 900 MHz bands.
The empowered group of ministers (EGoM) on Friday slashed the reserve price for 2G spectrum auction by 30 per cent in the 1800 MHz band, in order to receive more bids for the next auction.
The EGoM slashed the reserve price for the spectrum in four key circles, viz. Delhi, Mumbai, Rajasthan and Karnataka, where no company had placed bids due to high reserve price.
Norwegian telecommunications firm Telenor on Thursday announced its first break even in India in East Uttar Pradesh, and also expressed hope that it would be able to break even in its core six circles by the end of 2013.
In its Uttar Pradesh (East) circle, Telenor operations achieved 18 paise per minute cost structure, which is in line with its rival operators.
Sunil Mittal-led Bharti Infratel Ltd is expected to pocket nearly Rs 4,530 crore from its newly announced initial public offer (IPO), for which the company has set a price band of Rs 210 to Rs 240 per share.
Bharti Infratel will offload its 10 per cent share, or sell 188.9 million shares, through the IPO. For retail investors, the issue will be launched on 11th of December and close on 14th of the same month. For anchor investors, it will be launched a day earlier - 10th of December.
Fixing high reserve price for 2G spectrum auction that took place last week was a mistake, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said.
The government had fixed Rs 14,000 crore as the base price for the recently held 2G spectrum auction, which could only raise Rs 9,407 crore, against the government's target of Rs
The Supreme Court of India on Monday chided the government over its casual approach in 2G spectrum auction.
The apex court objected to the government's action of delegating a subordinate rank officer for filing affidavits on its behalf. The court turned down the government's reply to its query why it failed to auction the whole telecom spectrum, and said that affidavits should have been filed by secretary of the telecom ministry.
In an earlier-this-week announcement, Sprint revealed that its high-speed 4G LTE network will become operational in nine more US cities in the coming months. The carrier started the official rollout of its super-fast network, initially with 15 US cities, in July this year.
The Indian arm of telecommunications giant Vodafone announced on Wednesday that its revenue grew more than 13 per cent year-on-year in the first six months of the current fiscal year, but the company is yet to report a profit.
Vodafone India said its revenue grew 13.3 per cent to Rs 17,580 crore in the six months ended September 30, as compared with Rs 15,510 crore in the corresponding period previous fiscal.