Espresso: Airtel, Jio conclude Rs 1,474-crore spectrum deal
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Airtel-Jio’s Rs 1,474 crore spectrum deal
Bharti Airtel announced on Friday that it has received a post-tax consideration of Rs 1,004.8 crore from Reliance Jio Infocomm (Jio) for the spectrum trade agreement that the telecom rivals had inked in April.
Under the agreement, Jio gets the ‘right to use’ of Airtel’s 800-Megahertz (MHz) spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz). Jio has also assumed future liabilities of Rs 469.3 crore, Airtel said in its exchange filing.
“The sale of the 800 MHz blocks in these three circles has enabled us to unlock value from spectrum that was unutilised,” Gopal Vittal, CEO (India and South Asia) of Bharti Airtel, had said in an April 6 filing. “This is aligned to our overall network strategy.”
The non-recurring income will help Airtel, which has disclosed deferred payment of Rs 1.6 lakh-crore over the next five years towards adjusted gross revenue (AGR), of which Rs 9,028 crore is due in the current fiscal, according to its latest annual report.
New highs for benchmark equity indices
The 30-stock S&P BSE Sensex of the Bombay Stock Exchange (BSE), and the 50-stock Nifty 50 of the National Stock Exchange (NSE) touched new life-highs of 55,487.79 and 16,543.6 points respectively, on August 13.
At its latest 52-week (annual) high, the Sensex has recovered over 18,991.81 points, from the low of 36,495.98 points on September 24 last year. In a matter of 221 trading days, this translates to an absolute gain of over 52 percent.
Compared to the Sensex’s historic low of 25,638.9 points on March 24 last year, the 30-stock index added 29,848.89 points on August 13 — a recovery of 116.42 percent in a matter of 347 trading days.
HCL Tech-Rogers Communication deal
Rogers Communication, a leading telecom service provider and media company in Canada, has renewed its deal with HCL Technologies for operational support and corporate IT systems.
HCL Technologies had won this deal in 2016. “The Rogers partnership with HCL further validates its substantial investment in Canada, the most recent being the 350-seat digital acceleration centre in Mississauga,” said Joelien Jose, Executive Vice President and Country Head, Canada, HCL Technologies.
Zensar expands deal with San Diego city
Zensar Technologies has signed a four-year, multi-million dollar contract with the City of San Diego for workplace and enterprise IT services. It had begun this engagement in 2018.
The mid-sized IT firm will modernise San Diego’s core systems, improve its data centre, and provide its 11,000+ employees with the right tools.
The deal can be extended for two additional two-year terms with the total not to exceed the value of $122 million, according to an exchange filing. “The partnership with Zensar will ensure the City of San Diego is transparent and accountable in its IT platform while enhancing security – all at a lower cost for taxpayers,” said Mayor Todd Gloria.
Tata Power commissions solar project
Tata Power Renewable Energy (TPRE) commissioned a 100 MW solar power project at Raghanesda Solar Park in Gujarat, which would generate 225 million units in its first year of operation.
The Tata Power subsidiary will reduce 200,000 tonnes of carbon emission every year with the newly installed capacity. TPRE now has a capacity of 2,797 MW with 1,865 MW of solar energy and 932 MW of wind energy, with another 1,234 MW of renewable projects underway.
Grasim Industries’ June 2021 quarter
Grasim Industries, the flagship company of the Aditya Birla Group, reported consolidated operating revenue of Rs 19,919 crore in the first quarter of financial year 2021-22.
It grew 52.7 percent over the same quarter last year, but fell 18.35 percent sequentially. Its operating and net profit grew 86.1 and 611.9 percent annually, but fell 7.89 and 2.81 percent on a sequential basis.
Grasim Industries said its capex spends for the current fiscal stands at Rs 2,604 crore, which excludes the paints and fertiliser businesses.
It recently announced plans to venture into the paints business. “Land acquisition for setting up plants at different states is in process, and simultaneously project engineering plans are also progressing,” it said in its exchange filing on Friday.
L&T bags order from Technip Energies
Larsen & Toubro (L&T) has won all orders for an oxidation reactor from the Indian subsidiary of Technip Energies against stiff global competition, according to a press statement from L&T.
The order is to design and build a technologically-critical titanium clad reactor for a purified terephthalic acid plant which is part of a public sector petrochemical project.
Titanium clad oxidation reactors are used in highly corrosive industrial applications, where the compounds usually involve chloride. L&T Heavy Engineering developed the technology for titanium clad equipment fabrication inhouse conforming to global standards of quality, the press statement added.
Edited by Rajiv Bhuva