Category: Business

Average revenue per user for Q4 rises to ₹154 from ₹123

Telecom operator Bharti Airtel on Monday posted a net loss of ₹5,237 crore after exceptional items for the January-March 2020 period on account of an exceptional charge of ₹7,004 crore.

In a regulatory filing the company said, “… the net exceptional charge of ₹7,004 crore comprises a charge on account of reassessment of regulatory cost based on a recent judgment on OTSC [one-time spectrum payment] related matter…”

The company, which had posted a profit of ₹107 crore in the January-March 2019 period, said the numbers are not comparable as the latest quarter results include the impact of Ind AS 116.

In the previous October-December 2019 quarter, the company had posted a net loss of ₹1,035 crore.

Consolidated revenue
The consolidated revenues for Q4 2020 stood at ₹23,723 crore. Consolidated revenue stood at ₹20,602 crore in the year-ago quarter, it said in a statement.

Gopal Vittal, MD and CEO, India & South Asia, said: “These are unprecedented times for everyone across the world as we battle the impact of COVID-19.”

ARPU for the quarter stood at ₹154 compared with ₹123 in Q4 2019. “India mobile data traffic increased by 74.2% to 6,010 PBs (petabytes) in the quarter compared with 3,451 PBs in the corresponding quarter last year,” the company said.

With inputs from The Hindu

The wait may be over for e-commerce companies whose operations have been hit hard by the lockdown.

PTI

E-commerce companies are likely to resume full services across most parts of the country from Monday under the fourth phase of the lockdown that allows greater relaxations, although industry watchers say they are waiting for states’ decision on the matter.

According to the latest Union Home Ministry’s order, “all other activities will be permitted, except those which are specifically prohibited” under the fourth phase of the lockdown that ends on May 31.

However, in containment zones, only essential activities will be allowed. States and union territories – based on their assessment of the situation – may prohibit certain other activities in various zones or impose such restrictions as deemed necessary, the order added.

Emails sent to Flipkart and Amazon India did not elicit a response.

Srinivas Mothey, Senior Vice President of Paytm Mall, said the move will help the company deliver to most of the metro cities which were in the red zones.”

Updates from the world of economy, markets, and finance

PTI

The performance of the benchmark stock indices this morning suggests investors aren’t very impressed by the Centre’s economic stimulus package.

US Federal Reserve Chairman Jerome Powell has warned that the economic recovery in the US after the coronavirus pandemic will turn out to be a long one.

E-commerce companies may resume full services from Monday

The wait may be over for e-commerce companies whose operations have been hit hard by the lockdown.

PTI reports: “E-commerce companies are likely to resume full services across most parts of the country from Monday under the fourth phase of the lockdown that allows greater relaxations, although industry watchers say they are waiting for states’ decision on the matter.

According to the latest Union Home Ministry’s order, “all other activities will be permitted, except those which are specifically prohibited” under the fourth phase of the lockdown that ends on May 31.

However, in containment zones, only essential activities will be allowed. States and union territories – based on their assessment of the situation – may prohibit certain other activities in various zones or impose such restrictions as deemed necessary, the order added.

Emails sent to Flipkart and Amazon India did not elicit a response.

Srinivas Mothey, Senior Vice President of Paytm Mall, said the move will help the company deliver to most of the metro cities which were in the red zones.”

Paying off loans, investing in SIPs will equip one to deal with financial turbulence

Credit card as a payment mechanism is not bad if the full bill is settled. However, if the bill is only paid in part, with the rest to be settled over a period of time, the demon will celebrate as it will make one’s life miserable.

All kinds of loans cause obstacles in wealth creation. This does not mean we should not borrow. Instead of staying in a rented house and paying rent, it is better to go for a home loan and pay monthly instalments in the form of EMIs. Similarly, if someone is ill in our family and there isn’t sufficient health cover, we have to borrow.

Borrowing for funding daughter or son’s education is also justifiable, but having borrowed, pay off the loan at the earliest.

With inputs from The Hindu

ICICI Bank was the top laggard in the Sensex pack, cracking around 6%

PTI

Equity benchmark Sensex plunged over 800 points in opening session on Monday dragged by losses in banking stocks as the government’s fiscal stimulus package failed to revive confidence in domestic investors.

After hitting a low of 30,265.67, the 30-share index was trading 731.91 points or 2.35% lower at 30,365.82.

Similarly, NSE Nifty slumped 226.90 points, or 2.48%, to 8,909.95.

ICICI Bank was the top laggard in the Sensex pack, cracking around 6%, followed by Axis Bank, SBI, Bajaj Finance, Titan, Maruti, IndusInd Bank, PowerGrid and ONGC.

On the other hand, Infosys and TCS were trading with gains.

In the previous session, the BSE barometer settled 25.16 points or 0.08% lower at 31,097.73, and the broader Nifty slipped 5.90 points, or 0.06%, to close at 9,136.85.

Foreign portfolio investors offloaded equities worth ₹2,388.04 crore in the capital market on Friday, provisional exchange data showed.

Doubts over the effectiveness of the fiscal stimulus package, extension of the nationwide lockdown and spike in COVID-19 cases in the country weighed on investor sentiment, traders said.

The government, in its first four tranches of the stimulus package, focussed on credit line to small businesses and new fund creations to be shouldered by banks and financial institutions with very little extra budget spending. In the last set of measures, Finance Minister Nirmala Sitharaman on Sunday announced plans to privatise PSUs in non-strategic sectors and suspend loan default-triggered bankruptcy filings for one year, and also gave a ₹40,000-crore hike in allocation for the rural employment guarantee scheme to provide jobs to migrant workers.

Further, the government last night extended the lockdown for two more weeks with the fourth phase providing more relaxations outside the containment zones.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.

International oil benchmark Brent crude futures were trading 2.77% higher at $33.40 per barrel.

The benchmark indices witnessed heavy selling this morning but managed to stage a recovery over the rest of the day.

PTI reports: “Equity benchmark Sensex slipped over 190 points on Tuesday, dragged by a massive loss in index heavyweight Reliance Industries amid weak cues from Asian peers as fears of a second wave of coronavirus infections spooked global investors.

After plunging over 716 points during the day, the 30-share index pared some losses but still settled 190.10 points or 0.60 per cent lower at 31,371.12.

Similarly, NSE Nifty declined 42.65 points, or 0.46 per cent, to 9,196.55.

Reliance Industries was the top loser in the Sensex pack, plunging over 6 per cent, followed by Asian Paints, Kotak Bank, HUL, HDFC Bank and ONGC.

On the other hand, NTPC, Bharti Airtel, ITC and IndusInd Bank and PowerGrid were among the top gainers.

According to traders, weak cues from global markets on fears of a second wave of coronavirus infections spooked investors across Asia.”

With inputs from The Hindu

Avianca Holdings’ bankruptcy filing highlights the challenges for airlines that cannot count on state rescues or on such rescues coming fast enough.

Avianca Holdings, Latin America’s second largest airline, filed for bankruptcy on Sunday, after failing to meet a bond payment deadline, while its pleas for coronavirus aid from Colombia’s government have so far been unsuccessful.

If it fails to come out of bankruptcy, Bogota-based Avianca would be one of the first major carriers worldwide to go under as a result of the pandemic, which has crippled world travel.

Avianca has not flown a regularly scheduled passenger flight since late March and most of its 20,000 employees have gone without pay through the crisis.

“Avianca is facing the most challenging crisis in our 100-year history,” Avianca chief executive Anko van der Werff said in a news release.

While Avianca was already weak before the coronavirus outbreak, its bankruptcy filing highlights the challenges for airlines that cannot count on state rescues or on such rescues coming fast enough. Avianca is still hoping for a government bailout.

“This isn’t a surprise at all,” said Juan David Ballen, chief economist at Casa de Bolsa brokerage in Bogota. “The company was heavily indebted despite the fact it tried to restructure its debt last year.”

Avianca, the second oldest continually operating airline in the world after KLM, had $7.3 billion in debts in 2019. The airline filed for Chapter 11 bankruptcy in New York and said it would continue operations while it restructured its debts.

The Colombian Association of Civil Aviators (ACDAC), a union representing many Avianca employees, said it supported the move.

Avianca already went through bankruptcy in the early 2000s, from which it was rescued by a Bolivian-born oil businessman, German Efromovich.

Efromovich grew Avianca aggressively but also saddled the carrier with significant debt until he was ousted from the airline last year in a boardroom coup led by United Airlines Holdings Inc. He still owns a majority stake in the carrier.

United stands to lose up to $700 million in loans related to Avianca.

Efromovich told news agency Reuters on Sunday that he disagreed with the decision to file for bankruptcy and that he was not involved in making it.

LEAD-UP TO BANKRUPTCY

The management that took over after Efromovich’s ousting was already focused on a cost-cutting reorganization dubbed “Avianca 2021” before this year’s crisis.

Warnings about its fragile finances abounded. Roberto Kriete, president of Avianca’s board, said last year in a meeting with employees that the airline was “broke.”

Last month, Avianca’s accounting firm, KPMG, said it had “substantial doubts” about the carrier’s ability to exist a year from now.

Avianca’s shares closed at 88 cents on Friday in New York, from a high of more than $18 in 2014.

Most pressingly, Avianca was facing a $65 million bond payment due on Sunday that analysts did not think the airline was in a position to meet. S&P downgraded the airline to CCC- status in the days leading up to that payment.

Airline executives confirmed in a press call on Sunday night that they had not made the payment.

Van der Werff had mounted a public relations campaign in recent weeks to secure emergency aid from Colombia’s government, but none had materialized as of Sunday.

Avianca has no certain date to resume operations, as its main hubs – Colombia, El Salvador and Peru – have all shut down air traffic to fight the coronavirus. The carrier faced backlash after it sold plane tickets for late May only to have to cancel them when Colombia extended its coronavirus lockdown.

Avianca will also shut down its operations in Peru, which represents 5% of the airline’s revenue, and will lay off hundreds of employees within the next 10 days.

“In this time, we do not have liquidity to sustain a loss-making operation,” Silvia Mosquera, Avianca’s chief commercial officer, told reporters regarding Avianca Peru.

Colombia’s Avianca is the third of Efromovich’s airlines to go through bankruptcy or out of business in recent years. Airlines Avianca Brasil and Avianca Argentina ceased to exist last year because of economic troubles in their markets.

With inputs from NDTV

Vista’s investment will translate into a 2.32% equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook.

Piyush Pandey

Vista Equity Partners (Vista) will invest ₹11,367 crore to buy 2.32% stake in Mukesh Ambani led Jio Platforms Limited m, valuing the company at an equity value of ₹4.91 lakh crore and making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook.

“Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio’s leading digital apps, digital ecosystems and India’s high speed connectivity platform under one umbrella has now raised ₹60,596.37 crore from leading technology investors in less than three weeks,” said a RIL statement.

Reliance Jio Infocomm Limited (RJIL), which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

Commenting on the transaction with Vista, Mukesh Ambani, Chairman and Managing Director, RIL, said, “I am delighted to welcome Vista, one of the world’s marquee tech investors globally as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. They believe in the transformative power of technology to be the key to an even better future for everyone. In Robert and Brian, whose family hails from Gujarat, I found two outstanding global technology leaders who believe in India and the transformative potential of a Digital Indian Society. We are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio.”

Jio’s vision is to enable a Digital India for 1.3 billion people and businesses throughout India, especially small merchants, micro-businesses and farmers. Jio has brought transformational changes in the Indian digital services space and propelled India on the path towards becoming a global technology leader and among the leading digital economies in the world.

Vista is a leading global investment firm focused on empowering and growing enterprise software, data and technology enabled companies that are reinventing industries and catalyzing change.

Commenting on the investment, Robert F. Smith, Founder, Chairman and CEO of Vista, said, “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest growing digital economies.”

Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world. With 20 years of investing experience exclusively in enterprise software, Vista believes the transformative power of technology is the key to an even better future — a healthier planet, a smarter economy, a diverse and inclusive community, and a broader path to prosperity. Currently, Vista portfolio companies have a significant presence in India with over 13,000 employees.

“This investment by Vista, which exclusively focuses on enterprise software, data and technology enabled companies, is further testament to the world-class digital platform that Jio has built, powered by leading technologies, such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain,” said the statement.

RIL shares on BSE were trading up 3.48% at Rs 1559.70 in a firm Mumbai market on Friday morning.

With inputs from The Hindu

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Facebook said the investment “underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country“.

PTI

Facebook on Wednesday announced an investment of $5.7 billion (₹43,574 crore) to buy a 10% stake in the firm that houses billionaire Mukesh Ambani’s telecom arm Jio, as the social media giant looks to expand presence in its largest market in terms of subscriber base.

“Today we are announcing a $5.7 billion, or ₹43,574 crore, investment in Jio Platforms Ltd, part of Reliance Industries Ltd, making Facebook its largest minority shareholder,” the company said in a statement.

Facebook said the investment “underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country”.

“In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio,” it added.

‘Largest FDI in the technology sector in India’

Reliance in a separate statement said the investment by Facebook values Jio Platforms at ₹4.62 lakh crore pre-money enterprise value. “Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis,” it said.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), houses digital services of the group. Reliance Jio Infocomm Ltd, with 388 million subscribers, is a wholly-owned subsidiary of Jio Platforms.

“The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India,” RIL said.

“The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalisation, within just three-and-a-half years of launch of commercial services, validating RIL’s capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value,” the statement said.

Commenting on the partnership with Facebook, RIL Chairman and Managin Director Mukesh Ambani said, “when Reliance launched Jio in 2016, we were driven by the dream of India’s Digital Sarvodaya — India’s Inclusive Digital Rise to improve the quality of life of every single Indian and to propel India as the world’s leading Digital Society“.

“The synergy between Jio and Facebook will help realise the goal of ‘Digital India’, he said. “In the post-corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time,” he added.

Value unlocking to cut debt

The Facebook deal is part of value unlocking by RIL to cut debt. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet. It has been talking to Saudi Aramco for sale of a 20% stake in its oil-to-chemical business for an asking of $15 billion. RIL has already tied up with BP Plc for fuel business as it targets to have a debt-free status by next year. Jio had also been reportedly talking separately to Google but the fate of those discussions is not known.

The latest deal is a win-win for both Facebook and Jio. It would give Facebook deeper access to India, the second largest internet market after China. Facebook already has 400-plus million Whatsapp users in India and is looking to launch a payment offering. Having a local partner could help it in navigating various regulatory issues, including those related to privacy and local storage. Also, having a good telecom partner could help Facebook improve its reach to masses.

From an RIL perspective, it could leverage on Facebook’s technology expertise and talent pool as well as help in its ambitions to make Jio a digital company. This apart, the deal would aid the company achieving zero debt status by March 2021.

Since launching Jio in 2016, RIL has emerged as the only Indian company capable of competing with U.S. tech groups in the fast-growing Indian market, expanding from mobile telecom into everything from home broadband to e-commerce.

Jio has emerged as the number one telecom operator in India, both in terms of traffic as well as revenue in a virtual two-player market since the third player, Vodafone-Idea is struggling under regulatory burden. Jio’s main competitor is Bharti Airtel.

Internet users in India projected to rise

Together with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any other single country. The number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017.

RIL said that concurrent with the investment, Jio Platforms, Reliance Retail Ltd and WhatsApp have also entered into a commercial partnership agreement. This is to further accelerate Reliance Retail’s new commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp. JioMart provides consumer access to the nearest small merchant and kirana shops.

The transaction, RIL said, is subject to regulatory and other customary approvals. Morgan Stanley as a financial advisor and AZB & Partners and Davis Polk & Wardwell as counsels advised RIL on the transaction.

Business Live

Barclays has cut its growth forecast for India to zero per cent for Calendar Year (CY) 2020 from 2.5 per cent earlier as the country heads into a longer complete shutdown (until May 3) to combat the rising number of Covid-19 cases.

It has estimated the economic loss of the lockdown to be close to $234.4 billion than the previous estimate of $120 billion.

Barclays Research, which is produced by the Investment Bank of Barclays Bank PLC and its affiliates, in a report, said the economic impact of Covid-19 looks set to be worse than it had expected earlier.

“While we expect inventory rebuilding and some release of pent-up consumption to boost demand in June and Q3 (July-September) 2020, we think this effect is likely to be mild on account of precautionary savings, weak global demand and large job losses.

“As such, the downward trajectory of the economy is likely to be deeper than we had expected. Hence, we cut our growth forecast to 0.0 per cent for CY2020 (from 2.5 per cent) and to 0.8 per cent for FY20-21 (from 3.5 per cent),” said Rahul Bajoria of Barclays Securities (India) Pvt Ltd.and Shreya Sodhani of Barclays Bank, Singapore, in a report..

For CY2021, Barclays Research Department has lowered its GDP growth forecast to 7.5 per cent (from 8 per cent).

While India’s Covid-19 outbreak has not officially reached the community transmission stage, Barclays believes the existing restrictions on movement are causing much more economic damage than anticipated.

“In particular, despite being characterised as essential sectors, the negative impact of the shutdown measures on the mining, agriculture, manufacturing and utility sectors appears higher than we had expected,” the authors of the report said.

Bigger loss anticipated

Further, combined with the disruption in several service sectors, Barclay’s Research now estimates that the economic loss will be close to $234.4 billion (8.1 per cent of GDP), assuming that India will remain under a partial lockdown at least until the end of May. This is much higher than the $120 billion it had estimated earlier for roughly the same time period.

“Once the lockdown is over, we think the pace of recovery will be contingent on policy support. Our trajectory of a slower recovery factors in the only modest fiscal stimulus unveiled by the government up to now.

“We think this is unlikely to offset the negative impact on ‘animal spirits’ caused by relative inactivity for a long period,” the authors said.

Major policy interventions, if taken, could, however, change the outcome and bring about a faster upswing after the lockdown opens. That said, the slowdown in early Q2 (April-June) will be driven entirely by the shutdown and is unlikely to be impacted by policy support.

(Except for the headline, this story has not been edited by Kashmir Today staff and is published from a syndicated feed.)