BSNL gives approval to lay off more than 50,000 employees, reduces retirement age to 58 years: Report
Posted on 3rd April 2019 |
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The BSNL board has given its approval to lay off 54,000 employees. Besides, in a further move to save costs, the state owned firm has also reduced the retirement age of its employees to 58 years.
According to a report published in the Deccan Herald, the BSNL board approved three out of 10 suggestions by the board set up by the government.
Meanwhile, the delay in salaries, which happened for the first time at BSNL, could be a blessing in disguise for the telecom firm.
BSNL is expecting a payment of about Rs 2,900 crore from stuck government projects in April and May, along with revenue accruals from enterprise business at around Rs 500 crore and a soft loan of around Rs 3,500 crore. All of these put together will enable BSNL to tide through the storm for the next three-four months, a senior BSNL official told DNA Money on the condition of anonymity.
Apart from this, around Rs 700 crore needs to be recovered from Reliance Communications, which has knocked the doors of National Company Law Tribunal for insolvency.
"The delay in salaries for February (paid in mid-March) for its 1.76 lakh employees has come like a boon. The focus is back on revival plan for BSNL which was lying low since long. And impending elections has brought it under the limelight," the official told DNA Money. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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