India Mobile Congress 2018: Reliance Industries’ Chairman Mukesh Ambani on Thursday showed confidence in India’s data-led growth and said digital revolution would help realise four ambitious goals of Prime Minister Narendra Modi, namely – doubling farmers’ income, Ayushman Bharat Scheme, quality education and employment generation. “With world-class digital infrastructure in place… India is now ready to not only embrace… but actually lead the Fourth Industrial Revolution.

New Delhi: Vodafone Idea Chairman Kumar Mangalam Birla said that India's largest telco's current focus is to merge the networks of Vodafone and Idea in the country, and refarm spectrum to enhance 4G LTE and VoLTE service in the country.

"A lot needs to be done.... we are working on upgrading and consolidating the infrastructure to deliver better services for masses," he said during his keynote speech at the India Mobile Congress 2018.

Shares of L&T Finance Holdings (LTFH) have slumped as much as 13% to Rs 111 per share, also their 52-week low on the BSE in early morning trade, despite the company reporting a strong 66% year-on-year (Y-o-Y) growth in its consolidated net profit of Rs 5.60 billion in September quarter (Q2FY19). Net interest income (interest income minus interest expense) grew 54% to Rs 11.26 billion over the previous year quarter.

Private sector lender Kotak Mahindra Bank on Wednesday reported a rise of 21.3 per cent in its consolidated net profit to Rs 1,747.37 crore in the second quarter ended September this fiscal. The bank had posted Rs 1,440.68 crore net profit in the July-September period of 2017-18.

The Benchmark Sensex on Thursday slumped over 301 points to dip below the 34,000-mark in early trade, largely in sync with meltdown at other Asian markets following overnight losses at the Wall Street and fresh weakness in the rupee.

Besides, investors were also cautious ahead of the last session of October month expiry in the derivatives segment.

Indian software products sector, which is estimated to be worth $7-billion, is growing at a rate of 9.5 per cent annually, IT industry apex body Nasscom said on Wednesday. “India is already a matured software product ecosystem, currently a $7-billion sector with 3,720 companies, and growing at 9.5 per cent annually,” Nasscom said in a statement here.

State-owned telecom operator BSNL and Ericsson on Wednesday announced inking of a memorandum of understanding (MoU) under which both companies will work on developing new 5G use cases, knowledge sharing on 5G technology concepts, among others. The partnership will leverage Ericsson’s 5G Center of Excellence established earlier this year at IIT Delhi to work on evaluating benefits of 5G technology in areas like rural connectivity,

Unfazed by double-digit decline in annual and quarterly net profit and posting lower growth than rival HCL Technologies in revenue, software major Wipro on Wednesday sounded upbeat on demand environment being strong in global markets for its IT services.

“Demand environment and traction in global markets continues to be strong, especially for digital transformation and enterprise scale modernisation services,” Wipro Chief Executive Abidali Neemuchwala told reporters here.

The majority of lenders with exposure to debt-laden Essar Steel are expected to vote in favour of ArcelorMittal’s revised bid that promises at least Rs 42,000 crore to the financial creditors. The voting process saw a significant delay owing to ‘technical difficulties’, senior bankers have indicated to FE. The voting process that should have begun on Tuesday faced some technical hitch at the start, causing the process to be delayed.

Air India’s market share plunged to an all-time low of 11.8% in September even as the government-owned carrier grapples with a financial crunch, reports Arun Nayal in New Delhi. In January 2014, the carrier commanded a share of 19.8%. Although the domestic passenger market is growing at robust pace, the near-bankrupt Air India has slipped to the number four position behind low-cost carrier Spicejet, which repo-rted a 12% market share.

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