Idea stock tumbles to 52-week low on disappointing Q1 show
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The telecom major reported a decline of 74% y-o-y in its net profit at Rs 217 crore in the June quarter. During the quarter, revenues grew by around 8% and total expenditure grew by 15% at R9,486.6 crore and R8,331.5 crore, respectively.
The BSE Telecom Index ended Tuesday’s trading session at 1278.59, down 1.15% or 14.85 points. Shares of Tata Communications and Reliance Communication declined between 2% and 3%. Shares of Bharti Airtel were down by 0.87% to close at Rs 348.85. The BSE Telecom Index has fallen 10.26% so far in 2016, shares of Idea fell 32.4% during the same period. On the other hand, shares of Bharti Airtel rose 2.65%.
Analysts at CLSA wrote recently that ahead of Reliance Jio’s entry, the focus of incumbent mobile operators on content offering has intensified.
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After the third phase of general elections in the country, the third fuse of Congress and its INDI Alliance parties was blown off, Prime Minister Narendra Modi said on Wednesday.
Addressing a rally at Vemulawada, about 150 km from here, Modi said four phases of polling are left and with the blessings of people, the BJP and NDA marching towards victory.
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Congress leader Priyanka Gandhi Vadra on Wednesday said her party's 100-year-old relationship with the people of Rae Bareli has entered a new era and the people of the constituency are once again ready for its leadership.
Priyanka Gandhi, who is here to bolster Rahul Gandhi's campaign from the family bastion, also said that the enthusiasm of every Congress worker and the people of Rae Bareli is worth seeing.
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India's Muthoot Finance is planning to raise funds through US dollar-denominated bonds maturing in three years and nine months and has provided initial guidance for a coupon of around 7.375 per cent, two bankers said on Tuesday.
These Regulation-S dollar bonds are expected to be priced later in the day or early on Wednesday, the bankers said, declining to be named as they are not authorised to speak to the media.
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Odisha Chief Minister Naveen Patnaik on Monday alleged that his opponents remember the people of the state only during elections and have no sincerity towards them.
Addressing back-to-back election rallies in Bhawanipatna and Khariar in the Kalahandi Lok Sabha constituency, Patnaik claimed that they disappeared after the elections.
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Union Home Minister Amit Shah cast his vote at a polling booth in Ahmedabad under the Gandhinagar Lok Sabha constituency in Gujarat on Tuesday morning.
Shah, who is contesting to retain the Gandhinagar Lok Sabha seat, greeted his supporters, interacted with them and signed autographs as he approached the polling booth at a sub-station in Naranpura locality here.
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