The post HCL Technologies signs five-year agreement with German multinational chemical company Wacker Chemie AG appeared first on The Edge Media.
]]>“We wanted a partner to not only enhance our digital transformation journey, but also support the ‘Wacker Digital Program,’ helping us to become a digital leader in the chemical industry,” HCL Technologies added.
“Wacker was looking to transform its current sourcing model with a long-term ‘Next Generation Managed Service’ sourcing model,” Dirk Ramhorst, CIO and CDO, Wacker Chemie AG said.
The shares of HCL Technologies ended the day at ₹ 1,133.70, lower by 0.6 per cent, on the BSE as against a 0.29 per cent decline in the benchmark indices.
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]]>The post Government may be the biggest loser in case Vodafone Idea collapses appeared first on The Edge Media.
]]>The hit for the government just doesn’t stop here. If one adds the outstanding Rs 23,000 crore owed to the banks, the impact could be one of the biggest in corporate history as a large part of the loans (65-70%) is extended by state-run lenders. The banks have further extended guarantees worth thousands of crores to the company, which also run the risk of defaults.
“The telecom department and the national exchequer would lose the most in case of a collapse of Vodafone Idea. The picture looks grim considering the poor recoveries and unrealised outstanding after the collapse of Anil Ambani’s Reliance Communications and Aircel, where too several thousands of crores of rupees remain locked. Taxpayers stand to lose the most,” an analyst with a leading brokerage told news agency.
Cumulatively, the company currently has a debt of Rs 1.8 lakh crore, and has been bleeding financially with losses pegged at Rs 7,000 crore during the March quarter. The debt tops Rs 1.8 lakh crore, according to ICICI Securities. “We see payment of liabilities coming soon, while fund availability remains a challenge,” it said.
According to numbers sourced from various analysts and Vodafone Idea’s financial results, at Rs 107, the company remains precariously placed with the lowest average revenue per user (Arpu) among its peers.
Reliance Jio reported Arpu of Rs 138 and Bharti Airtel at Rs 145, though the latter has said time and again that at least Rs 200 Arpu is needed to nurse the capital-intensive sector back to health.
Vodafone Idea’s poor outlook was evident after the SoS calls given by its promoters, who have refused to make any further investments into the company, and are asking the government to support its survival.
Goldman Sachs said that it expects capex for Vodafone Idea to remain under pressure, “resulting in continued market share loss”.
It said that between December this year and April of 2022, the company has about Rs 22,500 crore of dues (debt, AGR and spectrum) payable.
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]]>The post India’s retail inflation marginally rose, shows report appeared first on The Edge Media.
]]>Inflation based on the Consumer Price Index (CPI) remained above the Reserve Bank of India’s comfort level for the second month in a row. RBI has been mandated by the government to keep retail inflation at 4 per cent with a margin of 2 per cent on either side.
Economists also said that Monday’s June inflation print was above the upper range of the central bank’s 2-6% target, but that price pressures appeared to be easing.
The softer-than-expected inflation comes as a relief in an environment when the continuing accommodative stance remains a necessity to revive growth,” news agency Reuters quoted Upasna Bhardwaj, economist at Kotak Mahindra Bank, Mumbai, as saying.
“We expect the MPC (Monetary Policy Committee) to draw comfort from relatively stable (inflation),” Bhardwaj also said as per Reuters.
Group chief economist Rupa Rega Nitsure of L&T Finance Holdings, said that there “was no surprise in this data.” “The Reserve Bank of India (RBI) too has made its approach and stance clear in the coming months,” she added as Reuters report.
She also said that markets may suffer from temporary nervousness but “it will not sustain for long. Gradual revival in economic activity and liquidity assurance will restore the balance,” as per Reuters report.
High fuel prices and rising input costs for companies are likely to keep inflation elevated for some time, economists also said.
(With inputs from agencies)
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]]>The post The way for Boeing’s 737 Max to resume flying has been cleared appeared first on The Edge Media.
]]>The decision ends a devastating saga for Boeing, which had predicted billion of dollars in losses stemming from the Max crisis even before the coronavirus pandemic dealt a ruinous blow to global aviation. The agency’s chief, Stephen Dickson, signed an orderWednesday formally lifting the grounding.
“The path that led us to this point was long and grueling, but we said from the start that we would take the time necessary to get this right,” he said in a video message“I am 100 percent comfortable with my family flying on it.”
The Max was grounded worldwide in March 2019 when the F.A.A. joined regulators in dozens of other countries in banning the plane after the crashes in Indonesia and Ethiopia killed all 346 people on board.
“We will never forget the lives lost in the two tragic accidents that led to the decision to suspend operations,” Boeing CEO David Calhoun said, in a statement released Wednesday morning. “These events and the lessons we have learned as a result have reshaped our company and further focused our attention on our core values of safety, quality and integrity.”
In September, an investigative report from the House of Representatives blamed the plane manufacture and the FAA for “repeated and serious failures.”
The crashes “were the horrific culmination of a series of faulty technical assumptions by Boeing’s engineers, a lack of transparency on the part of Boeing’s management, and grossly insufficient oversight by the FAA — the pernicious result of regulatory capture on the part of the FAA with respect to its responsibilities to perform robust oversight of Boeing and to ensure the safety of the flying public,”the congressional report says
Boeing said in a statement after the report’s release that it is “dedicated to doing the work” necessary.
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]]>The post India’s recession for the first time in history! Know what this means? appeared first on The Edge Media.
]]>According to some officials of the Reserve Bank of India, for the first time in the history of India, there has been a recession. According to their report, GDP is negative in the second quarter too. Let’s know what it means and why it is a matter of great concern?
According to a research by Reserve Bank officials, India’s GDP growth in the July-September quarter has been 8.6 per cent, which means the GDP has fallen by 8.6 per cent. However this is not an official figure and the figures are yet to be released by the government. Earlier in the first quarter of this financial year, there was a huge decline of about 24 percent in GDP.
The condition of the economy has deteriorated due to lockdown due to Corona crisis. However, it has now shown signs of improvement and the Finance Ministry says that GDP growth could be positive in the third quarter.
As soon as this news comes, the leaders of the opposition including Rahul Gandhi have started attacking the Modi government and it is being told the result of the weakness of the government.
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]]>The post Businesses will get 2 lakh crore Diwali gift from the government, 10 sectors will get PLI benefits appeared first on The Edge Media.
]]>Finance Minister Nirmala Sitharaman informed the cabinet decision that the government will spend Rs 2 lakh crore in the next five years to provide production-based incentives to 10 sectors and to fund the viability gap funding of infrastructure projects.
He said that this will create jobs, support emerging sector and promote self-reliant India. Significantly, to give relief to the people and industry of the country troubled by Corona, the government is constantly giving relief packages. This can be called another relief package.
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