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<keyword id="1553175" type="General" weightage="20" keywordseo="Vodafone-Idea" source="Orion">Vodafone Idea</keyword>'s shares surged by nearly 10% during the first half of the day today. Nearly a month after quitting as the Chairman of Vodafone Idea, <keyword id="6354955" type="General" weightage="20" keywordseo="Kumar-Mangalam-Birla" source="Orion">Kumar Mangalam Birla</keyword> has met Union Minister for Communications <keyword id="7787429" type="General" weightage="20" keywordseo="Ashwini-Vaishnav" source="Orion">Ashwini Vaishnav</keyword>. The meet comes at a time when the government is in talks to come up with some relief measures for the stressed <keyword id="6354776" type="General" weightage="20" keywordseo="telecom" source="Orion">telecom</keyword> sector as a whole. According to people in the know, during the meeting on Wednesday, Birla and Vaishnav discussed about the health of the sector and the urgent need for government intervention. <div type="image" title="Vodafone Idea shares" msid="85861323" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea shares&amp;lt;/p&amp;gt;"></div> On August 4, the board of Vodafone Idea accepted the request of Birla to step down as the Non-Executive Director and Non-Executive Chairman of the Board. Days before Birla's resignation as the Chairman, it became public that he had written to the Cabinet Secretary that he is willing to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational. In a letter to Cabinet Secretary Rajiv Gauba on June 7, Birla said that, with a "sense of duty" towards 27 crore Indians connected with Vodafone Idea, Birla is willing to hand over his stake to public Sector Unit (PSU), a government entity or any domestic financial entity, or any other entity that the government may consider worthy of keeping the company as a going concern. In the letter, Birla sought clarity on adjusted gross revenue (AGR), adequate moratorium on spectrum dues and floor pricing adding that without immediate and active government support VIL's operations will be at an "irretrievable point of collapse". (With inputs from IANS) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/technology-is-changing-organisations-and-culture-has-to-keep-pace-with-it/articleshow/85854902.cms">Technology is changing organisations and culture has to keep pace with it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-is-shutting-down-its-singapore-and-uk-based-subsidiaries/articleshow/85858611.cms">Zomato is shutting down its Singapore and UK-based subsidiaries</a>

Vodafone Idea shares spike after promoter Kumar Mangalam Birla's meeting with India's Telecom minister

New Delhi, Apr 2 () The Centre on Thursday asked the states and union territories to take all necessary steps for the smooth disbursement of Rs 27,500 crore to beneficiaries of the Pradhan Mantri Garib Kalyan Yojana (PM-GKY) through banks from Friday, amid the ongoing lockdown to combat the coronavirus threat. In a letter to all chief secretaries, Union Home Secretary Ajay Bhalla said money will be disbursed under the PM-GKY package to a large number of beneficiaries beginning Friday. In this regard, the Department of Financial Services, Ministry of Finance, has given detailed guidelines such as staggering of account holders to avoid crowding and maintaining social distancing, publicising the modalities of staggering and cash distribution and provision of adequate security personnel at bank branches and business correspondents (BCS) to maintain law and order and social distancing, reads the letter. "The concerned departments of the state government/ UT administration, district authorities and field agencies may please be informed on the above for strict compliance. "They shall take all necessary measures to ensure smooth disbursal of money to the beneficiaries of PM-GKY," Bhalla said. On Tuesday, Bhalla had asked the states and UTs to ensure smooth functioning of banks and ATMs for the disbursement of the PM-GKY funds. Cabinet Secretary Rajiv Gauba had also asked the states to implement the PM-GKY within next week. The 21-day nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 to contain the spread of the coronavirus. ACB AQS

Centre asks states, UTs to take all steps for smooth disbursement of Rs 27,500 cr under PM-GKY

New Delhi, Mar 29 () Karnataka and Tamil Nadu have developed mobile applications for monitoring people under quarantine and inform their contacts about the same to check the spread of coronavirus.The central government and other state governments are also leveraging technology to control the pandemic."We have developed the app and it will be available on Google Playstore within a couple of days. It is a must for those people in the home quarantine to download this app and keep it active all the time. If they don't follow it then they will be brought to mass quarantine," Munish Moudgil, secretary of Covid-19 War Room, Karnataka told .According to Corona Watch App details submitted on Google Playstore, it will show locations of corona affected patients and their movement history of 14 days that can be used by the public to keep a check on their movement also.If other people on the app find rule violation by a quarantined person, then they can call numbers provided by state government for action.Moudgil said the person cannot delete or manipulate the app during the quarantine period as the state government will monitor it continuously."The person will also need to click his photo everyday and submit. We have details of all the people in the quarantine list. A message will be sent out to them once the app is live for download. We also have a dedicated team in place to verify photos as well," he said.The Karnataka government is asking primary and secondary contact of the person testing positive to go for home quarantine."The number keeps changing everyday. As on date, we have around 20,000 people in home quarantine across the state," Moudgil said.The Tamil Nadu government has also developed the covid-19 Quarantine Monitor Tamil Nadu app on similar lines.Cabinet Secretary Rajiv Gauba on Friday asked all the states to effectively monitor 15 lakh international air passengers who came from January 18 to March 23. He said that there appears to be a gap between the actual monitoring for covid-19 and the total arrivals.In a letter to chief secretaries of all states and Union territories, Gauba said such a gap in monitoring of international passengers may seriously jeopardise the efforts to contain the spread of the novel coronavirus, given that many amongst the persons who have tested positive for the virus so far in India have a history of international travel.Some other state governments like Kerala and Punjab have developed app for people to get access to services being provided to coronavirus victims, advisories and precautions.The Ministry of Electronics and IT is also testing an app to monitor coronavirus patients but it is more about feedback on their treatment and status thereafter. A ministry official said details will be shared once the app is formally launched.Meity's MyGov department has started information sharing on social media platforms like Facebook and Whatsapp. It has also launched a channel on instant messaging app Telegram which can be accessed by an unlimited number of people. PRS BALBAL

Karnataka, Tamil Nadu monitoring covid-19 quarantines through app

<ul><li>The Indian billionaire with a 27% stake in the telecom operator has reportedly written to the government. </li><li>In a letter to the government, <keyword id="39439" type="COMPANY" weightage="20" keywordseo="birla">Birla</keyword> said potential investors want to see ‘clear government intent’ to have a three-player telecom market. </li><li><keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword>’s current market capitalisation stands at ₹24,000 crore, which means Birla’s 27% stake is worth ₹6,500 crore. </li></ul><keyword id="6354955" type="UNKNOWN" weightage="20" keywordseo="Kumar-Mangalam-Birla">Kumar Mangalam Birla</keyword>, one of the promoters of the beleaguered telco Vodafone Idea, has offered to give up his 27% stake in the company to help it stay afloat. Post the merger of Vodafone and Idea, Birla owns a 27% stake in the telco, while Vodafone Plc., owns a 44% stake. At the current market capitalisation of around ₹24,000 crore, Birla’s stake is worth ₹6,500 crore. The shares of Vodafone Idea had gained a little over a percent at 1:50 p.m on August 2 (Monday). The stock has lost over a quarter of its value since the start of the year. <div type="image" title="Vodafone Idea 01_07_21 to 02_08_21." msid="84969304" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price over the last one month&amp;lt;/p&amp;gt;"></div> In a letter to the Union Cabinet Secretary, Rajiv Gauba, Birla reportedly <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/kumar-mangalam-birla-willing-to-give-up-stake-in-voda-idea-for-telcos-survival/articleshow/84968401.cms">said</a> he is willing to give up his stake in Vodafone Idea to any state-owned or a domestic financial entity, provided the entity wants to continue operations of Vodafone Idea as a going concern. “It is with a sense of duty towards 27 crore Indians connected by VIL, I am more than willing to hand over my stake in the company to any entity-public sector/government/domestic financial entity or any other that the government may consider worthy of keeping the company as a going concern,” Birla said in his letter. Going concern refers to a business that has the assets to meet financial obligations when they fall due. Vodafone Idea is currently saddled with a debt of ₹1.8 lakh crore, a third of which is due to deferred spectrum license fee, and levy on recalculated revenue from the past to include income from non-telecom operations. Earlier last month, the <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-shares-fall-as-sc-rejects-agr-dues-re-computation-appeal/articleshow/84668288.cms">Supreme Court refused</a> to give the telco a discount on its retrospective dues, which amount to over ₹50,000 crore. This, combined with deferred spectrum dues of ₹8,292 crore means the company needs funds right now – even though <a href="https://www.businessinsider.in/stock-market/markets/news/cost-cutting-is-not-helping-vodafone-idea-fresh-funds-might-but-nothing-is-coming/articleshow/84092610.cms">nothing seems to be coming</a>. Back in September 2020, Vodafone Idea’s board had <a href="https://economictimes.indiatimes.com/markets/stocks/news/voda-ideas-rs-25000-cr-fund-raise-set-to-be-done-in-2-3-months/articleshow/78964068.cms?from=mdr">announced</a> plans to raise up to ₹25,000 crore through debt and equity. Nearly a year later, the plans are yet to yield any results. The lack of government support seems to be keeping investors at bay, which is something that Birla touched upon in his letter. “To actively participate in the fund raising, the potential foreign investors want to see clear government intent to have a three-player telecom market (consistent with its public stance) through positive actions on long-standing requests such as clarity on AGR liability, adequate moratorium on spectrum payments and most importantly, a floor pricing regime above the cost of service,” he said. “In the absence of definitive steps in this regard, the potential investors have understandable hesitation to invest,” he added further. The government is also considering, according to reports, a slew of long-term measures to help the telecom sector. It may be willing to rewrite the rules to exclude ‘non-telecom’ revenue from the licence agreements, and allow telcos to surrender unused spectrum for a small penalty. However, it will not affect Vodafone Idea’s present dues and the current financial health. The last word on the issue is yet to be spoken. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-shares-fall-as-sc-rejects-agr-dues-re-computation-appeal/articleshow/84668288.cms">Vodafone Idea sinks nearly 10% and Airtel tumbles a bit after India’s Supreme Court denies a discount on past dues</a> <a href="https://www.businessinsider.in/stock-market/markets/news/cost-cutting-is-not-helping-vodafone-idea-fresh-funds-might-but-nothing-is-coming/articleshow/84092610.cms">Cost cutting is not helping Vodafone Idea, fresh funds might ⁠— but ‘nothing is coming’</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-adds-nine-times-more-subscribers-than-airtel-in-april-2021/articleshow/84367596.cms">Reliance Jio picks up serious pace, adds nine times more subscribers than Airtel in April – Vodafone Idea continues its downward spiral</a>

Birla is reportedly ready to give Vodafone Idea to the Indian government

New Delhi, May 11 () Prime Minister Narendra Modi on Monday chaired a fresh round of consultation with chief ministers on ways to strengthen the COVID-19 containment strategy and stepping up of economic activities in a calibrated manner as the 54-day nationwide lockdown nears an end.Large-scale movement of migrant workers from urban to rural India and the problems their return to home states may cause in restarting the economy will also be among the focus areas during the fifth virtual interaction between the prime minister and chief ministers since the outbreak of the deadly virus in the country. There will be an effort to ensure that all participating chief ministers get an opportunity to air their views during the interaction, as some of the CMs had complaint that they were not allowed to put forth their views during the last interaction on April 27.At a meeting on Sunday with Cabinet Secretary Rajiv Gauba, state chief secretaries told him that "while protection is required from COVID-19, economic activities also need to be stepped up in a calibrated manner", according to an official statement. With thousands of migrant workers taking special trains to go back to their home states, the restarting of industrial activities will prove to be a challenge for states though several relaxations have been made in labour laws to increase factory output. The meet is also likely to discuss efforts to convert 'red' zones with high COVID-19 case load into 'orange' or 'green' zones. The prime minister interacted with the chief ministers last on April 27. Days after the meeting, the central government had extended the lockdown by two more weeks till May 17 to arrest the spread of the virus, but gave several relaxations in economic activities and movement of people.The nationwide lockdown has been in force since March 25 to contain the spread of the virus, which has killed more than 2200 people, and afflicted more than 67,000 in the country. NAB PYKPYK

PM interacts with CMs on ways to strengthen COVID-19 containment strategy, boosting economic activities

New Delhi, Mar 23 () The Centre has requested chief secretaries of all states to exempt services of Sebi-regulated stock market entities as well as related workforce from the purview of lockdown imposed to curb spreading of coronavirus infections. The move comes against the backdrop of alleged instances of brokers, depository participants and other personnel related to stock markets facing difficulties in commuting to their workplaces. In a letter, Cabinet Secretary Rajiv Gauba has requested that services of Sebi-regulated stock market entities be exempted from the purview of lockdown. "Further, essential staff related to these agents should be allowed to commute so as to ensure that these establishments function smoothly," as per the letter addressed to Chief Secretaries of States and Administrators of Union Territories. Domestic stock market suffered its worst-ever single-day crash on Monday, with the benchmark indices plummeting as much as 13.15 per cent as sell-off continued amid rising coronavirus cases. In the wake of the coronavirus outbreak, many states have announced partial or complete lockdown, to curb spreading of infections. Besides, authorities are encouraging social distancing as part of dealing with the situation. "It is pertinent to mention that stock markets are critical for the economy and as such its various constituents are important financial market institutions," the letter said. At least three states - Maharashtra, Gujarat and Rajasthan - have already issued clarifications to authorities to allow employees working in exchanges and broking offices to commute to their offices. On Monday, stock brokers association Anmi asked markets regulator Sebi to include brokers and depository participants under essential services. The Association of National Exchanges Members of India (Anmi) has around 900 stock brokers as members. BJ NAB RAM

Exempt stock mkt entities, their workforce from lockdown: Centre tells states

New Delhi, Dec 2 () The Centre on Monday asked state governments to crackdown on traders hoarding onions, create buffer stocks and distribute imported edible bulb at a reasonable rate in order to provide relief to common man from soaring prices.
 Cabinet Secretary Rajiv Gauba chaired a meeting of the Committee of Secretaries to review the issue of rising onion prices across the country, an official statement said.
 Onions are selling at a high price of Rs 75-100 per kg in major cities.
 In a video conference with the Chief Secretaries of 11 major onion producing states, Gauba was briefed about the various steps being taken by them to control onion prices.
 Chief Secretaries of Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Madhya Pradesh, Chattisgarh, Rajasthan, Uttar Pradesh and Haryana participated in the video conference.
 "The Cabinet Secretary directed the states that the overall availability of onions has to be beefed up, considering the temporary shortage, to stabilise the prices," the statement said.
 The Centre has already banned onion exports and decided to import 1.2 lakh tonnes of onions, besides imposing stock holding limit on traders.
 "The states were further directed to maintain considerable buffer stocks, impose stock limits on traders and to ensure strict action against hoarding," the statement said.
 Gauba said the central government has approved the import of 11,000 tonnes of onions to tide over the situation. The deliveries are expected from the last week of December. 
 This is in addition to import of 6,090 tonnes of onions from Egypt whose deliveries are expected from second week of December.
 "Cabinet Secretary directed the states to utilise their Food and Civil Supply Departments to procure and distribute onions at reasonable prices," the statement said.
 Secretaries of Ministry of Consumer Affairs, Ministry of Agriculture and Food &amp; Public Distribution also attended the meeting.
 On Sunday, sources had said that state-owned trading firm MMTC, which is importing onion on behalf of the Centre, has placed an order of 11,000 tonnes of edible bulb from Turkey.
 According to Consumer Affairs Ministry's data, onion's average selling price on Monday is Rs 80 per kg, while the maximum rate is Rs 140 per kg in Port Blair.
 Onion is being sold at Rs 76 per kg in the national capital, Rs 87 in Mumbai, Rs 90 per kg in Kolkata and Rs 80 per kg in Chennai. 
 The lowest price of Rs 40 per kg was reported from Jhansi in Madhya Pradesh, the data showed.
 The ministry monitors prices of 22 essential commodities based on the data collected from 109 market centres spread across the country.
 On November 19, Food and Consumer Affairs Minister Ram Vilas Paswan had said onion production in kharif and late-kharif seasons of 2019-20 is estimated to fall 26 per cent to 5.2 million tonnes.
 Onion is a seasonal crop with harvesting period of rabi (March to June), kharif (October to December) and late-kharif (January-March). During July to October, the supply in the market comes from stored onions from rabi (winter-sown) season.
 During 2019-20, there was a 3-4 weeks delay in sowing as well as decline in sown area of the kharif onion because of late arrival of monsoon, Paswan had said. 
 Further, untimely prolonged rains in major growing states of Karnataka, Maharashtra and Madhya Pradesh during the harvesting period caused damage to the standing crops in these regions.
 "It's not in our hand, the government is making maximum efforts but who can win from nature," he recently told reporters when asked by when onion prices will come down to reasonable level. MJH RVK

Centre asks states to act against onion hoarders, create buffer stocks

New Delhi, May 10 () With the focus on boosting economic activities amid a graded exit from the coronavirus-induced lockdown, Prime Minister Narendra Modi will interact with chief ministers of various states via video conference on Monday afternoon. This will be his fifth interaction with the chief ministers after the outbreak of the novel coronavirus in the country. The Prime Minister's Office said the video conference will begin at 3 PM on Monday. Sources in the government said the focus of the meeting would be on boosting economic activities and pushing efforts to convert 'red' zones with high COVID-19 case load into 'orange' or 'green' zones. The number of COVID-19 infections has more than doubled since the prime minister interacted with the chief ministers last on April 27 -- from just over 28,000 cases to nearly 63,000 cases. Days after the meeting, the central government had extended the lockdown by two more weeks till May 17 to arrest the spread of the virus, but gave several relaxations in economic activities and movement of people. The nationwide lockdown has been in force since March 25. Several states have recently relaxed labour laws to pump up industrial activities with staggered shifts or limited staff as a fresh spike in coronavirus cases could undo the gains so far. Monday's meeting could also discuss further relaxations as part of a graded exit from the lockdown but all restrictions are unlikely to be withdrawn in one go, the sources suggested. The meeting comes days before the third phase of the lockdown ends on May 17. At a meeting on Sunday, state chief secretaries told Cabinet Secretary Rajiv Gauba that while protection is required from COVID-19, economic activities also need to be stepped up in a calibrated manner. With thousands of migrant workers taking special trains to go back to their home states due to lockdown, the restarting of industrial activities will prove to be a challenge for states. NAB SMNSMN

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Vodafone Idea shares spike after promoter Kumar Mangalam Birla's meeting with India's Telecom minister

BI India Bureau

Centre asks states, UTs to take all steps for smooth disbursement of Rs 27,500 cr under PM-GKY

PTI

Karnataka, Tamil Nadu monitoring covid-19 quarantines through app

PTI

Birla is reportedly ready to give Vodafone Idea to the Indian government

Rounak Jain

PM interacts with CMs on ways to strengthen COVID-19 containment strategy, boosting economic activities

PTI

Exempt stock mkt entities, their workforce from lockdown: Centre tells states

PTI

Centre asks states to act against onion hoarders, create buffer stocks

PTI

Lockdown: PM to interact with CMs on Monday with focus on economy

PTI

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