Idea net plunges to a trickle on Jio, spectrum impacts
Mumbai: Investments in network expansion, coupled with competition putting a pressure on pricing led the third largest telco Idea Cellular to report a huge decline in the September quarter net profit at Rs90 crore. The Aditya Birla Group company had a consolidated net profit of Rs757.8 crore in the year ago quarter. In the preceding June quarter, its post-tax profit was Rs217.08 crore. Managing Director Himanshu Kapania today said the numbers are not comparable with the year-ago figures because of huge investments in spectrum and network, which have led to lower utilisation.In the last two years, the company has committed over Rs40,000 crore for spectrum buys (and Rs61,000 in the last five auctions), invested Rs45,000 crore and also increased its towers to over 85,000 from the 25,000 in April, he said, adding these investments are proactive in nature.
Bosch eyeing increased share in beyond mobility biz
Bengaluru: Bosch India, a leading supplier of technology and services, on Monday said it wants to use the available opportunities in Indian market to grow beyond the present 15 per cent share in beyond mobility business. “The growth potential in beyond mobility segment is higher than the mobility business, but it does not mean we will (not) try our best in mobility as well,” Dr Steffen Berns, Bosch limited Managing Director and President, and Country Head for Bosch India, told reporters during an interaction on “Beyond Mobility Solutions’ Tech Day” here.
Forensic auditor investigating debit card data breach: RBI
Mumbai: In the wake of the biggest-ever debit card data breach affecting Indian banking system, the RBI on Monday said a forensic auditor is investigating the matter, even as it tried to allay fears saying the number of cards misused is “few”. The RBI held a meeting with senior officials from select banks, the National Payment Corporation of India (NPCI) and card network operators to review the steps taken by various agencies to contain the adverse fall-out of certain card details alleged to have been compromised.
Ola ties up with BMW, expands on-demand luxury ride service
Mumbai: leading taxi-hailing app Ola on Monday partnered with luxury carmaker BMW, which the two companies claimed will go a long way in redefining on-demand luxury mobility in India. Ola claims it has around half a million drivers on its platform and the service, Ola lux, is available in Mumbai, Delhi and Bengaluru to begin with, and will shortly commence in Hyderabad. Ola already has tie-ups with luxury car makers Mercedes and Jaguar and also with Mahindra and Tata Motors. Other OEMs like Maruti Suzuki, Toyota and Nissan also have such association with aggregators. BMW India acting president Frank Schloeder said the partnership is not exclusive, but will offer 100 per cent financing from BMW Finance, assured buyback and two-year free insurance maintenance. Pranay Jivrajka, chief operating officer of Ola, said Ola lux is already available with around 100 luxury cars from Mercedes, Jaguar and Audi, and it hopes to take the number of super premium cars to 1,000 with the BMW tie-up over the next few years.