The largest telecom operator in India, Bharti Airtel, has crossed 300 million customers landmark for all services including fixed line, mobile, DTH and DSL in the country. Bharti Airtel also operates in some select markets in Africa.
After humble start in 1995, Bharti Airtel reached 100 million consumers mark in 2009. The next 100 million came pretty quick in 2012. Bharti has become the fourth largest telecom services companies in the world in terms of consumer base.
Public sector major Bank of Baroda has surprised the markets with 17 percent increase in quarterly net profit. The bank registered net profit of Rs1,362 crore during the first quarter compared to Rs 1,167 crore during the same period last year.
Bank of Baroda stock was up by more than a percent. The net interest income grew by 15 percent at Rs 3,328 crore. The non-interest income of the bank declined by 17 percent to Rs 1,024 crore during the first quarter.
Indian markets drifted lower in the afternoon session. The markets opened positive on Tuesday with support from energy and FMCG stocks. The market breadth was positive in the afternoon with 1250 advances and nearly 1200 declines.
BSE Sensex was up by just 50 points at 2.30 pm and NSE Nifty was in the green at 6706. Among major gainers in today's trade were ITC, Reliance, ONGC, Tata Steel and ICICI Bank. Among losers were Tata Power, Power Grid, Ambuja Cements and Hindalco.
Software services exporter Infosys on Monday reported better-than-expected rise in margins and profit for the quarter ended March 31, 2014.
The second largest software services exporter of India announced that its net profit of Rs 2,992 crore for the January to March quarter of FY2014, up 25 per cent from the corresponding quarter of the previous year. Quarter-on-quarter growth in net profit stood at 4 per cent.
Analysts had projected a net profit of Rs 2,835 crore for the company's fourth fiscal quarter.
Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.
Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.
Global financial giant, Citigroup Inc has announced its decision to cut 200 to 300 jobs in its division handling stock and bond trades in order to cut costs.
The third largest banking firm in the United States is aiming to cut its costs in order to be able to revive its business. The latest cut in jobs will result in about 2 per cent cut in its total workforce of the bank's global markets business, according to the people closer to the matter. The banking giant had a total staff of 251,000 people as of December of the previous year.
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