The benchmark BSE Sensex opened lower today after a five-session record-setting spree as investors cashed profits in metal, capital goods, consumer durables, power and banking shares ahead of January month expiry in the derivatives segment tomorrow.

The BSE 30-share barometer dropped by 54.30 points or 0.15 per cent to 36,085.68 in opening trade as index major Reliance Industries, ICICI Bank and Bharti Airtel declined.

The gauge had rallied 1,368.93 points in the previous five back-to-back record-setting sessions on sustained foreign fund inflows. It had <a href="http://www.wionews.com/india-news/sensex-closes-at-36140-nifty-ends-above-11000-mark-30507" target="_blank">closed at a record high</a> of 36,139.98 yesterday after touching an intra-day high of 36,170.83.

The NSE Nifty index too retreated, falling by 26.45 points, or 0.23 per cent, at 11,057.25. Yesterday, it had closed at record high of 11,083.70 points after scaling an all-time high (intra- nay) of 11,092.90.

Brokers said investors turned cautious and preferred to log gains at record levels ahead of tomorrow&#39;s January expiry in the derivatives segment, pulling down the key indices from record highs.

Besides, a weak trend at most of other Asian markets too weighed on the sentiments here, they added.

The laggards were Bharti Airtel, ICICI Bank, Tata Motors, Coal India, Adani Ports, Tata Steel, Asian Paint, Reliance Industries, Infosys, L&amp;T and M&amp;M, falling up to 3.18 per cent.

Meanwhile, foreign portfolio investors (FPIs) continued their buying activity on the domestic bourses here. They bought shares worth a net Rs 1,229.35 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 169.03 crore yesterday, provisional data showed.

Globally, in the Asian region, Japan&#39;s Nikkei fell 0.56 per cent, while Hong Kong&#39;s Hang Seng shed 0.35 per cent in their early deals. Shanghai Composite Index, however, was up 0.09 per cent.

The US Dow Jones Industrial Average also ended a shade lower in yesterday&#39;s trade.

The Sensex had closed at a record high of 36,139.98 Tuesday after touching an intra-day high of 36,170.83

The benchmark BSE Sensex opened lower today after a five-session record-setting spree as investors cashed profits in metal, capital goods, consumer durables, power and banking shares ahead of January month expiry in the derivatives segment tomorrow. The BSE 30-share barometer dropped by 54.30 points or 0.15 per cent to 36,085.68 in opening trade as index major Reliance Industries, ICICI Bank and Bharti Airtel declined. The gauge had rallied 1,368.93 points in the previous five back-to-back record-setting sessions on sustained foreign fund inflows. It had closed at a record high of 36,139.98 yesterday after touching an intra-day high of 36,170.83. The NSE Nifty index too retreated, falling by 26.45 points, or 0.23 per cent, at 11,057.25. Yesterday, it had closed at record high of 11,083.70 points after scaling an all-time high (intra- nay) of 11,092.90. Brokers said investors turned cautious and preferred to log gains at record levels ahead of tomorrow's January expiry in the derivatives segment, pulling down the key indices from record highs. Besides, a weak trend at most of other Asian markets too weighed on the sentiments here, they added. The laggards were Bharti Airtel, ICICI Bank, Tata Motors, Coal India, Adani Ports, Tata Steel, Asian Paint, Reliance Industries, Infosys, L&T and M&M, falling up to 3.18 per cent. Meanwhile, foreign portfolio investors (FPIs) continued their buying activity on the domestic bourses here. They bought shares worth a net Rs 1,229.35 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 169.03 crore yesterday, provisional data showed. Globally, in the Asian region, Japan's Nikkei fell 0.56 per cent, while Hong Kong's Hang Seng shed 0.35 per cent in their early deals. Shanghai Composite Index, however, was up 0.09 per cent. The US Dow Jones Industrial Average also ended a shade lower in yesterday's trade.

Sensex opens 54 points lower on profit booking

Stocks staged a strong comeback in early trade with the BSE Sensex gaining over 260 points and the Nifty recapturing the 10,500-level on continued buying by domestic funds ahead of inflation data to be released after market hours today.

Asian markets were also trading in the green after a late-day rally on Wall Street on Friday.

The 30-share Sensex recovered by 260.12 points, or 0.76 per cent, to 34,265.88 in opening trade. The index had lost 407.40 points or 1.18 per cent to settle at one month low of 34,005.76 on Friday.

All the sectoral indices led by metal, realty and infrastructure were trading in the green with gains up to 1.44 per cent.

The broad-based NSE Nifty went up by 81.65 points or 0.78 per cent to 10,536.60.

Major gainers were ONGC, Tata Steel, Sun Pharma, Bharti Airtel, Adani Ports, L&amp;T, HeromotoCorp and Axis Bank.

Larsen and Toubro rose by 1 per cent after it announced a Rs 2,200 crore order win by its wholly-owned arm L&amp;T Hydrocarbon Engineering from Abu Dhabi-based Al Dhafra Petroleum Operations Company Limited.

SBI, however, dropped 2.85 per cent following poor quarterly results. The PSU lender on Friday posted a net loss of Rs 1,886.57 crore after a massive under-reporting of dud assets in the past fiscal and reverses in treasury operations.

Brokers said sustained buying by domestic institutional investors amid a firm trend at other Asian bourses improved the market sentiment.

Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1351.70 crore on Friday, provisional data showed.

In the Asian region, Hong Kong&#39;s Hang Seng was up 0.64 per cent and Shanghai Composite Index by 0.39 per cent in early trade. The US Dow Jones Industrial Average ended 1.38 per cent higher on Friday.

Asian markets were also trading in the green after a late-day rally on Wall Street on Friday

Stocks staged a strong comeback in early trade with the BSE Sensex gaining over 260 points and the Nifty recapturing the 10,500-level on continued buying by domestic funds ahead of inflation data to be released after market hours today. Asian markets were also trading in the green after a late-day rally on Wall Street on Friday. The 30-share Sensex recovered by 260.12 points, or 0.76 per cent, to 34,265.88 in opening trade. The index had lost 407.40 points or 1.18 per cent to settle at one month low of 34,005.76 on Friday. All the sectoral indices led by metal, realty and infrastructure were trading in the green with gains up to 1.44 per cent. The broad-based NSE Nifty went up by 81.65 points or 0.78 per cent to 10,536.60. Major gainers were ONGC, Tata Steel, Sun Pharma, Bharti Airtel, Adani Ports, L&T, HeromotoCorp and Axis Bank. Larsen and Toubro rose by 1 per cent after it announced a Rs 2,200 crore order win by its wholly-owned arm L&T Hydrocarbon Engineering from Abu Dhabi-based Al Dhafra Petroleum Operations Company Limited. SBI, however, dropped 2.85 per cent following poor quarterly results. The PSU lender on Friday posted a net loss of Rs 1,886.57 crore after a massive under-reporting of dud assets in the past fiscal and reverses in treasury operations. Brokers said sustained buying by domestic institutional investors amid a firm trend at other Asian bourses improved the market sentiment. Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1351.70 crore on Friday, provisional data showed. In the Asian region, Hong Kong's Hang Seng was up 0.64 per cent and Shanghai Composite Index by 0.39 per cent in early trade. The US Dow Jones Industrial Average ended 1.38 per cent higher on Friday.

Sensex recovers 260 points, Nifty above 10,500-mark

Telecom major Bharti Airtel and e-commerce giant Amazon India have come together to bring in an offer of one-year subscription of Amazon Prime free of cost to Airtel&#39;s postpaid subscribers on Friday.

The telecom major said the offer will be only available for Airtel postpaid users using Infinity plans that ranges from Rs 499, Rs 799 and Rs 1,199.

The offer includes unlimited access to Amazon Prime Video, at no additional cost.

With this Airtel, postpaid users can get free access to Amazon Prime&#39;s range of content as well as benefits while shopping on the platform. &nbsp;

With Amazon Prime, users get unlimited streaming of movies, Amazon originals and popular TV shows around the world

&quot;This move enables seamless access to Amazon Prime for Airtel Postpaid customers, providing a world of new video streaming content and more,&quot; Akshay Sahi, Director and Head, Amazon Prime India, said.

Here&#39;s how users can get the free Amazon Prime membership offer:

1: The eligible subscribers need to download the Airtel TV app from App Store or Play Store and login using the registered mobile number

2: Once logged in, scroll down and you will see a banner of Amazon Prime

3: Tap on the banner and a dialogue box will appear, with details of the Prime service. Tap on Activate Now

4: Now you will be required to key in your Amazon account credentials

5: Once the credentials are verified, your free 365-day Amazon Prime subscription will start, and you will be informed of the same via SMS and email

The offer will be only available for Airtel postpaid users using Infinity plans that ranges from Rs 499, Rs 799 and Rs 1,199.

Telecom major Bharti Airtel and e-commerce giant Amazon India have come together to bring in an offer of one-year subscription of Amazon Prime free of cost to Airtel's postpaid subscribers on Friday. The telecom major said the offer will be only available for Airtel postpaid users using Infinity plans that ranges from Rs 499, Rs 799 and Rs 1,199. The offer includes unlimited access to Amazon Prime Video, at no additional cost. With this Airtel, postpaid users can get free access to Amazon Prime's range of content as well as benefits while shopping on the platform. With Amazon Prime, users get unlimited streaming of movies, Amazon originals and popular TV shows around the world "This move enables seamless access to Amazon Prime for Airtel Postpaid customers, providing a world of new video streaming content and more," Akshay Sahi, Director and Head, Amazon Prime India, said. Here's how users can get the free Amazon Prime membership offer: 1: The eligible subscribers need to download the Airtel TV app from App Store or Play Store and login using the registered mobile number 2: Once logged in, scroll down and you will see a banner of Amazon Prime 3: Tap on the banner and a dialogue box will appear, with details of the Prime service. Tap on Activate Now 4: Now you will be required to key in your Amazon account credentials 5: Once the credentials are verified, your free 365-day Amazon Prime subscription will start, and you will be informed of the same via SMS and email

Airtel postpaid customers to get free Amazon prime membership

State-owned Bharat Sanchar Nigam Ltd (BSNL) is set to launch its 4G services from Kerala next month, followed by Odisha, a top company official said.

The telecom corporation hopes that the ensuing 4G launch on?Long Term Evolution route (a standard for?high-speed wireless communication) will enable its mobile customers to enjoy faster data speeds and improve its user experience.

&quot;We are going to start 4G from Kerala. That will be our first circle on 4G LTE. We will initially focus on those areas where 3G coverage is low,&quot; BSNL Chairman and Managing Director Anupam Shrivastava said.

This will be followed by Odisha, a revenue positive circle for BSNL, he added.

The state-owned telco - which competes with private operators like Bharti Airtel, Vodafone and Jio that already have an established 4G footprint - expects the 5MHz spectrum it currently has in the 2100 MHz band to be sufficient for the initial launch of its 4G services.

But to expand the 4G service to rest of the country, BSNL will require additional spectrum.

For this, BSNL is seeking another 5MHz spectrum in the 2100 MHz band, which it wants to fund by offering additional equity to its promoter, the government.

&quot;Once the additional 5MHz spectrum comes to us, we will start rolling out in Bengaluru, Hyderabad and other places. So the network will become 2G, 3G and 4G with enhanced data capability,&quot;?Shrivastava added.

BSNL, which has 10 crore mobile customers across India (except Mumbai and Delhi circles), expects to roll out 10,000 4G mobile towers by March 2018.

Once the additional spectrum comes in, this number will rise, he added.

The company plans to have a separate brand identity for 4G services, Shrivastava said, adding that it will be announced at the time of rollout of services.

To expand the 4G service to rest of the country, BSNL will require additional spectrum.

State-owned Bharat Sanchar Nigam Ltd (BSNL) is set to launch its 4G services from Kerala next month, followed by Odisha, a top company official said. The telecom corporation hopes that the ensuing 4G launch on?Long Term Evolution route (a standard for?high-speed wireless communication) will enable its mobile customers to enjoy faster data speeds and improve its user experience. "We are going to start 4G from Kerala. That will be our first circle on 4G LTE. We will initially focus on those areas where 3G coverage is low," BSNL Chairman and Managing Director Anupam Shrivastava said. This will be followed by Odisha, a revenue positive circle for BSNL, he added. The state-owned telco - which competes with private operators like Bharti Airtel, Vodafone and Jio that already have an established 4G footprint - expects the 5MHz spectrum it currently has in the 2100 MHz band to be sufficient for the initial launch of its 4G services. But to expand the 4G service to rest of the country, BSNL will require additional spectrum. For this, BSNL is seeking another 5MHz spectrum in the 2100 MHz band, which it wants to fund by offering additional equity to its promoter, the government. "Once the additional 5MHz spectrum comes to us, we will start rolling out in Bengaluru, Hyderabad and other places. So the network will become 2G, 3G and 4G with enhanced data capability,"?Shrivastava added. BSNL, which has 10 crore mobile customers across India (except Mumbai and Delhi circles), expects to roll out 10,000 4G mobile towers by March 2018. Once the additional spectrum comes in, this number will rise, he added. The company plans to have a separate brand identity for 4G services, Shrivastava said, adding that it will be announced at the time of rollout of services.

BSNL to start 4G services from Kerala in January, 2018

Airtel Payments Bank chief executive Shashi Arora has resigned from the company amid controversy over alleged violations of rules on using Aadhaar for its electronic know-your-customer (e-KYC) verification process.

&quot;Shashi has decided to move on to pursue opportunities outside of Airtel. We wish Shashi the very best for his future endeavours,&quot; the company said in a statement.

Arora joined the telecom operator in 2006 and was appointed MD and CEO of Airtel Payments Bank on June 1, 2016.&nbsp;

&quot;He has been an asset for Airtel and over the years has contributed to the company&#39;s growth story. Having led the operations in key telecom circles followed by building a strong DTH business, he has laid the foundation for Airtel&#39;s payments bank operations,&quot; the statement said.

The Unique Identification Authority of India (UIDAI) on Thursday decided to allow Bharti Airtel Ltd to resume Aadhaar-based e-KYC verification of telecom subscribers until&nbsp;January 10, 2018.&nbsp;

This announcement was made after &nbsp;Rs 138 crore of funds under the direct benefit transfer scheme were credited back to the original accounts of 55.63 lakh beneficiaries.

It, however, maintained that Airtel Payments Bank eKYC licence will remain suspended till final enquiry and audit report.

The Unique Identity Authority of India (UIDAI) had earlier barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based verification of customers using the eKYC process. The company deposited Rs2.5 crore as a penalty with UIDAI. 
&nbsp;

The UIDAI had earlier barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based verification of customers using the e-KYC process.

Airtel Payments Bank chief executive Shashi Arora has resigned from the company amid controversy over alleged violations of rules on using Aadhaar for its electronic know-your-customer (e-KYC) verification process. "Shashi has decided to move on to pursue opportunities outside of Airtel. We wish Shashi the very best for his future endeavours," the company said in a statement. Arora joined the telecom operator in 2006 and was appointed MD and CEO of Airtel Payments Bank on June 1, 2016. "He has been an asset for Airtel and over the years has contributed to the company's growth story. Having led the operations in key telecom circles followed by building a strong DTH business, he has laid the foundation for Airtel's payments bank operations," the statement said. The Unique Identification Authority of India (UIDAI) on Thursday decided to allow Bharti Airtel Ltd to resume Aadhaar-based e-KYC verification of telecom subscribers until January 10, 2018. This announcement was made after Rs 138 crore of funds under the direct benefit transfer scheme were credited back to the original accounts of 55.63 lakh beneficiaries. It, however, maintained that Airtel Payments Bank eKYC licence will remain suspended till final enquiry and audit report. The Unique Identity Authority of India (UIDAI) had earlier barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based verification of customers using the eKYC process. The company deposited Rs2.5 crore as a penalty with UIDAI.

Airtel Payments Bank head Shashi Arora quits amid eKYC controversy

Bharti Airtel and Airtel Payments Banks have been temporarily banned from conducting Aadhaar-based SIM verification of Mobile customers using eKYC (ELectronic Know Your Customer) process and e-KYC of payments bank clients by Unique Identification Authority of India (UIDAI).

The action was taken after the allegations that Bharti Airtel is using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their &quot;informed consent.&quot;

As&nbsp;Airtel is on the interim ban, it won&#39;t be able to e-verify or link mobile SIMs with the Aadhaar ID through the eKYC process of UIDAI.&nbsp;

Customers also won&#39;t be able open their new account in Airtel Payment Bank.

A spokesperson for Airtel said, &quot;We can confirm that we have received an interim order from the UIDAI regarding temporary suspension of Aadhaar linked e-KYC services till their satisfaction on certain processes relating to Airtel payment banks onboarding of customers.&quot;

&quot;We are engaging with the authority and are hopeful of an early resolution. We are also undertaking to complete the said actions on priority and have commenced thorough checks of our process flows.

&nbsp;&quot;Being compliant to all guidelines is paramount to us. In the interim, any inconvenience to our customers is regretted.&quot;

The UIDAI also took strong&nbsp;objection to the allegations that such payment bank accounts are being linked to receive LPG subsidy.

The Airtel and Airtel Banks are found be violating a different section of the Aadhaar Act 2016, which mandates explicit consent of the individuals.

According to the law, the violations could lead to a fine of one lakh per day and termination of authentication user agreements.

Airtel has been opening Airtel Payments Bank Account, without the consent of the user, as they link the SIMs to the Aadhaar card.

According to reports, more than 23 Lakh customers have their Airtel Payments Bank Account without any prior awareness.

UIDAI observed that as per agreement with the authority, Airtel and Airtel bank are under obligation to ensure security and privacy of a resident&#39;s identity information.

An audit has also been ordered to examine if the Airtel&nbsp;and Airtel Payments Bank are in compliance with the Aadhaar Act. It will be conducted by PricewaterhouseCoopers.&nbsp;

According to the sources, when Airtel received the first notice it stated that they have amended the process and the opening of a bank account is delinked from the verification process.

Airtel also received a notice after the previous but even then the authority was receiving complaints about the unauthorised opening of Airtel Payments Bank accounts.

UIDAI also reviewed the Airtel Mobile app in which they saw that along with the welcome message, a pre-ticked consent box appears for a moment which states, &quot;Upgrade or create&nbsp;my Airtel Payment Bank wallet using existing Airtel mobile KYC&quot; which is found to be a disregard of Aadhaar Act and Regulations.&nbsp;

(With inputs from news agency) 
&nbsp;

The temporary action was taken by the UIDAI after the allegations that Bharti Airtel is using the verification process to open payments bank accounts of its subscribers without their 'informed consent'

Bharti Airtel and Airtel Payments Banks have been temporarily banned from conducting Aadhaar-based SIM verification of Mobile customers using eKYC (ELectronic Know Your Customer) process and e-KYC of payments bank clients by Unique Identification Authority of India (UIDAI). The action was taken after the allegations that Bharti Airtel is using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their "informed consent." As Airtel is on the interim ban, it won't be able to e-verify or link mobile SIMs with the Aadhaar ID through the eKYC process of UIDAI. Customers also won't be able open their new account in Airtel Payment Bank. A spokesperson for Airtel said, "We can confirm that we have received an interim order from the UIDAI regarding temporary suspension of Aadhaar linked e-KYC services till their satisfaction on certain processes relating to Airtel payment banks onboarding of customers." "We are engaging with the authority and are hopeful of an early resolution. We are also undertaking to complete the said actions on priority and have commenced thorough checks of our process flows. "Being compliant to all guidelines is paramount to us. In the interim, any inconvenience to our customers is regretted." The UIDAI also took strong objection to the allegations that such payment bank accounts are being linked to receive LPG subsidy. The Airtel and Airtel Banks are found be violating a different section of the Aadhaar Act 2016, which mandates explicit consent of the individuals. According to the law, the violations could lead to a fine of one lakh per day and termination of authentication user agreements. Airtel has been opening Airtel Payments Bank Account, without the consent of the user, as they link the SIMs to the Aadhaar card. According to reports, more than 23 Lakh customers have their Airtel Payments Bank Account without any prior awareness. UIDAI observed that as per agreement with the authority, Airtel and Airtel bank are under obligation to ensure security and privacy of a resident's identity information. An audit has also been ordered to examine if the Airtel and Airtel Payments Bank are in compliance with the Aadhaar Act. It will be conducted by PricewaterhouseCoopers. According to the sources, when Airtel received the first notice it stated that they have amended the process and the opening of a bank account is delinked from the verification process. Airtel also received a notice after the previous but even then the authority was receiving complaints about the unauthorised opening of Airtel Payments Bank accounts. UIDAI also reviewed the Airtel Mobile app in which they saw that along with the welcome message, a pre-ticked consent box appears for a moment which states, "Upgrade or create my Airtel Payment Bank wallet using existing Airtel mobile KYC" which is found to be a disregard of Aadhaar Act and Regulations. (With inputs from news agency)

Airtel banned from Aadhaar-eKYC based SIM verification

The BSE Sensex fell by 185 points in early session today due to losses in realty, power, PSU, metal and infrastructure stocks amid weak Asian cues.

Besides, investors were cautious ahead of September quarter GDP data to be released later in the day.

Offloading of positions by participants with today being the last trading session of November series contracts in the derivatives segment pulled down the index, brokers said.

The 30-share flagship index was down 185.24 points, or 0.55 per cent, at 33,417.52 with sectoral indices led by realty and power falling up to 0.88 per cent.

The gauge had fallen 121.68 points in the previous two sessions.

The 50-share NSE Nifty too was quoting lower by 57.50 points, or 0.55 per cent, at 10,303.80.

Weakness in the rupee, which slipped 24 paise to 64.55 against the dollar today, too weighed on the sentiments.

Among laggards Kotak Bank, Cipla, Adani Ports, ONGC, M&amp;M, Reliance Industries, Coal India, Axis Bank, Hind Unilever, Tata Motors, Bharti Airtel, HDFC Ltd, Tata Steel and Lupin dropped up to 1.71 per cent.

Hong Kong&#39;s Hang Seng weakened 1.21 per cent while Shanghai Composite lost 0.26 per cent in early trade. Japan&#39;s Nikkei too shed 0.10 per cent.

US Dow Jones Industrial Average ended 0.44 per cent higher yesterday.&nbsp;

The BSE Sensex fell by 185 points due to losses in realty, power, PSU, metal and infrastructure stocks

The BSE Sensex fell by 185 points in early session today due to losses in realty, power, PSU, metal and infrastructure stocks amid weak Asian cues. Besides, investors were cautious ahead of September quarter GDP data to be released later in the day. Offloading of positions by participants with today being the last trading session of November series contracts in the derivatives segment pulled down the index, brokers said. The 30-share flagship index was down 185.24 points, or 0.55 per cent, at 33,417.52 with sectoral indices led by realty and power falling up to 0.88 per cent. The gauge had fallen 121.68 points in the previous two sessions. The 50-share NSE Nifty too was quoting lower by 57.50 points, or 0.55 per cent, at 10,303.80. Weakness in the rupee, which slipped 24 paise to 64.55 against the dollar today, too weighed on the sentiments. Among laggards Kotak Bank, Cipla, Adani Ports, ONGC, M&M, Reliance Industries, Coal India, Axis Bank, Hind Unilever, Tata Motors, Bharti Airtel, HDFC Ltd, Tata Steel and Lupin dropped up to 1.71 per cent. Hong Kong's Hang Seng weakened 1.21 per cent while Shanghai Composite lost 0.26 per cent in early trade. Japan's Nikkei too shed 0.10 per cent. US Dow Jones Industrial Average ended 0.44 per cent higher yesterday.

Stocks fall ahead of GDP numbers, F&O expiry

Telecom czar and Chairman of India&#39;s largest mobile company Airtel, Sunil Mittal, today said the Bharti family has pledged about Rs 7,000 crore to philanthropy and will open a new university to offer free education to meritorious but underprivileged students.

The Bharti family&#39;s commitment to give away 10 per cent of their personal wealth, also includes three per cent of their stake in telecom firm Bharti Airtel.

The pledged amount, totaling Rs 7,000 crore would mostly go into setting up of a new technology-oriented university in North India, while some part of it would also be used for expanding the existing Satya Bharti School Programme - Bharti Foundation&#39;s flagship initiative.

&quot;We are not in this for business,&quot; said Sunil Mittal, who was flanked by his brothers Rakesh and Rajan at a conference to announce the family&#39;s philanthropic plans.

The proposed university will come up on a 100-acre land and &quot;active discussions&quot; are on with various States including Punjab and Haryana to finalize the location.

Mittal said he expected the groundbreaking ceremony to take place by early next year and the first academic session would commence by 2021.

The proposed Satya Bharti University for Science and Technology would focus on advanced technologies like Artificial Intelligence, Robotics, Augmented Reality and Virtual Reality and Internet of

Things in addition to offering degrees in electrical and electronics engineering and management.

&quot;Given our attachment to technology we would like it to be very significantly focussed on technology on the lines of MIT (Massachusetts Institute of Technology), Stanford, Berkeley..,&quot; said Sunil Mittal, Chairman of Bharti Enterprises and Bharti Foundation.

Mittal&#39;s philanthropic move comes just days after Infosys?co-founder and tech titan Nandan Nilekani and his wife Rohini?Nilekani committed half of their wealth to philanthropy by joining the &#39;The Giving Pledge&#39;, a movement spearheaded by Microsoft co-founder Bill Gates and Warren Buffett.

The new university will seek partnerships and industry linkages with tech giants like Facebook, Microsoft, Google, and Apple, among others.

Over a period of time the fully-residential university will have 10,000 students, Mittal said.

&quot;About 10 per cent of our family wealth is being earmarked and pledged to Bharti Foundation, the Group&#39;s philanthropic arm. There are certain structuring and restructuring that are right now being undertaken by lawyers and accountants (in this regard),&quot; Mittal said.

The setting up of the university will require Rs 1,000 crore initially and a &quot;large amount&quot; will be needed to run it thereafter, he noted.

&quot;In Satya Bharti School programme there is zero fee, we do not charge anything, and even here, the idea is to bring meritorious underprivileged students to give them education... it will require a lot of money,&quot; Mittal said.

While courses will be free for meritorious students who belong to economically weaker sections of the society - that being the prime focus of the institution - in case of any unfilled vacancies, the only nominal amount will be charged in line with the Government fee.&nbsp;

The family has decided to pledge 10% of their wealth, including 3% of their stake in Bharti Airtel, towards supporting the activities of Bharti Foundation

Telecom czar and Chairman of India's largest mobile company Airtel, Sunil Mittal, today said the Bharti family has pledged about Rs 7,000 crore to philanthropy and will open a new university to offer free education to meritorious but underprivileged students. The Bharti family's commitment to give away 10 per cent of their personal wealth, also includes three per cent of their stake in telecom firm Bharti Airtel. The pledged amount, totaling Rs 7,000 crore would mostly go into setting up of a new technology-oriented university in North India, while some part of it would also be used for expanding the existing Satya Bharti School Programme - Bharti Foundation's flagship initiative. "We are not in this for business," said Sunil Mittal, who was flanked by his brothers Rakesh and Rajan at a conference to announce the family's philanthropic plans. The proposed university will come up on a 100-acre land and "active discussions" are on with various States including Punjab and Haryana to finalize the location. Mittal said he expected the groundbreaking ceremony to take place by early next year and the first academic session would commence by 2021. The proposed Satya Bharti University for Science and Technology would focus on advanced technologies like Artificial Intelligence, Robotics, Augmented Reality and Virtual Reality and Internet of Things in addition to offering degrees in electrical and electronics engineering and management. "Given our attachment to technology we would like it to be very significantly focussed on technology on the lines of MIT (Massachusetts Institute of Technology), Stanford, Berkeley..," said Sunil Mittal, Chairman of Bharti Enterprises and Bharti Foundation. Mittal's philanthropic move comes just days after Infosys?co-founder and tech titan Nandan Nilekani and his wife Rohini?Nilekani committed half of their wealth to philanthropy by joining the 'The Giving Pledge', a movement spearheaded by Microsoft co-founder Bill Gates and Warren Buffett. The new university will seek partnerships and industry linkages with tech giants like Facebook, Microsoft, Google, and Apple, among others. Over a period of time the fully-residential university will have 10,000 students, Mittal said. "About 10 per cent of our family wealth is being earmarked and pledged to Bharti Foundation, the Group's philanthropic arm. There are certain structuring and restructuring that are right now being undertaken by lawyers and accountants (in this regard)," Mittal said. The setting up of the university will require Rs 1,000 crore initially and a "large amount" will be needed to run it thereafter, he noted. "In Satya Bharti School programme there is zero fee, we do not charge anything, and even here, the idea is to bring meritorious underprivileged students to give them education... it will require a lot of money," Mittal said. While courses will be free for meritorious students who belong to economically weaker sections of the society - that being the prime focus of the institution - in case of any unfilled vacancies, the only nominal amount will be charged in line with the Government fee.

Sunil Bharti Mittal's family commits Rs 7,000 cr to philanthropy

The Nifty touched a fresh high on Friday after data showed inflation unexpectedly held steady in September, while <a href="http://www.wionews.com/business-economy/tatas-to-merge-telecom-business-with-bharti-airtel-22355" target="_blank">Bharti Airtel surged on its deal to buy the Tata conglomerate&#39;s consumer mobile business.</a>

The NSE Nifty ended up 0.7 per cent at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81 per cent for the week.

The benchmark BSE Sensex ended 0.78 per cent higher at 32,432.69. It rose 1.94 per cent for the week, its biggest such gain since the week ended July 14.

Bharti Airtel jumped 7.7 per cent.

Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business

The Nifty touched a fresh high on Friday after data showed inflation unexpectedly held steady in September, while Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business. The NSE Nifty ended up 0.7 per cent at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81 per cent for the week. The benchmark BSE Sensex ended 0.78 per cent higher at 32,432.69. It rose 1.94 per cent for the week, its biggest such gain since the week ended July 14. Bharti Airtel jumped 7.7 per cent.

Nifty scales new peak, Bharti Airtel stocks surge

Tata Teleservices will merge with Bharti Airtel as the Tata group firm looks to tide over its financial woes by exiting the mobile telephony business.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash.

Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas.

The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world&#39;s largest telecom markets.

The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement.

&quot;This is a significant development towards further consolidation in the Indian mobile industry... The acquisition of additional spectrum made an attractive business proposition,&quot; Bharti Airtel Chairman Sunil Bharti Mittal said.

The transaction will create substantial long-term value for shareholders given the significant synergies, he said.

Tata Sons Chairman N Chandrasekaran said the agreement is the &quot;best and most optimal solution&quot; for the Tata Group and its stakeholders.

&quot;We have evaluated multiple options and are pleased to have this agreement with Bharti,&quot; he added.

In March this year, Airtel&#39;s rivals -- Vodafone India and Idea Cellular had announced merger plans to create India&#39;s largest telecom firm.

As part of the agreement, Bharti Airtel will absorb Tata CMB&#39;s operations in 19 telecom circles (17 under TTSL and 2 under TTML). It will also assume a small portion of the unpaid spectrum liability of Tata towards the Telecom Department, which is to be paid on deferred basis, the statement added.

The merger will bolster Bharti Airtel&#39;s spectrum pool with significant additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G.

&quot;The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel?s overall customer base and network,&quot; the statement said.

Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups.

&quot;The employees of Tata will be demerged on the lines of the two businesses ie CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly,&quot; it added.

Tata is also in initial stages of exploring combination of its enterprise business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky.

Any such transaction will be subject to respective boards and other requisite approvals.&nbsp;Tata will also retain its stake in Viom and will take care of the liabilities associated with it.

The Boards of Bharti Airtel, Tata Sons, TTSL and TTML have approved the transaction.

Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash

Tata Teleservices will merge with Bharti Airtel as the Tata group firm looks to tide over its financial woes by exiting the mobile telephony business. The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash. Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas. The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world's largest telecom markets. The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement. "This is a significant development towards further consolidation in the Indian mobile industry... The acquisition of additional spectrum made an attractive business proposition," Bharti Airtel Chairman Sunil Bharti Mittal said. The transaction will create substantial long-term value for shareholders given the significant synergies, he said. Tata Sons Chairman N Chandrasekaran said the agreement is the "best and most optimal solution" for the Tata Group and its stakeholders. "We have evaluated multiple options and are pleased to have this agreement with Bharti," he added. In March this year, Airtel's rivals -- Vodafone India and Idea Cellular had announced merger plans to create India's largest telecom firm. As part of the agreement, Bharti Airtel will absorb Tata CMB's operations in 19 telecom circles (17 under TTSL and 2 under TTML). It will also assume a small portion of the unpaid spectrum liability of Tata towards the Telecom Department, which is to be paid on deferred basis, the statement added. The merger will bolster Bharti Airtel's spectrum pool with significant additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G. "The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel?s overall customer base and network," the statement said. Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups. "The employees of Tata will be demerged on the lines of the two businesses ie CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly," it added. Tata is also in initial stages of exploring combination of its enterprise business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky. Any such transaction will be subject to respective boards and other requisite approvals. Tata will also retain its stake in Viom and will take care of the liabilities associated with it. The Boards of Bharti Airtel, Tata Sons, TTSL and TTML have approved the transaction. Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.

Tatas to merge telecom business with Bharti Airtel

India&#39;s Attorney General Mukul Rohatgi has sanctioned the telecom regulatory authority to impose a cumulative fine of Rs 3,050 crore ($4.48 billion) on three telecom operators -- Bharti Airtel, Vodafone and Idea Cellular -- for poor service quality. 
 
&quot;Attorney General has opined that DoT (Department of Telecom) can impose penalty on telecom operators for violating quality of service rules,&quot; a source told PTI.

This comes after Reliance Jio complained that over 75 per cent of calls on its network were failing as incumbents were not giving sufficient points of interconnect to help complete calls -- a move which has been dubbed as &quot;anti-consumer&quot;.

If the DoT intends to levy a penalty, Airtel and Vodafone would have to pay Rs 1,050 crore ($1.5 billion) penalty and Idea would have to pay Rs 950 ($1.3 billion) crore fine.

The three service proders had come close to seeing their licence being revoked by Indian authorities. The only saving grace for them was that it would lead to &quot;significant consumer inconvenience&quot;.

TRAI, the telecom regulatory authority, found the three companies were non-compliant with licence conditions and service quality norms, leading to the high rate of call failures and congestion at interconnect points for Reliance Jio, the new entrant in the telecom market.

Reacting to the development, Bharti Airtel Chairman Sunil Bharti Mittal said, &quot;We have taken a position that these penalties have been completely done in haste. We have written to TRAI, we have written to DoT. What I understand, DoT has set up a committee to look into this recommendation of TRAI. We are all waiting for the outcome of that.&quot;

(WION with inputs from PTI)

The three companies very close to having their licence revoked by Indian authorities for trying to stymie Reliance Jio's service

India's Attorney General Mukul Rohatgi has sanctioned the telecom regulatory authority to impose a cumulative fine of Rs 3,050 crore ($4.48 billion) on three telecom operators -- Bharti Airtel, Vodafone and Idea Cellular -- for poor service quality. "Attorney General has opined that DoT (Department of Telecom) can impose penalty on telecom operators for violating quality of service rules," a source told PTI. This comes after Reliance Jio complained that over 75 per cent of calls on its network were failing as incumbents were not giving sufficient points of interconnect to help complete calls -- a move which has been dubbed as "anti-consumer". If the DoT intends to levy a penalty, Airtel and Vodafone would have to pay Rs 1,050 crore ($1.5 billion) penalty and Idea would have to pay Rs 950 ($1.3 billion) crore fine. The three service proders had come close to seeing their licence being revoked by Indian authorities. The only saving grace for them was that it would lead to "significant consumer inconvenience". TRAI, the telecom regulatory authority, found the three companies were non-compliant with licence conditions and service quality norms, leading to the high rate of call failures and congestion at interconnect points for Reliance Jio, the new entrant in the telecom market. Reacting to the development, Bharti Airtel Chairman Sunil Bharti Mittal said, "We have taken a position that these penalties have been completely done in haste. We have written to TRAI, we have written to DoT. What I understand, DoT has set up a committee to look into this recommendation of TRAI. We are all waiting for the outcome of that." (WION with inputs from PTI)

India's top law officer green-lights $4 billion penalty on telcos for poor service

India started its biggest ever telecoms airwaves auction on Saturday, receiving 535.31 billion rupees ($8.04 billion) worth of bids on the first day of the sale, a senior government official said.

Market leaders Bharti Airtel Ltd, Vodafone&#39;s local unit and Idea Cellular Ltd are pitted against new entrant Reliance Jio Infocomm Ltd in the battle for airwaves to boost their high-speed data services in what is the world`s second-biggest market by mobile phone subscriptions.

The total value of the airwaves put on the block is estimated to be worth $84 billion based on the auction reserve price set by the government, although industry executives and analysts expect only part of it to be sold.

Data released by the government`s Department of Telecom (DoT) at the end of five rounds of bidding on Saturday showed carriers stayed away from the most-efficient yet pricey 700 megahertz (MHz) band of airwaves.

The 1800 MHz band of airwaves that can also do 4G and are available at less than a quarter of the price of the 700 MHz band saw higher bidding. http://bit.ly/2dwoXy3

The DoT will not release carrier-specific bidding data until the end of the auction. Bidding resumes on Monday. 
($1 = 66.5458 Indian rupees)

(Reuters)

The total value of the airwaves put on the block is estimated to be worth $84 billion

India started its biggest ever telecoms airwaves auction on Saturday, receiving 535.31 billion rupees ($8.04 billion) worth of bids on the first day of the sale, a senior government official said. Market leaders Bharti Airtel Ltd, Vodafone's local unit and Idea Cellular Ltd are pitted against new entrant Reliance Jio Infocomm Ltd in the battle for airwaves to boost their high-speed data services in what is the world`s second-biggest market by mobile phone subscriptions. The total value of the airwaves put on the block is estimated to be worth $84 billion based on the auction reserve price set by the government, although industry executives and analysts expect only part of it to be sold. Data released by the government`s Department of Telecom (DoT) at the end of five rounds of bidding on Saturday showed carriers stayed away from the most-efficient yet pricey 700 megahertz (MHz) band of airwaves. The 1800 MHz band of airwaves that can also do 4G and are available at less than a quarter of the price of the 700 MHz band saw higher bidding. http://bit.ly/2dwoXy3 The DoT will not release carrier-specific bidding data until the end of the auction. Bidding resumes on Monday. ($1 = 66.5458 Indian rupees) (Reuters)

India gets $8 billion worth telecom spectrum bids on auction's first day

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