Bharti Airtel hikes prepaid tariffs by up to 25%
Telecom operator Bharti Airtel Ltd will raise prepaid tariff rates by up to 25% with effect from November 26. In a notification to the exchanges, the company said that the decision was taken “to provide a reasonable return on capital for a financially healthy business model.” Bharti Airtel aims to enhance its average revenue per user (ARPU) while also bringing about substantial investments as it plans to roll out its 5G network in the country.
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Heranba Industries starts production at new unit in Gujarat
Heranba Industries Ltd has commenced commercial production at its new Unit-IV facility situated at Gujarat Industrial Development Corp (GIDC) in Vapi, Gujarat. The company expects the new production facility to generate revenue of Rs 100 crore per annum. The production capacity and capacity utilisation of the new Unit-IV will be 1,200 million tonnes per annum (MTPA) at maximum capacity.
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BEL secures biggest export order from Airbus under Govt’s C295 aircraft program
Airbus has signed a deal with Bharat Electronics Ltd (BEL) under the Indian government’s C295 aircraft programme to manufacture and supply Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). The contract is in line with the ‘Make in India’ policy and is the biggest export order received by BEL till date. The export order is worth $93.15 million (~Rs 690 crore).
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Cars24 partners with Poonawalla Fincorp for consumer financing
Cars24, an e-commerce platform for pre-owned vehicles, and Poonawalla Fincorp Ltd (PFL) have announced a strategic partnership for consumer financing on vehicles bought from Cars24. Under this partnership, PFL will fulfill consumer loans originating through Cars24. According to Cars24 co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at ~20%, and there is a huge market opportunity waiting to be tapped.
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Triveni Engineering partners with GEAE Tech to manufacture gas turbine components
Triveni Engineering & Industries Ltd (TEIL) has signed a 10-year deal with US-based GEAE Technology to locally manufacture certain components for its LM2500 gas turbine, which powers many of the Indian Navy’s vessels. As part of the deal, Triveni will manufacture the gas turbine’s base frame, enclosure, lubricating oil skid, and supply other source-controlled accessories. TEIL is a market leader in engineered-to-order turbo high-speed gears and gearboxes.
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IRCON emerges lowest bidder for railway projects in Sri Lanka, Bangladesh
Ircon International Ltd has emerged as the lowest bidder for projects by Sri Lanka Railways and Bangladesh Railways. The first project (worth Rs 114 crore) was floated by Sri Lanka’s Ministry of Transport Services Management for the design, installation, and commissioning of a signalling system from Maho Junction to Anuradhapura. The second project (worth Rs 24 crore) was floated by the Ministry of Railways, Bangladesh, for the construction of signalling and telecommunication systems.
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Domestic air traffic grows by 27.15% in October: DGCA
Domestic air passenger traffic saw a 27.15% growth during the festive season in October, following a decline in Covid-19 cases and higher vaccination rates. Around 8.99 million passengers took to the skies in October, compared to 7.07 million in September. IndiGo carried 4.81 million passengers last month, securing a market share of 53.5%. SpiceJet carried 0.81 million passengers during October, registering a 9% market share. The data was released by the Directorate General of Civil Aviation (DGCA).
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KPI Global Infra secures repeat order from Surat-based Devika Fibres
KPI Global Infrastructure Ltd has secured a repeat order from Surat-based Devika Fibres (an existing client) for executing a solar power project of 5.20 MWdc capacity under the Captive Power Producer (CPP) segment of the company. Gujarat-based KPI Global Infra develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.
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IEX resumes trading of renewable energy certificates
Indian Energy Exchange (IEX) will resume trading of renewable energy certificates (RECs) with effect from November 24, 2021, after a gap of almost 16 months. A REC is a market-based instrument that promotes renewable sources of energy and the development of the electricity market. One REC is created when one megawatt-hour of electricity is generated from an eligible renewable energy source.
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Jio loses 1.9 crore users, Airtel adds 2.74 lakh subscribers in September: TRAI
Reliance Jio lost around 1.9 crore wireless subscribers in September 2021, while Bharti Airtel added 2.74 lakh subscribers. Vodafone Idea lost 10.7 lakh wireless subscribers in the same month, shedding customers for the 11th straight month. Bharti Airtel gained a 0.08% market share of wireless subscribers, while Jio’s user base declined 4.29% in September. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).
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