On Friday, the Income Tax Appellate Tribunal asked Vodafone Group Plc to pay R200 crore in two parts by February 15. This is in addition to furnishing a corporate guarantee undertaking to pay up the entire taxable amount of R3,700 crore in case it loses a transfer pricing case relating to assignment of call options relating to 2007.
Rating agency Crisil said less competition and a rise in usage of data and value-added services will help large telecom companies post a 20 percent increase in operating profit over the next two years.
It said in a press release, this is double the operating profit growth they have witnessed over the last five years.
Shares of Telstra are trading at nearly eight-year high after it announced the sale of its 76.4 per stake Hong Kong mobile business CSL to Hong Kong Telecommunications for $2 billion.
Telstra shares have risen 18 per cent this year. The company's shares closed up 0.9 per cent at $5.20, just off the eight-year high reached in October this year of $5.23.
A senior home ministry official said Vodafone Plc's plan to hike its stake in the Indian arm to 100% is likely to go through with the intelligence agencies giving a nod to the proposal.
Telstra (ASX: TLS) today announced its aim to sell its Hong Kong mobile business CSL to Hong Kong Telecommunications (HKT) for US$2.425 billion.
The decision to sell its fast growing business may come as a shock to many shareholders however David Thodey the CEO said, "Telstra had enjoyed considerable success in Hong Kong however this was a great opportunity to maximise shareholder value."
On Wednesday, IT firm iGate said it has bagged a five-year contract with Orange Communications SA (Orange Switzerland), valued at USD 80 million, to transform the telecom provider's IT infrastructure and rationalise its vendor landscape in Switzerland.
On Monday, Uninor, one of India's fastest growing telecom operators announced a major expansion of its operations in the Andhra Pradesh region.
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