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Home INTERNATIONAL Voda Concept dips 3% on report of default on payments to telecom...

Voda Concept dips 3% on report of default on payments to telecom tower cos

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Shares of Vodafone Plan on Friday declined as much as 3.84 per cent to Rs 9.01 on the on report that the company has defaulted on rental and vitality payments for June to telecom tower corporations.&#13
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This report by Business enterprise Common quotes a senior government of a telecom tower company, who explained Vodafone Strategy cited payment of altered gross revenue (AGR) to the authorities and the resultant cash flow troubles for the default.&#13
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“The company ordinarily pays its dues by 3rd of each and every month, but this thirty day period we have not received any income. Vodafone Idea’s dues to all telecom firms operate into many hundred crores,” the executive reported. “It will direct to a chain reaction since we have to fork out our have suppliers, which include gas providers,” he said.&#13
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Vodafone Strategy has been struggling with a money crunch because the Supreme Court ordered it to pay back Rs 54,000 crore as AGR to the authorities. For the fiscal 12 months ended March 2020, the company, in which Vodafone Plc of the Uk owns 45 for every cent, described a loss of Rs 73,131 crore on revenues of Rs 44,715 crore.&#13
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Vodafone Idea has to repay personal debt of about Rs 4,300 crore in the present-day fiscal year, which contains Department of Telecom dues. The business has availed of the moratorium of a few months on payment of instalments (which includes principal and interest), thanks amongst March 1, 2020 and Might 31, 2020, in accordance with the deal declared by the RBI on March 27.&#13
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At 11:13 AM, the inventory was traing 3.2 per cent lessen at Rs 9.07 as as opposed to .5 for every cent decline in the benchmark S&P BSE Sensex. A blended 21.6 crore shares have presently modified fingers on the NSE and BSE so much.&#13

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