State-owned telecom firm Bharat Sanchar Nigam Ltd (BSNL) recorded its first loss since inception, totalling over Rs1,800 crore in 2009-10. It garnered Rs18,427.18 crore in revenue during the financial year from landline and mobile services.
BSNL received Rs8,885.67 crore in revenue during 2009-10, while it garnered Rs9,541.51 crore from mobile services.
BSNL had earned profits since its inception in October 2000 (2000-01) up to the financial year 2008-09. However, it has incurred a loss of Rs1,822.65 crore for the first time in its history in financial year 2009-10.
Further, the number of Internet connections provided by BSNL and MTNL (another state-run telecom firm) was 14.35 million as on September 2010. Of these, BSNL had 11.96 million Internet subscribers, while MTNL had 2.39 million subscribers in Delhi and Mumbai circles, where it operates.
Wind turbine maker Suzlon Energy Ltd said its subsidiary REpower Systems AG has signed a contract with Belgium's C-Power for delivery of 48 wind energy turbines.
The contract with the Belgian offshore project company is for a total rated power of about 295 megawatts, REpower said in a statement.
On Friday, Suzlon declined 4.16% to Rs44.90 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.94% down at 19,136. 61 points.
Auto giant Mahindra & Mahindra (M&M) Ltd said it has agreed to acquire 5.5% of IT firm Tech Mahindra's stake from UK-based British Telecommunications Plc (BT).
UK’s largest fixed-line phone company BT holds 30% stake in Tech Mahindra. "Pursuant to a proposal received from BT, the company has agreed to acquire 5.5% of the equity shares of Tech Mahindra from BT over time through an inter-se transfer among qualifying promoters at a market related price, in accordance with the SEBI regulations," M&M said in a filing to the Bombay Stock Exchange.
Financial details of the deal were not disclosed. M&M will also waiver rights to buy BT’s remaining stake in the software services provider, and the agreement will automatically terminate if BT’s stake in Tech Mahindra falls below 10%, the filing said.
The company has also agreed to consider further proposals from BT in this regard, it added.
On Friday, M&M ended 3.02% down at Rs 757.65 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.94% down at 19,136. 61 points.