Railways post 7.95 pc earning increase in Apr-Aug period

NEW DELHI:   Railways have posted 7.95 per cent increase in earnings during the first five months of the current fiscal. The total earnings of Railways between April and August this year were Rs 37015.28 crore as compared to Rs 34289.58 crore during the same period last year, which was an increase of 7.95 per cent.

During this period, earnings from goods went up from Rs 23129.08 crore during this period last year to Rs 24768.16 crore this year, said an official release.

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Bombay High Court rules against Vodafone in tax case

MUMBAI:   The tax department has jurisdiction over tax bills in cross-border mergers, a court ruled, dismissing a petition by Vodafone and setting a precedent for overseas firms looking to buy into Indian companies.

The Bombay High Court ruling came as foreign firms show renewed interest in acquiring Indian companies, lured by growth prospects in the world's second-fastest growing major economy. But the decision may prompt overseas firms to be more cautious about plans to enter India through acquisitions.

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Vedanta to acquire up to 60pc stake in Cairn India for $9.6 bn

NEW DELHI:   London-listed mining firm Vedanta Resources will acquire a majority stake of up to 60 per cent in Cairn India, the owner of nation's largest onland oilfield, for USD 9.6 billion.

Edinburgh-based Cairn Energy Plc, which holds 62.37 per cent stake in Cairn India, will sell a maximum of 51 per cent of its stake to Vedanta Group for USD 8.48 billion, the two companies said in separate statements.

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Bharti Airtel reports 32 percent drop in net profit

NEW DELHI:   Indian telecom major Bharti Airtel, which recently acquired the African assets of Kuwait's Zain, Wednesday reported a 32 percent fall in its net profit for the quarter ended June 30, over the like period of last year.

Announcing its consolidated results, the company said it posted a net profit of Rs.1,682 crore for the April-June quarter, compared to Rs.2,475 crore for the like period of last year.

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Bharti Airtel to acquire Telecom Seychelles for $62 million

NEW DELHI:   India's Bharti Airtel Wednesday said it will acquire 100 percent stake in the Telecom Seychelles for $62 million to expand its business in Africa.

'Telecom Seychelles has world-class operations that include state-of-the art 3G services. These operations will benefit further by leveraging the efficiencies of scale of our African operations,' said Bharti Airtel Chief Executive Officer (international) Manoj Kohli.

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