TRAI releases amended broadcasting regulation Apple India net falls 70% to `262 cr in FY19 Reliance General Insurance scraps IPO plan; withdraw offer documents

NEW DELHI: The Telecom Regulatory Authority of India on Wednesday released the amended broadcasting and cable services interconnection regulations to ensure a fullycompliant audit regime.

During the consultation undertaken to prepare the audit manual certain comments and observations reflected some issues in the Schedule III of the Interconnection Regulations 2017, TRAI said in a statement.

Accordingly, a Draft Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Amendment) Regulations, 2019 was issued on August 27, 2019.

TRAI on Wednesday issued the Telecommunication (Broadcasting and Cable) Services Interconnection (Addressable Systems) (Amendment) Regulations, 2019, after receiving comments on the draft regulation.

NEW DELHI: Tech giant Apple has seen over 70 per cent fall in its net profit in India to Rs 262.27 crore, while revenues fell 19 per cent in the 2018-19 over the last financial year, as per the regulatory documents.

Apple India recorded a net profit of Rs 262.27 crore in the year ended March 2019 as against Rs 896.33 crore in 2017-18. In the preceding year, the company had posted a net profit of Rs 373.38 crore, the documents sourced by business intelligence platform Tofler showed.

The Cupertino-based giant also saw its revenue from operations declining 19.2 per cent to Rs 10,538.25 crore for 201819 in India, which is one of the world's largest mobile phone markets globally.

Apple India's revenue from operations was at Rs 13,048.71 crore (in fiscal year 2018) and Rs 11,618.69 crore (in fiscal year 2017).

Emails sent to Apple did not elicit a response.

Apple -which has been facing tough competition from China's Oneplus in the Indian market- continues to place big bets on India. After the Indian government had relaxed FDI norms offering more flexibility on local sourcing norms, Apple had said it is keen on offering online and in-store experiences to Indian users that are at par with its global standards and aims to open its maiden retail store in India.

Apple, which offers its iphones in the premium segment, had made an entry into the top 10 smartphone brands tally in the July-september 2019 quarter due to price cuts on XR model along with good channel demand for of its newly launched iphone 11, a report by Counterpoint had recently said.

NEW DELHI: Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer.

The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore, besides an offer of sale of 79,489,821 shares by Reliance Capital.

Markets regulator Sebi had received draft red herring prospectus for the proposed IPO on February 8 through lead manager (LM) of the issue Motilal Oswal Investment Advisors.

However, the draft offer documents for the IPO have been "withdrawn by LM (Motilal Oswal Investment Advisors) vide email dated October 24, 2019," according to Securities and Exchange Board of India (Sebi).

Reasons for withdrawal of the offer documents have not been disclosed.