Tag: Reliance

What to expect from Reliance Industries Ltd’s AGM today?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The 41st annual general meeting (AGM) of Mukesh Ambani-controlled oil-to-retail-to-telecom conglomerate Reliance Industries Ltd (RIL) is scheduled to be held on July 5, 2018.

The AGM will begin at 11:00 AM at Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, near Bombay Hospital & Medical Research Centre, New Marine Lines, Mumbai.

For the last few years, RIL has made massive Jio related announcements during the AGM and is expected to continue once again.

RIL is likely to announce the commercial launch and prices for Jio Fiber service.

Disclaimer: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market closes flat amid volatility, Reliance top index loser

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian market recovered from opening lows to close slightly in the green as volatility persisted. Market breadth remained in favour of declines with an advance-decline ratio of 2:5, meaning two stocks saw gains for every five stocks that fell.

The benchmark index, Sensex, recovered 152 points to end the session 20 points in the green at 35,490. The 50-stock index, Nifty, gained 7 points to 10,769, with HDFC, TCS and Maruti being top performers while Reliance, Tata Motors and ICICI Bank dragged.

The energy, pharma and auto sectors were under pressure while IT, financials and FMCG were seen fighting for the bulls.

Volatility continued to persist ahead of expiry and amid global trade-war talks. The Midcap Index edged 35 points lower to 18,460 and the Nifty Bank index shed 8 points to 26,602.

IndusInd Bank and Kotak Mahindra Bank helped bulls ride over the volatility while ICICI Bank remained a drag.

In the futures market, major open interest addition was seen in the Put option of Nifty 10,700. The call added 5 lakh shares with the premium slipping 33%.

Amongst call options, 10,750 and 10,850 added around 3-4 lakh shares in the open interest with premiums slipping 19-43%. Action seen in the futures market indicate, Nifty may continue trading in the range of 10,700-10,850. Nifty June Futures closed with a discount of 11 points against 5-point discount on Monday.

On the global front, Asian markets closed mostly lower as investors weighed an escalating trade dispute between the US and China.

Japan’s Nikkei 225 was little changed, closing 4 points higher at 22,342 after falling as low as 22,104.12.

The reversal came as major sectors recovered after coming under pressure earlier in the day. Technology stocks were negative territory, with blue chip SoftBank Group down 2.4%, but banks and utilities advanced. Greater China markets recovered slightly after stumbling in the morning, although the benchmark Shanghai composite remained in negative territory.

The benchmark tracked lower by 0.5% to close at 2,845 after trading lower by more than 1%. The smaller Shenzhen composite turned positive, ending the session up 0.6%.

The Shanghai composite ended the session in bear market territory, referring to a decline of 20% or more from 52-week highs, according to Dow Jones. Over in Hong Kong, the Hang Seng Index closed 0.3% in the red as all sectors but telecommunications and utilities traded lower.

The properties and construction index led losses, tumbling by 1.5%. Other major markets in Asia also put in poor showings, with South Korea’s Kospi shedding 0.3%  to close at 2,351 and Australia’s S&P/ASX 200 edging down by 0.2%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Jio to launch AI, starts hiring under Akash Ambani, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Jio has begun the hiring process for its AI team under Akash Ambani, reported Mint.

The firm has already started the recruitment process for its Bengaluru based AI team and is looking out for people who can work on machine learning and blockchain, the report said.

“Reliance Jio has hired a few senior people who will build this team…the company wants to set up this team in either Bengaluru or Hyderabad…. Akash Ambani is taking keen interest in this and is expected to lead this initiative,”  the report said citing unidentified source.

The development comes as the company is attempting to expand its already sizeable footmark in the telecom sector, the daily said, adding that the push towards AI comes at a time when its rivals in the market are making concrete steps in the same direction.

“Recognising patterns where large numbers are involved is the core of Artificial Intelligence. Reliance Jio could use it to figure out how best to run a network, deploy capacity, what to bundle, which services to target across regions, among others. Artificial intelligence can also help a telco better monetise usage of data on its pipe and strategise its content push,” a sector expert was quoted saying in the report.

Last month, Reliance Jio launched ‘JioInteract’, an artificial intelligence-based platform for movie promotion and brand engagement.

Disclosure: Reliance Industries, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jio launches Rs 199 post-paid plan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Jio on Thursday announced its first ever postpaid offer  “hello-postpaid,” at a price of Rs 199 per month.

The telecom disruptor said the plan will have a data benefit of 25 GB, along with the customary free voice calling and SMS offers.

The plan also comes with ISD services pre-activated.  International roaming can als be activated with one click, without any security deposit.

Jio also launched unlimited international voice roaming bundles and lowered international calling rates for all customers.

Calls to the US and Canada would be charged 50 paise per minute, compared to peers charging between Rs 6-8 for similar calls.

Post paid customers account for about 4-5% of the total users in India, and generally have higher average revenue per user (ARPU), which boosts the top line.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TCS market cap touches historic high of $100 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Consultancy Services (TCS) on Monday saw its market capitalisation hit a historic $100 billion, becoming the first Indian company to touch this milestone in a decade.

The Mumbai-based company has now raced past Goldman Sachs and global consulting services firm Accenture.

The last Indian company to cross this threshold was the Mukesh Ambani led  energy-to-telecom giant, Reliance Industries, in 2008.

The company’s transformation to provide automation, artificial intelligence and cloud computing services would accelerate market potential for TCS, Tata Companies Chairman, N Chandrasekaran, told CNBC-TV 18.

Adoption of newer technologies was picking up pace, and the transformation into a digital services entity would bring about transformation for the company, he added.

TCS, which is India’s most valuable company had been eyeing $100 billion market capitalisation mark for some time, after it’s results beat expectations last week.

Other factors contributing to the optimism surrounding the stock include bullish management commentary on the company’s banking and financial services unit, which contributes about a third of the company’s revenue.

Expectations of growth of about 10% in FY 2019 at constant currency is also supporting investor sentiments. The company grew about 6.7% at constant currency in 2018.

A depreciating rupee is expected to add to the company’s margins, and the company’s investment into digital services has helped it stay on par with global trends.

The company was listed in August 2004 at a market capitalisation of Rs 47,000 crore or $10 billion. In 2006, it reached a market capitalisation of Rs 1 lakh crore, which is almost double over a two year period.

TCS reached a market capitalisation of Rs 3 lakh crore in March 2013, but it took time as it was not a great time for the IT sector. However, from March 2013 to December 2013, Rs 4 lakh crore came very swiftly.

When the IT sector was going through a bear market, the company still managed to do well. On today, TCS reached a market capitialisation of Rs 6.6 lakh crore.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jio takes on Airtel for misleading consumers on IPL free ‘season pass’, Delhi HC asks latter to amend ad forthwith

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Under instructions from the Delhi High Court, telecom operator Airtel agreed to amend its on-going ad blitz on visual media promising “live and free access” to the IPL coverage.

The change will be to highlight the fact that the “free access” to the IPL would actually cost consumers the price of the data consumed while streaming the matches. In other words, the “free access” is not free after all.

Airtel’s assurance was given in the court of Justice Yogesh Khanna after its newest competitor, Reliance Jio (see disclosure below), moved court to ensure that a “large number of unsuspecting” consumers are not lured by the “misleading” campaign.

Airtel committed to the court to make it abundantly clear that the service would cost them. It said it would include a bold disclaimer that:

1. only subscription to video streaming platform Hotstar would be free, and
2. data charges according to the subscriber’s plan would apply.

Jio, represented by senior advocate Abhishek Manu Singhvi and advocate K R Sasriprabhu, claimed the advertisements “falsely proclaim” that Airtel was offering “live and free” access to T20 cricket coverage, and “falsely represent that a subscriber need only to obtain a 4G sim from the defendant company and download the Airtel TV app to obtain a virtual season pass i.e live and free access to T20 coverage”.

This would disadvantage other service providers such as itself who have also come up special packages for the IPL season but by openly declaring the tarrifs.

“The present edition of the IPL is estimated to have an approximate viewership of 700 million subscribers and the consequences of the Subject Advertisements will be wide ranging and impact a large number of unsuspecting subscribers as well as have an unfair and undue detrimental, adverse effect on other telecom service providers operating in India, including the plaintiff (Jio),” argued Manu Singhvi.

He pointed out that the subscriber in the course of watching IPL matches is paying both for the data consumption as per his monthly

data rental package as well as any extra data consumption over and above what his usual package provides. This, he argued was contrary to Airtel’s apparent claim that watching such matches is free on its network.

“If the subscriber were aware of such

charges, it would be an easy choice to opt for the plaintiff’s service which has a fixed charge of 251/- for 102 GB of 4G data valid during the entire duration of the IPL tournament,” Manu Singhvi concluded asking the court to direct Airtel to take corrective action.

Airtel, represented by senior advocate Rajiv Nayar, contended that Jio was a “jealous competitor” and what it meant by its advertisements was free subscription to Hotstar. The commercials “specifically provide that if one intends to watch the game, one has to use data as per the plan taken by him/her”, Airtel said.

Airtel in a statement later said, “A frivolous complaint was filed against Airtel’s new ad campaign in the Delhi High Court seeking a stay on the same. No stay was granted. In fact, the High Court has suggested minor clarifications to the existing disclaimers. After seeing the order we will take appropriate steps. Our ad campaign will continue.”

(With PTI inputs)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Infrastructure Limited bags Mumbai metro construction package

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Infrastructure Limited EPC has received the Letter of Award (LOA) from the Mumbai Metropolitan Region Development Authority (MMRDA) for three packages worth Rs 1,584 crore for the construction of Mumbai Metro for the North-South Metro-4 corridor, which will run between Kasarwadavali in Thane and Wadala, a company statement said here on Friday.

Reliance Infrastructure Limited had participated in the tender for engineering, procurement and construction (EPC) contracts for five packages in a joint venture with ASTALDI S.P.A, Italy.

The scope of work includes, part design and construction of elevated viaduct and elevated stations (excluding architectural finishing and pre-engineered steel roof structure of stations) of Line – 4 Corridor (Wadala to Kasarvadavali) of Mumbai Metro Rail Project of MMRDA. This includes entry and exit structures of the stations, the statement said.

“Our strong credentials in Metro works are borne out by the successful execution of Mumbai Metro Line-1 comprising 11.4 km elevated viaduct, 11 elevated stations, Western Railway line crossing at Andheri and depot constructed at DN Nagar, which is one of the complex depots ever constructed,” said Arun Gupta, CEO, Reliance Infrastructure EPC.

“Winning three packages of Mumbai Metro Line-4 further strengthens Reliance Infrastructure Limited’s bona fide to lead in construction of urban transportation systems. The company is well positioned in emerging Metro Rail market and poised to capture a sizable share,” he added.

The consortium of Reliance Infrastructure Limited and ASTALDI was awarded ‘Package-8’ on the Metro-4 corridor which is from Central Harbour suburbs Wadala to Chembur comprising 6.4 km elevated viaduct, six elevated stations and two railway crossings first at Priyadarshini Park and second at Amarmahal Junction, ‘Package-10 which is from Gandinagar junction to Bhandup Sonapur on LBS road comprising 6.7 km elevated viaduct and six elevated stations, and ‘Package 12’ from Kapurbawdi to Kasarvadavali in Thane comprising 6.8 km elevated viaduct and six stations on the same line.

The 32.32-km-long Wadala-Ghatkopar-Thane-Kasarvadavali Metro will connect Wadala in central Mumbai with the neighbouring Thane district via the Eastern Express highway. According to MMRDA, the Metro Corridor will lead to development around it. The corridor will provide more North-South rail connectivity, and reduce the burden on the suburban rail network.

The statement said: “Reliance Infrastructure Limited is keenly pursuing project opportunities worth around Rs 2 lakh crore to increase its EPC order book to Rs 50,000 crore by FY19.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jio has made consolidation inevitable in Indian telecom, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a year and a half since its launch, Reliance Jio has changed the face of the Indian telecom, recasting the revenue model of an industry that was once powered by voice to one dominated by data, and making consolidation an inevitable requisite for survival, according to a new report.

Earlier, voice contributed 75% of the revenue of mobile companies. The data consumption on the Jio network at 10 GB per month per user – a feat achieved in December 2017 – is the highest in the world and twice of that in China, said the said the report by Institute for Competitiveness.

India: Data Devourer

India became the highest mobile data user in the world within six months of Jio’s launch, consuming over 1 billion GB of data every month compared with  200 million GB earlier. Data usage in India has soared and the country is now only second to China in terms of the number of app downloads.

The price of data has also dropped sharply – average prices per GB of data have dropped to Rs 10 from Rs 152 – and internet is now within the reach of many people. Jio also enabled newer segments of society to use and experience internet for the first time, the report said.

Consolidation Way Forward

The entry of Jio has also intensified competition to such an extent that scale has become a crucial prerequisite and “consolidation the next eventual step in the industry’s evolutionary ladder”.

“The pace at which the company is gaining market share is sending out understandable jitters across the industry,” said the report.

Bharti Airtel has acquired the telecommunication services of Tata and Telenor while Vodafone is in its final stages of merger talks with Idea. After the merger, Airtel will lose its two-decade-long held position as the industry leader since the Vodafone-Idea combine will command a subscriber base of 400 million compared with Airtel’s 320 million, said the report.

Jio too has signed agreements to buy the assets of Reliance Communications.

The report said Jio’s entry would impact the Indian economy in three ways:

One, increased accessibility and affordability of data: Even the most conservative estimate shows that due to Jio’s entry, the annual financial savings to the consumers would be around $10 billion, said the report.

Two, digital services: Before Jio’s entry there were hardly any avenues where such high levels of data could be expended by a consumer. Now, Jio offers its consumers a wide bouquet of digital applications that address a variety of consumer needs such as education, health, entertainment and banking, among others.

Three, economy-wide impact on growth: An econometric analysis shows that Jio’s entry into the telecom industry will expand India’s per capita GDP by about 5.65%, if all else is kept constant in the economy, said the report.

RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow