Firm makes Rs 4,858-crore loss on Rs 10,799-crore income.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
This is the first time airwaves in 700 Mhz band will be put up for auction
Licence winners are expected to be announced by the first quarter of 2014.
Investors will remain cautious ahead of F&O expiry.
Some leading Indian companies are likely to see their earnings declining if the Indian currency depreciates further, analysts and finance heads say.
Ambani's $15 bn bet will upend Indian telecom
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Instead of tinkering with roaming, the circle system should be ended.
Previous peak in 2010 crossed in first five-and-a-half months this year.
The big advantage that Jio is able to garner currently is its low cost of operations.
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
Large and small businesses alike have delivered low-key performances.
The profit boost for studios will in large part be driven by the rush for local-language content from platforms like Netflix Inc
A liberalised spectrum allows operators to use any technology to deliver services like 3G and 4G.
HDFC twins, Axis Bank, ICICI Bank and SBI from the financial space gained between 1-2.7%.
On a weekly basis, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent
Sources say companies will have to keep the market share of merged entities below 50% in all circles
Bharti Airtel, Vodafone, Reliance Jio Infocomm and five other telecom firms will battle it out at the spectrum auction tomorrow, from which the government expects to garner at least Rs 11,300 crore (Rs 113 billion).
BSE Bankex and Telecom indices led the fall.
Country accounts for 38% of telco's global user base, 10% of total revenue
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
ONGC was the top gainer which surged over 4% followed by Axis, SBI, CIL
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
Gains were led by index heavyweights with Reliance Industries contributing the most.
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
He alone gets the credit for reviving consumer interest in Ayurveda, says Bhupesh Bhandari.
Spectrum auction took off on Wednesday from Rs 58,980.29 crore (Rs 589.80 billion) mark with demand for the premium 900 Mhz band seemingly tapering off at the end of 56 rounds.
Markets end in green with auto, banks on a steady climb.
A daily ceiling of Rs 3 translates into maximum annual penalty of Rs 1,095 for every subscriber.
The country's wireless subscriber base fell to 87.05 crore at the end of September, registering the first drop in five months, after Reliance Communications deactivated services of over 1 crore "unprofitable" users.
The upbeat earnings from Reliance Industries will set the tone for the truncated week ahead
The same set of companies had reported 3.8 per cent annual net profit growth in the previous quarter and 7.5 per cent annual growth in the same quarter last financial year.
Akhilesh Yadav is now seeking to devote the remaining 18 months of his tenure in casting the state in a new mould.
Top 5 losers include Infosys, TCS, ITC, M&M and HUL.
Sensex plunges 322.39 points to over 1-month closing low of 27,797.01; Nifty tumbles 97.55 points to 8,340.70.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
While the draft M&A policy for the telecom sector has been revised a few times over the past few months, DoT has not made any major changes to guidelines.
After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
Over 1,42,000 people have been rescued from the flood-ravaged parts of Jammu and Kashmir so far, as the relief operations launched by the Armed forces entered the 12th day on Saturday.
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