Reliance Communication Ventures on Monday got listed at the Bombay Stock Exchange opening strongly at Rs 290 a share.
The website will now be repositioned as an e-commerce portal such as eBay.
Ambani said Jio will offer the world's lowest data tariff
The move will help telcos, including Reliance Jio, Vodafone, and Idea Cellular
Spectrum auction ends, brings Rs 1.09 tln to govt kitty.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
RCom may get around Rs 4,500 crore by trading its radiowaves to Reliance Jio.
Telcos may hike mobile rates to recover spectrum cost: Moody's
Indian Railways is in talks with Reliance Jio Infocomm to allow the Mukesh Ambani-led telecom major's use of its towers. The aim is seamless mobile and internet connectivity for passengers along the 67,368-km of tracks. The Railway Board has entrusted its RailTel Corporation arm to work on the modalities with Jio. The Jio tie-up is expected to bring down its telecom bill by at least 35 per cent from this financial year.
The fall in metal and mining stocks comes on the back of weak Chinese trade data
The total outstanding dues against Bharti Airtel is Rs 11,235.50 crore.
The government is considering withdrawing legal cases against telecom companies, involving disputes of about Rs 40,000 crore, a source said on Tuesday. In line with this, the Department of Telecom has already filed an affidavit before the Supreme Court in a case against Anil Ambani-promoted Reliance Communications to take an informed decision whether to proceed with the present appeal or not, the source said. DoT has said the telecom sector is passing through a financial stress due to various circumstances and telecom services providers are making losses.
China Development Bank takes Reliance Communications to NCLT over loan default
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
MindSquare Technologies is a group company of 1neoteric Technology.
Reliance Jio has suggested an alternative plan to the The Telecom Regulatory Authority of India (Trai) under which spectrum required by non-geostationary orbit satellite (NGSO) operators to run their gateway terminals should be auctioned geographically, based on districts, rather than circles as done for mobile services. For spectrum which would be required to connect user terminals (like individual homes), Jio has suggested it should be auctioned frequency-wise and exclusively to an operator at a pan-India level. The move is significant as the auctioning of satellite space spectrum has been vehemently opposed by low earth orbit satellite operators (satellites which circle at low altitudes of 200-2000 km).
Reliance Industries on Monday categorically denied any intent to bid for the UK telecom group, BT. RIL dismissed a report titled `Reliance mulling bid for UK's telco BT Group' as "completely speculative and baseless". "We categorically deny any intent to bid for the UK telecom group, BT, formerly British Telecom, as reported in the article...," Reliance Industries Ltd (RIL) said in a communication to BSE.
Typically these are high-beta stocks and earnings are volatile
The proposals cleared by the DAC include new-generation anti-tank mines, air defence tactical control radar, heavy-weight torpedoes, medium-range maritime reconnaissance and multi-mission maritime aircraft, flight refueller aircraft and software-defined radios.
Under the UASL norms, spectrum is linked to licences, and a particular band of radio wave is restricted to be used in a particular technology
If the apex court decides on a 15-year repayment tenure, it would pose a grave challenge for the debt ridden VIL.
Reports by CAG earlier on the 2008 telecom licence scam had resulted in the cancellation of 122 licences.
Successful bidders will have to pay 25 per cent of the amount upfront for sub 1 GHz, and 50 per cent upfront for higher frequency bands.
Leading stock exchange BSE on Tuesday postponed the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, from all the S&P BSE Indices to August 29. Earlier, the stock was scheduled to be removed from the indices on August 24. Jio Financial Services Ltd (JFSL) got listed on the bourses on Monday and hit the lower circuit for the second day in a row on Tuesday.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
Resignations of Anil Ambani and four other directors were conveyed to the CoC of RCom in its meeting on November 20 and were unanimously rejected.
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.
Claim breach in procedure, demand probes; Reliance denies charge
A total of over Rs 1,641 crore of premium is pending against five lease holders of MMRDA
The contracts for the procurement of the platforms and weapons systems were signed in the presence of Defence Minister Rajnath Singh and defence secretary Giridhar Aramane, under whose guidance these deals fructified, an official readout said.
Indian telecom seems to be getting back on its feet.
It is time the political leaderships in this country arrived at a common ground over issues of foreign and security policy concerns. There has to be a greater communication between the government and the Opposition leaderships for the nation to present a unified face against the rest of the world, advises N Sathiya Moorthy.
The Aam Aadmi Party has demanded the dismissal of Telecom Minister Ravi Shankar Prasad alleging a conflict of interest that has prevented him from issuing a notice to Mukesh Ambani's Reliance Jio on the 4G issue, a charge vehemently denied by Prasad who said he never gave advice or appeared for the company.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
RCom has also tied-up with select credit card providers for its latest offering.
The company is looking at demerger of land banks from RCom and then go for separate listing.
