May 24, 2017
Debt concerns pile pressure on shares in Reliance Communications | ReutersMUMBAI Shares in Reliance Communications fell nearly 10 percent on Wednesday after a sell-off in its bonds, sparked by concerns that the debt-laden firm may be unable to repay its lenders amid intense competition in the sector.The company, controlled by billionaire Anil Ambani, is the most leveraged Indian telecom carrier and local agency ICRA this month downgraded its ratings on the company.The bond sell-off accelerated early on Wednesday with yields spiking to nearly 21 percent on the 2020 bonds before a statement from Reliance eased market concerns.
May 23, 2017
Sachin Tendulkar, Amitabh Bachchan attend Mumbai Indians party celebrating IPL 2017 winTo celebrate Mumbai Indians' title win, Nita and Mukesh Ambani threw a grand private party which was attended by celebrities and players alike.
May 23, 2017
Reliance Jio alleges Airtel, Vodafone, Idea Cellular caused Rs 400-cr loss to govtThe telcos 'unilaterally, wilfully and intentionally paid the advance license fee for last quarter' of 2016-17 estimating adjusted gross revenue much lower than the licence stipulation, Reliance Jio has alleged.
May 22, 2017
Airtel, Vodafone, Idea caused Rs 400 crore loss to government, says Reliance JioReliance Jio has filed a complaint with the telecom ministry alleging that incumbents Bharti Airtel, Vodafone and Idea did not deposit requisite licence fee in March, which led to a potential loss of Rs 400 crore to the government.
May 20, 2017
GST rates impact: Service providers fear another inspector raj in offingFinance Minister Arun Jaitley also played down concerns that higher headline rates would inflate the tax burden on consumers
May 19, 2017
India's new GST leaves service providers worried | ReutersBy Manoj Kumar and Rajesh Kumar Singh | NEW DELHI NEW DELHI India on Friday unveiled four rate bands under a new sales tax for services such as telecoms, insurance and restaurants, a move experts said could complicate compliance and leave businesses at the mercy of an intrusive tax bureaucracy.The Goods and Services Tax (GST), set to be launched from July 1, will have rates of 5, 12, 18 and 28 percent for services, in line with those applying to goods. It is a big departure from the current regime, where a single rate of 15 percent is applied on most services.The biggest argument in favour of the GST - India's biggest tax overhaul since independence in 1947 - is that it would make it easier to do business by simplifying the tax structure and compliance.But the political challenges of striking a compromise between Prime Minister Narendra Modi's central government and India's federal states and territories has meant that life will get more, not less, complicated for many.For example, hotels and restaurant would be taxed on the basis of their room tariff and turnover of business. Air-conditioned restaurants will even be taxed at a higher rate under the new regime than those without
May 17, 2017
Domestic opportunity can help Indian IT industry tide over job losses: AssochamAn increased focus on the domestic front will be a "win-win" for both the country as well as the IT industry,
May 17, 2017
Mukesh Ambani tops Forbes list of 'Global Game Changers' for bringing internet to massesGlobal Game Changers who are transforming their industries and changing the lives of billions of people around the globe.
May 17, 2017
Reliance Jio alleges Airtel's proposed acquisition of Tikona will lead to Rs 217 cr loss to govtIn March, Bharti Airtel had announced acquisition of 4G business of Tikona Networks, including broadband spectrum and 350 sites across 5 circles, for about Rs 1,600 crore.
May 16, 2017
Praful Patel's biography launched, with film, politics and business personalities in attendanceNationalist Congress Party (NCP) leader Praful Patel's pictorial biography — Udaan — was unveiled in Mumbai on Sunday, 14 May 2017
May 12, 2017
Competition Commission to probe major telcos for blocking Reliance Jio's entryReliance Jio had accused incumbent players of not providing sufficient network connectivity (leading to call failures on its network) while the latter countered the claims saying the newcomer was unleashing "tsunami" of free traffic from its mobile network.
May 03, 2017
Indian champions Aizawl FC threaten 'fast unto death' if relegated | ReutersBy Amlan Chakraborty | NEW DELHI NEW DELHI Surprise I-League winners Aizawl FC have threatened to "fast unto death" after finding themselves in the bizarre position of staring at relegation next season despite winning India's top division title on Sunday.Based in India's northeast state of Mizoram, Aizawl pulled off a massive surprise when they upstaged century-old powerhouses Mohun Bagan and East Bengal to win their first I-League title in only their second season in the top flight.Of late, India's national league has been steadily losing ground to the franchise-based India Super League (ISL), which is promoted by billionaire Mukesh Ambani's Reliance Industries and Rupert Murdoch's Star India TV.The All India Football Federation (AIFF) plans to retain all eight ISL teams and add a handful from the I-League in a merged, expanded league and Aizawl, a club with a modest budget and a passionate fan following, are unlikely to make the cut. "Aizawl FC has submitted its formal claim to AIFF to continue in the top league even after proposed merger of the existing top league with ISL," the club said in a statement.Aizawl would approach the prime minister and the Asian Football Confederation if the club did not get a "positive response" from the AIFF, they said
May 02, 2017
Virat Kohli shows softer side with Harbhajan Singh's daughter after MI-RCB match in IPL 2017Virat Kohli took time out to meet Harbhajan Singh and Geeta Basra's daughter Hinaya Heer after Royal Challengers Bangalore's loss to Mumbai Indians on Monday.
Apr 25, 2017
Reliance lifts Jio investment above $30 billion after record profit to expand 4G reachReliance Jio started charging for internet data this month, after more than seven months of free services, but has kept prices low.
Apr 24, 2017
Reliance lifts Jio investment above $30 billion after record year | ReutersBy Promit Mukherjee | MUMBAI MUMBAI Reliance Industries plans to spend a further $2.8 billion on its Jio telecoms business in the current quarter, it said on Monday, taking its investment in the venture to more than $30 billion.Reliance derives the bulk of its revenue from its core refining and petrochemicals operations, but the group has bet big on Reliance Jio Infocomm. The project backed by Reliance owner Mukesh Ambani launched in September in a flurry of cheap phones, free voice and cut-price data plans that have forced rivals to respond.Announcing record profit for the 2016/17 financial year, Reliance said the additional investment is required for its fibre network as it expands Jio's 4G reach.Analysts and investors have expressed concern over the time it will take Jio to recover its heavy outlay, but its head of strategy, Anshuman Thakur, said there would be a "drastic drop" in investment after the current quarter.Jio racked up 108.9 million subscribers by the end of March, Reliance said. It started charging for internet data this month, after more than seven months of free services, but has kept prices low
Apr 24, 2017
Reliance Industries' quarterly profit tops estimates | ReutersBy Promit Mukherjee | MUMBAI MUMBAI India's oil-to-telecoms conglomerate Reliance Industries Ltd reported a 12.8 percent rise in its fourth-quarter net profit on Monday that topped analysts' estimates, helped by higher margins in its refining and petrochemicals business.Reliance, which commercially launched its fourth-generation (4G) telecom network in September, started charging for services this month after several months of free services. It has already gained 108.9 million subscribers as of March 31."Jio is witnessing the largest migration from free to paid services in history," said Mukesh Ambani, the chair and managing director of Reliance Industries.Net profit on a standalone basis - which takes into account only the company's refining, petrochemicals and oil and gas exploration businesses - rose to 81.51 billion rupees ($1.26 billion) for the three months to March 31 from 72.27 billion rupees a year earlier, Reliance said in a statement. Analysts on average had expected a standalone profit of 80.10 billion rupees, according to data compiled by Thomson Reuters
Apr 24, 2017
Watch: Reliance Industries' Q4 consol net profit up 12.3%; CFO Alok Agarwal explains company's earningsReliance earned $11.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of $10.8 per barrel in fourth quarter of previous 2015-16 fiscal
Apr 23, 2017
Reliance Industries starts commercial production of coal bed methane in Sohagpur, expansion seen in 15-18 monthsThe company expects to drill 600-800 wells further and develop associated infrastructure over the next phases of development
Apr 21, 2017
Reliance Industries pips TCS to become most-valued Indian companyShares of RIL were trading 3.43 percent higher at Rs 1,416.40 on BSE at 1236 hrs, giving the company a market capitalisation (m-cap) of Rs 4,60,291.20 crore -- the highest for any listed firm in the country.
Apr 19, 2017
TCS Q4 results: Co's path is different from Infosys', but both have to tackle digital disruptionIn Silicon Valley slang, TCS is now “pivoting” – a term used by startups to shift their business models. So is Infosys.
Apr 18, 2017
Reliance Industries briefly topples TCS as India's most valued firmRIL saw its market capitalisation (m-cap) soaring to a record high of about Rs 4.58 lakh crore in morning trade at around 1015 hours, exceeding TCS's Rs 4.56 lakh crore valuation at that time.
Apr 13, 2017
IPL 2017: Watch Mumbai Indians' owners and players celebrate decade-long association with tournamentWatch Mumbai Indians – the founding member franchise of Indian Premier League since 2008, celebrate a decade-long completion of its cricketing excellence in Mumbai
Apr 12, 2017
Mumbai Indians 10th anniversary bash has Sachin Tendulkar, Deepika Padukone in attendance: See picsThe Mumbai Indians 10-year anniversary bash was a glitzy affair
Apr 11, 2017
Reliance Jio rings in Dhan Dhana Dhan offer with new recharge plans for subscribersNew users has the option to buy Rs 408 plan, which includes Rs 99 Jio Prime subscription + Rs 309 pack, to avail fre voice and 1GB data per day. Subscribers can also recharge Rs 608 plan (Rs 99 + Rs 509) to use 2GB of 4G data per day
Apr 11, 2017
IPL 2017: Mumbai Indians celebrate 10 years of cricket by hosting players, staff at Ambani residenceNita and Mukesh Ambani felicitated cricket icon Sachin Tendulkar, Harbhajan Singh and Lasith Malinga for their invaluable contribution to Mumbai Indians at the celebration
Apr 11, 2017
Vodafone moves telecom regulator against Reliance Jio summer surprise offerVodafone said that Reliance Jio's continuation of the scheme paints a wrong picture to customers of non-robust regulatory framework where non-complaint offers are allowed to be sold in the market.
Apr 07, 2017
Forbes India rich list: Mukesh Ambani is the richest billionaire in 2017 with $23.2 bn networthIndia is home to 101 billionaires, the first time it has has more than 100 super rich individuals, according to the Forbes global billionaires list for 2017.
Apr 06, 2017
Reliance Jio to withdraw free summer surprise, but not for customers who subscribedThe company clarified that "customers who have subscribed to JIO SUMMER SURPRISE offer prior to its discontinuation will remain eligible for the offer" in a release.
Apr 06, 2017
Reliance Jio to withdraw three-month complimentary offer after Trai raises red flagUnder Jio Summer Surprise, all Jio Prime members making their first recharge payment of Rs 303 (or higher) plans got three months complimentary services in addition to the benefits of their purchased plan.