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  1. Reliance Industries AGM Live Updates: With free Jio Phone, Mukesh Ambani targets over 200 million Indians

Reliance Industries AGM Live Updates: With free Jio Phone, Mukesh Ambani targets over 200 million Indians

Reliance Industries AGM Live Updates: Chairman Mukesh Ambani today said that over the next decade, India has the potential to move from a $2.25 trillion economy to a $6 trillion economy during the launch of 4G Jio smartphone at annual general meeting (AGM) of the company.

By: | New Delhi | Updated: July 22, 2017 1:12 AM
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Reliance Industries AGM Live Updates: Chairman Mukesh Ambani today unveiled 4G Jio smartphone at annual general meeting (AGM) of the company.  He called it as India’s intelligent smartphone. In the 40th AGM, Ambani listed achievements of the company and the Jio. Thanking Prime Minister Narendra Modi’s Digital India initiative, Ambani claimed that India has overtaken US and China in mobile data consumption. Reiterating his belief that data is the new oxygen, Ambani has said that Reliance Jio is committing to end digital starvation and disempowerment through a three-pronged approach: enhancing connectivity, data affordability, device affordability. Reliance Jio remains the most watched for event at the AGM of India’s most valuable company, whose business interests range from energy, refining, petrochemicals, retail, telecom and more. Reliance Jio’s 4G-enabled feature phone handset may help the disruptive telecom venture rapidly expand the footprint further, even as the company’s earlier service offerings have already taken the Indian industry by storm.

Track here for LIVE UPDATES

1: 11 pm: For Narinder Kumar, an analyst at Cybermedia Research, the “world’s cheapest feature phone” will certainly impact the current market of 2G handsets as well as the entry-level smartphones segment. “Initially, JioPhone holds greater potential for feature phones moving end of life in the near future,” Kumar told IANS.

12: 48 pm: “The replacement cycle of feature phones was normally four years till date but JioPhone will now shorten that cycle and you will expect lot of people upgrade to the new VOLTE-enabled JioPhone,” Pathak said.

12: 13 am: “JioPhone is a move to reach out to the next 100 million users. With a installed base of 400 million feature phones in India, the market is big enough for Jio to target feature phone users with disruptive offers and an effective price of Rs ‘zero’ for a device,” Tarun Pathak, Senior Analyst, Mobile Devices and Ecosystems at Counterpoint Research, told IANS.

11: 59 pm: In an action-packed Annual General Meeting of Reliance Industries Limited on Friday, its Chairman and Managing Director Mukesh Ambani announced the launch of zero cost ‘intelligent smartphone’ as well as recommended bonus shares in the ratio of 1:1 for the company’s shareholders. Ambani also announced a 1:1 bonus shares for RIL shareholders. In a regulatory filing, the company said bonus would be issued by “capitalisation of its reserves in the ratio of 1 bonus equity share of Rs 10 each fully paid-up for every 1 existing equity share of Rs 10 each fully paid-up (that is in the ratio of 1:1).” The company’s shares closed trading at Rs 1,586.20 per share, up 3.76 per cent on the Bombay Stock Exchange on Friday.

11: 37 pm: Industry stakeholders and analysts appreciated the launch, adding that it will disrupt the market and put pressure on existing operators on data prices. “The new offerings will help significantly in overcoming the existing challenges of driving data usage beyond the urban, high usage customers. We believe that the feature phone will be a compelling attraction for those customers for whom device prices were a hurdle for shifting from a 2G to a 4G service,” said Rajan S Mathews, Director General, Cellular Operators’ Association of India.

11: 16 pm: “At Rs 153 with unlimited data, the offer is attractive and it will surely put pressure on the existing operators. At the same time, this will put pressure on the handset and the cable industry too, which will be compelled to match this price point,” Rajan S Mathews, Director General, Cellular Operators’ Association of India said.

10: 59 pm:  “We do not see Jio being able to penetrate the mass market with the announced offer, as we see the monthly price of Rs 153 and Rs 1,500 initial deposit as still being steep for the low income consumers,” said Bank of America Merrill Lynch in its report on Friday.

10:35 pm: During the meeting, Idea Cellular is learnt to have batted for fixation of a minimum floor price through a detailed presentation, while newcomer Reliance Jio opposed the concept terming it regressive and anti-competitive.

10:20 pm: Telecom regulator Trai today ruled out any immediate imposition of minimum floor price for voice and data services, saying that industry has reached a consensus that it is “not a workable idea”. The decision came after Telecom Regulatory Authority of India Chairman R S Sharma along with senior regulatory officials met representatives of all telecom companies for a detailed discussion on the issue.

10:10 pm: Asked to comment on Jio’s new aggressive offering announced today, Telecom Secretary Anuja Sundararajan said “these are all new benchmarks for India. It is all making it accessible and affordable for the common man,” as per PTI report.

9:55 pm: As per PTI report, The new policy formulation comes at a time when the sector is confronting financial difficulties. Revenue and profitability of both large and small operators have come under severe pressure after the entry of aggressive newcomer Reliance Jio and the subsequent advent of free data and voice offerings.

9:40 pm: 371 new retail stores were opened last year, an unprecedented expansion in India by any retailer. We are proud to say that one in every ten Indians shops with us. This year, Reliance Retail crossed Rs 33,000 crores: Mukesh Ambani

9:25 pm: Rajan Mathews, Director General of Cellular Operators Association of India in an exclusive to ET Now said,”Real issue is going to be incumbents capability of matching Jio’s benefits. Mobile phone manufacturers will face challenge of making low-cost phones. There will be a scramble to start producing low-cost phones. Mobile phones will be agnostic to spectrum bands going forward.

9:13 pm:  In just four decades, Reliance has turned from a small startups to one of the world’s most reputed companies, said Mukesh Ambani.

9:05 pm: JioPhone to get NFC feature in the future. Will support quick payments with one tap as well. The software upgrade will be rolled out for this feature.

9:00 pm: JioPhone has a 2.4-inch display, and can play the JioCinema app as well. So users can watch movies on this feature/smartphone smash. It has an SOS feature as well, which can be activated by pressing 5.

8:50 pm: JioPhone has a keyboard. Users can speak to the phone as well with voice commands. It also supports all Indian languages.

8:34 pm: He added, “Jio will reinvent the conventional feature phone with a device made in India for Indians.”

8:25 pm: It took 25 years for our competitors to build the 2G network. Jio will have created a larger 4G network in just 3 years, he added during the Jio Phone launch.

8:17 pm: Reliance Chairman Mukesh Ambani today said that Jio has grown faster than Facebook, Whatsapp and Skype.

8:11 pm: Jio has over 125 million customers
Jio has over 100 million paid customers
Most customers using 309 rupees tariff plan

8:06 pm: By September will have 10,000 Jio offices across the country
Will integrate with all major e-com platforms
To launch low-cost 4G LTE enabled phone

8:00 pm: Let us have look at the key features again:

Voice will be free on “Jiophone”
Jio phone will offer unlimited data from Aug 15
Jio will offer data at 153 rupees per month to users of Jio phone
Jiophone users can also connect their phone to television sets Further company coverage

7:42 pm: “In addition to this, the announcements towards the JIO Phone – TV would also hurt the cable TV industry,” said Nitasha Shankar, Sr Vice President and Head of Research, YES Securities.

7:35 pm: The scrip of Dish TV India plunged 5.85 per cent, Sun TV Network went down by 2.65 per cent, Hathway Cable & Datacom fell 2.58 per cent, GTPL Hathway (2.28 per cent) and Den Networks (0.13 per cent) on BSE.

7:28 pm: Shares of broadcasting and cable TV companies today slumped up to 6 per cent after Mukesh Ambani announced the launch of a 4G-enabled feature phone which would also have a cable to connect with TV as a special
accessory to display the phone content on a bigger screen as per PTI.

7:20 pm: Sanjay Kapoor told CNBC-TV18 that telcos must now decide which technologies they will have to give Up On. He added Indian telcos won’t be globally competitive unless they give video-grade experience.

7:12pm:  Retired chief of Telecom Regulatory Authority of India Pradip Baijal while talking to CNBC TV-18 said Jio Has Brought In The Highest Level of Disruption In Telecom Sector. He added,”Jio Phone may be the start of India moving from Fixed Broadband to Mobile Braodband. It will also helo speed up development in the broadband space.”

6:45 pm: Former Bharti Aritel CEO Sanjay Kapoor while talking to ET Now on the roll out of Jio Phone said,”Markets will now catapult to a 4G experience post JioPhone rollout. He added,”There won’t be room for manufacturing 2G phones anymore in market.

6:40 pm: Videocon CEO Arvind Bali told ET Now that JioPhone aims to attack lower-end customers who buy only feature phones.

6:35 pm: Jaideep Ghosh told ET Now, that prudent move on Jio’s part to introduce data packs for Rs 153. Many other allied markets other than core telecom will be impacted by Jio.

6:30 pm: From last quarter of 2017, all JioPhones will be made in India. We are targeting to have 5 million JioPhones a week: Mukesh Ambani

6:25 pm: JioPhone will make the 2G feature phone obsolete. With this, I am sure Jio will set a new world record: Mukesh Ambani.

6:11 pm: Through the new phone, India’s most valuable company is attempting to woo tens of millions of low-income users to its upstart telecoms venture Jio, which has already upended the telecoms industry in the country by offering cut-rate prices on its services.

6:06 pm: Shares of Idea Cellular went down by 3.11 per cent to end at Rs 91.90 while Bharti Airtel fell by 2.05 per cent to Rs 411.15 on BSE.

6:00 pm: Stocks of other Telecom fell up to 3 per cent today on concerns over increased competition in the sector after RIL Chairman Mukesh Ambani announced the launch of Jio’s 4G-enabled feature phone at an “effective price of Rs 0”.

5:53 pm: Notably, shares of Reliance Industries today closed the day with nearly 4 per cent gains after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to June 30.

5: 45 pm: Meanwhile, Ambani dedicated the newly launched cellular phone to the 70th anniversary of India’s Independence, with a motive to provide data to over 50 crore data-deprived people in India, so that it no longer remains the “privilege of few.”

5:25 pm: According to experts, convergence is a big opportunity for telcos which entails providing wireless, fixed line, direct to home and video on demand services to a single family or a business. Its biggest rival Airtel is already present in the fixed line segment, albeit with a smaller footprint.

5:15 pm: Earlier, he said Jio is targeting to expand its wireless network to cover 99 per cent of the country’s population in the next 12 months which will make sure that the 4G coverage in the country is more than the 2G one.

5:10 pm: Ambani while answering shareholder queries at the company’s 40th annual general meeting said “In next level, we’re very focussed in terms of giving fixed line connectivity to both home and enterprise,”

5:05 pm: With another 210 million people in the country, going by the Kotak analysis, paying Rs 140 per month for phone calls, effectively that is the new base RJio can now target. Sachet packs of Rs 24 and Rs 54 have also been provided to cater for an even lower price point.

4:56 pm: The Fe Bureau added, the RJio team worked with chipset companies like Qualcomm to come up with feature phones which can offer reasonable browsing and viewing facilities, and at a low cost.

4:50: pm: According to Fe Bureau, Reliance Jio had more or less saturated the market with its 100 million subscribers. It is this that, going by what its chairman Mukesh Ambani said at the RIL AGM on Friday, that RJio has sought to change.

4:43 pm: Nitin Soni, Fitch Ratings, said that Good move at very low price point. It will help RIL in next leg of growth. The move will help add 4g customers, added Soni. Historically 4G bundled phones haven’t worked that well, he said.

4:35 pm:  Shares of telecom operators Bharti Airtel Ltd and Idea Cellular Ltd fall as much as 4.1 per cent and 7.3 per cent, respectively. Already Jio’s entry into telecoms sector with cheap voice, data plans has hit profits at rivals.

4:30 pm: The new phone will “effectively cost zero” as buyers will be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.3), said Ambani.

4:25 pm: The company will make available 5 million phones every week and manufacture all JioPhones in India from “last quarter of this year”, he said indicating that the phones are made by a vendor outside the country.

4:18 pm: JioPhone will be available for user testing in beta form from August 15 and for pre-booking from August 24. Ambani further added that JioPhone will be physically available to those who have pre-booked, on a first come first serve basis, September onwards.

3:58 pm: She also said, We continue to remain positive on Reliance Industries from a long term perspective. The company’s core business is expected to continue seeing improvement in profitability as GRMs remain healthy, given the direction of global crude prices. In addition to this, higher margins from the petchem business too would help boost profitability. Reliance’s investments in ROGC as well as the petcoke project are expected to yield results FY18 onwards as they are in commissioning stage in addition to the monetization of investments in JIO. The bonus announcement would also help improve investor sentiments further.

3:53 pm:  Nitasha added, In addition to this, the announcements towards the Jio Phone – TV would also hurt the cable TV industry. The industry had seen top line and bottom line come under pressure due to on-the-ground issues related to the rollout of digitization. While digitization is a long term positive for the industry, it would take the next couple of quarters for the benefits to start reflecting in the earnings. During such times, if Reliance were to launch the Phone-TV, it could lead to disruption on the pricing side.

3:48 pm: Nitasha Shankar, Senior Vice President and Head of Research, YES Securities said, Reliance Jio’s recent announcement on its service offerings and the new phone, would continue to act as a disruptive force for the telecom industry, which is already reeling under pricing pressure in response to Jio’s aggressive pricing plans. As realizations have come under pressure, incumbents see profitability decline. Going forward, we expect the incumbents to remain under pressure as realizations for data, pressure to increase the pace of network rollout and highly leveraged balance sheets would continue to hurt profitability. However, the big positive from Jio’s entry and pricing plans has been the increased consumption of data by users. Over time, as prices stabilize and volumes continue to pick up, incumbents like Bharti Airtel could emerge as a winner. However, investments should be made only from a long term perspective as near term pressures are expected to continue.

3:43 pm: Jimeet Modi also said that the pricing and launch of smart phone at effective zero cost will certainly impact and erode long term profitability of companies in telecom and cable segment. The stock prices of these companies which are impacted due to JIO are likely to underperform in the near to medium term, better to avoid them and not to do bargain hunting until the time predatory strategies are alive.

3:38 pm: He added, The bargaining power that the company will enjoy once the competition is marginalized would be immense which is good for the investors in their long term wealth creation journey but may not he appreciated by the government, but that will take some time to happen, till that time, it is a great opportunity for the Reliance investors to enjoy the telecom wave plus the added 1:1 bonus advantage in the short term. One man’s gain is other’s loss is the reality in the telecom space.

3:33 pm:  Jimeet Modi, CEO, SAMCO Securities: The predatory strategy to capture telecom space is quite aggressive and highly disruptive. Considering the size and scale of Reliance it will capture a lion’s share of the market pie and therefore will disrupt many other ancillary businesses also. The bigger threat will be the dominance that the company will enjoy over many business processes which will be offered digitally will be a cause of concern from the country’s point of view.

3:28 pm: About 65 percent, or 500 million, devices in the Indian mobile phone ecosystem are so-called feature phones – that allow basic calling and texting, according to brokerage CLSA

3: 23 pm: The meeting was held citing the free data and calling perks that were given by Reliance JIO to its users earlier in 2016.

3: 18 pm: He added, “The consensus is that as of now, we don’t need to pursue the idea of a floor  price. We had detailed discussions for over two hours today. There will be no further discussion or consultation on the issue.”
3:13 pm: TRAI Chairman R S Sharma today met offcials of all service providers and arrived at a consensus that fixing the floor price “is not a workable idea”.

3:02 pm: While talking numbers, he said, “All our business employ over 2,50,000 people worldwide.” Mukesh Ambani further taled about the RIL’s turnover and said, “Our turnover has grown from Rs 70 crore in 1997 to Rs 30,000 crore. Which shows an increase of 4700 times.”

2:52 pm:  RIL said that the Jio Phone will bring digital freedom for all Indians.

2:45 pm: As per Bloomberg report, Jio Phone will not be dilutive on an average revenue per user basis, says UBS.

2:40 pm: As we march toward the Golden Jubilee of Reliance in 2027, I can confidently say that the Golden Decade of Reliance has begun. Today I assure the people of India that Reliance will do everything, and more, to meet the nation’s expectations, says Mukesh Ambani.

2:32 pm: Ambani also targeted the skeptics and analysts. “Before the launch of Jio, skeptics said that the VoLTE is a globally unproven technology, but we proved them wrong. Jio users consistently made more than 250 crore minutes of voice and video calls every single day,” he said.

2:27 pm: Ambani said that though initially, nobody believed in the success of the Jio, the mobile network, within ten months of its launch, in September 2016, broke a number of world records.

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2:22 pm: Apart from this, the ‘Jio Dhan Dhana Dhan’ plan will be avaialable for JioPhone users at Rs. 153 from August 15, 2017. “All Jio users can enjoy content from phone screen to TV screens, which will be available with a Rs. 309 plan,” Ambani said.

2:17 pm: Reliance Jio will provide access to unlimited data on Jio Phone at Rs 153 a month, which if used on other network, with similar phone feature would cost Rs. 3,000-Rs. 4,000, claimed the CMD.

2:02 pm: Jio Phone should support mass market adoption of 4G data. Expect Jio to continue to gain share from smaller operators, as per UBS, according to UBS.

1:58 pm: Reliance Jio prices are not dilutive, expect jio to continue gaining customers. Jio phone to support mass market adoption of 4G data airtel will gain from the expansion in data market: UBS on Reliance Jio.

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1:53 pm: Out of the 78 crore phones in India, Ambani said, 50 crore are feature phones that cannot be used for Internet or data usage. The new phone would give “affordable” device to these 50 crore users and “end the digital exclusion in India”.

1:48 pm: The phone’s launch was widely anticipated as Ambani, India’s richest man, uses the company’s annual meeting to make key launch announcements. Jio was launched at last year’s AGM and now has more than 125 million customers.

1:43 pm: Reliance shares traded 3.1 percent higher on Friday afternoon, while shares of rivals Bharti Airtel and Idea Cellular fell 2.9 percent and 6.2 percent, respectively.

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1:35 pm: Reliance plans to make 5 million JioPhones available every week. About 65 percent, or 500 million, devices in the Indian mobile phone ecosystem are so-called feature phones – that allow basic calling and texting, according to brokerage CLSA. These phones still outsell smartphones.

1:30 pm: Ambani used the occasion to introduce his twin children, Akash and Isha, who presented the phone features that include calls and text messaging on voice command, Internet surfing and cable to connect the device to TV to view content, including videos.

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1:18 pm: Out of the 78 crore phones in India, Ambani said, 50 crore are feature phones that cannot be used for Internet or data usage. The new phone would give “affordable” device to these 50 crore users and “end the digital exclusion in India”.

1:08 pm: Reliance will build, within a decade, new businesses of the same value as our existing businesses. Jio will become India’s largest provider of data service, products and application platforms, says Mukesh Ambani.

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1:06 pm: What took the West 300 years and China 30 years, India can achieve in just about a decade or two, says Mukesh Ambani.

1:04 pm: Over the next decade, India has the potential to move from a $2.25 trillion economy to a $6 trillion economy, says Mukesh Ambani.

1:00 pm: Grand plan laid by RIL bodes well for future growth; capital investment in businesses will remain high for sometime for RIL: Dilip Bhat, Prabhudas Liladhar told BTVI

12:59 pm: India@80 should aspire to become – and can certainly become – one of the three largest economies in the world. Reliance@50 will aspire to become – and will certainly become – one among the Top 50 companies in the world: Mukesh Ambani, says Mukesh Ambani.

12:57 pm: Reliance Foundation is committed to creating opportunities for the youth to pursue a career in sports. In its first year, Reliance Foundation Youth Sports reached 8 cities and reached over 2 million children: Mukesh Ambani.

12:52 pm: On such an occasion and in keeping with our founder to share prosperity with all shareholders. We have commissioned our Paraxylene complex, making Jamnagar world’s largest manufacturing facility of Paraxylene, says Mukesh Ambani.

12:51 pm: We, at Reliance, congratulate the Government on its historic step of introducing the GST regime. GST brings uniformity in tax rates and enables India to fulfil One Nation One Tax, resulting in one unified market: Mukesh Ambani.

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12:50 pm: Every minute, 8 smartphones; every hour, 42 laptops and 68 TVs are sold at Reliance Digital. In fuel retail, we re-commissioned 142 new outlets during the year: Mukesh Ambani.

12:47 pm: Our refining business continues to demonstrate exemplary performance. Our projects will place Reliance as among the top 10 Petrochemical producers globally: Mukesh Ambani

12:45 pm: Reliance paid 29,637 crore of customs and excise duty during the year, almost 5% of India’s total. Reliance is the highest income tax payer in the private sector in India and paid Rs 8,880 crore as during the year: Mukesh Ambani.

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12:43 pm: We will always live by your ideals, vision & values and build a New India of Dhirubhai’s dream. This is our solemn commitment. And this is my promise to all of you: Mukesh Ambani.

12:42 pm: The net profit of Rs 29,901 crore is the highest in the Indian corporate sector. Reliance remains India’s largest exporter with 8% of total merchandise exports with a value of Rs 147,755 crore: Mukesh Ambani.

12:41 pm: Jio is a young organization and Akash and Isha, our Directors, both 25, lead a large contingent of highly talented professionals. As Reliance marches towards its Golden Jubilee, today we commence our Golden Decade: Mukesh Ambani

12:40 pm: This is the largest bonus issue, ever, in India. The Board of Directors has decided to recommend a bonus issue in the ratio of 1:1, says Mukesh Ambani

12:28 pm: Ambani said that from last quarter of this year, all Jiophones will be made in India.

12:24 pm: The company is targeting to make 5 million Jiophones available every week, says Ambani.

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12:19 pm: The compnay fixed line optical fibre broadband will be the next big monetisation opportunity for Jio Further company coverage, says Ambani.

12:17 pm: A full refundable deposit of Rs 1,500 to be paid for Jio phone to prevent misuse; money to be refunded after 36 months on return of phone, says Ambani.

12:12 pm: From last quarter of 2017, all JioPhones will be made in India. We are targeting to have 5 million JioPhones a week: Mukesh Ambani

12:10 pm: JioPhone will make the 2G feature phone obsolete. With this, I am sure Jio will set a new world record: Mukesh Ambani.

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12:08 pm: Jio is a young organization and Akash and Isha, our Directors, both 25, lead a large contingent of highly talented professionals.

12:04 pm: I want to publicly thank all Jio employees and applaud their contribution to our company, and our nation, says Mukesh Ambani.

12:00 pm: Jio phone will be launched on August 15. Booking starts from August 24. The phone will be physically available from September, says Mukesh Ambani.

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11:55 am: Today, I am delighted to announce that JioPhone will be available to all Indians for an effective price of – Rs 0, says Mukesh Ambani.

11:50 am: Jio will provide this at ONLY Rs 153 per month, that is one-thirtieth, 3% of the existing price: Mukesh Ambani

11:45 am: If these users were to consume a similar quantity of data on other operator’s network, they would spend Rs 4,000 – 5,000 per month.

11:42 am: On the JioPhone, voice will always be free, says Mukesh Ambani.

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11:40 am: Jio Smartphone is 4G-enabled and works on voice-command.

11:37 am: Today, Jio is going to reinvent the conventional feature phone. Let me introduce India ka Intelligent SmartPhone, says Mukesh Ambani.

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11:34 am: Mukesh Ambani has unveiled Jio Smartphone built in India.

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11:31 am: In the next 12 months, Jio services will cover 99% of our country’s population. Jio has the fastest network, built from ground up for the internet, says Mukesh Ambani

11:30 am: In March, Jio undertook largest migration of free customers to paid customers. We proved skeptics wrong, who said that in India, free customers would not pay later. Jio is committing today to end digital starvation and disempowerment through connectivity, data affordability, device affordability.

11:29 am: There are more than 50 crore feature phone users who have been left out of the digital revolution: Mukesh Ambani. This digital disempowerment and unfairness must end. Jio is committing to end it today, says Mukesh Ambani

11:28 am: In March, Jio undertook largest migration of free customers to paid customers. We proved skeptics wrong, who said that in India, free customers would not pay later.

11:27 am: Today, Jio has more than a 100 million paying customers. Most of them have recharged on Jio’s very popular 309 or higher tariff plans.

11:26 am: Team Jio delieverd on the 100 million customers target. Money invested in RIL shares have doubled every 2.5 years in last 40 years. India has overtaken US and China in mobile data consumption, says Mukesh Ambani.

11:20 am: In less than 170 days, more than 100 million customers signed up for Jio’s services. Jio added 7 customers every second.

11:18 am: I want to dedicate these 40 years of achievements and records to our founder Chairman Shri Dhirubhai Ambani: Mukesh Ambani

11:17 am: In simple terms, this means that your money has doubled every two and a half years over the past 40 years: Mukesh Ambani

11:16 am: One thousand rupees invested in Reliance shares in 1977 is today worth Rs 16,54,503 – over 1,600 times more valuable, says Mukesh Ambani

11:15 am: IL market cap has grown from Rs 10,000 to over Rs 5 lakh crore in last 40 years; RIL’s total assets have increased to Rs 7,00,000 crore, says Mukesh Ambani

11:14 am: In just 4 decades, Reliance has grown from a small startup to one of the largest, most admired companies in the world Mukesh Ambani. Above all, market capitalization has multiplied from ten crores to over five lakh crores, says Mukesh Ambani

11:13 am: Our turnover has grown from 70 crores in 1977 to over 330,000 crores today – an increase of nearly 4,700 times: Mukesh Ambani

11:12 am: In just 4 decades, Reliance has grown from a small startup to one of the largest, most admired companies in the world Mukesh Ambani

11:11 am: 2017 marks the 40 years of Reliance post IPO, says Mukesh Ambani.

11:10 am: Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani has begun AGM speech.

11:08 am: Reliance Jio Infocomm Ltd, the closely held telecom arm of Mukesh Ambani-led Reliance Industries, has said it plans to raise Rs 20,000 crore from a rights offer.

11:04 am: After plowing a little less than Rs 2 lakh crore into starting a national fourth-generation mobile network, the fresh round of funding will help Jio challenge competitors with its free-for-life voice calls and dirt-cheap data services.

11:00 am: Mukesh Ambani, Nita Ambani have arrived at Birla Matushri Sabhagar in Mumbai to attend AGM.

10:58 am: The telecom department will meet operators and industry associations today to brainstorm on the new telecom policy, according to industry sources.

10:55 am: The new policy formulation comes at a time when the sector is confronting financial difficulties. Revenue and profitability of both large and small operators have come under severe pressure after the entry of aggressive newcomer Reliance Jio and the subsequent advent of free data and voice offerings.

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10:50 am: RIL stock can double in 4 years. Jio to offer cheapest 4G feature phone ever, as per BTVI report.

10:45 am: According to ET Now report, Chip for RIL handset by Chinese company Spreadtrum. May make effective ownership attractive via tariffs/handset discounts/phone exchange. RIL may bundle phone with attractive tariffs for 4G services.

10:40 am: Reliance Industries Ltd (RIL) will pump in USD 25 million in technology incubator –Jerusalem Innovation Incubator (JII) — that will invest in early stage start-ups working in the areas of artificial intelligence (AI), fintech and Internet of Things (IoT).

10:35 am: Meanwhile, the benchmark Sensex rallied over 131 points above the 32,000-mark today as Reliance Industries’ reported its highest quarterly earnings.

10:30 am: Oil-to-telecoms conglomerate posted a 9 pct rise in Q1 standalone profit, helped by higher margins from its core petrochemical business, beating street estimates. Company’s Q1 gross refining margin of $11.9 per barrel was at a nine-year high, it said on Thursday.

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10:25 am: Reliance Industries Ltd rises as much as 3.02 pct to 1,575 rupees, its highest since January 2008.

10:20 am: The industry’s debt stands at a staggering Rs 4.6 lakh crore, and an inter-ministerial group is looking at measures to mitigate the financial woes of the sector.

Read Also: RIL AGM today- Analysts bullish on shares as Q1 results cheer but watch for Jio updates

10:15 am: The incumbents claim that their revenue and operating profits have come under severe pressure, primarily as they have been forced to match aggressive offerings of the newcomer with deep pockets.

10:10 am: The company started charging for mobile services from April 1 but continues to offer aggressive data rates and free voice calls. In fact, the established telecom players have blamed Jio’s free voice and data offering for the financial woes of the sector.

10:05 am: Notably, Reliance Jio had launched its 4G service commercially on September 5, 2016 offering free data and voice services and crossed 50 million subscribers in just 83 days, and 100 million in 170 days, adding an average 6 lakh subscribers per day.

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10:00 am: The special resolution is listed on the agenda of the 40th Annual General Meeting of RIL to be held today.

9:57 am: Last month, parent Reliance Industries outlined plans to raise Rs 25,000 crore through privately placed debentures, as the energy-to-retail conglomerate seeks to replace existing high-cost borrowings and build a warchest for an aggressive expansion strategy in the telecom space.

9:55 am: The company had said in January that it will raise Rs 30,000 crore to expand coverage and increase network capacity.

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9:52 am: Last month, parent Reliance Industries outlined plans to raise Rs 25,000 crore through privately placed debentures, as the energy-to-retail conglomerate seeks to replace existing high-cost borrowings and build a warchest for an aggressive expansion strategy in the telecom space.

9:50 am: Jio is offering 400 crore non-cumulative optionally convertible preference shares (OCPS) at Rs 50 each to RIL, according to a stock exchange filing. With this latest infusion, RIL’s total investment in Jio will reach over Rs 2.1 lakh crore.

9:45 am: Take a look at Reliance Jio’s Twitter

Read Also: RIL shares cheer Q1 results; all eyes on AGM as Mukesh Ambani may launch Rs-500 4G phone

9:40 am: After plowing a little less than Rs 2 lakh crore into starting a national fourth-generation mobile network, the fresh round of funding will help Jio challenge competitors with its free-for-life voice calls and dirt-cheap data services.

9:35 am: Reliance Jio Infocomm Ltd, the closely held telecom arm of Mukesh Ambani-led Reliance Industries, yesterday said it plans to raise Rs 20,000 crore from a rights offer.

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