Reliance Industries Chairman Mukesh Ambani is expected to make announcements
Oil-to-telecom major Reliance Industries Limited (RIL) will hold its 40th AGM or annual general meeting for shareholders today, at Birla Matushri Sabhagar in Mumbai. Expectations are high that there could be a host of new announcements related to Jio – from new Jio tariff plans to new Jio services to an affordable 4G feature phone. Chairman Mukesh Ambani is expected to address shareholders at around 11 am. RIL, which announced its June quarter earnings yesterday, posted a better-than-expected 9 per cent rise in first-quarter standalone profit, helped by higher margins from its core petrochemicals business. Profit on a standalone basis, which only accounts for the company’s refining, petrochemicals and oil and gas exploration businesses, rose to a better-than-expected Rs 8,196 crore for the three months to June 30, from Rs 7,548 crore a year earlier.
Here is what to expect on Jio at the Reliance Industries AGM:
Jul 21, 2017 10:55 (IST)
Telecom stocks struggle ahead of Reliance Industries AGM: Idea Cellular, Bharti Airtel down nearly 2%, RCom slips 0.40%
Jul 21, 2017 10:54 (IST)
Market update: Nifty near all-time high as Reliance Industries surges 4% ahead of AGM
Jul 21, 2017 10:44 (IST)
There were 108.9 million subscribers on Jio’s network as of March 31, 2017.
Jul 21, 2017 10:43 (IST)
Since commencement of services on September 5, 2016, Jio has added subscribers to its network at an average rate of 6 lakh per day.
Jul 21, 2017 10:39 (IST)
On a consolidated basis, Reliance Industries reported a record net profit of Rs 9,108 crore – up 28 per cent year-on-year – on revenues of Rs. 90,0537 crore.
Jul 21, 2017 10:38 (IST)
RIL’s net profit was up 8.6 per cent compared with the corresponding period a year ago, while its revenue increased 18.4 per cent to Rs. 70,434 crore.
Jul 21, 2017 10:37 (IST)
Reliance Industries’ Q1 earnings were supported by higher margins from its core petrochemicals business.
Jul 21, 2017 10:36 (IST)
Billionaire Mukesh Ambani-led Reliance Industries on Thursday reported a record standalone quarterly net profit of Rs. 8,196 crore for the April-June quarter.
Jul 21, 2017 10:33 (IST)
At 10:31 am, RIL shares were trading 3.5 per cent higher on the National Stock Exchange, whose benchmark Nifty index was up 34 points at 9,907.
Jul 21, 2017 10:32 (IST)
Reliance Industries shares rose nearly 4 per cent to touch an intraday high of Rs 1,588 on the National Stock Exchange (NSE).
Jul 21, 2017 10:09 (IST)Live stream
Jul 21, 2017 10:04 (IST)
The Rs 399 recharge voucher, available to new as well as existing members of its paid Prime service, also included free voice calls and MyJio app services.
After seven months of free services, Jio decided to charge for its services from April this year. In March 2017, Jio introduced the Prime program wherein customers could subscribe by paying a one-time fee of Rs 99.
Jul 21, 2017 10:03 (IST)
Earlier this month, Jio extended the benefits of its Dhan Dhana Dhan offer with new plans. Priced at Rs. 399, a new recharge option offered by Jio came with 1 GB of high speed 4G data per day for 84 days.
Jul 21, 2017 09:58 (IST)
These 4G feature phones are likely to be priced between Rs 1,000 and 1,500, the agency reported, citing industry sources.
“Reliance has not yet finalised actual unit price of the feature phones, but it is likely to be in the range of Rs 1,000-1,500 a unit. It will be smart feature phone with pre-loaded apps of Reliance Jio like Jio TV, Jio Money etc,” Press Trust of India reported, citing one of the sources who did not wish to be named.
Jul 21, 2017 09:57 (IST)
Reliance Industries plans to sell 200 million 4G feature phones in two years, news agency Press Trust of India reported on July 19, citing industry sources.
Jul 21, 2017 09:51 (IST)
Although Jio started charging for its mobile services from April 1 under its ‘Prime’ scheme, it continued to offer free voice calls and aggressively priced data tariffs.
Jul 21, 2017 09:50 (IST)
Reliance Jio launched 4G services commercially on September 5 last year. It signed up its first 50 million subscribers in 83 days, and 100 million in 170 days.
Jul 21, 2017 09:40 (IST)
Reliance Jio will raise Rs 20,000 crore through a rights issue to meet its funding requirements. This was said by Reliance Jio in a regulatory filing on Thursday.
A rights issue is an issuance of shares to a company’s existing shareholders in the proportion of their existing holdings.