Reliance Jio, India’s largest telecom provider, has introduced a range of new unlimited 5G plans starting July 3. The new plans feature increased tariffs, with prices ranging from Rs 189 to Rs 3,599, and offer unlimited 5G data for plans exceeding 2GB daily usage. This move comes after Jio’s successful participation in the recent spectrum auction.
The first spectrum auction in India after two years began on Tuesday with telecom operators bidding a total of ₹11,000 crore for 150 Mhz of spectrum. This is significantly lower than the ₹96,320 crore worth of airwaves on offer. While bidding is expected to continue for the remaining bands, the initial response suggests a more subdued auction compared to the record-breaking 2022 sale.
Reliance Jio, led by India’s richest man Mukesh Ambani, has deposited the highest earnest money of Rs 3,000 crore for the 5G spectrum auction, indicating their ambitious plans to expand their high-speed internet network across the country, including rural areas. The auction, which began on Tuesday, involves the sale of airwaves worth Rs 96,317.65 crore for over 10,500 Mhz mobile services, attracting bids from major telecom operators like Jio, Airtel, and Vodafone Idea.
The 53rd Goods and Services Tax (GST) Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, is scheduled for Saturday. The meeting will discuss crucial topics like GST rates on fertilizers, online gaming, and telecom, along with potential amendments to the GST law regarding Extra Neutral Alcohol and corporate guarantees.
The Telecom Regulatory Authority of India (Trai) has proposed a comprehensive national broadcasting policy aimed at promoting democratic values, cultural diversity, and fostering a competitive and accessible broadcasting ecosystem in India. The recommendations emphasize the importance of data-driven governance, technological advancements, and quality content production to establish India as a global leader in broadcasting.
Tata Consultancy Services (TCS) has announced plans to establish large data centers across four regions in India as part of its ₹15,000 crore agreement with state-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL). The project, which involves deploying India’s first indigenously developed 4G network solution across BSNL’s service area, will include the installation of equipment at 38 locations. TCS will collaborate with the Centre for Development of Telematics (C-DOT) to execute the project, which is expected to be completed by June.
Vodafone Idea’s follow-on public offer (FPO) shares will list on the stock exchanges on April 25th. The opening price will determine whether the shares debut at a premium or discount. The final issue price was set at Rs. 11 per share, the upper end of the price band. Vodafone Idea successfully raised Rs. 18,000 crore through the FPO, making it the largest in India’s history.
Domestic equity benchmarks Sensex and Nifty 50 extended their gains for the third straight session on Thursday, boosted by gains in telecom, tech, and consumer durable stocks. The volatility index, India VIX, declined significantly, indicating a reduction in market volatility and a more stable market outlook. Sensex closed 90 points higher, while Nifty 50 gained 32 points.
Vodafone Idea’s Follow-on Public Offer (FPO) received an overwhelming response from investors, leading to a surge in its shares by over 13%. The FPO, which involved the sale of 1,260 crore shares worth Rs 18,000 crore, was oversubscribed more than 6 times on the final day of bidding. Qualified institutional buyers (QIBs) and non-institutional investors displayed significant interest, oversubscribing their respective portions by 17.6 times and 4.1 times respectively. Retail investors also participated actively, subscribing to 90% of the shares earmarked for them.
Reliance Industries Limited reported a flat net profit for the March quarter but a record high for the fiscal year due to recovery in its oil and petrochemicals business and continued growth in telecom and retail segments.
