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09/11/2024

Jio Satellite Communications (JO) and Elon Musk’s Starlink have approached India’s Department of Telecommunications (DoT) with differing requests for satellite internet license terms. Jio has requested a shorter license of 3 to 5 years, likely aiming to secure flexibility and adjust to rapidly evolving technology and regulatory conditions. In contrast, Starlink has requested a longer license term of 20 years, which would allow for more stable and extended service operations without frequent renewals. This move aligns with Starlink’s broader goal of establishing a more enduring infrastructure for its satellite-based internet across global markets.

India’s government is currently evaluating both proposals within its regulatory framework, which includes concerns over data privacy, compliance with local regulations, and securing spectrum rights for satellite operations. The Ministry of Home Affairs is also involved, as it requires assurances that satellite data traffic will stay within India due to security considerations.

09/11/2024

Ola Electric Mobility Ltd. continued progressing toward profitability in the July-September quarter, even amid challenges in its after-sales service.

India’s largest electric two-wheeler maker reported a reduced net loss of Rs 495 crore, down from Rs 524 crore in the same period last year, with revenue climbing 39% to Rs 1,214 crore, according to an exchange filing on Friday.

**Ola Electric Q2 FY25 Highlights (Consolidated, YoY):**
- Revenue rose 39% to Rs 1,214 crore
- EBITDA loss narrowed to Rs 379 crore from Rs 435 crore
- Net loss reduced to Rs 495 crore from Rs 524 crore

Shares of Ola Electric closed 2.47% lower at Rs 72.74 on the BSE, compared to a 0.07% decline in the benchmark Sensex. The results were announced after market hours.

08/11/2024

Mukesh Ambani, one of Asia’s top business moguls, is set to venture into India’s massive Rs 42,694.9 crore snack market. Building on his successful telecom ventures and his foray into the soft drink sector with Campa Cola, Ambani now aims to take on major players in the snack industry.

After the success of Campa Cola, where Ambani’s competitive pricing strategy challenged giants like Pepsi and Coca-Cola, he is launching chips, namkeen, and biscuits under a similar approach. His company, Reliance Consumer Products, is attracting retailers by offering a 6.5 percent margin, higher than the typical 3-5 percent in the industry.

08/11/2024

Reliance Industries Ltd. has seen a sharp decline of nearly $50 billion (₹4.2 lakh crore) in market value since its peak in July, as India’s most valuable company contends with sluggish earnings and an economic slowdown.

The refining-to-retail giant, led by billionaire Mukesh Ambani, has barely advanced in stock price this year, underperforming the benchmark NSE Nifty 50 Index by the largest margin in almost a decade. While the broader Indian market has faced recent headwinds from foreign investor withdrawals and concerns over earnings growth, India’s main indexes remain among Asia’s top-performing markets in 2024.

Reliance’s recent stock dip largely stems from disappointing earnings last month, marking the sixth consecutive quarter the company fell short of consensus expectations due to a weak demand landscape for its core oils-to-chemicals segment.

At its annual shareholders’ meeting in August, the company announced a one-for-one bonus share but offered no updates on the much-anticipated listings of its telecom and retail subsidiaries. Its wireless unit, Reliance Jio Infocomm Ltd., also reported a decline in subscribers following a recent tariff increase.

07/11/2024

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05/11/2024

The Indian government has recently proposed a significant consolidation plan to reduce the number of Regional Rural Banks (RRBs) from 43 to 28. The proposal aims to enhance operational efficiency, financial health, and the ability of RRBs to better serve rural areas by creating stronger, more financially stable entities.

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05/11/2024

Larsen & Toubro said that it has entered into an investment agreement for acquiring upto 41,71,410 equity shares, equivalent to 21% stake, of E2E Networks.

E2E Networks is an cloud company offering public cloud services to its customers. E2E Networks specializes in providing CPU and GPU-based cloud computing platforms, to help its customers carry out large scale general and AI-workloads by leveraging its relationship with NVIDIA. It had recorded a turnover of Rs 94.49 crore in FY 2023-24.

Offering the rationale for the said acquisition, L&T said that the acquisition is complementary for market approach in the fast-growing areas of AI and cloud services. Along with the acquisition, the company also proposes to enter into a software license agreement, reseller agreement and co-location agreement with E2E Networks.

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04/11/2024

According to a report by Reuters, Reliance Industries’ telecom arm, Jio, is expected to go public in 2025. The report, citing sources, suggests that the Mukesh Ambani-led conglomerate may delay the IPO of its retail unit, Reliance Retail, for a later date.

Mukesh Ambani, the head of Reliance Industries Ltd (RIL), has not commented on the potential listings of Reliance Jio and Reliance Retail since initially hinting in 2019 at plans to make these entities public. Since then, no significant updates or actions have been disclosed.

Both Reliance Jio and Reliance Retail hold individual valuations exceeding $100 billion. In recent years, Reliance Industries has raised around $25 billion for its digital, telecom, and retail businesses from investors such as KKR, General Atlantic, Google, and the Abu Dhabi Investment Authority.

On Monday, Reliance Industries’ shares dipped by up to 4% during trading, hitting a low of Rs 1,285.10 before recovering above Rs 1,300, leaving the company with a market cap of over Rs 17.6 lakh crore. The stock had recently traded ex-bonus.

Reliance Jio, with a subscriber base of approximately 480 million, is anticipated to achieve steady revenue streams by 2025, aligning with the planned IPO. In contrast, the retail business may not go public until 2025 or later, as the company works on resolving internal and operational hurdles.

If Jio’s IPO moves forward, it could face competition from Elon Musk’s Starlink service, which plans to enter India’s market. Supported by tech giants Google and Meta, Jio recently teamed up with Nvidia to advance AI infrastructure.

While no formal valuation has been set, and no bankers have been appointed, Jefferies estimated Jio’s potential IPO valuation at around $112 billion as of July. If launched, Jio’s IPO could surpass Hyundai’s $3.3 billion offering from earlier this year, potentially becoming India’s largest-ever IPO.

04/11/2024

Sagility BV, a subsidiary of EQT Private Capital Asia, has raised ₹366 crore by selling a 2.61 per cent stake in Sagility India to nine institutional investors, just days before the company’s upcoming IPO.

The Bengaluru-based Sagility India, valued at ₹14,044 crore, is set to open its ₹2,107 crore IPO for subscription on November 5 with a price band of ₹28-30 per share.

In a recent disclosure, Sagility India confirmed that on October 30 and 31, Sagility BV sold 12.2 crore shares at ₹30 per share, raising ₹366 crore in pre-IPO transactions with investors like 360 ONE and Avendus Future Leaders Fund II. The Gautam Adani-owned Adani Properties also acquired shares, purchasing a 0.14 per cent stake for ₹20 crore.

30/10/2024

The Reserve Bank of India (RBI) on the auspicious occasion of Dhanteras (29 October) announced that it has transported an additional 102 tonnes of gold from the Bank of England’s vaults in London to secure storage facilities within India.

As per RBI’s latest report on foreign exchange reserves, as of the end of September, the central bank holds 855 tonnes of gold, with 510.5 tonnes now stored domestically. Since September 2022, a total of 214 tonnes has been relocated to India as the RBI and the government prioritise safeguarding their assets amid escalating global geopolitical tensions.

The shift to domestic storage follows a significant move in May, when approximately 100 tonnes were transferred from the Bank of England. Authorities undertook a discreet operation involving specialised aircraft and robust security protocols to handle the transfer. The details of the mission remain confidential. Moving the reserves also required an exemption from specific taxes. Officials indicate that further transfers are possible, although no substantial shipments are anticipated this year.

30/10/2024

If you believe MRF Ltd is the highest-priced shares in the Indian stock market, then one must be proved wrong. The Rs 1.2 lakh tyre maker’s stock is dwarfed by a microcap player with nearly double its price as of Tuesday. Interestingly, this stock was just a penny stock worth Rs 3.21 in July this year.

Elcid Investments on October 29 overtook MRF to become India’s most expensive stock. Thanks to BSE auction for price discovery of holding companies, each share of Elcid was valued at Rs 2.25 lakh.

The smallcap stock created history on Dalal Street as its share price soared from Rs 3.53 to an astounding Rs 2,36,250 in one day, a jump of a mind-boggling 66,92,535%. Meanwhile, on October 29, MRF shares on BSE closed 0.61% lower at Rs 1.22 lakh apiece.

The highest traded value of Elcid was Rs 4.58 lakh, but price discovered was at Rs 2.25 lakh.

30/10/2024

As Dhanteras approaches, a time when buying gold symbolises prosperity, Jio Financial Services (JFSL) offers customers a way to invest in gold digitally with SmartGold through the JioFinance app. This new feature enables users to purchase pure, 24-karat gold starting as low as ₹10.

Key features of SmartGold

SmartGold allows customers to buy gold by rupee value or weight (grams), starting from ₹10. For those who prefer physical gold, options for doorstep delivery in denominations of 0.5g, 1g, 2g, 5g, and 10g are also available.

Investors can redeem their SmartGold units in cash or physical gold at any time. The gold equivalent of each investment is stored in insured vaults.

With live market prices displayed on the JioFinance app, customers can make informed investment decisions and monitor the value of their gold holdings.

29/10/2024

In a historic move, the United States has officially declared Diwali, the Festival of Lights, as a federal public holiday for the first time. This announcement marks a significant milestone for the Indian-American community and millions of others who celebrate Diwali worldwide. Known as a celebration of light, good fortune, and spiritual triumph, Diwali’s recognition as a federal holiday highlights the growing importance of cultural diversity and inclusion in the United States.

By declaring Diwali a public holiday, the United States acknowledges the rich cultural and religious diversity that defines the nation. This move resonates with broader efforts to embrace the customs of communities that have become integral to American society. Diwali’s addition to the national holiday calendar signifies respect for South Asian contributions to the social, cultural, and economic fabric of the U.S.

29/10/2024

Comedian Kunal Kamra recently took to social media to criticize Ola Electric over customer service issues, sharing an image of unused Ola scooters at a dealership and suggesting they were abandoned. Ola’s CEO Bhavish Aggarwal responded with sarcasm, inviting Kamra to help at their service centers and accusing him of a “paid tweet” and a “failed comedy career.” This back-and-forth ignited a larger conversation about Ola Electric’s service, with Kamra suggesting that instead of engaging in a feud, Ola should focus on addressing customer complaints.

The controversy attracted the attention of India’s Central Consumer Protection Authority (CCPA), which issued a show-cause notice to Ola Electric, citing numerous complaints about service delays, unfulfilled promises, and delivery issues. Ola now has 15 days to respond to these concerns. This situation highlights growing frustrations among Ola customers and the power of social media to bring attention to consumer grievances.

28/10/2024

Ola Electric’s stock has faced a significant downturn, plummeting over 51% from its all-time high of around Rs. 157 on August 20, 2024. After a strong start in the stock market with a notable initial public offering (IPO) on August 9 at Rs. 76, the company initially saw its stock nearly double. However, the recent slide brought the stock down to under Rs. 100, primarily due to market fluctuations and profit-taking by early investors.

Despite posting strong delivery numbers in its recent quarterly report, with a revenue increase of 32% and the highest-ever quarterly deliveries, the company is still facing challenges. Ola Electric reported a widened net loss of Rs. 347 crore in the June 2024 quarter, adding to investor concerns about profitability.

Ola’s focus on scaling its electric vehicle production has been promising, but the need for substantial capital expenditures has pressured its financials. This has led analysts to suggest that while long-term growth remains a possibility, the company’s current financial metrics indicate that a recovery in stock price may take time.

28/10/2024

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27/10/2024

JSW Steel has announced its entry into container manufacturing to help India reduce its reliance on imports from China, which currently supplies about 95% of India’s container demand. This shift aligns with India’s broader goals for self-reliance in key sectors and will support the Indian government’s “Make in India” initiative, aimed at enhancing domestic manufacturing capabilities.

JSW’s plan will include a focus on producing high-quality steel containers that can be used domestically and potentially for exports. This move also taps into the government’s Production-Linked Incentive (PLI) scheme, which encourages companies to boost local production across various industries by offering financial incentives. With its extensive steel production capabilities and significant recent growth in its domestic production capacity, JSW Steel is well-positioned to meet container demand and reduce import dependence.

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26/10/2024

A Kenyan court recently suspended a significant $736 million deal between Kenya and Adani Energy Solutions, a subsidiary of India’s Adani Group, following concerns over public participation and transparency. The agreement, part of Kenya’s efforts to improve its energy infrastructure, involves Adani constructing and maintaining key power transmission lines and substations over a 30-year period. After this time, the infrastructure would transfer back to the Kenya Electricity Transmission Company (KETRACO). The contract was intended to address Kenya’s aging transmission lines and frequent blackouts, with financing from Adani through a mix of debt and equity.

Critics, including the Kenya Human Rights Commission, raised concerns about the contract’s lack of public input, sparking a legal review. This situation highlights ongoing debates in Kenya over foreign investment in critical infrastructure projects and the need for public involvement in such decisions.

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"Market Movers: Nifty 50, Adani Wilmar, Zomato, Titan & More | Stock Updates You Can’t Miss!" Welcome to ISMDU In today’s video, we dive into the latest updates and breaking news on #Nifty50, #ADANIWILMAR, #VAISHALIPHARMA, #Zomato, #TITAN, #VODAFONEIDEA, #RateGain, #PAYTM, #OrientTechIPO.

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