An ultra-affordable phone for first-time users, a step towards an elusive oil agreement and an entirely new business plan, Mukesh Ambani made a slew of announcements at the 44th Reliance AGM. Ambani appointed the chairman of Saudi Aramco to its board in what may be the precursor to a revived investment deal between the two energy giants and detailed a Rs 75,000 crore New Energy business plan that will span over the next three years. A glimpse
- Saudi Aramco man joins RIL board. A deal with energy giant could happen this year
- Google and Reliance develop Budget phone killer, JioPhone Next. To be availabe from September 10. Price not confirmed but firms said it will be breakthrough.
- RIL will invest Rs 75,000 crore in its New Energy business over next three years. Will set up renewable energy complex and four giga factories.
- Jio working on 5G trials, will collaborate with Google Cloud for solutions, seen as first step towards made-in-India tech.
- Trials being done with Facebook for integrating JioMart and WhatsApp
09:00 PM
Low-cost Jio-Google 4G smartphone won't impact its revenues: Bharti Airtel
- Bharti Airtel said the upcoming low-cost 4G smartphone from the Reliance Jio-Google combine won’t hurt its revenues as 2G device users, typically, upgrade to smartphones priced above Rs 7,000 and prefer the Sunil Mittal-led telco’s mobile network.
- India’s No 2 telco, in fact, expects the advent of the Jio-Google budget smartphone to trigger customer upgrades from feature phones to smartphones, which would end up complementing Airtel’s strategy of focusing on quality customers with world-class services. Airtel has been refarming its 2G and 3G airwaves for 4G services and has been pushing its feature phone users to go 4G.
08:22 PM
RIL AGM 2021: Empathy, green legacy & neutral dress code was the theme
While the Ambani women opted for subtle pink and beige tones for the virtual meeting, the men chose black suits. Mukesh & Nita's youngest son, Anant, who is next in line to get married to his rumoured-girlfriend Radhika Merchant, was absent.
07:40 PM
Why Reliance shares ended in the red despite green energy plans?
- For the passerby, the over 2 per cent fall in the Reliance Industries stock on Thursday may appear as a thumbs-down to the big bang announcements made by the company’s Chairman and Managing Director Mukesh Ambani at the annual shareholders’ meeting. The reality, though, is a little different.
- True, investors were a little disappointed by the prevailing lack of clarity on Saudi Aramco’s stake purchase in the energy business but the real reason behind the fall was more likely the good old “buy the rumour, sell the news” trade.
- Shares of the index major had rallied substantially in the run-up to Thursday’s AGM in anticipation of major announcements such as the ones made by Ambani. With investors looking to book profits and some traders unwinding their long position because of the expiry of the June derivative series, the stock failed to exactly reflect what investors made of RIL’s announcements.
07:01 PM
More on Jio Phone Next
06:26 PM
RIL did not cut salaries of employees amid COVID: Nita Ambani
- Reliance Industries Limited did not cut salaries, bonuses, or any other compensation of its employees throughout the COVID-19 pandemic, said Nita Ambani, Reliance Foundation's founder and chairperson.
- Speaking at the 44th Annual General Meeting (AGM) of RIL, Nita Ambani said, "The Covid-19 pandemic is a humanitarian crisis. It has tested the very spirit of humanity. But even in the darkest hour, our spirit has shone brightly. We as a people have come together and fought this battle. We did not cut salaries, bonuses, or any other compensation for our employee
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