Stocks
Nifty, Sensex still on an uptrend – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex might continue to rally. The major indices of the Indian stock markets were range-bound on Thursday and closed with minor losses over Wednesday’s close. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Following the big ticket announcement by Reliance Industries on Jio commercial launch, key Indian stock market indices were trading flat on Thursday afternoon. Most telecom stocks were trading lower. Selling pressure was seen in telecom, technology, media and entertainment (TECK) and realty sectors, while good buying was observed in auto, metal and fast moving consumer goods (FMCG) sectors. On the NSE, on Thursday, there were 479 advances, 993 declines and 50 unchanged.
 
Taking the tariff war and competition in Indian telecom a new level, Reliance Industries Chairman Mukesh Ambani on Thursday said domestic voice calls on the Jio network will be free forever, and unveiled a four-month introductory offer of free voice and data services. "The era of paying for voice calls is ending," Ambani told the Annual General Meeting of Reliance Industries (RIL) in Mumbai. "No Jio customer will ever have to pay for voice calls again," he added. Bharti Airtel shares closed at Rs310.50, down 6.43% on the BSE. Reliance Industries shares closed at Rs1,029.15, down 2.73% on the BSE.
 
Commercial vehicle major Ashok Leyland Ltd on Thursday said it sold a total of 10,897 units last month, down by 6%. In a statement issued here, the company said it closed last month selling 10,897 units -- down from 11,544 units sold in August 2015. While the sales of light commercial vehicles went up by two per cent last month to 2,696 units, the sales of medium, heavy commercial vehicles went down 8% to 8,201 units. Ashok Leyland shares closed at Rs83.80, down 4.45% on the BSE.
 
India's leading car maker Maruti Suzuki India Ltd said on Thursday it logged 12% growth in sales in August. In a regulatory filing with the BSE, the company said it sold 132,211 units (119.931 domestic/12,280 exports) last month against 117,864 units (106,781/11,083) during August 2015. While the sales of utility vehicles zoomed last month to 16,806 units up by 114.5%, the mid-size car segment (Ciaz) the compact segment (Swift, Ritz, Baleno, Celerio and Dzire) and the van segment also logged sales growth. However Maruti Suzuki saw negative growth in its mini segment (Alto, WagonR) and super compact segment (Dzire Tour) last month as compared to sales logged in August 2015. Maruti Suzuki shares closed at Rs5,058.25, up 0.11% on the BSE.
 
The Supreme Court on Thursday said that the National Mineral Development Corporation (NMDC) can continue with its dual pricing policy for iron ore. Under the dual pricing, NMDC sells iron ore at different prices in different states. While allowing the dual pricing policy, the court declined the plea by Vedanta to export the iron ore that it cannot sell in Goa and Karnataka. NMDC shares closed at Rs106.20, down 1.62% on the BSE. Vedanta shares closed at Rs170.20, up 0.09% on the BSE.
 
The US dollar declined against most major currencies as economic data from the country came out mixed. In late New York trading on Wednesday, the euro rose to $1.1152 from $1.1137 of the previous session, and the British pound increased to $1.3128 from $1.3078, Xinhua news agency reported. The Australian dollar climbed to $0.7516 from $0.7505. US private sector employment added 177,000 jobs from July to August, above the market consensus of 175,000, according to the August ADP National Employment Report on Wednesday. The ADP figure is watched closely as a pre-indicator for the non-farm payrolls report due on Friday.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Rahul says RSS killed Mahatma, ready to face trial
Congress Vice President Rahul Gandhi on Thursday told the Supreme Court that he stood by his remarks blaming the RSS for the assassination of Mahatma Gandhi and said he was ready to face a trial for alleged defamation of the ideological parent of the ruling BJP.
 
Gandhi's lawyer Kapil Sibal told the Supreme Court that the Congress Vice President stood by what he had said about the RSS and the 1948 assasination of the Mahatma.
 
Rahul Gandhi withdrew a petition before the apex court that had sought quashing of the defamation proceeding in a Maharashtra trial court. 
 
The bench of Justice Dipak Misra and Justice Rohinton Fali Nariman allowed the petition to be withdrawn but did not grant Rahul Gandhi an exemption from appearing before the trial court.
 
Rashtriya Swayamsevak Sangh (RSS) activist Rajesh Kunte filed the defamation case against the Congress leader over his remarks at a 2014 election rally that people associated with the Hindutva group killed Mahatma Gandhi.
 
Rahul Gandhi had moved the Supreme Court challenging the Bombay High Court order refusing to interfere with the defamation case against him.
 
The Congress leader told the Supreme Court through his lawyer last week that he did not blame the RSS but "people associated with it" for the Mahatma's assassination.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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Jio users will never pay for domestic voice calls: Mukesh Ambani
Taking the current tariff war and competition in India's telecom space to a new level, Reliance Industries Chairman Mukesh Ambani on Thursday announced that domestic voice calls on the Jio network will be free forever, and unveiled a four-month introductory offer for everyone of free voice and data services beginning on September 5.
 
"The era of paying for voice calls is ending," Ambani told the 39th Annual General Meeting of the company, post its listing. "No Jio customer will ever have to pay for voice calls again." he added, devoting around an hour of his 90 minute speech to Jio.
 
In effect, the announcements on Thursday point to a commercial launch from January 1 next year even though no specific mention was made in this regard. This was also keenly awaited since Reliance Industries has invested as much as $21 billion on Jio -- its largest ever capital expenditure on a single project.
 
The Chairman said the data plans will also reflect the affordability for customers, with an effective base rate of 5 paise per MB or Rs 50 per GB. "Jio will have a base rate which is more than 90 per cent discount over the industry," he said. 
 
R Jio, RJIO, Jio tariff, Jio call rates, Jio data plans
 
He said based on the usage, the tariff could go to as low as Rs 25 per GB. He said the free domestic voice calls will also come with free roaming while international ones too will be affordable.
 
"We Indians have come to appreciate and applaud Gandhigiri. Now, we can all do 'Data-giri', which is an opportunity for every Indian to do unlimited good things with unlimited data."
 
The announcements came against the backdrop of a series of discounts and freebies offered by existing layers like Airtel, Vodafone and Idea during the past month, ostensibly to ensure customers stay with them, even after the commercial launch of Jio.
 
During the speech, Mukesh Ambani also appealed to incumbent operators not to block Jio calls and ensure adequate points of interconnect. "In the last week alone, Jio customers suffered over five crore call failures to other networks because of insufficient interconnect capacity provided by incumbents."
 
As for the stock markets, the shares of Reliance Industries fluctuated in a wide range during the course of the speech -- from a high of Rs 1,072.55 to a low of Rs 1,045.60. Soon after it was quoting at Rs 1,047.50, down Rs 10.50, or 0.99 per cent, over the previous close.
 
In contrast, Bharti Airtl shares fell 6.21 per cent at Rs 311.25, while Idea Cellular was quoting at Rs 85.90, down Rs 7.60 or 8.13 per cent.
 
Other highlights of Mukesh Ambani's speech:
 
- Students will be able to get 25 per cent more data on Jio's main tariffs
 
- A target of 100 million customers in the near future
 
- Data usage of 250 core GB a month
 
- The Jio bouquet of apps free will end next calendar year
 
- Coverage of Jio to extnd to 90 per cent of population by March 2017
 
- A range of 4G enabled smart devices
 
- Jio digital Fund of Rs 5,000 crore to incubate start-ups.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Mahesh S Bhatt

9 months ago

Its the most delayed Mukesh's pet project.Huge scale & expectations may not materilize soon as Voice still rules Mahesh

Mahendra Islaniya

9 months ago

Before Rushing to buy new gadget-changing service provider, we should not forget, "Reliance" Brand data card- "Dongal "service discontinued without informing to its customer in past!

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