RCom is offering unlimited voice calls, SMS and 3G data for a fixed monthly fee of Rs2,599 and Rs2,999 with a two-year contract for buyers of iPhone 5c and 5s
Reliance Communication Ltd (RCom) said it is offering Apple's new iPhone 5c and 5s at Rs2,599 and Rs2,999 per month under a two year contract. There is no down payment for both these handset with 16GB internal memory. This offer includes handset cost, unlimited local and STD calls, SMS’, national roaming and 3G data for 24 months.
"Under this unique offer, Apple iPhone 5c and iPhone 5s customers will not receive any usage bill for 24 months, as the monthly payments include all usage charges. Only international calls and international roaming charges will have to be paid for," the Anil Dhirubhai Ambani group company said in a release.
These types of lock-in offers are more popular in countries other than India, where telecom operators provide iPhone at subsidised rates, but with a contract. RCom is the first company of provide iPhone under such contract.
RCom has partnered with select credit card providers, like ICICI Bank and HDFC Bank. The company is also offering special mobile number portability (MNP) facility for corporates besides setting up priority helpline for its subscribers who use Apple mobiles.
SEBI approved the appointments of former home secretary GK Pillai as chairman and Thomas Mathew as vice-chairman of MCX-SX
MCX Stock Exchange Ltd (MCX-SX), the newest stock exchange in India said, it appointed former home secretary Gopal Krishna (GK) Pillai as its chairman and Thomas Mathew T as its vice-chairman.
In a release, MCX-SX said markets regulator Securities and Exchange Board of India (SEBI) approved both the appointments.
Pillai was in the Indian Administrative Service (IAS) and retired as Home Secretary to the Government of India. Mathew Thomas worked in the insurance industry for 36 years and retired as current-in-charge chairman of Life Insurance Corporation of India (LIC). Last month Mathew was appointed as public interest director on MCX-SX board by SEBI.
MCX-SX was set up by Jignesh Shah-led Financial Technologies group, which has also promoted National Spot Exchange Ltd (NSEL) and commodity bourse MCX, among others.
Following the resignation of Joseph Massey, the stock exchange is also looking out for a new managing director and chief executive.
MCX-SX is the country’s newest stock exchange and began operations in currency derivatives segment from October 2008, while it commenced operations in capital markets trading in February 2013.
Credit Suisse, based on past data, feels that cyclicals are due to outperform defensives and have suggested stocks like Cairn India, BHEL, Coal India and Hindustan Zinc which are undervalued
Credit Suisse is bullish on cyclicals over defensives as the former has outperformed the latter by 14.3% since July. The note said, “We continue to suggest a switch out of expensive defensives like ITC (350% premium) into cyclicals”. Concurrently, they feel that Cairn India, BHEL, Coal India and Hindustan Zinc are undervalued.
Based on several upgrades of cyclicals, Credit Suisse feels that it is right time to invest in them. The note said, “In October, tech, energy, consumer cyclicals and materials were associated with upgrades of 4.1%, 0.7%, 0.4% and 0.3%, respectively, with only Industrials associated with a 1.1% downgrade to 2013E Consensus EPS. In contrast, all three defensive sectors were associated with downgrades –utilities (-1.5%), consumer staples (-0.5%) and telcos (-0.1%).” However, like most analysis, this is based on what has already happened.
The valuation gap between cyclicals and defensives grew between July and October, indicating that investors have already switched. The note said, “(the) cyclicals-defensives price-to-book gap in India of -4.5x is the biggest in the region and compares with -3.1x during the 2008 lows.” However, the earnings season is not yet fully done, so it would be premature to comment on valuations fully. Credit Suisse believes that EPS upgrades are due. The note said, “In addition to valuations, we believe EPS revisions support further gains in cyclicals versus defensives.”
It remains unclear why Credit Suisse has singled out ITC amongst defensives. The note said, “We continue to suggest investors switch out of expensive defensives such as ITC associated with consensus EPS downgrades.”