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Reliance AGM 2023: Mukesh Ambani says Jio Air Fibre to be launched on Sep 19

For FY23, Reliance’s contribution to the national treasury reached Rs 1,77,173 crore, which includes an increase in both Direct and Indirect taxes amounting to over Rs 16,639 crore.

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Reliance AGM 2023: Mukesh Ambani says Jio Air Fibre to be launched on Sep 19

The 46th annual general meeting (AGM) of Reliance Industries Limited (RIL) took place on Monday, where MD and Chairman Mukesh Ambani delivered a series of significant announcements. The meeting was conducted via video conferencing and was simultaneously live-streamed on several social media platforms, including YouTube.

Reliance Industries Chairman Mukesh Ambani said in his address at the Reliance Annual General meeting 2023 that he is pleased to present another year of outstanding comprehensive performance. Reliance achieved consolidated revenues of Rs 9,74,864 crore for the fiscal year. In FY23, Reliance’s EBITDA reached Rs 1,53,920 crore, while the net profit stood at Rs 73,670 crore. Notably, Reliance’s exports surged by 33.4% to Rs 3.4 lakh crore during the year, contributing over 9.3% of India’s merchandise exports, a rise from last year’s 8.4%.

For FY23, Reliance’s contribution to the national treasury reached Rs 1,77,173 crore, which includes an increase in both Direct and Indirect taxes amounting to over Rs 16,639 crore. Additionally, Reliance displayed its commitment to Corporate Social Responsibility by making the highest-ever spending of Rs 1,271 crore in this area.

Ambani added it brought him immense satisfaction that the Reliance’s role in fostering employment, which stands as a top priority for India. Reliance set a new benchmark in job creation by adding 2.6 lakh jobs across all our business segments during the year. Ambani added the company’s on-roll employee count totals nearly 3.9 lakh, and the number of indirect livelihood opportunities generated by them is even more substantial.

In essence, Reliance maintains its dominant position in terms of revenues, profits, exports, market value, capital expenditure, employment generation, contribution to the national treasury, as well as social responsibility spending and impact.

The anticipation for Jio’s air fiber service is over, as it is scheduled to launch on Ganesh Chaturthi, which falls on September 19. This announcement was made by Reliance Industries Chairman Mukesh Ambani during the company’s annual general meeting. Jio Air Fiber is set to provide wireless broadband services to both homes and offices, leveraging 5G networks and cutting-edge wireless technology. The entry of Jio Air Fiber is expected to bring significant transformation to the telecommunications sector.

During the Reliance Industries General Assembly, Mukesh Ambani mentioned, More than 10 million premises are already connected through the optical fiber service, Jio Fiber. However, there are still numerous locations where wired connectivity is challenging. Jio Air Fiber aims to address this challenge, with a goal to cover 20 crore homes and premises. This launch will enable Jio to onboard 1.5 lakh new customers daily.

The annual general meeting also introduced the launch of Jio Air Fiber, alongside the Jio True 5G Developer Platform and Jio True 5G Lab. Akash Ambani, Chairman of Jio, unveiled these initiatives, stating, Reliance is also creating a platform that will revolutionize how Indian enterprises, small businesses, and technology start-ups engage with the digital realm.

To cater to enterprise needs, Jio has curated a comprehensive platform that integrates 5G network, edge computing, and applications. Simultaneously, the technology partners in the Jio True 5G Lab will have the opportunity to develop, test, and collaboratively create industry-specific solutions. The Jio True 5G Lab will be located at Reliance Corporate Park in Navi Mumbai.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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PayTm share price slips 2 per cent over SEBI warning

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Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

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Zomato, Swiggy hike platform fee by 6% 

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order.

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The food delivery majors, Zomato and Swiggy, have recently increased their platform fee by 6 per cent for food orders initially in Delhi and Bengaluru.

The food giant is currently charging in the national capital and IT hub, Bengaluru, the platform fee is distinct from delivery fee, goods and services GST, handling charge and restaurant charges.

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order. Gradually, the higher platform fee is expected to roll out to other cities as well.

Notably, this fee is applicable universally to all food orders, irrespective of customer enrollment in loyalty programmes offered by both food giants. The charges directly contribute to the companies’ revenue streams and cost management efforts. The platform fee goes to the food aggregators to apparently control costs and increase revenues.

In April, they charged Rs 5 per order, but now it’s been increased by Rs 6 per order. That’s a 20% increase in fees for food delivery. This change in their strategy to adjust the price in a market as they expand their services.

Increase in platform fees, impacting how much customers pay for their food deliveries across the board. When customers order food using the app, they will notice different charges, besides the platform fees. These include delivery fees, handling fees, GST (Goods and Services Tax), and charges from the restaurant.

The charges earned by the platform, directly go to the food delivery app, helping to manage all expenses and boost their wages. The food delivery platform aimed to make between Rs 1.25 to Rs 1.5 crore per day through the fee, the app charges.

In August last year, Zomato introduced platform fees of Rs 2 per order for the first time. In October, they raised their platform fees from Rs 2 to Rs 3 in most and in major cities. Additionally,  Zomato is a quick commerce platform.

According to reports, Zomato stock reached its highest price of Rs 232 on the Bombay Stock Exchange. This achievement has made Zomato founder and CEO, Deepinder Goyal, a billionaire. The company has experienced a strong upward trend over the past years, driven largely by the expansion and success of its quick commerce subsidiary in Blinkit.

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