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Here are some key takeaways from the RIL AGM:
> Reliance JioPhone to be available to everyone for free of cost
> Over 125 million mobile users on the company’s network
> Reliance will collect a fully refundable, one-time, security deposit of Rs 1,500 with every JioPhone. The amount will be refunded after three years
> JioPhone users will be able to mirror their mobile screen on any kind of TV
JioPhone has many quality features that further blur the line between smartphones and powerful feature phones
Missed the RIL AGM?
Here's the full text: Mukesh Ambani speaks at Reliance Industries' 40th AGM
The effectively free JioPhone was the highlight of the announcements made on Friday.
If you thought that Jio Infocomm Ltd would be a drag on Reliance Industries', then chances are that you have lost the opportunity to make quite a lot of money in a matter of just 10 months.
Reliance Industries' Bonus History
The RIL AGM was broadcasted live in 360 degree Virtual Reality and those owning a VR headsets and compatible smartphone could watch it in Virtual Reality.
Major telcos and cable networks fell between 2 and 9 percent intraday after the company unveiled the JioPhone at its AGM.
If somebody would have invested Rs 10,000 in the year 1977, the amount would now cross Rs1 crore mark in the year 2017.
The biggest surprise of all was the JioPhone's price, or rather, the lack of it.
The tariff is priced Rs 153 per month, which Mukesh Ambani stated to be 1/30 th of the price of the annual rate.
Mukesh Ambani has launched its latest feature phone the Jio Phone, touted to be the most affordable phone in the world.
Reliance Industries recommended a bonus issue of 1:1 during the AGM today. The issue is said to be the largest one in the country. Shareholders to get one share for every one scrip held.
Reliance Industries gained around 4 percent intraday on Friday after the announcement.
One of the key announcements was the launch of the "effectively free" JioPhone. The announcement was trending on social media and had occupied three trending slots on Twitter, with thousands of people talking about it.
Jio at Rs 0: How social media reacted to the launch of the JioPhone
Reliance Industries has informed that the Board of Directors of the Company at its meeting held on July 21, 2017, has, subject to approval of members of the Company through postal ballot, recommended issue of Bonus Shares to the members of the Company in the ratio of 1 bonus equity share for every 1 existing equity share.
Reliance Industries in its Annual General Meeting today, recommended bonus issue.
As expected, Reliance Industries Limited's 40th Annual General Meeting was dominated by major announcements made about Reliance JioPhone. However, the biggest surprise of all was the JioPhone's price, or rather, the lack of it.
Shares of Reliance Industries gained around 4 percent intraday on Friday after the Mukesh Ambani-led firm announced a bonus issue on its share.
Telecom and DTH stocks were under pressure on Friday after Reliance Industries unveiled the JioPhone, which will be given free of cost to its Jio users, along with aggressive data tariffs. Major telcos, Bharti Airtel, Idea Cellular and Reliance Communications, fell between 2 and 5 percent intraday as investors turned way of other telcos’ prospects after the announcements at the AGM.
Naveen Kulkarni, Co-head of Research Phillip Capital, says it will be a challenge to retain the phone for three years. Handset ownership cost is Rs 1500. We are looking at a higher ARPU. There will be an impact, but it may not be significant or highly disruptive if handsets were given cheaper. They are looking at a pre-booking order. The target order is slow-moving.
Tulsian says there will be new additions. Ultimately, the service matters. I don't understand why migration from current incumbents won't happen. I don't find any reason why minimum 25% of migration won't happen.
Nitin Soni, Director, Asia Pacific TMT, Fitch Ratings, says Indian market has never given benfit to a telco which bundled a handset. It is going to be an experiment. I think it is targetted at tier-II and tier-III cities.
Ambani announces 1:1 bonus issue. It has to be approved by all shareholders through postal ballot.
SP Tulsian says this is the last nail in the coffin, talking about Ambani's free Jio phone offer. Competitors thought things were stabilised. This must give a shiver down the spine of competition. It is a very calculated move. Rs 1500 for 3 three years. There is going to be a subsidy element.
We thank the government for introducing the GST regime, says Ambani. Over the last five years, we have made capital investment of Rs 3,30,000 corre in the last five years. We have invested over Rs 2 lakh core in digital services and we are the largest contributor to the digital India vision. We have invested over 1.3 lakh core in energy and materials businesses, says Ambani.
Pradip Baijal, Former TRAI Chairman says Mukesh Ambani will sustain the package.
The immediate impact is a 6 percent fall in Idea Cellular and 3 percent in Bharti Airtel