The Indian stock market saw a promising week with a 2.36% climb and a historic high for the BSE Sensex. Reliance Industries, TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, Infosys, Hindustan Unilever, and ITC were among the top gainers. The sole laggard was LIC. The surge added a total of Rs 2,89,699.42 crore to the market cap of the top 10 companies, with Reliance Industries remaining the most valued company.
Bharti Airtel, one of India's leading mobile network operators, announced a significant 10-21% increase in mobile tariffs. This move, effective immediately, is expected to have a major impact on the stock market and investment tracking in the telecom sector. Bharti Airtel's decision comes as competitors such as Vodafone Idea and Reliance Jio have also hiked their tariffs in recent months. This latest development highlights the changing landscape of the Indian telecom industry and the ongoing battle for dominance in the highly competitive market.
Bharti Airtel has announced a significant hike in mobile tariffs by 11% to 21%, effective from July 3. This comes after Reliance Jio's announcement of a 12% to 27% price increase, the first in two and a half years. In order to ensure a financially healthy business model for telcos in India, Airtel has maintained that the mobile ARPU should be at least Rs 300. This move is expected to result in a modest price increase for consumers, with Airtel revising its unlimited voice plan prices from Rs 179 to Rs 199 and from Rs 1,799 to Rs 1,999.
Reliance Jio has announced a price hike for all its prepaid and postpaid plans, to take effect from July 3. Despite the increase in prices, the plan benefits such as call minutes and data allowance will remain unchanged. Shortly after Jio's announcement, Airtel also revealed its plans to increase prices for its postpaid and prepaid plans, which will also take effect on the same day. Check out the detailed list of the new prices for various plans and data add-ons.
The highly anticipated spectrum auctions have concluded with disappointing results, as only 12% of the estimated value was sold. Bharti Airtel emerged as the biggest buyer, acquiring radiowaves worth over Rs 6,800 crore. Vodafone Idea and Reliance Jio also made significant purchases, adding to their 4G networks. This news has caused concern for the government, as it only managed to sell a fraction of the expected value.
India's largest telecom operator, Reliance Jio, has announced that it will be raising prices for its mobile data plans from July 3, 2024. The hike, ranging from 12% to 25%, will affect both monthly and long-term plans. This move comes as the company looks to further industry innovation and invest in cutting-edge technology such as 5G and AI. Jio chairman Akash Ambani assures that the company will continue to prioritize its customers and contribute to the development of Digital India.
Reliance Jio has revealed its new unlimited 5G data plans for its users, as well as free AI features set to be launched next month. With a strong focus on contributing to Digital India, Jio aims to promote industry innovation and sustainable growth through investments in 5G and AI technology. The company also plans to provide access to its True 5G network to 85% of the country and cater to the needs of feature phone users through the JioPhone and JioBharat devices. Along with the new 5G plans, Jio has also introduced its AI-powered multilingual communication app, JioTranslate, for its users.
Popular actor Nawazuddin Siddiqui shared his personal experiences of working with the three Khans of Bollywood - Salman, Shah Rukh, and Aamir. He praised the top actors for their unique qualities and shared that he has never felt jealous of their immense stardom. Nawazuddin described Salman as the most entertaining, Shah Rukh as the most dedicated, and Aamir as a perfectionist, giving fans an insight into the personalities of these superstars.
Despite reports of selling a stake in its subsidiary, Vedanta Resources has emerged as the top wealth creator in the current fiscal year, with a market valuation of over Rs 2.2 lakh crore. The group, which includes Vedanta Ltd and Hindustan Zinc Ltd, has seen its market cap double in just a few months, outperforming major Indian businesses like Reliance Industries and Mahindra Group. With a consistent focus on deleveraging and improved earnings, Vedanta Group retains its position as a top player on the Dalal Street.
The Indian space regulator has granted approval to a joint venture between Reliance Industries' Jio Platforms and Luxembourg-based SES to operate satellites in the country. This move comes as companies like Amazon and Elon Musk's Starlink have been seeking approval to launch high-speed satellite communication services in India. However, further approvals from the department of telecoms are needed for the venture, named Orbit Connect India, to begin operations. Inmarsat and two other companies have also received approval from the Indian space regulator to operate satellites in the country.