Reliance rattles Indian telcos again by unveiling ‘free’ 4G phone

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India’s disruptive new mobile entrant Reliance Jio, backed by the country’s richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone on Friday to woo tens of millions of new customers, further destabilizing established telecoms players.

 

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Jio has enjoyed a meteoric rise since its launch a year ago, with its months of free services and sharply discounted plans battering the fortunes of incumbents such as Bharti Airtel and Idea Cellular, who have seen revenues and profits shrink dramatically.

 

Despite Jio’s rapid rise, funded by mega-profits churned out by parent Reliance Industries’ core refining and petrochemicals operations, it has been unable to tap more than 500 million non-smartphone users in India, who still rely on old feature phones to make calls and send text messages, as its network only supports 4G-enabled phones.

 

Reliance sees the new handset, named JioPhone, allowing it to target India’s entire mobile market for the first time.

 

The new phone will “effectively cost zero” as buyers would be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.3), said Ambani, chairman of Reliance Industries, announcing the launch at the conglomerate’s annual shareholders’ meeting.

 

The announcement, which was greeted by applause from shareholders at a packed auditorium in south Mumbai, sent shares in rivals Airtel and Idea down 2 percent and 3.3 percent, respectively.

 

Government mulls insurance cover for digital transaction frauds

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The government is “very seriously” considering the recommendations of the Chandrababu Naidu committee on digital payment security, including insurance cover for the victims of fraudulent digital transactions, a union minister said on Friday.

 

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In response to a question by Samajwadi Party MP Naresh Agrawal, Union Electronics and Information Technology Minister Ravi Shankar Prasad told the Rajya Sabha that the number of digital transactions in the country was rising and hence the concern for their security.

Wall Street dips as GE, energy shares weigh – GET FREE INTRADAY TIPS CALL ON 9644405056

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US stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower. GE shares fell 2.9 percent to USD 25.91 and hit their lowest level since October 2015. The company reported a nearly 60 percent slump in profit and said its full year profit and cash flow will be at the low end of its forecasts.

 

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Peers in the industrial sector, such as Caterpillar and 3M also fell. But Honeywell touched a record high and ended up 1.0 percent at USD 136.35 after it raised the low-end of its profit forecast. “We’ve had a good run for the last few weeks and investors are primarily digesting earnings today,” said Erick Ormsby, chief executive of Alcosta Capital Management. “GE’s results were okay but they guided lower and that’s weighing on the market, too.” The S&P 500 energy sector fell more than 1 percent as oil prices lost nearly 3 percent, after a consultancy report forecast a rise in OPEC production for July despite the cartel’s pledge to curb output. The S&P 500 technology sector slipped after posting two consecutive record closing highs.

 

The Nasdaq Composite was on track to cap a 10-day streak of gains, its best since February 2015, after closing at a record high on Thursday. Tech continues to be the best performing S&P sector this year despite concerns over stretched valuations. Microsoft shares fell 0.6 to USD 73.79 despite a strong earnings beat after the bell Thursday, propped in large part by its fast-growing cloud computing business. Analysts expect S&P 500 earnings to have climbed 9.6 percent year-over-year, above the 8-percent rise projected at the start of the month.

 

The Dow Jones Industrial Average fell 31.71 points, or 0.15 percent, to 21,580.07, the S&P 500 lost 0.91 points, or 0.04 percent, to 2,472.54 and the Nasdaq Composite dropped 2.25 points, or 0.04 percent, to 6,387.75. The S&P and the Nasdaq rose for a third straight week.

Indian ADRs: Wipro, Infosys, Dr. Reddy’s Labs, Tata Motors gain; HDFC Bank slips

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Indian ADRs ended mostly higher on Friday. In the banking space, HDFC Bank was down 0.45 percent at USD 91.60 and ICICI Bank remained unchanged at USD 9.27.

 

In the IT space, Infosys gained 1.03 percent at USD 15.68 and Wipro jumped 5.22 percent at USD 6.05.

 

In the other sectors, Dr. Reddy’s Laboratories added 0.54 percent at USD 42.46 and Tata Motors was up 0.71 percent at USD 35.69.

Nifty ends above 9,900, but flat for the week- Free Intraday Tips Provider Ripples Advisory

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Benchmark indices ended higher after Reliance Industries rallied nearly 4% on the BSE. Earlier in the day, RIL chairman Mukesh Ambani announced a 1:1 bonus issue at the company’s 40th annual general meeting (AGM) in Mumbai. A day earlier, the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to 30 June on the back of higher petrochemical margins and a one-time gain from the sale of African asset. Net profit in the April-June quarter at Rs 9,108 crore (Rs 30.8 per share) was 28% higher than Rs 7,113 crore (Rs 24.1 a share) in the same period of the last financial year, RIL said in a statement.

 

In other global markets, the euro’s surge to an almost two-year high dominated financial markets on Friday, with most major stock exchanges consolidating after a second strong week of gains while those in mainland Europe dipped.

 

Investors seem largely to have got over a period of jitters spurred by concerns over the pace of US economic growth and signs that several of the world’s major central banks were determined to tighten monetary policy soon.

NSE says trying to fix disruption in trading, not shut for day- Indian Stock Market Trading Free Trials Call on 9644405056

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The National Stock Exchange (NSE) is still trying to fix the technical issues that have disrupted trading since the opening of trade on Monday, and the exchange will not be shut for the day, a spokeswoman for the exchange said.

 

“We are not shut for the full day. We are trying to address the issue,” Divya Malik Lahiri, NSE’s Head of Corporate Communications, told Reuters.

 

Her comments come after the exchange tried unsuccessfully to re-open trading after technical issues prevent unsuccessfully from placing orders.

Protectionism may take away gains from globalization: Prime Minister

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Prime Minister Narendra Modi has said that rise in protectionism threatens to take away the gains from globalization. At the G20 Summit, Modi stressed that the grouping should speak in one voice to support and sustain a regime of openness. Commenting on the issue, Prime Minister told the media, “The decision on demonetization has dealt a blow to corruption, boosted digitization and enlarged the formal economy”.

 

In efforts to deal with corruption and the black money menace, the Indian government had demonetised old Rs 500 and 1,000 currency notes in November. Asserting that the government is ready to carry forward the fight against black money and corruption, Modi hoped that the G20 would assume leadership to act on all important issues. The Prime Minister said the implementation of automatic exchange of financial account information on a reciprocal basis will help curb black money and illicit flows.

 

Banks should maintain zero tolerance against bad loans: Finance Minister

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The finance ministry has said that it has asked banks to maintain zero tolerance against bad loans and be prepared to fight cases to resolve large NPAs or non-performing assets. Commenting on the issue, “The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as  .”

 

“The adjournment of the Essar Steel case by the high court to July 12 will not deter banks or halt insolvency proceedings against other 11 cases,” he added. The court continued its order to the National Company Law Tribunal (NCLT)not to conduct any hearings in Essar Steel’s matter till July 12. Bankruptcy proceedings have also been moved against Bhushan Steel, Electrosteel Steel and Lanco Infratech which are among the 12 NPA or bad loan cases identified by Reserve Bank of India.

RBI plans to set up PCR to control loan defaults

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The Reserve Bank has said that it is looking at setting up a high-level task force to prepare a roadmap for public credit registry (PCR) to help control loan defaults, improve credit culture and promote financial inclusion. Commenting on the issue, RBI Deputy Governor Viral Acharya told the media, “A transparent and comprehensive PCR is the need of the hour in India. Such registers help enhance the efficiency of the credit market, increase financial inclusion, improve ease of doing business and help control delinquencies.”

 

“Governor (Urjit Patel) and I hope we can set up, as a matter of priority, a high-level task force that can provide a roadmap for attaining this goal of developing and unleashing a powerful credit information system for our country,” Acharya said. “A PCR, if put in place for India, will help in credit assessment and pricing by banks; risk-based, dynamic as well as countercyclical provisioning, and supervision and early intervention by regulators,” he added. “PCR will also help in understanding “if transmission of monetary policy is working, and if not, where are the bottlenecks and, (also) how to restructure stressed bank credits effectively,” he further said.

Reliance Jio investigating claims of alleged data breach

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India’s newest telecoms entrant, Reliance Jio, said it was investigating claims of customer personal data being leaked onto a website called “Magicapk.”

 

“We have informed law enforcement agencies about the claims of the website and will follow through to ensure strict action is taken,” a Jio spokeswoman said early on Monday, adding the data on the website appeared to be “unauthentic.”

 

She added the company’s subscriber data was safe and maintained with the highest security.

 

Users have been registered on the Reliance Jio network using a 12-digit Unique Identification Authority of India (UIDAI) provided a number, commonly known as the ‘Adhaar’ number.

 

The ‘Adhaar’ number, which works on similar lines as Social Security numbers in the U.S., is unique to every Indian citizen and stores biometric and demographic data of the user at a centralized database.