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<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> (<keyword id="20002939" type="General" weightage="20" keywordseo="RIL" source="keywords">RIL</keyword>) is set to hold its much-anticipated 47th Annual General Meeting (AGM) today, August 29, 2024. The AGM, which will be held virtually, is expected to feature some key announcements that could be of great interest to investors as well as shareholders. The meeting will start at 2:00 p.m. IST and will be live-streamed across various digital platforms. Read on to know all about <keyword id="22949345" type="General" weightage="100" keywordseo="Reliance-AGM" source="keywords">Reliance AGM</keyword> and what can be expected from it this year. <h2>What is Reliance AGM?</h2> The Reliance Annual General Meeting (AGM) is an important event where Reliance Industries Ltd (RIL) presents its financial performance, future strategies, and key developments to shareholders and the public. Held annually, this meeting is led by RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> and serves as a platform for major announcements, including potential IPOs, business expansions, and technological advancements. The AGM attracts widespread attention from investors, analysts, and industry watchers, as it provides insights into the company’s direction and its impact on various sectors. <h2>Where to watch livestream</h2> The AGM will begin at 2:00 p.m. IST and will be conducted virtually, allowing millions of shareholders and investors to join from anywhere. The event will be live-streamed across various digital platforms, including RIL's social media pages on YouTube, X (formerly Twitter), and Facebook. Shareholders can join the live broadcast using the following link: <a href="https://jiomeet.jio.com/rilagm" target="_new">https://jiomeet.jio.com/rilagm</a>. <h2>What to expect from Reliance AGM 2024</h2> IPO announcements: One of the most closely watched aspects of the AGM is the potential announcement of IPO timelines for Reliance <keyword id="19906886" type="General" weightage="20" keywordseo="Jio" source="keywords">Jio</keyword> and Reliance Retail. The possibility of these two giants going public has been a topic of discussion since 2019, and with the five-year mark approaching, investors are keen to hear concrete plans. Energy projects: Reliance’s foray into the green energy sector has been a key focus in recent years. The AGM is expected to provide updates on the progress of the company’s ambitious new energy projects, particularly the development of a large green energy complex in Jamnagar. This complex, featuring giga factories for solar PV, energy storage, and other technologies, is part of Reliance’s broader strategy to transition from traditional energy sources to more sustainable options. Investors will be looking for detailed timelines and potential earnings projections from these ventures. 5G Rollout: Reliance Jio’s 5G rollout is another critical area of interest. The company has already made significant strides in expanding its 5G network across India, and the AGM is expected to shed light on how RIL plans to monetize this infrastructure. This could include potential partnerships, new service offerings like the JioPhone 5G, and strategies to increase subscriber growth. The success of Jio’s 5G rollout will be crucial in maintaining its competitive edge in the rapidly evolving telecom market. AI focus: In addition to its core business areas, Reliance is also expected to make announcements related to artificial intelligence (AI). With global tech giants increasingly focusing on AI, RIL is likely to reveal new AI initiatives tailored to the Indian market. This could include expansions to Hanuman AI, a generative AI tool developed with leading Indian institutions, which supports multiple Indian languages. Succession planning: Another topic of interest is Reliance’s succession plan. With Mukesh Ambani having previously outlined a blueprint for leadership transitions within the company, shareholders will be looking for updates on how these plans are being implemented. The AGM may provide further clarity on the roles of Ambani’s children—Akash, Isha, and Anant—who have been earmarked to lead the telecom, retail, and energy segments, respectively.

Reliance AGM 2024 at 2 pm today: What it is, where to watch, and what to expect

Earlier this week, former US President Donald Trump revealed that Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> is scheduled to meet with him next week. This potential gathering, set against the backdrop of Trump’s bid for a return to the White House, highlights how global leaders are positioning themselves in anticipation of possible changes in US leadership. “He happens to be coming to meet me next week, and Modi, he’s fantastic,” Trump said on Tuesday during a town hall event in Flint, Michigan, while discussing free trade and US job protection. He even went on to call India a “very big abuser” in trade, Al Jazeera reported. Most likely, Prime Minister Narendra Modi meeting up with Trump could be an acknowledgment of the latter's potential return to power in the November election, as foreign leaders carefully navigate diplomatic relations with key US political figures. However, neither the Trump campaign nor India’s Ministry of External Affairs have clearly commented on the matter yet, meaning that the Indian leader’s plans of a tête-à-tête with ex US President Trump are foggy at best. During a press conference, foreign secretary <keyword id="20181706" type="General" weightage="20" keywordseo="vikram-misri" source="keywords">Vikram Misri</keyword> said, "there are many meetings with the Prime Minister right now which we are trying to fix. Right now, I will not be able to tell you about any specific meeting, whether the meeting has been fixed or not." "We are looking from all angles as to how much time we have and with whom we can hold meetings. We will keep updating you about the meetings," he added. <div type="Article" hostid="261" msid="113444882" title="Trump says PM Modi will meet him during US visit, calls him &amp;#39;fantastic&amp;#39;" mstype="2" mssubtype="0"></div>What we do know with certainty is that Mr Modi is indeed scheduled to travel to the US over the weekend and his calendar is going to be jam-packed. His visit coincides with his planned participation at the <keyword id="23145156" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders Summit</keyword> (including representatives from Australia, India, Japan and the US) in Wilmington, Delaware, hosted by President Joe Biden. As per a White House official, the meet-up will feature "ambitious announcements in multiple areas such as maritime security, high-quality infrastructure and critical and emerging technologies to demonstrate the group’s endurance". Prime Minister Modi will have bilateral meetings with President Biden, Japanese Prime Minister Fumio Kishida, and Australian Prime Minister Anthony Albanese on Sunday, following the conclusion of the Quad Summit. A special event, the Cancer Moonshot initiative, is also scheduled on the sidelines of the summit. In his meeting with President Biden, India and the US are anticipated to sign several agreements, including those related to the Indo-Pacific Economic Framework and a memorandum of understanding (MoU) on drug frameworks. Foreign Secretary Vikram Misri stated that Modi and Biden will review the comprehensive global strategic partnership between India and the US, which spans over 50 areas of engagement and bilateral dialogue mechanisms. <div type="Article" hostid="261" msid="113085171" title="India is likely to benefit if Trump wins US elections, per Nomura Global Research" mstype="2" mssubtype="0"></div>Both leaders will also assess progress in areas of cooperation, though tensions remain due to the alleged assassination plot involving Khalistani leader Gurpatwant Singh Pannun. The investigation is ongoing, and India has formed a committee to examine the accusations. This visit may serve to ease some of the friction in the relationship. Defence cooperation remains a key area of collaboration between India and the U.S., including agreements on the procurement of 31 MQ-9B Predator drones, joint manufacturing of Stryker Infantry Combat Vehicles, and co-production of GE F414 engines in India. The Ukraine conflict is also expected to be a topic of discussion. Prime Minister Modi is supposed to attend the "Modi &amp; US" community event at the Nassau Veterans Memorial Coliseum in Long Island. The event, already overbooked with more than 24,000 Indian Americans registered for a venue with a capacity of 15,000, has attracted attendees from 42 states, especially the tri-state area. Additionally, PM Modi will allegedly lead a roundtable with CEOs of American companies working in fields like AI, quantum computing, biotechnology, and cutting-edge technology. Lastly, on September 23, Modi will address global leaders at the United Nations' Summit of the Future (SOTF) and is expected to hold bilateral meetings with other heads of state attending the UN General Assembly. Obviously, squeezing in a meeting with Trump and Democrat Candidate Kamala Harris (you know, to balance things out) seems unlikely given Mr Modi’s tight schedule. But we’ll have a clearer picture only in the coming days. <div type="Article" hostid="261" msid="111770277" title="PM Modi likely to address high-level UNGA session on Sep 26" mstype="2" mssubtype="0"></div>

Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

<ul><li>Ambani said that the "Made-in-India" technology can be deployed and launched in a year's time once spectrum is available.</li><li>He added that Jio can easily upgrade its 4G network to 5G , since it is all-IP network architecture.</li><li>The announcement gains significance, as the government considers promoting Indian manufacturers and technology companies in telecom. </li></ul>In a major development amid the chorus for an 'Aatmanirbhar Bharat' or self-reliant India, <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> on Wednesday announced that Reliance Jio has developed a complete 5G solution from scratch. Speaking at the Annual General Meeting (AGM) of RIL, Ambani said that the "Made-in-India" technology can be deployed and launched in a year's time once spectrum is available. He added that Jio can easily upgrade its 4G network to 5G , since it is all-IP network architecture. "Once it is proven in India, Jio Platforms would be well positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service," he said. The announcement gains significance, as the government considers promoting Indian manufacturers and technology companies in telecom. In the wake of the recent border tussle with China the development of an Indian 5G solution is significant as there is anticipation that Chinese 5G solution major Huawei may not be allowed to participate in India's much anticipated 5G trials. In another major announcement, the RIL CMD announced that Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms Ltd. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/checkout-mukesh-ambani-reliance-industries-annual-general-meeting-highlights/articleshow/76976243.cms">Reliance and Google will build a new Android-based operating system for smartphones in India</a> <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Reliance to spin off its Oil-to-Chemicals business for new partnerships – Mukesh Ambani says Saudi Aramco deal is still in the works</a> <a href="https://www.businessinsider.in/business/news/google-picks-up-a-7-7-stake-in-mukesh-ambani-jio-for-33737-crore/articleshow/76977043.cms">Google picks up a 7.7% stake for ₹33,737 crore in Reliance Jio</a> <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video calls</a>

Reliance Jio 'develops a complete 5G solution from scratch', says Mukesh Ambani

<ul><li>Jio Platforms and Google have entered into a commercial agreement to jointly develop the entry-level affordable smartphone with optimisations to the Android operating system and the Play Store. </li><li>Reliance Jio launched a feature phone called JioPhone in 2017 that currently has an installed base of 20 per cent among the country's feature phone users.</li><li>Google announced to invest Rs 33,737 crore ($4.5 billion) in Jio Platforms for an equity stake of 7.73 per cent. This is the first investment from the $10 billion 'Google For India Digitisation Fund' announced earlier this week</li></ul> To create an affordable yet powerful smartphone ecosystem for the masses in the country, Reliance Jio Platforms and Google on Wednesday announced to launch an entry-level Android smartphone soon. Jio Platforms and Google have entered into a commercial agreement to jointly develop the entry-level affordable smartphone with optimisations to the Android operating system and the Play Store. "I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don't currently own a smartphone while improving the mobile experience for all," said Alphabet and Google CEO Sundar Pichai. "Together, we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones," Pichai said in a statement. Reliance Jio launched a feature phone called JioPhone in 2017 that currently has an installed base of 20 per cent among the country's feature phone users. "Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation. Together, we hope to play a strong facilitative role in the transformative journey of building a new, Digital India," said <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Chairman and Managing Director of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>. In a mega investment announcement, Google announced to invest Rs 33,737 crore ($4.5 billion) in Jio Platforms for an equity stake of 7.73 per cent. This is the first investment from the $10 billion 'Google For India Digitisation Fund' announced earlier this week, which aims to accelerate India's digital economy over the next five to seven years through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments. According to Google, the majority of people in India still don't have access to the Internet, and fewer still own a smartphone. Tarun Pathak, Associate Director, Counterpoint Research, told IANS that Jio has the potential to undercut its rivals in pricing as we have seen before. "Google's partnership will give it more flexibility to offer stable hardware and software experience. Individually, both Jio with initial 4G smartphone launches and Google with Android One programme did their best in the past to capture entry-level smartphone user base but didn't succeed," Pathak explained. This partnership aims to target the entry-level smartphone segment (less that Rs 10,000) which sells anywhere close to 60 million smartphones annually in India. "However, we see this happening once 5G networks are live," said Pathak. Google said it wants to work with Jio and other leaders in the local ecosystem to ensure that smartphones together with the apps and services in the Play Store - are within reach for many more Indians across the country. "We believe the pace of Indian innovation means that the experiences we create for India can ultimately be expanded to the rest of the world," said Sanjay Gupta, Country Head and VP, Google India. Google opened its first Indian campuses in Bengaluru and Hyderabad in 2004. "Since then, we've made India central to our Next Billion Users initiative-designed to ensure the internet is useful for people coming online for the first time. We've improved our apps and services so they're relevant in more Indian languages and created offline versions for those facing network constraints," added Sameer Samat, VP, Product Management at Google. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/checkout-mukesh-ambani-reliance-industries-annual-general-meeting-highlights/articleshow/76976243.cms">Reliance and Google will build a new Android-based operating system for smartphones in India</a> <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Reliance to spin off its Oil-to-Chemicals business for new partnerships – Mukesh Ambani says Saudi Aramco deal is still in the works</a> <a href="https://www.businessinsider.in/business/news/google-picks-up-a-7-7-stake-in-mukesh-ambani-jio-for-33737-crore/articleshow/76977043.cms">Google picks up a 7.7% stake for ₹33,737 crore in Reliance Jio</a> <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video calls</a>

Jio and Google to launch made-in India smartphones soon

<keyword id="8460033" type="General" weightage="20" keywordseo="bofa-securities" source="Orion">BofA Securities</keyword> has given a 'Buy' call for E Ink, Hundsun, Japan Airlines, Mazda Motor, PICC Group, <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, Samsung F&amp;M, SBI Cards, and United Breweries for the July-September 2023 quarter. The financial services company sees potential return on investments in the range 6-72 %. It, however, gave an 'Underperform' rating for IDP Education, with a potential 16 % downside in its stock price. BofA Securities said they presented a list of 10 quarterly stock recommendations among Asia Pacific companies, based on the view that these stocks could have the most significant market and business-related catalysts in the quarter ahead. "Given the breadth and scope of our overall coverage of stocks and sectors in Asia Pac, we recognize this recommended list cannot include nor is it designed to include all major catalysts. Our objective is to identify what we believe will be the highest impact ideas in each quarter when we publish the list," the financial services company said. For Reliance, the financial services company has a 'Buy' rating as Jio has emerged as the top telecom player in a growing market in India. "Reliance's telecom subsidiary -Jio - has garnered a large number of paying subscribers. Service quality perceptions continue to improve. Data demand appears to be sticky, and relatively less price sensitive," it said. "Reliance is also completing a major petrochemicals expansion, which should significantly increase its free cash flow potential. Continued improvements at Jio and FCF (free cash flow) generation should drive upside." Explaining the rationale behind the recommendation, it said it maintained 'Buy' on Reliance Industries after finding find risk-reward favorable as it heads into its Annual General Meeting (likely in August). With Jio making investments in 5G, BofA Securities sees further room for the company to gain market share -- mainly at the expense of Vodafone Idea. "Furthermore, any better-than-expected revenues in fiber broadband or digital initiatives could surprise positively." The Indian conglomerate foraying into "high-margin" niches like chocolates, cosmetics, and beverages by making acquisitions is also a positive, BofA Securities said. Further, it said Reliance's oil-to-chemical business is well positioned to generate $9-9.5 billion EBITDA for the next three years, thus providing cash-flow stability. "We also consider <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> to be one of the very few Indian companies who have potential to be big in clean energy space mainly in solar, battery, electrolyser and fuel cells as they are setting gigafactories," it added. (ANI)

Reliance among BofA Securities' top 10 Asia Pacific stock recommendations

<ul><li>The demerger of <keyword id="15323576" type="General" weightage="20" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> (JFS) in the coming months and listing on the stock exchanges is a ‘key moment’ for the Reliance Industries’ stock. </li><li>The JFS demerger is expected to act as a catalyst that the parent Reliance Industries was missing, which is evident from the sagging stock price. </li><li>JFS’ entry could also prove to be a challenge to existing players in the space like Bajaj Finance, Paytm and PhonePe, and a successful take off could also result in attrition at banks and non-banking financial companies (NBFC).</li></ul>The <keyword id="17044379" type="General" weightage="20" keywordseo="demerger-of-jio" source="Orion">demerger of Jio</keyword> Financial Services (JFS) in the coming months and listing on the stock exchanges is a ‘key moment’ for the Reliance Industries’ stock, according to analysts at Nomura. Strong fundamentals and business outlook aside, shares of Reliance Industries (RIL) have gone nowhere since March last year. After hitting a fresh 52-week low in March this year, RIL shares are still down over 10% in 2023. The JFS demerger could be just what the parent’s shares need – value unlocking. The JFS demerger is expected to act as a catalyst that the parent Reliance Industries has been missing. “The listing and value unlocking from RIL’s financial services business in the coming months will be a key event for the stock,” said Nomura in its latest note, adding that the decline in Reliance’s shares is due to “index-related sell-off”. According to the terms of the demerger announced in October last year, all existing shareholders of Reliance Industries will get one share in JFS for each share held in the parent company. The company has now <a href="https://www.businessinsider.in/business/corporates/news/ril-calls-for-shareholder-creditor-meeting-to-approve-demerger-of-financial-services-arm/articleshow/99116790.cms">called</a> for a meeting of creditors and shareholders on May 2 for the requisite approvals. JFS is expected to list in September this year. “As JFS scales up, it can drive value unlocking given higher multiples for peers in these industries,” Nomura said. Jefferies has pegged the valuation of JFS in the range of ₹90,000 crore to ₹1.5 lakh crore, with each share of JFS valued at ₹179 in the brokerage’s base case scenario. Demerger to help JFS ‘dominate’ the industry Looking beyond the benefits for RIL’s shares, the JFS demerger will also help the financial services business attract investors and challenge existing players in the sector like Bajaj Finance and Paytm. “The demerger would help the financial services business to attract different sets of investors, strategic partners and lenders having specific interests in the financial services business,” Nomura added. Analysts at Jefferies underlined that JFS would be able to leverage the large distribution network, customer base and deep pockets of Reliance to take on existing players like Bajaj Finance, Paytm and PhonePe, among others. It will also allow JFS to emerge as the fifth largest financial services company in terms of net worth. Reliance has already made several moves to give JFS the best possible start – this includes bringing in KV Kamath, the former non-executive chairman of ICICI Bank, as its chairman. Subsequently, Kamath hired a former ICICI Bank talent, Manish Singh, to help him build a team as JFS draws closer to launch. Analysts are already watching for attrition at banks and non-banking financial companies or NBFCs. JFS to focus on consumers and merchants Leveraging Reliance’s wide reach in consumer and retail segments thanks to Reliance Jio and Reliance Retail, JFS is expected to focus on consumers and merchants as it kicks off its innings post the demerger. “JFS' key advantage will be low funding cost/ better access on the back of the group's high credit rating and ownership of 6.1% stake in RIL,” said Jefferies. Reliance’s retail arm reported<a href="https://www.businessinsider.in/business/corporates/news/reliance-retails-q3-net-profit-up-6-2-at-2400-crore-finance-costs-depreciation-weigh/articleshow/97179758.cms"> 201 million footfalls</a> across its network of 17,225 stores in Q3, which is an increase of nearly 26% year-on-year. Its telecom arm, Reliance Jio, has been the market leader for several months now, with a total subscriber base of 426 million as of January 2023. This gives JFS a strong pool of consumers to dip into. The recent acquisition of<a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms"> Metro Cash &amp; Carry</a> will also give the company access to 3 million merchants, of which 1 million are frequent buyers. Upcoming Reliance AGM could lay down the blueprint of JFS strategy Reliance is expected to lay down the blueprint of its JFS strategy in detail at its upcoming annual general meeting (AGM), likely in August. This is ahead of the expected listing of JFS in September this year. “While significant efforts are needed to scale the financials business, given RIL’s robust execution, capacity to invest, industry-leading retail infrastructure and leading market share across the retail and telecom industry, it appears likely that RIL will dominate the industry,” said the analysts at Nomura, expressing their optimistic outlook. On the whole, analysts are bullish overall on RIL’s prospects and the JFS demerger, which has earned the company a stock price upgrade from analysts at Jefferies – to ₹3,100 from ₹3,060 earlier. Analysts at Nomura have given a target price of ₹2,850. The recent price correction has also prompted the analysts at JP Morgan to say that this is an<a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms"> “attractive entry opportunity”</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a href="https://www.businessinsider.in/finance/banks/news/loan-growth-showing-signs-of-reversal-from-cyclical-highs-but-asset-quality-to-remain-healthy/articleshow/99245377.cms">Loan growth showing signs of reversal from cyclical highs, but asset quality to remain healthy</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-amongst-top-picks-of-analysts-heading-into-the-q4-earnings-season/articleshow/99235686.cms">TCS, Infosys, HCL Tech amongst top picks of analysts heading into the Q4 earnings season</a>

Jio Financial Services demerger and listing a ‘key moment’ for Reliance stock

<ul class="summary-list"><li>Zelenskyy may to want to remove his top commander, Zaluzhny.</li><li>The Ukrainian president believes a shake-up in leadership could help renew the war effort, reports say.</li></ul>Ukrainian President Volodymyr Zelenskyy may be moving to replace his top commander, Gen. Valery Zaluzhny, after a period of reported tension between the two.The possibility of such a shake-up raises questions about who would replace Zaluzhny, nicknamed the "Iron General," as well as what Zelenskyy's goals are for Ukraine's war effort in 2024.Earlier this week, rumors arose of Zelenskyy's plans to remove Zaluzhny, but there were conflicting details on how and when such a conversation took place, if a decision had been finalized, or if the rumored plans were real at all.A senior official familiar with the conversation confirmed to <a target="_blank" href="https://www.washingtonpost.com/world/2024/01/31/zelensky-zaluzhny-ukraine-commander-ousted/">The Washington Post</a> that the Ukrainian president told Zaluzhny he was being removed on Monday. An official decree was still being worked out, the Post's source said, so the plan was for Zaluzhny to remain in his position until it was completed. That plan may or may not be moving forward.Zelenskyy's spokesperson has challenged the rumors, telling reporters this wasn't the case. "There is no subject of conversation," he said, denying that Zaluzhny had been removed. "There is no order. The president did not dismiss the commander in chief."Whether or not Zaluzhny is being being replaced is still unclear. Nevertheless, the reports have shaken those in Ukraine's military, as well as its Western allies, especially considering Zaluzhny's notable popularity.<div type="image" title="Ukrainian soldiers reload an artillery unit on the front line, in the direction of the Kreminna as the Russian - Ukraine war continues in Donetsk Oblast, Ukraine on January 30, 2024." height="2667" width="4000" msid="107303712" hostid="261"></div>According to the Post, Zelenskyy made clear to Zaluzhny in a heated meeting on Monday that he believed new leadership would revitalize the war effort, helping inspire Ukrainians tired of fighting and potentially rejuvenate stalled Western aid.It isn't clear whether that would be the case. <a target="_blank" href="https://www.businessinsider.com/walking-away-from-ukraine-be-own-goal-us-cia-chief-2024-1">New US security assistance to Ukraine</a> — $60 billion in a whopping $111 billion package that also includes money to Israel and strict border security negotiated by Republicans — remains tied up in Congress, with no signs of passing any time soon thanks in part to Republican infighting.The realities of the battlefield, too, may or may not be overly altered by a change in leadership. The front lines are largely static at this point, as Russia pounds away at Ukrainian defenses in what's turned out to be a high-casualty offensive and Ukraine struggles to counterattack. Zaluzhny, along with other Ukrainian officials, have largely said that Ukraine needs more weaponry and ammunition from its Western allies in order to keep their defenses up and prepare for possible counteroffensive operations.Beyond the reported hopes of what a big change of command might achieve, Zaluzhny has also made several decisions in the past two years of the war that have put him at odds with both Zelenskyy and, at times, even <a target="_blank" href="https://www.businessinsider.com/ukraine-wanted-a-bold-counteroffensive-but-us-disagreed-book-2024-1">Western leaders</a>, though rifts have often been downplayed.Potential replacements for Zaluzhny aren't anywhere near as popular as the "Iron General."One potential replacement option is Ukraine's head of military intelligence, Lt. Gen. Kyrylo Budanov. His experience is largely in asymmetric warfare and special forces. Bringing him in as a replacement could signal a <a target="_blank" href="https://www.businessinsider.com/2024-ukraine-could-fight-irregular-guerrilla-warfare-against-russia-2023-12">prioritization of Ukraine's drone tactics</a>, which have played a significant role in the war and highlighted Ukraine's ability to strike Russia in a scrappy-but-effective way.Another potential replacement, Col. Gen. Oleksandr Syrsky, is known for his defense of Kyiv early in the war and successful retaking of Kharkiv in the fall of 2022, but he also made contentious decisions during the battle of Bakhmut, which may make him a controversial figure.<div type="image" title="President Of Ukraine Volodymyr Zelenskyy speaks during meeting with Ukrainian railway workers on November 4, 2023 in Kyiv, Ukraine." height="3333" width="5000" msid="107303714" hostid="261"></div>If Zelenskyy is actually moving to replace Zaluzhny, it would seem to mark a boiling point between the two.They have privately and publicly feuded for months now, notably disagreeing on whether the battlefield was a "stalemate" after Ukraine's 2023 counteroffensive failed to achieve its stated objectives. One of the president's aides even <a target="_blank" href="https://www.washingtonpost.com/world/2023/11/08/ukraine-zelensky-zaluzhny-russia-war/">suggested</a> Zaluzhny's attitude helped Russia. Earlier in the year, they debated strategy over Bakhmut. They have also had disputes over mobilization and Western aid and what's needed to fight Russia in 2024.Zaluzhny has also been quite vocal about shortcomings in both how the West and Ukraine have tackled the war and what should be prioritized going forward. His November 2023 story in <a target="_blank" href="https://www.economist.com/by-invitation/2023/11/01/the-commander-in-chief-of-ukraines-armed-forces-on-how-to-win-the-war">The Economist</a> made waves for its plain and candid outlook on the future of fighting, some of which was inconsistent with the views of other prominent figures.A deeper, perhaps more personal division between the Ukrainian president and his top general may also be <a target="_blank" href="https://www.economist.com/europe/2024/01/30/the-feud-between-ukraines-president-and-army-chief-boils-over#">Zaluzhny's popularity</a>. Some polls have shown Zaluzhny to be more popular than Zelenskyy. While Zaluzhny has claimed to have no ambitions of running for president, some moves have been deemed overly political and he has received support from some Ukrainian political leaders, including the former president.Amid the rumors and reports on Zaluzhny's firing, Russian propagandists have seized the moment to criticize Ukraine, claiming the chaos benefits Russia.Disagreements between Zelenskyy and Zaluzhny and the possibility of a major command shake-up come at a rocky time for Ukraine. Russia is on the offensive with industrial, manpower, and material advantages while Ukraine is on defense with more uncertainty than ever about support from key international partners.

Zelenskyy may want a new commander to replace Ukraine's 'Iron General,' reports say amid signs of rifts in the relationship

New Delhi: In the world's largest democracy, every five years, a spectacular theatrical performance unfolds, captivating crores of people with its vibrancy, diversity, and sheer scale. Yes, we're talking about the <keyword id="19923279" type="General" weightage="20" keywordseo="lok-sabha-elections" source="keywords">Lok Sabha Elections</keyword> in India. And we have the dates now for the grand finale: June 4! The Election Commission of India on Saturday announced the dates for the general elections to be held from April 19 to June 1 in seven phases. Chief Election Commissioner <keyword id="20110344" type="General" weightage="20" keywordseo="rajiv-kumar" source="keywords">Rajiv Kumar</keyword> announced today that the results will be announced on June 4. Phase 1 voting will be held on April 19, Phase 2 on April 26, Phase 3 on May 7, Phase 4 on May 13, Phase 5 on May 20, Phase 6 on May 25, and Phase 7 on June 1. “We will take democracy to every corner of the country. It is our promise to deliver a national election in a manner that we... remain a beacon for democracy around the world,” said the Chief Election Commissioner. <div type="image" title="Polling schedule" agency="ANI" msid="108550459" hostid="261" sizebytes="17144" caption="&amp;lt;p&amp;gt;Polling schedule (ANI)&amp;lt;/p&amp;gt;"></div> The tenure of the present <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> ends on June 16 and a new House will have to be constituted before that. As the tenure of Andhra Pradesh, Sikkim, Arunachal Pradesh, and Odisha assemblies will also end in June, these states will get an early taste of the ‘one nation, one election’ process, wherein voters will be casting votes for both Lok Sabha and assembly elections. <cmsannotation type="cmsannotation" annotationid="subhead" text="Model code of conduct kicks in">Model code of conduct kicks in</cmsannotation> With the announcement of election dates, the model code of conduct comes into immediate effect. Chief Election Commissioner Rajiv Kumar asked all political parties and their leaders to strictly adhere to the poll code. The Model Code of Conduct (MCC) mandates that no party or candidate shall indulge in any activity which may aggravate existing differences, create mutual hatred or cause tension between different castes and communities, religious or linguistic, according to the set of guidelines issued by the EC. It lists out the dos and don'ts regarding general conduct, meetings, processions, conduct of parties and their candidates on polling day, polling booth, observers, party in power and guidelines on election manifestos. According to the guidelines, all parties and candidates shall avoid scrupulously all activities which are "corrupt practices" and offences under the election law, such as bribing of voters, intimidation of voters, impersonation of voters, canvassing within 100 meters of polling stations, holding public meetings during the period of 48 hours ending with the hour fixed for the close of the poll, and the transport and conveyance of voters to and from the polling station. Political parties and candidates shall ensure that their supporters do not create obstructions in or break up meetings and processions organized by other parties. As soon as the poll code comes into effect, the party in power be it at the Centre or in the State or states concerned, shall ensure that no cause is given for any complaint that it has used its official position for the purposes of its election campaign. <cmsannotation type="cmsannotation" annotationid="subhead" text="Major players and issues">Major players and issues</cmsannotation> Undoubtedly, the scale and magnitude of a nationwide election in a country like India involve numerous complex considerations. However, the major political parties are hoping to narrow down the voter’s priorities to a few major foundational aspirations on which powerful campaigns can be built. Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, and his party <keyword id="19931558" type="General" weightage="20" keywordseo="bharatiya-janata-party" source="keywords">Bharatiya Janata Party</keyword> (BJP), are confident of reelection for a third consecutive term. They have pitched 'Modi Ki Guarantee' as the main theme of his campaign. PM's website describes it as a guarantee for the development of youth, empowerment of women, welfare of farmers, and all those marginalised and vulnerable who have been ignored for decades. In a letter to the citizens of India on March 15, the Prime Minister noted, “The trust and support of 140 crore Indians inspires and motivates me. The transformation that has taken place in the lives of the people is the biggest achievement of our government over the last 10 years. These transformative outcomes are the result of the sincere efforts made by a determined government to improve the quality of life for the poor, farmers, youth and women.” BJP is building its campaign by highlighting the welfare schemes of the government, infrastructural development across the country, and the rejuvenation of the country’s cultural heritage. The major opposition party <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword>, on the other hand, is banking on its <keyword id="20366194" type="General" weightage="20" keywordseo="nyay" source="keywords">Nyay</keyword> guarantees to woo voters. The grand old party saw some success in the state elections of Himachal Pradesh, Karnataka and Telangana when it pitched such 'Nyay' guarantees to the people. For the Lok Sabha polls, the party has put forward its 5 guarantees aimed at ensuring justice for youth, farmers, women, labourers, and participatory justice. The INDIA bloc, including the Congress, has been raising the issue of unemployment and rising prices of essential commodities. They have stated repeatedly that the lack of jobs is the single biggest issue and sought to corner the government over the issue. The BJP has hit back citing job growth and a fast-growing economy. Other major poll issues include electoral bonds, abrogation of Article 370, <keyword id="19963301" type="General" weightage="20" keywordseo="caa" source="keywords">CAA</keyword>, Uniform Civil Code, Ayodhya Ram Mandir, farmer protests for legal guarantee of MSP, and the Viksit Bharat vision of the government. Overall, India is poised to see an enthralling clash of ideologies, ideas, and personalities throughout the election season as the EC has opened the race for ruling the most populous country on Earth. (With inputs from ANI and PTI)

Elections 2024: Lok Sabha general elections in 7 phases from April 19, results on June 4; Here’s all you need to know

<ul><li>One of India's biggest conglomerates is changing character adapting to the compulsions of the digital age.</li><li>Satya Nadella's appearance was the big surprise at the AGM as Microsoft and Mukesh Ambani joined hands to take on Jeff Bezos' Amazon in areas like cloud computing and targeting small businesses for digital transformation.</li><li>RIL was already shifting focus to its consumer businesses like retail and telecom, but now it is aiming for large scale integration of interests wherever possible.</li><li>Money coming in from Aramco and BP will give RIL more muscle to aggressively take on incumbent telecom players like Airtel and Vodafone-Idea in not just mobile telephony but also in fixed line broadband, Jio Fibre, that will be launched on September 5.</li></ul>All eyes were on Mukesh Ambani today (August 12) who delivered his speech at Reliance Industries' 42nd Annual General Meeting (AGM). Here are the top ten takeaways from a historic speech that laid out the path for the transformation of one of India's biggest and fairly old conglomerate: 1. A $15 billion cash-out Saudi Arabia's state-owned oil producer, Aramco, will buy 20% stake in the Indian behemoth's oil-to-chemicals business, valuing the unit at $75 billion. This would make the investment from Aramco in RIL at about $15 billion. This partnership will be across refining and petrochemical assets. The Saudi government owned oil major will also supply 500 barrels of day crude oil to RIL’s Jamnagar refinery. “This signifies perfect synergy and world’ largest integrated refinery and petchem complex,” Ambani said. 2. More money, less debt Reliance Industries has a huge debt of about $21 billion. This has been a huge concern for investors lately which led to a fall in the stock price in the last few months. However, Ambani declared that the net debt will be zero by March 2021. The company has cash and cash equivalents of about $19.5 billion and another $15 billion from Aramco will help the company retire its massive debt. RIL will also get another $1 billion from its joint venture with BP. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 3. Reliance Jio and Reliance Retail will be spun out Reliance Jio and Reliance Retail will be listed in the next five years, Mukesh Ambani told his investors. "There has to be an 18-month gap between the two listings, and therefore the five-year timeline may be crunched to 3 years," an analyst, SP Tulsian, explained on CNBC-TV18. 4. Satya Nadella comes for a cameo, but is here to stay The surprise guest at the AGM today was global tech icon Satya Nadella, the Chairman of Microsoft, who joined the RIL AGM. Microsoft and Reliance Industries have joined hands to take Jeff Bezos' Amazon head on. 
	
 
 
 
 
 
 
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 "It is imperative to develop a nation-wide cloud infrastructure which is at the same time cutting-edge and affordable," he said. Microsoft will bring Azure into Jio data centres. Small businesses can get the voice/data services, marketing and sales solutions and all Microsoft tools package at a starting price of ₹1,500 a month. 5. The threat to Jeff Bezos Microsoft's tie-up with Jio will, probably, be the biggest challenge for Jeff Bezos in one of the world's biggest markets, India. Reliance will offer end-to-end digital stack to "enable and empower" small merchants currently at the mercy of other online retail platforms like Amazon and Flipkart (now owned by Walmart). This stack will include a point-of-sale payment device, which could be a $900 billion market, according to Jal Irani, analyst at Edelweiss Financial Services. 6. Once an oil giant, now immersed in technology Ambani's plan for digital transformation is that of convergence with the physical world. Reliance Industries plans to take long strides in spaces like 'Internet of Things' (IoT), cloud computing and a broadband ecosystem. So far, Jio had only one revenue stream, and now there will be four more streams of revenue that will kick in from the current financial year itself. "Within another 2 years, there will be over 2 billion connected devices in India, and Jio aims to have half of those on its IoT platform. This will be a ₹20,000 crore revenue opportunity and the commercial ops will begin from January 2020," Ambani said. 7. <keyword id="7975366" type="UNKNOWN" weightage="20" keywordseo="jio-fibre-launch-date">Jio Fibre launch date</keyword> and tariff plan Jio Fibre will be availabe starting September 5, the third anniversary of Jio's launch, across India. The full network roll-out for Jio Fibre in the next year. After disrupting mobile telephony, Ambani is targeting the fixed line broadband. Of the total 240 million households in India, the broadband penetration in India is only about 10% right now. That leaves Ambani to fight a large under-served market without having to offer deep discounts. Jio will come bundled with most-premium OTT applications. Jio will also release movies on its platforms on the same day as the theatres. Jio Fibre users subscribing for 'forever annual plans' will get an 4K LED television and a 4K set-top box. 8. The difference between Jio mobile and Jio Fibre However, this time Jio does not seem to burn cash offering discounts to win over customers but is betting more on offering more value for a reasonable price. The plans will cost anywhere between ₹700 and ₹10,000 per month. Any voice call on Jio will be free forever. The fixed line international calls will be cheaper by up to 90% of the existing industry tariffs. Calls to US and Canada from India on Jio will cost only ₹500 a month. 
 
 
 
 
 
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 9. From content creator to content aggregator Jio seems to have changed focus from creating fresh content for its platform to building alliances with other OTT platforms. Ambani also revealed that Jio will be able to offer traditional TV channels to its customers. Earlier this year, RIL acquired controlling stakes in Hathway, Den and GTPL. Together, they give RIL access to 30,000 local cable operators. "We have designed a Jio set top box that will broadcast TV channels, for which the local cable operators will get a steady revenue. This set top box will be sold to all Jio Fibre customers," the RIL chairman said. Premium subscribers of Jio Fibre will also be able to watch newly-released movies at the comfort of their home on the day of their release in the theaters. This will be a huge setback for companies like Inox and PVR as Jio's offering may affect footfalls at multiplexes and box office collections too. 10. More bad news for Vodafone Idea and Airtel Jio's mobile phone services has about 340 million subscribers as of now. Ambani is targeting to take this number to over 500 million over the next few months. That would mean Jio will remain an aggressive player in the market and that's bad news for other players like Airtel and Vodafone Idea. Given that RIL is getting additional cash from Aramco and BP, and if it becomes a zero net debt company by March 2021, the company of its size and scale will only have more money to muscle out other players with its aggressive pricing. Other telcos are already in deep trouble after having fought Jio in the market for nearly three years with higher discounts, funded by higher debt. "Reliance Industries' stock may hit a new high, beating its previous high of about ₹1,400, in 2019 itself," SP Tulsian said. Expect a rally when the market reopens for trade on Tuesday (August 13). SEE ALSO: <a href="https://www.businessinsider.in/business/what-to-expect-from-mukesh-ambani-at-reliance-industries-agm/articleshow/70637794.cms" data-type="tilCustomLink" target="_blank"></a>

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