Mukesh Ambani-owned conglomerate, through a regulatory filing with the Bombay Stock Exchange (BSE) dated 3rd July 2023, announced the launch of “Jio Bharat” 4G phones at Rs 999.
Reliance Industries Limited, the most valued company in India, is a conglomerate company operating in various segments, some of which include oil & gas, Financial Services, retail, and many more.
The shares of Reliance Industries Limited have slipped around 0.90 percent and currently trade at Rs 2,593. Moreover, the stocks of Bharti Airtel Limited, a competitor of its telecom arm Jio, slipped more than 1.50 percent and are currently standing at Rs 865.
The launch of Jio Bharat phones by Reliance Jio Infocomm Limited and Reliance Retail Ventures Limited paved the ground for the company’s ‘2G-Mukt Bharat’ mission to be expedited. The services are an effort to eradicate the “digital divide” existing in the nation today.
The filing, further, mentioned that beta trials of 1 million phones will commence from the 7th of July 2023 and the same will be carried out across 6,500 tehsils. Moreover, the data plans offered are going to be approximately 30 percent cheaper than the other operators present in the market.
Mr. Akash Ambani, Chairman of Reliance Jio, said “there are still 250 million mobile phone users in India who remain “stuck” in the 2G era, unable to access basic features of the internet at a time when the world stands on the verge of a 5G revolution.”
The consolidated financials of Reliance Industries have shown a consistent increase as far as the operating revenues and net profit numbers are concerned. The operating revenues increased from Rs 6,99,962 crores during FY21-22 to Rs 8,79,468 crores in FY22-23 and net profits, during the same time horizon, went up from Rs 67,565 crores to Rs 74,131 crores.
Written by Amit Madnani
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