RIL may buy controlling stakes in Hathway, DEN Networks; stocks rally
Posted on 16th October 2018 |
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Shares of Hathway Cable and DEN Networks rallied up to 8 per cent in opening deals on Tuesday on reports that Mukesh Ambani led-Reliance Industries may soon buy controlling stakes in two of India’s largest cable TV and broadband service providers, Hathway Cable & Datacom, and DEN Networks, as it seeks to ramp up coverage of its ambitious high-speed broadband network.
"A transaction is likely to be unveiled on Wednesday when the boards of all three companies are slated to meet. RIL will own shares in Hathway and Den through a common entity which will become the holding company of the two multi-system operators," said a TOI report.
The move is a win-win for both the parties, feels independent market analyst Ambareesh Baliga. "This is a positive development for both, viz, Reliance Jio as well as shareholders of Hathway and Den Networks because both the companies would have found it difficult to survive on the onslaught of Jio. So, from that point of view, the takeover at a good valuation is good for the shareholders," Baliga added.
It's good for Reliance Jio because it is providing them the last mile connectivity, the analyst said. The last mile refers to the technology providing connection services to and from the user’s office or house. Last mile technology is the final connectivity leg between the telecommunication service provider and an individual customer.
In July this year at its 41st annual general meeting (AGM), the oil-to-telecom behemoth Reliance Industries (RIL) announced the launch of fixed-line broadband services branded as Jio GigaFiber. While explaining the broadband for large enterprises, Ambani had said the fixed-line broadband will mean having the ability to compete in the global marketplace, using digital tools and techniques that are powering the fourth industrial revolution.
"Jio GigaFiber will provide ultra-high-definition entertainment on large screen TVs, multi-party video conferencing from a living room, voice-activated virtual assistance, virtual reality gaming, digital shopping, and immersive experiences," Mukesh Ambani had said.
At 09:33 am, shares of Hathway Cable & Datacom were trading nearly 7 per cent higher at Rs 31 apiece on BSE while those of DEN Networks were trading at Rs 78 apiece on BSE, up nearly 3 per cent. Reliance Industries, on the other hand, was trading over half a per cent higher at Rs 1,145.45. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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