Opening Bell 19 Feb | Reliance Industries in focus

RIL is looking to offer voice telephony and data services through its pan-India 4G network on its own
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First Published: Tue, Feb 19 2013. 07 55 AM IST
A file photo of BSE building in Mumbai. Photo: Hemant Mishra/Mint
A file photo of BSE building in Mumbai. Photo: Hemant Mishra/Mint
Updated: Tue, Feb 19 2013. 08 11 AM IST
Mumbai: Global markets are trading mixed. Equity markets in Japan and South Korea are little changed from Monday’s closing. While shares of Bridgestone Corp. surged after it raised its sales and profit forecasts, investors are awaiting the appointment of a new Bank of Japan governor. Read more.
Overnight, US markets closed slightly down. The S&P 500 lost 0.10% to 1,519 on selling in shares of Wal-Mart Stores Inc.
Back home, Moody’s Investors Service has warned that India’s widening current account deficit and the spurt in its external debt exposes the country to the risk of a negative credit rating outlook. To avoid a rating downgrade, the government has to return to the path of fiscal prudence. Read the Mint report.
In a boost to Reliance Industries Ltd’s (RIL) telecom plans, the Telecom Commission has decided to allow firms with broadband wireless access spectrum and an Internet services provider licence to offer voice services on payment of a fee. RIL is the only company with broadband wireless access spectrum across the country. Read more.
Meanwhile, RIL is looking to offer voice telephony and data services through its pan-India 4G network on its own, reported The Times of India. According to the report, the company plans to offer voice and data services in a package.
United Breweries (Holdings) Ltd, the parent company of Kingfisher, is seeking shareholder approval to more than double the amount it can lend to the ailing Kingfisher Airlines Ltd. United Breweries is looking to increase the figure from Rs.300 crore to Rs.750 crore. Read more.
Shares of Jet Airways (India) Ltd may continue to trade volatile. Etihad Airways is concerned that that it may be forced to jettison the holding in Jet Airways if there is a policy flip-flop by the Indian government. Jet Airways has been trying to sell 24% stake to Etihad Airways. Read the Mint report.
Shares of Hotel Leelaventure Ltd may witness some action. The company has sold its IT park building in Chennai to RIL Ltd for Rs.170 crore. It could use the amount to reduce the debt.
Finally, as consumers shift from print to electronic media, RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy in the US. The company publishes 75 magazines globally. Read the Bloomberg report.
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First Published: Tue, Feb 19 2013. 07 55 AM IST
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