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☆ CNBC's Inside India newsletter: A $270 billion gamble on green?
▼ + stars: | 2024-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India. One sector in particular — electrical power transmission — will see $270 billion in financial benefits, according to Goldman Sachs. While utilities like the Power Grid Corporation of India may be perceived as unsexy, compared to growth stocks like Tesla, India plans to promote renewable energy without the taxpayer spending a single rupee. The country has added about 70 gigawatts of solar power capacity over the past decade without piling on further costs by simply maximizing the grid's usage. Currently, state governments in India levy surcharges and taxes on every unit of carbon-intensive energy transmitted through the grid.

Persons: Vivek Prakash, Elon Musk, Narendra Modi, Goldman Sachs, It's, Vinay Dwivedi, India Anna Dravida, Vinay, Modi, Mohamed Muizzu's, Jamie Dimon, Modi's Organizations: Bloomberg, Getty, U.S, Power Grid Corporation of India, Goldman, Companies, Reliance Industries, Adani Enterprises, Tamil Nadu —, Dravida Munnetra Kazhagam, India Anna Dravida Munnetra Kazhagam, CNBC, Modi's Bharatiya Janata Party, Vodafone Idea, Vodafone, West, Economic, of New, JPMorgan, CNBC Pro, we'll Locations: Neemuch, Madhya Pradesh, India, Tamil Nadu, Dravida, New Delhi, Maldives, China, Beijing, West Indies, Pakistan, U.S, of New York

☆ India's Jio launches Netflix subscription on prepaid plans
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks across the LED board showing the logo of Jio at the ongoing India Mobile Congress 2022, at Pragati Maidan, in New Delhi, India, October 3, 2022. REUTERS/Anushree Fadnavis/File Photo Acquire Licensing RightsAug 18 (Reuters) - Reliance Jio Infocomm, the telecom arm of Indian billionaire Mukesh Ambani's Reliance Industries (RELI.NS), said on Friday it has launched a Netflix subscription on prepaid plans. Jio said that around 400 million prepaid customers will get the option of availing a Netflix subscription through two packages, one priced at 1,099 rupees ($13.23), which will give access to Netflix on mobile platforms, and the other for 1,499 rupees, providing access to a basic package for large screens. Jio's peers, Bharti Airtel (BRTI.NS) and Vodafone Idea (VODA.NS), provide subscription to the Disney+ Hotstar streaming service through prepaid bundled plans. ($1 = 83.0797 Indian rupees)Reporting by Ashna Teresa Britto; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Anushree, Mukesh, Jio, Tony Zameczkowski, Ashna Teresa Britto, Sonia Cheema Organizations: Mobile, REUTERS, Reliance Industries, Netflix, Bharti Airtel, Vodafone, Disney, Jio, Thomson Locations: Pragati, New Delhi, India

☆ Indian shares set to open lower; domestic inflation data in focus
▼ + stars: | 2023-08-14 | by ( Manvi Pant | ) www.reuters.com time to read: +2 min

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 14 (Reuters) - Indian shares on Monday are expected to start on a slightly weaker note in the holiday-truncated week as earnings season draws to a close, ahead of domestic retail inflation data due later in the day. India's GIFT Nifty on the NSE International Exchange was down 0.28% at 19,432 at 7.58 a.m. IST. Foreign investors sold shares worth 30.73 billion Indian rupees ($370.80 million) on Friday, according to provisional data from the National Stock Exchange (NSE). ($1 = 82.8740 Indian rupees)Reporting by Manvi Pant in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Manvi, Eileen Soreng Organizations: National Stock Exchange, REUTERS, NSE, Reserve Bank of India's, ITC, Vodafone, BSE, Associates, Deloitte, Natural Gas Corporation, Jindal Steel, Thomson Locations: Mumbai, India, BENGALURU, China, Beijing, Manvi Pant, Bengaluru

☆ A $12 phone is opening doors for rural India to get on the internet
▼ + stars: | 2023-07-06 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

All that could change with a new $12 phone from Reliance Jio this week. India is already the world's second-largest smartphone market and is likely to add 300 million new internet users, making it the fastest country to provide internet services to those who remain unconnected, Mishra said. "However, screen size can limit the experience a bit, but still good for first-time internet users." Reliance Jio has rolled out 5G services in 406 cities in India. Additionally, Singh highlighted that Reliance Jio hopes first-time internet users who purchase the Jio Bharat will eventually upgrade to more advanced phones down the road.

Persons: Mukherjee, Akash Ambani, Jio Bharat, Varun Mishra, Mishra, Navkendar Singh, Singh, Jio, Bharat, There's, Nikhil Batra, Batra, Research's Mishra Organizations: International Data Corporation, Afp, Getty, Reliance, Reliance Industries, Counterpoint Research, CNBC, Vodafone, Aditya Birla Group, Vodafone Group —, BSNL, IDC, Nurphoto, Macquarie Research, Vodafone Idea, Bharti Airtel, Macquarie, Jio, Airtel Locations: India, Jio, Delhi, Mumbai, Kolkata, Bihar, Jammu, Kashmir, Himachal Pradesh

☆ Billionaire Ambani's Reliance Jio renews rural India push with $12 4G phone
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Reliance Jio said on Monday it would launch a 4G feature phone priced at 999 rupees ($12.19), the latest attempt by billionaire Mukesh Ambani's telecom arm to grab market share in India's massive and under-penetrated hinterlands. "There are still 250 million mobile phone users in India who remain 'trapped' in the 2G era, ... at a time when the world stands at the cusp of a 5G revolution," Akash Ambani, chairman of Reliance Jio, said in a statement. Currently, 4G feature phones account for less than 1% of the feature phone sales in India, per Counterpoint Research. "Feature phone to smartphone transition has slowed down due to high learning curve for a lot of rural Indian users and Jio Bharat aims to bridge that gap," said Tarun Pathak, analyst at Counterpoint Research. Feature phones are models that have higher functionalities than basic devices but falls short of the capabilities of a smartphone.

Persons: Jio, Mukesh, Akash Ambani, Bharat, Tarun Pathak, Pathak, Ashna Teresa Britto, Indranil Sarkar, Chris Thomas, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Reliance, Vodafone, Bharti Airtel, IIFL Securities, Counterpoint Research, Reliance Industries, Google, Thomson Locations: Jio, India

☆ Analysts are super bearish on these 13 global stocks and expect them to sink
▼ + stars: | 2023-06-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Then, UBS said in a report titled "Don't be fooled by the latest Tech rally" on June 6 that hedge funds have already begun selling $20 billion to $30 billion worth of global stocks. To that end, CNBC Pro screened over 3,330 large and mid-cap global equities that are part of the FTSE All-World ex-U.S. Index and identified the 13 stocks that analysts are most bearish toward. The table below shows global stocks, covered by at least 10 analysts, with no buy, overweight, or outperform ratings. Vodafone Idea India-listed Vodafone Idea is the most unloved stock in the above table. However, unlike Vodafone Idea, the downside risk is mainly given the stock's recent rally toward its all-time high.

Persons: Morgan Stanley, Wells Fargo's, Ankur Rudra, Rudra, it's, Morgan, Howard Kao, Kao, — CNBC's Michael Bloom Organizations: UBS, Tech, CNBC Pro, FTSE, Vodafone Idea, Vodafone, Reliance Jio, IDEA, Acer, FactSet Locations: Acer Taiwan

☆ India cabinet approves $11 bln revival plan for state-owned BSNL
▼ + stars: | 2023-06-07 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

[1/2] A man speaks on his mobile phone as he walks past a Bharat Sanchar Nigam Ltd (BSNL) advertisement painted on a wall outside its office in Kolkata, India, August 24, 2017. REUTERS/Rupak De ChowdhuriBENGALURU, June 7 (Reuters) - India's cabinet on Wednesday approved an 890.47 billion rupee ($10.79 billion) revival package for loss-making Bharat Sanchar Nigam Ltd (BSNL) to help the state-owned telecom operator deploy 4G and 5G services in a market dominated by private players. "With this revival package, BSNL will emerge as a stable telecom service provider focused on providing connectivity to remotest parts of India," the cabinet said in a statement. Debt-laden BSNL, grappling with poor infrastructure, has been posting losses for the past 12 years. The losses narrowed to 69.82 billion rupees in the year ended March 2022 from 74.41 billion rupees a year ago.

Persons: Vivekanand Subbaraman, Sakshi Dayal, Rama Venkat, Krishna N, Dhanya Ann Thoppil Organizations: Nigam Ltd, REUTERS, Sanchar Nigam Ltd, BSNL, Tata Consultancy Services, 5G, Reliance Industries, Bharti Airtel, Vodafone, Das, Thomson Locations: Kolkata, India, Chowdhuri BENGALURU, New Delhi, Bengaluru

☆ India’s Vodafone rescue has strings attached
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Feb 6 (Reuters Breakingviews) - New Delhi has finally come good on its promise to convert Vodafone Idea’s (VODA.NS) dues worth $2 billion into an equity stake. The state’s move, which dialed up a 10% gain in Vodafone Idea’s stock, could ease the company’s pressures elsewhere. A recently extended repayment schedule for $194 million of cash owed to American Tower (AMT.N) should bolster its chances, too. India’s Telecommunications Minister Ashwini Vaishnaw said on Friday that concomitant with the swap is a “firm commitment” of fresh capital from the Aditya Birla group, Vodafone Idea’s second-largest shareholder. For a group that has often expressed a wish to exit the telecom business, the bailout must feel like a Pyrrhic victory.

☆ India asks Vodafone Idea to convert nearly $2 bln in govt dues into equity
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 3 (Reuters) - Troubled Indian mobile service provider Vodafone Idea Ltd (VODA.NS) said on Friday the government had ordered the company to convert into equity all the dues owed to the government for use of airwaves including the interest related to payments for spectrum. The total amount to be converted into equity shares is 161.33 billion rupees ($1.96 billion), the mobile carrier said. The company said it has been directed to issue 16.13 billion shares at 10 rupees each. The conversion of Vodafone Idea dues into equity was approved by India's capital market regulator, Reuters reported in October last year. The sector's troubles had also been compounded by large dues owed to the government.

MUMBAI, Jan 6 (Reuters) - Loss-making Indian telecom operator Vodafone Idea has sought at least 70 billion rupees ($846 million) in emergency funds from local banks, which are however reluctant to extend fresh loans, four sources familiar with the matter said. "Without that (capital injection) it looks difficult for the company to ...survive," said one top official at a state-owned bank. Vodafone Idea (VODA.NS), the telecom ministry, and State Bank of India (SBI.NS) - the country's largest lender which the company has approached for financing - did not immediately respond to Reuters requests for comment. A feasibility study shared by Vodafone Idea with its bankers suggested the business might need a radical restructuring in order to survive, several of the sources said. An equity conversion by the government would be expected to raise its stake in the company to beyond 30%.

☆ India’s Vodafone stress test may have ugly results
▼ + stars: | 2023-01-06 | by ( Una Galani | ) www.reuters.com time to read: +4 min

Investors cheered, and many customers in its now-234 million-and shrinking subscriber base breathed a sigh of relief. Vodafone, meanwhile, is now calling on the banks for fresh loans, per the Economic Times. That may not have been sufficient, but there was no disclosure by the company stating that the swap was conditional on the existing owners’ financial commitment. India’s politicians are careful to avoid situations where they might be accused of being too generous to foreign multinationals. With so much stress, though, other creditors might find a reason to pull the rug from under the company’s feet sooner.

☆ INDIA STOCKS Indian shares may open lower, tracking Asia
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 25 (Reuters) - Indian shares are poised to edge lower at open on Tuesday, tracking weakness in Asian markets, with limited downside seen on the back of expectation the Federal Reserve may slow its pace of rate hikes. However, in the one-hour of trade, shares of Yes Bank Ltd (YESB.NS), ICICI BANK (ICBK.NS) and Hindustan Unilever Ltd (HLL.NS) fell between 2.8% and 3.9%. In addition, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. ** Yes Bank (YESB.NS)said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters.

☆ INDIA STOCKS Indian shares seen opening higher as oil slips
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - Indian shares are set to open higher on Wednesday, taking cues from overnight gains on Wall Street as corporate earnings helped improve sentiment and oil prices fell on worries of higher U.S. supply. Foreign institutional investors sold a net of 1.53 billion Indian rupees ($18.6 million) worth of equities on Tuesday, while domestic investors bought 20.85 billion rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Adani Enterprises Ltd (ADEL.NS) said its unit, Adani Defence Systems & Technologies, would buy Air Works for an enterprise value of 4 billion rupees. ** Prestige Estates Projects Ltd (PREG.NS) said during second quarter, the group registered sales of 35.11 billion rupees, up by 66% from a year ago. ** ICICI Lombard General Insurance Co Ltd (ICIL.NS) reported a September-quarter profit after tax of 5.91 billion rupees, up 32.3% from last year.

☆ Apple, Samsung to upgrade phone software for Indian 5G rollout by Dec
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network. A Samsung India spokesperson said the company would roll out updates across all its 5G devices by mid-November. Xiaomi India President Muralikrishnan B said their smartphones support Airtel 5G at present and by the end of this month most devices will start receiving updates for Jio 5G network support. Meanwhile, Oppo India Vice President Tasleem Arif said the company will roll out 5G software upgrade on all compatible devices, which already support Airtel 5G, at the earliest.

☆ Apple, Samsung to upgrade phone software in India for 5G rollout by Dec
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNEW DELHI, Oct 12 (Reuters) - Apple Inc (AAPL.O) and Samsung Electronics (005930.KS) will upgrade software for their 5G-enabled phones in India by December, the companies said on Wednesday, as Indian authorities press mobile phone manufacturers to adopt the high-speed network. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network. A Samsung India spokesperson said the company would roll out updates across all its 5G devices by mid-November. Ministry of electronics and IT officials held a meeting on Wednesday dedicated to 5G adoption, which executives from Apple, Samsung, Vivo and Xiaomi, and telecom operators Reliance, Airtel and Vodafone Idea (VODA.NS) attended.

☆ Apple to roll out 5G in India in Dec amid early adoption push
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNEW DELHI, Oct 12 (Reuters) - Apple Inc (AAPL.O) will start upgrading its iPhone models in India in December to make them compatible with 5G networks, the company said on Wednesday, as Indian authorities pressed mobile phone manufacturers to adoption the high-speed network. The company said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not support the network currently. "We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed," Apple said in a statement. Register now for FREE unlimited access to Reuters.com Register"5G will be enabled via a software update and will start rolling out to iPhone users in December."

A man takes a picture of a friend in front of a sign showing installation of the 5G network in New Delhi, India, October 3, 2022. The agenda includes holding talks "to prioritise" and release software upgrades for supporting the high-speed network, the notice for the closed-door meeting stated. Airtel's website on Tuesday showed "Apple yet to update software" for all of Apple iPhones' 12 to 14 models under its 5G compatible section. A third source with direct knowledge of the issue said Apple was in the process of testing and validating different 5G offerings from network providers in India. Lack of 5G software upgrades has already irked users.

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