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Jio Leasing Services invests ₹67.50 crore in Reliance International Leasing | Mint
Livemint
·
11m ago
Medial
Jio Leasing Services Limited (JLSL), a subsidiary of Jio Financial Services, has invested INR 67.50 crore in Reliance International Leasing IFSC Limited. The investment is in the form of 8.1% cumulative optionally convertible preference shares and is aimed at funding the business operations of RILIL, a joint venture between JLSL and Reliance Strategic Business Ventures Ltd.
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Jio Financial Services Group COO Charanjit Attra Quits
Inc42
·
1y ago
Medial
Charanjit Attra has resigned from his role as the Chief Operating Officer (COO) of Jio Financial Services due to his appointment as the Managing Director (MD) and CEO of Jio Leasing Services, a subsidiary of Jio Financial Services. Attra previously served as the Chief Financial Officer (CFO) of State Bank of India. This move comes as Jio Financial Services plans to venture into the device leasing business by acquiring equipment worth INR 36,000 Crore from sister company Reliance Retail, subject to shareholders' approval.
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Jio Fin’s Arm Mulls Snapping Up Telecom Equipment Worth $4.32 Bn From Reliance Retail
Inc42
·
1y ago
Medial
JLSL is venturing into the Device-as-a-Service (DaaS) market by providing telecom devices and services to Reliance Jio Infocomm customers. The company plans to offer leasing options for these devices at a price based on cost plus margin. In a separate development, Jio Financial Services is seeking approval from shareholders to increase the foreign investment limit in its equity capital up to 49%.
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Jio Seeks DoT Approval to Use 26 GHz Band Spectrum For WiFi
OutlookIndia
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2m ago
Medial
Reliance Jio has requested approval from the Department of Telecommunications (DoT) to use the 26 GHz spectrum band for WiFi services. Jio dominated the 2022 telecom spectrum auction, acquiring almost half of the available airwaves for Rs 88,078 crore. The auction, raising Rs 1.5 lakh crore in total, showcased Jio's significant investment. The approval is sought to switch technologies while adhering to international standards and auction guidelines.
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Quant MF front-running case: Reliance, Adani Power, IRB Infra, SAIL among top holdings of Quant Smallcap | Mint
Livemint
·
1y ago
Medial
Quant Mutual Fund's small-cap investment vehicle holds a diverse portfolio of stocks, including Reliance Industries, HDFC Bank, IRB Infrastructure, RBL Bank, and Jio Financial Services. The fund is currently under investigation for allegedly engaging in front-running practices. Around 68% of the fund is invested in small-cap stocks, while 28% is invested in large-cap stocks. The top holdings of the Quant Small Cap Fund include Reliance Industries, Jio Financial Services, HDFC Bank, IRB Infrastructure Developers, and Bikaji Foods International. The fund house has issued a statement expressing its commitment to cooperate with regulators regarding the investigation.
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Reliance Jio beats Street, tariff hike lifts Arpu after three quarters | Mint
Livemint
·
9m ago
Medial
Reliance Jio, the telecom arm of Reliance Industries, has reported better-than-expected results for the September quarter. The company's net profit rose 14.76% q-o-q to ₹6,539 crore, while revenue from operations increased 7.67% q-o-q to ₹31,709 crore. The Ebitda also surpassed estimates, rising 17.8% to ₹15,931 crore. Jio's average revenue per user (Arpu) in September was ₹195.1, up 7.4% y-o-y and sequentially. The company also added 4.2% more customers, taking the total to 479 million. However, Jio lost 10.9 million subscribers in the quarter, higher than expected.
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Indians Can Now Pay Using JioFinance App In Paris
Inc42
·
1y ago
Medial
Jio Financial Services is expanding globally with its JioFinance app. The app will enable users to make international payments, including purchasing tickets for the Eiffel Tower and shopping at Galeries Lafayette Paris Hausmann. Additionally, the app will be featured at India House, a facility developed by Reliance Foundation and the Indian Olympic Association.
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Jio Financial Services reports flat growth in Q1 FY25 as interest income declines 43%
Entrackr
·
1y ago
Medial
Jio Financial Services has published its first quarter results for the ongoing fiscal year (FY25). Its revenue from operations remained flat at Rs 418 crore in Q1 FY25 as the firm’s interest income declined sharply, Jio Financial Services’ filings with the National Stock Exchange show. The Mumbai-based company posted Rs 1,855 crore in revenue with a profit of Rs 1,604 crore in the fiscal year ending March 2024. Income from the interest, which accounted for 38.5% of the total operating revenue, declined by 42.7% to Rs 161 crore in Q1FY25 from Rs 281 crore in Q4 FY24. Income from fees/commissions and net gain on fair value change added Rs 38 crore and Rs 218 crore, respectively, to Jio Financial Services coffers in the quarter ending June 2024. Despite fall in interest, its controlled expense mechanism and growth in net gain on fair value helped Jio Financial Services to post profits of Rs 313 crore in Q1 FY25. As compared to Q1 FY24, the firm experienced a decline of 5.7% in profits. Jio Financial Services received the RBI’s approval to convert into a core investment company from a non-banking financial company (NBFC) last week to offer wider financial and wealth management services. Jio Financial Services and BlackRock Inc. have also sought approval for the application to the Securities Exchange Board of India to act as co-sponsors of mutual funds, according to its previous filings. The two companies also signed an agreement in April 2024 to form a 50:50 joint venture to operate a wealth management company. Jio Financial Services was listed on stock exchanges using the price discovery method following its spin-off from Reliance Industries Limited’s financial services division in August 2023. The company is currently trading at Rs 348.25 per share (as of 11.30 AM) with a market capitalization of Rs 2,21,253 crore.
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RIL AGM 2024: Jio TV to have access to over 860 channels | Mint
Livemint
·
11m ago
Medial
Reliance announced that Jio TV will now offer access to over 860 channels, allowing subscribers to catch up on missed shows for up to 7 days. Jio Fiber and Jio Air Fiber subscribers will also have access to content from popular OTT apps. The JioTV+ app, previously available only through Jio set-top boxes, is now accessible to all subscribers. Reliance Chairman Mukesh Ambani described AI as transformative and emphasized the company's focus on long-term wealth creation for the nation. Ambani also highlighted India's growth as a major global engine.
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Reliance Jio MD Sanjay Mashruwala Resigns
Inc42
·
1y ago
Medial
Sanjay Mashruwala, the Managing Director of Reliance Jio Infocomm, has resigned from his position. Mashruwala, who took on the role in 2013, will cease to be the director of the telecom company from June 9. Pankaj Mohan Pawar, the other Managing Director, will continue in his role. Mashruwala's resignation comes as Reliance Jio reported a 13% year-on-year increase in its standalone net profit for the March quarter. Reliance Jio has also onboarded more than 10.8 crore subscribers onto its 5G network.
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Jio Financial Q3 Results LIVE: Reliance's NBFC to announce results today
Livemint
·
1y ago
Medial
Jio Financial Services, a non-banking financial institution of Reliance Industries, is set to announce its quarterly results for the first nine months of the fiscal year. In the previous quarter, JFS witnessed a significant increase in profit, totaling ₹668 crore, attributable to interest and dividend income. Having become an independent entity from Reliance Industries in 2023, JFS made its debut on stock exchanges in August that year.
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