‘Jio effect’ – Reliance chairman Mukesh Ambani, who has called it the world’s largest start-up, announced that the company’s telecom venture has crossed 100 million subscribers in less than six months since launch. Significantly, the company has also said that it would start charging users for data from April 1st of 2017. The market capitalisation (m-cap) of RIL rose by INR 38,729 Cr. during the day. Interestingly, the gain in market cap for RIL is almost equal to the entire market cap of Idea Cellular, India’s third largest telecom operator in the country by subscribers. The RIL scrip, which touched a 52-week high of INR 1,212, surged about 11% to close at INR 1,208 on the BSE. The scrip soared nearly 11.2% to end the day at Rs 1,210 on the NSE. RIL has invested about INR. 1.5 Lakh Cr. in Jio, Ambani has said that the company would invest a total of INR. 2.5 Lakh Cr. in the digital space.
ONGC TO INVEST INR 7,337 CRORE TO BOOST OUTPUT
The country’s top oil and gas explorer ONGC (Oil & Natural Gas Corporation), will invest INR 7,337 Cr. in five fields, to produce about 15 million tonnes of oil and about 3 billion cubic metres (BCM) of gas. India wants to boost its local output to cut dependence on imports from the current 77 percent. Most of this investment would go into developing the R-Series fields, off the west coast, that can produce 8.39 million tonnes of oil and 1.696 BCM of gas. ONGC will invest about INR 4100 Cr. in the fields that will begin oil production during 2018-19. These fields are expected to produce at a peak rate of 14,583 barrels per day (bpd) in 2019-20.