Shareholders and analysts expect the Mukesh Ambani-led company to commercially launch broadband service Jio GigaFiber in Reliance Industries’ annual general meeting today.
Reliance Industries (RIL), the oil-to-telecom conglomerate, is likely to announce a slew of new product launches in the telecom segment at its 42nd annual general meeting (AGM). The Mukesh Ambani-led company is expected to formally launch broadband service Jio GigaFiber today.
Announced at its last AGM, the service was initially touted to launch in 1,100 cities simultaneously. The company also claimed that the service would offer internet speed of up to one gigabyte per second (Gbps) and support additional services such as television, landline, smart home automation, etc. That apart, RIL is also expected to launch JioPhone 3, the successor to Reliance JioPhone 2, with better specifications and features.
At the bourses, Reliance Industries has underperformed the market in the quarter ended June 30, 2019 by falling 8 per cent as compared to around 2 per cent rise in the benchmark S&P BSE Sensex. On the financial front, the company had posted a 6.8 per cent increase in its net profit at Rs 10,104 crore for the June quarter on the back of a record 22 per cent jump in revenue at Rs 1.72 trillion. Consolidated debt as of June 2019 was at Rs 2.88 trillion compared to Rs 2.87 trillion as of March 2019…
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