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Flipkart founders fall out of billionaires club

first_imgSachin BansalWikimedia commonsFlipkart founders Sachin and Binny Bansal, whose wealth have fallen as a result of successive devaluation of their firm, are out of the billionaires’ list.Read: Morgan Stanley reduces Flipkart’s share value by 27%Sachin Bansal and Binny Bansal are amongst the 31 Indian billionaires who are out of the Hurun Global Rich-Indian billionaires list. Binny BansalYouTube screengrabReliance Industries Chairman, Mukesh Ambani has topped the Hurun Global Rich-Indian billionaires list for 2017 which has identified 132 Indians or Indian origin billionaires with $1 billion or more. Acharya Balakrishna, Patanjali’s managing director and primary stakeholder has secured 28th position on the list.On November 28, 2016 Morgan Stanley marked down Flipkart’s valuation – for the fourth time in a year. From $15.2 billion in May 2015, Flipkart dropped to $5.5 billion in valuation, according to Morgan Stanley.While Amazon India pumped money to expand, investors in Flipkart became more cautious which led to the devaluation.11 of the 31 Indian billionaires missed the list, thanks to Indian Prime Minister Narendra Modi’s decision to demonetise old Rs 500 and Rs 1,000 notes.According to Business Today, Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India said, “India had a tough year because of disruptive government policies such as demonetisation drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs.”last_img read more

Reliance lifts Jio investment above 30 billion after record year

first_imgA general view of Reliance Jio headquarters is seen on the outskirts of Mumbai, India, June 1, 2016.Reuters fileReliance Industries plans to spend a further $2.8 billion on its Jio telecoms business in the current quarter, it said on Monday, taking its investment in the venture to more than $30 billion.Reliance derives the bulk of its revenue from its core refining and petrochemicals operations, but the group has bet big on Reliance Jio Infocomm. The project backed by Reliance owner Mukesh Ambani launched in September in a flurry of cheap phones, free voice and cut-price data plans that have forced rivals to respond.Announcing record profit for the 2016/17 financial year, Reliance said the additional investment is required for its fibre network as it expands Jio’s 4G reach.Analysts and investors have expressed concern over the time it will take Jio to recover its heavy outlay, but its head of strategy, Anshuman Thakur, said there would be a “drastic drop” in investment after the current quarter.Jio racked up 108.9 million subscribers by the end of March, Reliance said. It started charging for internet data this month, after more than seven months of free services, but has kept prices low.”Jio is witnessing the largest migration from free to paid services in history,” said Reliance Chairman Ambani.Ambani’s aggressive strategy to capture market share has led to rivals consolidating. His younger brother Anil Ambani’s Reliance Communications merged with smaller rival Aircel and in February India’s biggest telecoms company Bharti Airtel bought out the Indian operations of Norway’s Telenor.That was followed by Britain’s Vodafone announcing a merger with Idea to create the biggest telecoms company in India. Mukesh AmbaniReliance Jio official website (screen-shot)Jio, however, controls the highest chunk of 4G airwaves across India and has introduced a range of features to woo consumers in one of the world’s most competitive telecoms markets, from mobile phone apps to its own handset brand.Reliance earlier reported a 12.8 percent rise in the group’s fourth-quarter standalone net profit, topping analyst estimates, citing higher margins at its refining and petrochemicals business.The gross refining margin per barrel of crude — a key profitability gauge for refiners — was $11.50 for the quarter, against $10.80 a year earlier.Net profit on a standalone basis, which takes into account only the refining, petrochemicals, oil and gas exploration businesses, rose to 81.51 billion rupees ($1.26 billion) for the three months to March 31, beating analysts’ expectations of 80.10 billion rupees.On a consolidated basis, including newer businesses such as telecoms, retail and US shale gas operations, Reliance’s net profit rose 16.6 percent to 80.5 billion rupees.last_img read more

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