Reliance Jio clocks strong subscriber adds in Q1
New Delhi:Jio’s gross subscriber additions, though down 14 per cent QoQ, were still healthy at 26.7 million due to continued traction on new JioPhone offer, foreign brokerage, Jefferies said in a report. This along with lower churn, resulted in 14.3 million net additions in Q1. Assuming 0.6m additions on Jiofiber, Reliance Jio added 13.8m mobile subscriber on net basis which surprised positively given 1Q was impacted by Covid. “We expect Jio’s subscriber additions to remain robust led by recent capacity additions, JioPhone offers and launch of JioPhone Next”, the report said. Jio reiterated that its device and capacity strategy is in place to gain the next 200m subscribers. “We marginally tweak estimates to factor the results and see Jio gain 530m subscribers by Mar-24. Over FY21-24, we expect RJio to deliver 15% CAGR in revenues and 20% Cagr in profits. We maintain our valuation for RJio at US$90bn”, the report said.
Improving demand to trigger tyre industry’s growth
New Delhi: Improving demand along with stable competitive intensity, and peak capex is expected to trigger linear growth for the Indian Tyre industry. Accordingly, Motilal Oswal Financial Services said the Indian Tyre industry is expected to clock a 12 per cent CAGR over FY21-25E.
Besides, MOFSL expects sustained recovery in demand from both replacement and OEM segment, coupled with increase in exports. “While OEM demand is expected to see a cyclical recovery over the next 2-3 years, replacement demand is expected to benefit from pent-up demand, import restrictions, and premiumization witnessed across the automotive segments in the last five years,” said MOFSL. In the last five years, demand environment was impacted by weak OEM volumes, a feeble economic environment, impact of GST, and higher imports.
Zee Media Corporation reports Rs 9.06 cr loss
New Delhi: Zee Media Corporation Ltd on Saturday reported a consolidated net loss of Rs 9.06 crore for the quarter ended in June 2021 on account of exceptional items. The company had posted a net profit of Rs 12.26 crore during the April-June quarter of the previous fiscal, Zee Media Corporation Ltd (ZMCL) said in a regulatory filing. Its revenue from operations was up 28.79 per cent to Rs 170.18 crore during the quarter under review as against Rs 132.14 crore in the corresponding period of the previous fiscal.
Go First operates first night flight from Jammu to Delhi
New Delhi: Budget airline Go First, formerly known as GoAir, has operated the first ever night flight from Jammu to Delhi. Accordingly, the flight ‘G8 196’ - took off at 8.00 p.m. on Friday and was operated on Airbus A320neo. “Going forward, Go First will operate scheduled flight from Jammu to Delhi and Srinagar.” “This heralds the beginning of a new era for the union territory that has long advocated the introduction of night flights for better connectivity with the rest of the country.” Notably, the airline, will operate four flights a week from Jammu on Monday, Tuesday, Thursday and Saturday to Delhi and three flight from Jammu on Wednesday, Friday and Sunday to Srinagar, respectively. According to Kaushik Khona, Chief Executive Officer, Go First: “This initiative will assist the farming community and also strengthen the tourism sector, which plays a major role in the economic growth of the region.”