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Anil announces GSM foray, promises exciting tariff December 31, 2008

Posted by dhirendra1972 in Asian Markets, Asin Share markets, Equity, Equity Investment, Equity Market, Equity markets, Finance, Financial Capital, financial market, Loans, Local Equity Market, Local Market, Online Marketing, Open Market.
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Good Evening friends,

I think Anil Ambani is going to give some extra ordinary surprise to people of india. He just announce that his headed company Reliance Communications is going to come up with GSM mobile service in first week of January 2009.

 

Anil Ambani, head of Reliance Anil Dhirubhai Ambani Group (ADAG), on Tuesday announced the launch of Reliance Communications GSM mobile phone services in the first week of January 2009.

 

He did not announce the tariff plan details but promised “GSM (tariff) rates that will make people forget the Rs-501 CDMA offer of 2003.” Reliance currently has 60 million customers, including over 1.7 million individual overseas retail customers.

 

The tailored bouquet of GSM and CDMA mobility platforms gives Reliance customers the option to choose the service. Around seven out of 10 people opt for GSM service while churn out of CDMA users is less than 2 per cent.

 

“We will cover 11,000 cities, 24,000 towns and more than 60,000 villages. We will be covering all railway routes and national highway to give the best and cost affective service to our customers,” said Ambani. Rs 10,000 crore has already been invested in the GSM venture, Ambani said. “Reliance Communication will participate in 3G spectrum auction on both CDMA and GSM platforms, and it will be on the national level,” Ambani said.

Rupee up on broad dlr weakness; stocks eyed December 16, 2008

Posted by dhirendra1972 in Broad Dollar, Currencies, Interest rates, Key Rate, Local Equity Market.
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Good morning friends.  It’s a good morning after my morning walk.  Every body was busy preparing everything.  As one of my routine, always wanted to know about what’s happening about everything.   And after that, i always wanted to share it all with you.  It’s good to know what is happening to our country.  

The rupee strengthened to its highest in more than a month on Tuesday as sentiment was buoyed by broad dollar weakness ahead of an expected interest rate cut by the U.S. Federal Reserve.

At 10:42 a.m., the partially convertible rupee was at 47.86/87 per dollar, 0.4 percent higher compared to its Monday’s close of 48.05/06. It rose to 47.8003 in morning deals, its strongest since Nov. 11,

“The rupee rose in expectation of a Fed rate cut which is seen as positive. The dollar is also losing against other major currencies,” said V. Kumar, chief dealer with State Bank of Travancore.

The U.S. Federal Reserve is widely expected to cut its key rate by 50 basis points to 0.5 percent later in the day.

The dollar fell to a two-month low against the euro on Tuesday as expectations grew that the Federal Reserve will cut interest rates to near zero and may lay out emergency tools to dispel a recession.

Dealers said they would also be closely watching the local equity market for clues on the direction of fund flows.

Indian shares seesawed in early trade after Asian shares dipped, and traders said recent foreign buying may ease off given the run-up in the market so far this month.

Foreign funds have bought a net $380 million worth of Indian shares so far in December, but are still net sellers of $13.3 billion in 2008. Last year, they were net buyers of a record $17.4 billion.

One-month offshore non-deliverable forward contracts were quoting at 48.07/22 per dollar, weaker than the onshore spot rate, indicating a bearish near-term outlook for the rupee.

ref: yahooindia

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