Jio dominates RIL's AGM address

The RIL AGM starts with Mukesh Ambani talking about the newest kid in the family – Jio. Jio means life and digital India is the future India claims Mukesh Ambani. With Jio being launched in India, it will ensure that the data services will be the lowest priced in the whole world.

As of now in terms of mobile accessibility, India ranks 155th in the world; whereas post Jio introduction RIL estimates the India ranking will climb upto the 10th place in the world when it comes to mobile accessibility.

Network is the first pillar of Jio and the network is future proof as claimed by Mukesh Ambani in the AGM. Jio's network is entirely on 4G and every smart phone in India will support 4G.

While launching a smart phone at Rs 2000, RIL's chairman promises to take India from data shortage to data sufficiency. The Jio service will be offered free till December 2017. The services will start in Mumbai & Delhi with immediate effect.

The announcements surely do not augur well for the competition and the stocks are already reacting negatively to RIL's announcements.

RIL stock is trading at Rs 1066 per share at 11.30 am on Thursday up by Rs 5 per share or 0.51 per cent. Idea Cellular and Bharti Airtel are trading negative on an intraday basis. Bharti Airtel is down by almost 1.82 per cent at Rs 325 per share and Idea cellular is down by 2.67 per cent at Rs 91 per share. Sensex is trading flat, up by only 9 odd points at 11.30 a.m.