OneWeb, Hughes to bring low Earth orbit satellite service to India

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New Delhi, Jan 20 ( IANS) The low Earth orbit (LEO) satellite communications company OneWeb on Thursday announced a six-year agreement with Hughes Network Systems to provide LEO connectivity services across India.

Hughes is an innovator in satellite and multi-transport technologies and networks and part of Hughes Communications India (HCIPL), a joint venture between Hughes and Bharti Airtel.

As part of the agreement, OneWeb will connect towns, villages, and local and regional municipalities in hardest-to-reach areas, playing a critical role in bridging the digital divide.

OneWeb will also invest in setting up enabling infrastructure such as Gateways and point of presence in India to light up the services, the company said in a statement.

“This announcement marks a turning point for Digital India. Enterprise and government customers, including telecom service providers, banks, factories, schools, defense organisations, domestic airlines, and offshore vessel operators, are eagerly anticipating the arrival of new high performing satcom services,” Partho Banerjee, president and managing director, HCIPL, said in the statement.

Service offerings under this agreement are subject to all appropriate regulatory approvals and licenses, the companies said.

“OneWeb’s constellation will cover the length and breadth of India, from Ladakh to Kanyakumari and from Gujarat to the Northeast and bring secure solutions to enterprises, governments, telcos, airline companies and maritime customers,” said Neil Masterson, CEO, OneWeb.

OneWeb’s most recent satellite launch on 27 December 2021 brought its total in-orbit satellites to 394, over 60 per cent of the planned 648 LEO satellite fleet.

It plans to commence global service by the end of 2022 as demand continues from telecommunications providers, aviation and maritime markets, ISPs, and governments worldwide for its low-latency, high-speed connectivity services.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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