Vodafone (News - Alert) Group, an arm of Vodafone Business Services, recently confirmed that it will be introducing a machine-to-machine (M2M) platform in two weeks. The main area of focus of the Vodafone Group is corporations and small and medium enterprises businesses. Management and planning of this initiative will be handled by a 250-member team. This arm of Vodafone in the last year successfully provided around 10 per cent of its overall revenue of 32,000 Crore in rupees.
In a statement, Naveen Chopra, Director (Vodafone Business Services), said that, “About 80,000 SIMs are in use in this segment. This segment is growing very fast. We expect it to grow at least 50 per cent more than the (retail) consumer business. We are targeting a pie of 15 percent in the next five years."
The company which is preparing for launching a global initiative for European business will be working on a part of the applications, machines, and services provided by players from various industry sections such as automotive, power, logistics, and manufacturing sectors.
Vodafone Group began its day trade with negative momentum and experienced a further dip of -0.91 percent. The company's recent trading price was $25.60. Vodafone's present trading volume is 7.39 million and its average volume is 9.31 million shares. The company's beta value sits at 0.70 points with a total of 4.92 billion in outstanding shares.
Vodafone Group is a leading provider of mobile telecommunication services with operations across the globe. At present the company's mobile voice services reach close to 407 million customers worldwide. Additionally, the company specializes in messaging services; mobile data services; fixed broadband services; and whole sale carrier services. Vodafone's business managed services portfolio includes secure remote network access services.
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Edited by Rich Steeves