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Reliance's telecom arm Jio Platforms has expressed interest in buying stake of Sri Lanka's state-backed telecom company Sri Lanka Telecom PLC.

It has selected quality stocks on technical as well as fundamental parameters. For the medium-term to long-term time frame, the overall bias is positive for the Indian market with much upside potential visible, it said.

Reflecting subdued global economic growth, India's outward foreign direct investment (FDI) fell by 33.3 per cent sequentially to $1.21 billion in August, compared to over $1.82 billion in July.

Bharti Airtel: Reliance Jio, which is the biggest spender on content acquisition, doesn't disclose its content costs separately. However, Jio Platforms' FY23 financials show that the company's content costs declined 27% to Rs 208 crore (Rs 285 crore in FY22).

Bharti Airtel and Vodafone Idea, two leading telecom operators in India, saw their cumulative content costs rise by 12.24% to ₹1,513 crore in FY23. Bharti Airtel's content cost increased by 18% to ₹856 crore, while Vodafone Idea's content cost increased by 5.45% to ₹657 crore. Both companies have been investing in content libraries to boost data consumption through video content and improve average revenue per user.