Oil regulator DGH has recommended stiff penalties on state-owned Oil and Natural Gas Corp and Reliance Industries Ltd for default on commitments made by them on oil and gas exploration blocks awarded under NELP.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Paramount Global has agreed to sell its 13 per cent stake in its Indian TV business to Reliance Industries for Rs 4,286 crore, the Indian firm said on Thursday. In a stock exchange filing, Reliance said it has signed a binding agreement with two subsidiaries of Paramount Global to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited held by Paramount Global. Similarly, in a filing on the US Securities and Exchange Commission (SEC), Paramount Global said the closing of the transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.
India took another leap in space infrastructure with the foundation stone laid for a new launch pad at the country's second rocket port in Kulasekarapattinam.
Key benchmark indices Sensex and Nifty declined for the third session in a row on Friday, dropping nearly 1 per cent, dragged by heavy selling in IT, auto and energy stocks. Tariff-related uncertainties amid mixed global market trends also added to the pressure, analysts said. The 30-share BSE Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47.
Mukesh Ambani-promoted Reliance Industries Ltd (RIL) is evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum, the largest at a single location in the world. The company has appointed a global oil and refinery consultancy firm to evaluate the feasibility of the project, which will help capitalise the increased requirement for global crude distillation capacity.
The companies are in talks with Shell, Petronet LNG to book capacity
India's biggest petrochemicals maker and a leading refiner, Reliance Industries Ltd, said on Monday it has raised product prices of polymers and key fibre intermediates by 2.4 per cent to 27 per cent for February.
CPI(M) Rajya Sabha Tapan Sen, in an interview to Rediff.com, explains what he believes are the irregularities committed by Reliance Industries and how UPA government has allowed it to get away with it.
Reliance Industries Ltd on Monday said last week's Supreme Court ruling halting the privatisation of Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd was a "setback", but hoped that a solution will emerge soon.
From the 30-share Sensex pack, UltraTech Cement, JSW Steel, Adani Ports, Tech Mahindra, Titan, Maruti, Mahindra & Mahindra, Tata Steel and Reliance Industries were the biggest gainers. NTPC, Hindustan Unilever, Kotak Mahindra Bank, IndusInd Bank and Larsen & Toubro were among the laggards.
Having created businesses ranging from world's largest single-location oil refining complex to nation's largest mobile network operators in just few years, billionaire Mukesh Ambani says his group Reliance Industries Ltd will never be complacent and will grow to be among the top 10 business conglomerates of the world. Addressing employees on Reliance Family Day - the birthday of the group's founder Dhirubhai Ambani, he said Reliance is now aiming to consolidate a place among global leaders in digital data platforms and AI adoption. "Today, the domestic and global environments for business are changing very fast.
Reliance Industries Ltd has made two new gas discoveries at its D-6 block, the site of the world's largest gas find of 2002, in Bay of Bengal.
Company indicates estimates of reserves needed to be cut.
Reliance Industries Ltd has found new natural gas reserves in Krishna Godavari basin D6 block off the east coast, the company's minority partner Niko Resources has said.
Reliance Industries Ltd on Wednesday concluded a $250 million international syndicated loan at 90 basis points over London Inter-Bank Offered Rate.
Raghav Bahl's control diluted by resolution in Nov 2012; net cash outflow for RIL group entities about Rs 1,341 crore.
Announcing a bullish stance on the company's financial position, the chairman and managing director said that RIL would become debt-free on a net basis in the current 2011-12 fiscal.
Reliance Industries Ltd's $7.2 billion asset sale to BP PLC has given it the firepower to expand more aggressively overseas, potentially pitching it into competition with Asian rivals for big oil and gas deals.
Reliance Industries Ltd will open its first exclusive retail showroom in Jalandhar this month, followed by more in Punjab in the next couple of months.
The market capitalisation of Tata Consultancy Services (TCS) on Wednesday breached the Rs 13.5 lakh crore mark -- the second company after Reliance Industries Ltd to achieve the feat. At close of trade, the market valuation of TCS stood at Rs 13,53,667.85 crore on BSE. The company had touched the Rs 13 lakh crore valuation level on August 17, when its market capitalisation (m-cap) stood at Rs 13,14,051.01 crore.
Reliance Industries invested Rs 30,000 crore (around $3.76 billion) in its retail business and added 2,500 stores, taking the total store count to 15,196 in FY22. Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd (RIL) said in the annual report for FY22. In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh.
Corporate giant Reliance Industries Ltd is looking at setting up a 2,000-3,000 MW, green field, mega power project in Uttar Pradesh -- involving an investment of at least Rs 8,000 crore (Rs 80 billion).
Oil regulator PNGRB has virtually put Reliance Industries Ltd (RIL) on notice by inviting bids for sections of two natural gas pipelines that were previously awarded to the Mukesh Ambani-run firm.
The Delhi high court has rejected a government challenge to an arbitration panel award that had ruled in favour of Reliance Industries Ltd in a dispute over gas migration from fields operated by state-owned ONGC in the KG basin. The government had slapped a provisional penalty of $1.55 billion on Reliance for "unjust enrichment" from gas migrating from the ONGC-operated KG-D5 block to the private firm's adjoining KG-D6 area. It had sought $175 million in additional profit petroleum from Reliance and its UK partner BP Plc.
According to tax experts, the restructuring would lead to a much lower tax outgo on dividend distribution.
RIL, with interests in petrochemicals, oil and gas exploration, textiles and retail, will continue to see a slow decline in margins.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
Amazon's rivalry in India with oil-to-retail conglomerate Reliance Industries looks set to head to the cricket field, where they will likely battle media heavyweights for telecast rights to the Indian Premier League (IPL) with its hundreds of millions of viewers.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
Mukesh Ambani-controlled Reliance Petroleum is understood to have fixed a price band of Rs 57-62 for its initial public offer to raise over Rs 5,000 crore (Rs 50 billion).
