The government on Wednesday scrapped a week-old tax on the export of petrol and cut windfall taxes on overseas shipment of diesel and ATF as well as the one imposed on domestically produced crude oil after global oil prices fell. While the Rs 6 a litre export duty on petrol was scrapped, the tax on the export of diesel and jet fuel (ATF) was cut by Rs 2 per litre each to Rs 11 and Rs 4 respectively, government notifications showed. The tax on domestically produced crude was also cut to Rs 17,000 per tonne from Rs 23,250, a move that will benefit producers like ONGC and Vedanta Ltd.
Nine of the top-10 most valued domestic companies together added a whopping Rs 2,22,591.01 crore in market valuation last week, with heavyweights RIL, TCS and HDFC twins gaining the most. During the last week, the BSE benchmark Sensex rallied 1,690.88 points or 3.21 per cent. The index reached its all-time high of 54,717.24 on August 5. Barring Bajaj Finance, rest nine companies -- Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Infosys, Hindustan Unilever Ltd (HUL), ICICI Bank, HDFC, State Bank of India and Kotak Mahindra Bank -- logged gains.
A joint venture of Reliance Industries Ltd and BP of the UK on Wednesday said it has signed an agreement with the Mahindra Group to explore EV and low-carbon solutions, including battery swapping technology options, for electric 3-wheelers. Besides exploring creation of EV products and services, the non-binding MoU signed by Reliance BP Mobility Limited (RBML) and Mahindra Group would look for identifying synergies in low-carbon and conventional fuels, the company said in a statement. "The MoU also covers evaluating charging solutions by Jio-bp for Mahindra vehicles including electric 3 and 4 wheelers, quadricycles and e-SCV (Small Commercial Vehicles - sub 4 ton)," it said.
Reliance Industries chairman Mukesh Ambani will appeal against the fine imposed by market regulator SEBI over alleged irregularities in a two-decade-old share issue in the company, the firm said on Thursday. Reliance Industries Ltd (RIL) had issued debentures with convertible warrants in 1994 and allotted equity shares against the warrants in 2000. This was when Dhirubhai Ambani was heading the undivided company.
Billionaire Mukesh Ambani has set targets for his three kids whom he has identified for takeover of telecom, retail and new energy business. Speaking at his father Dhirubhai's anniversary, celebrated as Reliance Family Day, he said the oil-to-telecom-to-retail conglomerate Reliance industries Ltd has embarked on a journey of comprehensive self-transformation. "The end of 2022 is when Reliance will have crossed the half-way mark of its Golden Decade.
Reliance Industries Ltd has exited the last of its shale gas assets in the US after it agreed to sell its holding in Eagleford shale gas assets for an undisclosed sum of money.
State-owned Indian Oil Corporation (IOC), Adani-Total Gas Ltd and Shell were among the 29 companies that bid and bought natural gas to be produced from the deepest field in the KG-D6 block of Reliance Industries Ltd and bp, sources said. IOC walked away with almost half of the 6 million standard cubic meters per day of gas sold in an e-auction on Wednesday while state-owned gas utility GAIL bought 0.7 mmscmd, Adani-Total Gas Ltd 0.4 mmscmd, Shell 0.5 mmscmd, GSPC 0.25 mmscmd and IGS another 0.5 mmscmd, two sources with knowledge of the matter said. Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies.
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
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.
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
Global markets trends, inflation, release of industrial output data and quarterly earnings will dictate movement of the equity benchmarks this week, analysts said, adding that volatility might continue amid slew of announcements of macroeconomic data at the global level too. Moreover, foreign fund movement, crude oil prices and trend in rupee would also act as major drivers for the equity market, they added. "The direction of global equity markets along with movement in dollar index and crude oil prices will continue to dominate while inflation numbers of the USA on May 11 and inflation and IIP numbers of India on May 12 will also cause volatility in the market," said Santosh Meena, head of research, Swastika Investmart Ltd.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
The windfall taxes on domestic crude oil production and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. On July 1, the government imposed windfall gain taxes on the export of petrol, diesel and aviation turbine fuel (ATF), and on the domestic production of crude oil. It has also mandated exporters to meet the requirements of the domestic market first.
The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notices over the petition filed by e-commerce major Amazon, challenging a recent order passed by the fair trade regulator CCI that suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). The appellate tribunal has directed the Competition Commission of India (CCI) and FCPL to file their reply in next 10 days and Amazon to file a rejoinder over it. It has directed to list the matter on February 2, for next hearing.
Reliance Industries Ltd (RIL) chairman Mukesh D Ambani on Wednesday said the latest reforms and relief measures will enable the telecom sector to achieve goals set under the Digital India mission. The Cabinet has announced several reforms for the telecom sector, including redefining adjusted gross revenue (AGR) that will now include revenues earned only from telecom services. The government calculates various levies on AGR. "The telecom sector is one of the prime movers of the economy and the key enabler for making India a Digital Society, I welcome the Government of India's announcement of reforms and relief measures that will enable the industry to achieve the goals of Digital India. I thank Prime Minister (Narendra Modi) for this bold initiative," Ambani said.
India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in November, with lower output from state-owned firms leading to an over 2 per cent drop, official data released on Tuesday showed. Crude oil production in November was 2.43 million tonnes, down from 2.48 million tonnes a year back and 2.5 million tonnes in October 2021. Oil and Natural Gas Corporation (ONGC) produced 3 per cent less crude oil at 1.6 million tonnes in November due to delays in mobilising equipment at western offshore fields.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
Reliance Industries Ltd (RIL) was the star performer in Friday's session, spurting over 6 per cent to its all-time high, Other Sensex gainers included Bajaj Finance, PowerGrid, ICICI Bank, Maruti, Axis Bank and SBI. On the other hand, IndusInd Bank, HCL Tech, ITC, M&M HDFC and Infosys shed up to 2.94 per cent.
Alphabet Inc's Google has paid Rs 33,737 crore for a 7.73 per cent stake in Reliance Industries Ltd's (RIL) digital subsidiary, Jio Platforms Ltd, joining the list of global investors such as Facebook, billionaire Mukesh Ambani's firm said. The transaction also marks the US technology giant's biggest-ever investment in an Indian company. With this, Jio Platforms has raised a total of Rs 1.52 lakh crore by selling nearly 33 per cent stake to 13 financial and strategic investors in just 11 weeks.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.
Future Retail and its promoters have filed appeals before the division bench of the Delhi high court challenging the order passed on Tuesday that dismissed the Group's petitions for termination of the Amazon arbitration. The Delhi high court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further.
In the previous fiscal year, he drew a Rs 15 crore salary from the company -- the same as in the previous 11 years.
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL). Ambani continues to top India's billionaire league table. The Ambani family's net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Nine of the top 10 most valued companies witnessed a combined erosion of Rs 1,63,510.28 crore in market valuation last week, with Reliance Industries emerging as the biggest laggard.
With India rolling out 5G services, can telcos get the sizeable 350-400 million 2G customers to upgrade to 4G, or even better -- but very improbably -- straight to 5G?
Six of the top 10 most valued Indian firms added a cumulative Rs 86,683.71 crore in market valuation last week, with HDFC twins emerging as the biggest gainers. On the top 10 chart, HDFC Bank, HDFC, ICICI Bank, Kotak Mahindra Bank, Bharti Airtel and HCL Technologies were gainers. While, Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL) and Infosys saw erosion in their market valuation.
The 62 per cent increase in natural gas prices by the Indian government will boost the profitability of upstream companies in the country and support their investment spending, Fitch Ratings said on Tuesday. The price for gas from fields that were assigned by the state to oil companies, mainly Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), increased to $2.90 per million British thermal units (mmBtu) for October 2021-March 2022, from $1.79 per mmBtu in the previous six months. "Higher gas prices will increase the input cost for key end-consumer sectors, to the extent the price hike is passed on," Fitch said.
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
Niclosamide, a drug on the World Health Organisation's list of essential medicines, has been used to treat tapeworm infestation for more than 50 years. The oral antiviral drug was also used to treat patients during the SARS outbreak of 2003-04.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
The Ambani brothers on Saturday reached a settlement to split between themselves, assets of India's largest private sector conglomerate, with over Rs 97,000 crore (Rs 970 billion) in revenues, founded by their late father Dhirubhai.
According to Mukesh Ambani, this is the country's largest bonus issue.
Regulator Sebi on Friday imposed penalties on Reliance Industries Ltd, its chairman and managing director Mukesh Ambani as well as two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore. The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007.
For India's spin great Harbhajan Singh, it was a fan boy moment as he caught up with his heroes -- cricketing legend Sachin Tendulkar and Tamil film superstar Rajinikant Akash during Akash Ambani's wedding in Mumbai last weekend.
The wedding ceremony witnessed members of Indian Premier League side Mumbai Indians in attendance.
Six of the top-10 most valued domestic firms added Rs 91,629.38 crore cumulatively in market valuation last week, with ICICI Bank and Tata Consultancy Services clocking maximum gains. During the last week, which was holiday-truncated, the Sensex rallied 929.83 points or 2.10 per cent. The list of gainers had Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), Infosys, ICICI Bank and Bharti Airtel.
Reliance Retail Ventures Limited (RRVL) on Thursday said it has entered into a Master Franchise agreement with 7-Eleven to run convenience stores in India. The first 7-Eleven store is set to open on Saturday, in Andheri East, Mumbai, RRVL, the retail arm of Reliance Industries Ltd, said. "RRVL, through its wholly-owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India," said a joint statement.
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