Kishore Biyani-led Future Retail Ltd on Thursday accused e-commerce giant Amazon of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore. The Court of Singapore International Arbitration Centre (SIAC) had turned down a plea of Future Retail Ltd (FRL) to be excluded from being a party to arbitration. In a regulatory filing disclosing the development, FRL said,"...this disclosure is being made out of abundant caution to avoid any speculation given Amazon's media strategy of having every development reported and converted into a line of communication with stock exchanges."
The company's revenue rose 23.9 per cent to Rs 101,169 crore
While Mukesh Ambani-led RIL has nominated former Justice Bharucha as its arbitrator, the Centre chose Justice Khare as its nominee.
If he bets big, billionaire Mukesh Ambani will emerge from this week's airwave auction armed with spectrum that could make his Reliance Industries Ltd a formidable rival to market leaders Bharti Airtel Ltd and Vodafone Group.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Reliance Industries Ltd had sought to settle certain investigations into alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum Ltd, but the application to settle of the matter under Sebi's consent framework was rejected by the regulator.
Stock markets are expected to remain under pressure this week due to the overhang of US presidential polls and uncertainty over global growth due to resurging cases of coronavirus, according to analysts.
Mukesh Ambani-led Reliance Industries Ltd wants to merge four of its associate companies in real estate with its main property development subsidiary, Reliance Commercial Land and Infrastructure Ltd, under the scheme of amalgamation proposed before the Bombay High Court.
The private companies want a level playing field so that they can compete with the government companies in fuel retailing.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
The capital market regulator has accused Reliance Petroinvestments of buying shares of Indian Petrochemicals Corp Ltd in early 2007 just before it declared an interim dividend and announced the merger of IPCL with RIL.
Investment are made in Fixed Maturity Plans and other debt schemes.
Wipro and HCL Technologies among its top picks.
RIL is peeved with the govt for blocking of approvals and non-revision of gas price produced from its underperforming KG-D6 block.
While several export-oriented Indian companies such as Cipla and Reliance Industries Ltd (RIL) are rejoicing at the prospects of the rupee falling further, others that are importing raw materials such as coal and oil might see a big hole in their bottom line.
Sharp decline in production from flagship Krishna-Godavari basin has changed the business mix for the company.
Many top firms have had to write down their investments, as the value of those have collapsed due to sluggish biz conditions.
First right of refusal may be limited to firms working under NELP, leaving out pre-NELP blocks run by big firms such as RIL and Cairn India.
Coming close to Future Retail, after 42 per cent revenue growth.
The company should be given a fair chance to be heard in the matter, the judges said and posted the matter for further hearing on December 19.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The rating agency was hopeful that RIL would sort out technical problems being faced at its flagship eastern offshore KG-D6 fields where output has almost halved in past two years.
The world-wide acquisition of the iconic Hamleys brand and business places Reliance into the front-line of global retail.
The IT major is followed by RIL (Rs 795,628.55 crore), HDFC Bank (Rs 624,362.11 crore), Hindustan Unilever (Rs 367,880.69 crore) and ITC (Rs 367,513.78 crore).
Fact that RIL will get the much required support from another segment like shale gas is a big positive for the stock.
Vendors say Infotel Broadband close to signing tower leasing deals with Anil Ambani company
Find seen as one of the biggest discoveries in the country.
Five private establishments, including Reliance Industries and Infosys, have failed to pay their dues on time to the government in return of the CISF cover provided to them.
IndianOil targets monthly 5,000-tonne polypropylene exports
Institutional investors have hiked their holding in Reliance Industries Ltd to nearly 29 per cent - highest in about 7 years - as LIC and foreign funds stocked up shares worth Rs 1,000 crore in the last quarter.
But, despite the exits, RIL continued to top the list of stocks with maximum number of FII shareholders.
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
For its m-cap to more than double, RIL needs government nod for nearly doubling of its gas price of $8 per million British thermal unit together with approvals for oil and gas field investments.
Production from its KG-D6 gas field is set to increase and the government is likely to revise gas prices.
RIL also reported measures taken to check falling output in the KG-D6 field.
Maharashtra SEZ act yet to be notified.
To invest Rs 10,653 crore in Venezuela and another Rs 2,644 crore in retail business.
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