Infosys lost the country's most influential stock status to Mukesh Ambani-led Reliance Industries Ltd (RIL), as the shares of the IT giant fell sharply by about 13 per cent.
'In today's economically integrated world, economic relationships constitute the bedrock on which social, cultural and political relationships are built,' the minister tells the US-India Business Council in Washington, DC.
South African all-rounder Shaun Pollock was on Sunday named captain of Mumbai Indians following Harbhajan Singh's suspension from Indian Premier League matches for slapping pacer S Sreesanth.
Sachin Tendulkar ushered in his 37th birthday in the company of his wife Anjali, Mumbai Indians IPL franchise owners Mukesh and Nita Ambani and his team mates at a private function in Mumbai on Friday night.
The likes of SRK, Nirula and Mallya are in the race to own an IPL team for the upcoming Twenty20 series.
Tata Group ranks 13th, Reliance Industries 15th and Infosys 26th. Tata Group and Reliance Industries have been ranked ahead of American industrial conglomerate General Electric (17), German car manufacturer BMW (20), Japanese auto firm Honda Motor (22) and telecom major AT&T (23), among others. However, while the Tata Group slipped in ranking from the sixth place in 2008, Reliance Industries has improved on its previous year's 19th rank. Infosys was not in the list in 2008.
Global investment management firm Bernstein has pegged the enterprise valuation of Reliance Industries (RIL)'s 85 per cent stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company's 66.5 per cent stake in telecom and digital platform arm Reliance Jio at $88 billion. Reliance Industries had earlier planned to list both its subsidiaries to unlock value for its shareholders but hadn't fixed any timeline. The report said that Reliance Retail had raised $6 billion by diluting a 10.1 per cent stake, while Jio Platforms raised $20 billion from investors by selling 33 per cent in 2020.
Riding on a strong stock market rally, Anil Ambani-led diversified business conglomerate Reliance Group has crossed Rs one lakh crore market valuation.
Reliance Brands, a subsidiary of Reliance Retail, will focus on brand partnerships and creating brand portfolios to make its presence felt in the Indian branded apparel sector.
The meeting chaired by Prime Minister Manmohan Singh was attended by Commerce and Industry Minister Kamal Nath and Planning Commission Deputy Chairman Montek Singh Ahluwalia. Industry leaders, including Ratan Tata, Rahul Bajaj, Mukesh Ambani and Sunil Bharti Mittal, who are members of the council, also participated in the discussions.
Reliance Industries' $14.5 billion bid for LyondellBasell may be rejected by the creditors of the bankrupt Dutch company, a media report said.
According to sources, Videocon, Jaypee Associates, Sahara, Adani Group and a conglomerate in the construction business from Pune will be placing bids. The IPL will be accepting the bids for the two new teams on March 21 at 10 am. The bids will be opened and the winner will be declared at 11 am on the same day.
Gautam Adani, India's and Asia's second-richest person, added $49 billion to his wealth last year - more than the net addition of wealth by the top three global billionaires Elon Musk, Jeff Bezos and Bernard Arnault, the 2022 M3M Hurun Global Rich List said on Wednesday. Mukesh Ambani, who runs the oil-to-retail conglomerate Reliance Industries, continues to be the richest Indian with a wealth of $103 billion, a 24 per cent rise year-on-year. Adani, the head of ports-to-energy conglomerate Adani Group, is a close second with his wealth surging 153 per cent to $81 billion.
Mukesh Ambani, who heads Reliance Industries, has been ranked among top five best performing CEOs in the world by the prestigious Harvard Business Review.
The company feels valuations are low and the demand would later rise.
At the meeting of the Board of Governors of IIM Bengaluru held on February 11, the chairperson, Mukesh D Ambani, expressed his decision to step down, IIM-B said.
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
Vaidyanathan, former managing director and CEO of ICICI Prudential Life Insurance, as a sign-on bonus got 20 lakh (2 million) warrants worth Rs 47.40 crore (Rs 474 million), DNA said.
Pharmaceuticals, along with software and services, also added the most new entrants on the rich list 2018.
Punters have been given the opportunity to bet online on the semi-finals being played at Mumbai on a website owned by IPL's official digital media parter Global Cricket Ventures.
Indian retailers put cash & carry on backburner
RIL officials had then termed the deal a "win-win" for both the companies. It's an irony that the termination of the agreement was also hailed as a "win-win" by RIL in informal briefings with the media today. When reminded about this, an RIL official shrugged and said "nothing is constant in business."
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
Mukesh Ambani Group-controlled Indian Petrochemicals Corporation Ltd said on Friday there would be no change in its management post amalgamation of its subsidiaries with itself.
Mukesh Ambani-controlled Reliance companies' market cap now exceeds $100 billion (as also Arcelor Mittal's). The new generation winners operate in a myriad sectors, including telecom, commodities such as steel and cement.
One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022. The report found 1,103 Indians with a networth of Rs 1,000 crore each - an increase of 62 per cent over five years. There are 221 billionaires (Rs 100 crore networth) in India on the 2022 list - down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.
Harsh Jain, founder of Dream11, a portal offering world's first fantasy cricket game dwells on his entrepreneurial experience.
The role of a gangster lodged in Delhi's Tihar jail is being probed in connection with the message on Telegram channel, through which an outfit named Jaish-ul-Hind had claimed responsibility for placing an explosives-laden SUV near industrialist Mukesh Ambani's house in Mumbai, a police official said.
Mukesh and Anil Ambani have yet again made it to a list of richest people compiled by Forbes, only this time the recognition has been bestowed on them because of their running feud. "Sometimes fighting has a silver lining, as has been the case for Indian brothers Mukesh and Anil Ambani," the US business magazine wrote about the two siblings in a report on the latest list - 'Billionaire Family Feuds'.
The New York Stock Exchange-listed Nova said in a statement that it has signed a letter of intent with RIL for the joint venture, which is expected to be operational by the third quarter of 2008 after finalising the formal agreements. Shares of Nova Chemicals rose 3.8 per cent to $26.17 at the NYSE on Thursday, while that of RIL were trading 1.3 per cent up at Rs 2,649 at the Bombay Stock Exchange on Friday.
India's retail giants, including Kishore Biyani's Future Group, Mukesh Ambani's Reliance Retail and Sunil Mittal-promoted Bharti group, have started negotiations with the railways for leasing land for retail development.
'It was beautifully played by an American band.'
Qatar's sovereign wealth fund is in early discussions to buy a minority stake in billionaire Mukesh Ambani's rapidly expanding retail unit for about $1 billion (Rs 8,200 crore), sources said. The Qatar Investment Authority is keen on tapping the fast-growing Indian market and has entered into a discussion to buy about 1 per cent stake in Reliance Retail Ventures, sources with knowledge of the matter said. Talks, sources said, are at a preliminary stage and being led by an executive director on the board of parent Reliance Industries Ltd.
In a regulatory filing, Reliance -- the country's most valuable company - said, 'The 43rd AGM will be held on Wednesday, July 15, 2020 at 2 pm though video conferencing / other audio-visual means.'
EGF, managed by the Capital Group, bought 16.13 million shares, or a 1.02 per cent stake, in RIL from the open market in the March-ended quarter. When share prices were down in the fourth quarter, Life Insurance Corporation added 2.4 million shares of RIL to its kitty, taking its stake to 5.52 per cent. The purchase would have cost LIC over Rs 250 crore. LIC had also bought over six million shares of RIL in the third quarter, at an investment of around Rs 800 crore.
A couple of days earlier, IIM Ahmedabad said it would hike the fees for its two-year PGP course.
As many as six women, including O P Jindal group chairperson Savitri Jindal and Biocon's Kiran Mazumdar Shaw, have made it to the Forbes' list of 100 richest Indians this year.
Sidelined from the Indian team for nearly four months due to an injury, flamboyant opener Virender Sehwag on Sunday said he is satisfied with the recovery of his shoulder problem and is now desperate to return to the ground. Playing for Mukesh Ambani-owned Reliance 1 team, Sehwag made his comeback to the cricket field against BPCL, but failed to open his account.
