Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore. PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
The growth was led by family-owned companies and business groups with presence in pharmaceuticals, information technology services, and consumer products.
For the traditionalists, wars on Twitter and Facebook smack of immaturity.
RIL, Capgemini, IndiGo among companies which have offered to pay their employees' vaccination cost.
With political parties using him as punching bag in the highly charged election campaign, Adani Group head Gautam Adani on Sunday said he got no special favours from Narendra Modi and his group has since 1993 acquired only barren waste land for infrastructure projects.
Bajaj Auto was the top laggard in the Sensex pack, tumbling around 6 per cent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank. NSE Nifty tumbled 162.60 points or 1.36 per cent to 11,767.75.
Future Retail Ltd (FRL) on Monday said the Delhi high court has ruled that statutory authorities cannot be restrained from acting in accordance with law and stayed a previous order on status quo of its Rs 24,713 crore deal with Reliance. Updating stock exchanges about the court ruling, FRL said a Division Bench comprising Chief Justice D N Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by single Judge J R Midha on February 2. "...inter alia, for the prima facie reason that the company is not a party to the Shareholders Agreement dated August 22, 2019 executed between Amazon, Future Coupons Private Limited and the Promoters of FRL, under which arbitration was initiated by Amazon in Singapore," FRL said.
Tata Group expects to do some tightrope walking on legal issues in the days ahead.
Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
US e-commerce major Amazon Wednesday apprehended the "disappearance" of assets and sought an interim order from the Supreme Court to ensure the preservation of assets of Future Retail Ltd besides resumption of arbitration over FRL's merger deal with Reliance Retail. A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli took note of the allegations of the US firm that the "applecart was being upset" by its rivals and asked the Future group firms, FRL and Future Coupons Ltd (FCPL), to respond to the interim plea of Amazon seeking resumption of arbitration and preservation of assets and fixed the hearing on March 23. Amazon and Future group are engaged in multi-forum litigations on the issue of FRL's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd after the US e-commerce giant dragged the latter to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.
Reliance reported record pre-tax profit from its retail and telecom businesses. The two now account for nearly 32 per cent of EBITDA, up from close to 25 per cent previously.
The four women have a collective wealth of $11.3 billion and account for a little more than three per cent of the total net worth of all on the coveted list whose collective wealth amount to $346 billion.
The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018.
The DoT has issued long-awaited migration guidelines which pave way for Internet service providers (ISP) like Reliance Jio Infocomm and Tikona, that have BWA spectrum, to offer mobile telephony service by paying an extra fee of Rs 1,658.57 crore (Rs 16.58 billion).
Over 900 listed firms yet to comply with new Sebi requirement due in less than 90 days
An emergency arbitration hearing between Amazon and retail conglomerate Future Group took place last week and a verdict is expected in the next few days, according to sources.
RIL's stake in Network18 would reduce to 64 per cent, from 75%, following the merger
Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at Monday's US-India CEO Forum meeting, which will be jointly addressed by visiting US President Barack Obama and Prime Minister Narendra Modi.
Amazon has asked Sebi to suspend its review of the Rs 24,713 crore Future-Reliance deal and not grant a no objection certification on the ground that its challenge to the agreement was before the Delhi high court. E-commerce major Amazon has written to Sebi again, this time apprising it about the admission of its appeal before the division of the Delhi high court and urged the market regulator to suspend the review of the Future-Reliance Industries Ltd (RIL) deal. This is the eighth letter by Amazon to the Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi since late October. Amazon has been opposing Future group's pact with billionaire Mukesh Ambani's RIL that was signed in August last year.
RIL's Rs 53,124 crore rights issue was India's largest-ever rights issue. It was also the world's largest rights issue by a non-financial institution in the last ten years.
The latest telecom war kicked off after some pictures surfaced, showing Airtel banners among agitating farmers. According to the Jio camp, it was a giveaway that farmers were being enticed to port their phone numbers.
RIL has also appointed McKinsey senior advisor Adil Zainulbhai as independent director and Network 18 Media & Investments (NW18) former promoter Raghav Bhel as a non-executive director on the NW18 Board.
Bollywood superstar Shah Rukh Khan was again "detained" at an United States airport, the third time in seven years that he has been stopped by US immigration officials at the country's airports. However, outrage over the incident prompted US Ambassador to India Richard Rahul Verma to apologise on behalf of his government.
President Pranab Mukherjee presented five Padma Vibhushan, eight Padma Bhushan and forty-three Padma Shri awards at the Rashtrapati Bhavan in New Delhi.
Treat yourself to two of Chef Satish Arora's signature five-star dishes.
Reliance has around 100 Delight stores in the country.
"We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," Mukesh Ambani said at the company's annual general meeting.
All directors, key officials, and shareholder speakers will be visible and audible and thousands of shareholders, including those from the US, UK, Canada UAE, Japan, HongKong, Singapore, Malaysia, and Australia, will be able to post their questions and eVote on resolutions.
Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
RIL, however, remains miles ahead of TCS in other financial parameters such as total revenue, operating profit, net worth, assets, and market capitalisation.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
The complainant stated that Reliance group has consented to allot a petrol bunk to him at Peddapalli and for this purpose he even accepted to give his land for market price.
Even as regulatory focus has zeroed in on foreign e-commerce giant Amazon, a domestic retail giant has been created almost below the radar in Reliance Retail (RR), one of the most crucial businesses for the group's future. From doorstep delivery of groceries, apparels to branded jewellery, medicines, toys, furniture to high street retailing, RR's presence in the world's fourth largest consumer market is just one part of the story.
Sun Pharma stock has appreciated at 35% a year for 20 years
Companies announce Rs 768 bn worth investments in Dec quarter versus Rs 1.15 trn in Sep quarter
The company expects net proceeds of Rs 53,036.13 crore from the rights issue that opens on May 20 and closes on June 3.
Mamata Banerjee said availability of land won't be a problem in Bengal as the state government has a land bank.
