Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Reliance Jio, together with partners, has tested its 5G solutions in India, successfully demonstrating speeds of over 1 GBPS, and its 'Made in India' solution is "globally competitive", RIL chairman Mukesh Ambani said on Thursday. Ambani also exuded confidence that the company will be the first to launch full-fledged 5G services in the country. Jio is not just working to make India '2G-mukt' (free from 2G) but also '5G-yukt' (5G empowered), he added. Jio's engineers have developed a 100 per cent home-grown and comprehensive 5G solution that is fully cloud native, software defined, and digitally managed.
Shobha Kapoor and Ekta Kapoor, managing director (MD) and joint MD of media firm Balaji Telefilms have failed to obtain requisite votes on resolutions pertaining to their remuneration. According to stock exchange disclosure made by the company, the two separate special resolutions on setting their salaries for the next years got 56.77 per cent and 55.45 per cent 'against' vote.
India is poised to become a $30 trillion economy by the year 2030 from the current $1.4 trillion, industrialist Mukesh Ambani said on Friday.
Sensex may remain under pressure this week due to weak global factors.
A coming together of the brothers will combine their separate, complementary and equally formidable strengths: Mukesh can execute mega projects in record time and derive value from scale; Anil is deft with finance and all things related to consumers and brands.
RIL had said at that time the allegations were baseless and devoid of any merit.
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of $36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report. Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical. At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation.
The RIL stock has halved from an all-time high of Rs 1,626 made (intra-day) on January 15, 2008, to on Wednesday's closing figure of Rs 800.55.
Most listed corporate entities in the country are in a fix. With the sudden declaration in late March of a nationwide lockdown to tackle the Covid-19 pandemic, the final calculations of their financial results for the year 2019-20 (FY20) are hanging in limbo. Till April 19, only 41 of the 3,947 companies listed on the BSE have managed to finalise the dates for the declaration of their yearly financial results.
Jio's global partnerships took shape this year when Jio Platforms, a 100 per cent subsidiary of Reliance Jio which has invested in various digital platforms, was able to woo a bevy of marquee investors: Facebook, Google, Qualcomm, Intel, and a numerous PE funds.
The incumbents Bharti Airtel and Vodafone Idea recorded adjusted gross revenue of Rs 10,701.5 crore and Rs 9,808.92 crore, respectively, during the quarter.
Analysts cautious on outlook, expect earnings to remain under pressure over medium term.
Saudi Aramco had right from the beginning resisted the price tag Reliance had put for the 20 per cent stake in O2C business, which comprises the company's twin refineries at Jamnagar in Gujarat, petrochemical plants and 51 per cent in fuel retailing venture.
BSE Healthcare, Oil & Gas, Consumer Durable, TECk, Power and Metal indices declined between 0.5-1%.
Costlier oil due to rising conflict in Iraq threatens to hurt the India economy that is already battling price rise and slowing growth.
Markets under pressure; IT financials grab spotlight.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
Most Asian stock markets steadied on Wednesday.
Sesnsex ended the day flat on heavy selling pressure.
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