The government on Friday formally cleared Reliance Industries' Rs 16,000 crore (Rs 160 billion) petrochemical special economic zone, which would come up near the company's Jamnagar refinery.
Shares of Reliance Industries jumped over 4 per cent on Friday, helping the equity benchmark indices finish the day with smart gains. A rally in the equity also added Rs 64,723.85 crore to the company's market valuation. The stock rallied 4.29 per cent to finish at Rs 2,331.05 on the BSE.
The Bombay high court on Monday reserved its order till December 9, on a Reliance Industries Ltd petition seeking approval of the demerger scheme worked out as part of a settlement between Ambani siblings, Mukesh and Anil.
The Securities Appellate Tribunal adjourned the hearing on RIL plea against SEBI in the insider trading case, for the fourth time in a row, to July 22 as the company sought more time to file its response.
Other income stood at about a quarter of PBIDT in the first 9 months of 2013-14
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
The foreign acquisitions are being looked at to strengthen RIL's core businesses like petrochemicals, polymers and refinery, sources said, adding that the company has found that the economic downturn has created some right-valued acquisition opportunities.
RIL is also fighting a case with Reliance Natural Resources Ltd in the Supreme Court on supply of 28 mmsmcd at the NTPC price to the Anil Ambani-owned company. Though Subramanium has said this case has no bearing on NTPC, the ministry of petroleum and natural gas' plea in the Supreme Court may have implications on price and utilisation of gas sales from RIL's D6 block in the Krishna-Godavari basin.
The case relates to alleged wrong classification of mixed xylene
Its entry into the broadband wireless segment could add $1 billion to profits.
The agency said the rating revision to stable with apositive outlook reflects continuing strong financial and operating performance.
The company restarted CDU-I on Thursday, an industry source said. Earlier this month the company had said it would partially shut down the refinery (J-1) for 2-3 weeks to carry out maintenance work.
"With RIL commissioning its second refinery last December, the total capacity of the (Jamnagar) complex will go up to 1.24 million barrels a day, exposing it to international vagaries. By surrendering the EOU status of one refinery and maintaining that of the other, the company will be able to hedge its risks," said an industry veteran. EOU status for RIL's second refinery currently ends in March 2010.
Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.
CAG, in the third round of audit of KG-D6 as well as three other oil and gas fields, on November 11 wrote to RIL seeking records to audit spending in 2012-13.
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The five discoveries -- D4, D7, D8, D16 and D23 - hold 0.805 trillion cubic feet of reserves, or about one-fourth of the restated reserves in the currently producing Dhirubhai-1 and 3 (D1&D3) fields in KG-D6 block, and are worth $10 billion.
RIL chief Mukesh Ambani said the company was fully geared to participate in India's growth and continued global recovery in the coming years.
Analysts remain confident RIL's refining and petrochemical segment will continue to support growth.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
Reliance Industries on Wednesday assailed reports of the Comptroller and Auditor General and expert P Gopalakrishnan, which have alleged the company got undue benefits pertaining to Krishna-Godavari basin gas and its pricing.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
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.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion, the Minister informed the Lok Sabha on Tuesday.
The Supreme Court on Wednesday agreed to hear a plea seeking stay on arbitration proceedings on a dispute between Mukesh Ambani-led Reliance Industries Ltd (RIL) and the government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin.
RIL has discovered more gas in Krishna offshore basin. The company has named this block Dhirubhai - 38.
Reliance Industries Ltd (RIL), the operator of the KG-D6 gas block, has told the government it cannot comply with its latest directive on prioritising gas supply.
With Reliance Industries openly expressing displeasure about the merger between its joint venture gas partner, Atlas Energy, with Chevron, all eyes are now on Atlas' special shareholder meeting on February 16, called to approve the proposed merger.
Reliance Industries on Wednesday said it has commissioned the country's first one-megawatt solar plant to power a stadium to be used in the upcoming Commonwealth Games.
Equity benchmarks ended lower on Tuesday, putting a break to their seven-day rally, amid weak Asian market cues and mixed trends from European stocks. The 30-share BSE benchmark failed to hold on the early gains and declined 287.70 points or 0.48 per cent to finish at 59,543.96. During the day, it hit a low of 59,489.02 and a high of 60,081.24.
The government had in October 2007 set a sale price of $4.20 per million British thermal unit based on the price discovered by RIL from key customers.
Telecom and petchem businesses will drive growth for RIL.
Leading Indian companies-- ITC Ltd and Reliance Industries Ltd (RIL)-- have received top rating in Asia for their corporate social responsibility (CSR) initiatives, according to report by the Hong Kong-based brokerage and investment firm, CLSA.
Mukesh Ambani's Reliance Industries (RIL) might be denied a higher gas price from its D1 and D3 fields until the arbitration process with the government is over and a third-party expert report on the fall in output at the KG-D6 block is out.
In the 38-page report, across 10 chapters, RIL explained how it entered the exploration and production business; the history of the New Exploration and Licensing Policy and the introduction of production-sharing contracts.
The Directorate General of Hydrocarbons last month recommended to the Oil Ministry that $792 million of the cost RIL has incurred in KG-D6 fields be disallowed for producing only an average of 26.07 million cubic meters per day of gas as against the target of 86.73 mmcmd in 2012-13.
Based on the panel's formula, the base price of domestic natural gas comes to around $7.4 per million British thermal unit (mBtu), but the pricing formula proposed by RIL, officials say, translates the price into $13-14 an mBtu.
