Billionaire Mukesh Ambani-led Reliance Industries Ltd has lost its position as the Indian stock market's most influential individual company to IT major Infosys, following a recent plunge in its share price.
The certified copies of the orders of the Gujarat and Bombay high court, sanctioning the scheme of amalgamation of IPCL with Reliance Industries, were filed with the respective registrar of companies on Wednesday.
It calculated that the government should have got an additional profit share of $ 115.263 million.
Mukesh Ambani-led RIL and Anil Ambani group firm RNRL on Thursday urged Justice R V Raveendran to ignore news reports on his presence on the Bench despite having shares of the two warring companies.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
RIL had sought to settle a probe by Sebi into the alleged violation of insider-trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum in 2007.
State-run energy giant ONGC has toppled corporate behemoth Reliance Industries from the top position in terms of market capitalisation after a more than one per cent dip in RIL's share price.
RIL has filed a petition before SAT against Sebi's rejection of its application for 'consent settlement' of a probe into alleged violation of insider trading norms in sale of shares of the company's erstwhile subsidiary RPL.
According to sources in the know, Anil Ambani-led RCom will be providing all infrastructure - towers, fibre, backhaul as well as its national and international long distance facilities-- to RIL's high-speed broadband services.
RIL, which had over 1,470 retail outlets, is said to be running only 350 of those at present.
RIL executive director P M S Prasad on November 25 wrote to Oil Secretary G C Chaturvedi highlighting five critical issues, including approval of pre-development activities for satellite and R-series fields in the KG-D6 block, which have been awaiting the nod from the Oil Ministry and its technical advisor, the Directorate General of Hydrocarbons.
Mukesh Ambani's Reliance Industries is slugging it out with fuel retailers in Gujarat.
RIL said it has priced its 144A/Reg S bonds to yield 240 basis points over US Treasuries Note at a 4.125 per cent coupon.
'I would not suggest buying these stocks in the dip, as the upside in profit is dented without a safety net for a rainy day.'
The company's investments in telecom business reached 15-20% of capital employed.
In a New Year bonanza for its nearly three million shareholders, Reliance Industries will offer them shares of four Anil Ambani group companies on January 25.
Contract does not provide for retrospective penalty for 'such' acts
The letter comes days after the government made it clear that the empowered Group of Ministers approved price of $4.2 per mmBtu for RIL's KG basin gas.
Reliance Industries Ltd on Thursday told the Delhi High Court that the Delhi government's decision to probe the Centre's policy on gas pricing was a "peculiar" and "absurd" situation.
But, despite the exits, RIL continued to top the list of stocks with maximum number of FII shareholders.
The petroleum ministry on Wednesday pledged support to power firm NTPC in its legal battle to get natural gas from Mukesh Ambani-led RIL at a price committed in 2004 and said the public sector unit's interests will not be compromised.
Reliance Industries is likely to sign a gas sale contract with Indraprastha Gas Ltd on Thursday that would use the supplies from RIL's eastern offshore gas fields for vending CNG to automobiles and piped gas to kitchens in the national capital.
The merger between the RIL and RPL would enhance value for shareholders of both the companies, RIL Chairman Mukesh Ambani said in Mumbai on Monday.
Given the incredibly high stakes involved, the Comptroller and Auditor General and Central Vigilance Commission should examine relevant facts and find out if capex was overstated, Anil said, pointing that budgeted expenditure of RIL for peak production of 40 mmscmd was only Rs 12,000 crore (Rs 120 billion) in 2004.
Reliance Gas, which had successfully bid for three cities -- Rajahmundry in Andhra Pradesh, Shahdol in Madhya Pradesh and Yanam in Pondicherry -- during the second round of bidding for CGD in 2009.
The Comptroller and Auditor General, which had at the end of its first sitting with RIL in January suspended the audit of spending on the flagging KG-D6 block following differences with RIL over scope and extent of the scrutiny, is likely to resume it next two weeks.
RIL commanded a market value of Rs 246,995 crore (Rs 2,469.95 billion) at 0945 hours on the Bombay Stock Exchange, which was higher than any other listed company.
An investigation by government agencies is under progress into the alleged violation of rules in investments made by Singapore-based Biometrix Marketing, a Reliance Industries (RIL) group firm.
Reliance Industries (RIL) is looking at yet another shale gas acquisition in North America, its third in three months. The transaction is said to be in line with RIL's recent acquisition of a 45 per cent stake in Eagle Ford shale acreage of Pioneer Natural Resources. Sources in the company confirmed the development.
Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
Despite the increased business risks, the rating agency affirmed Baa2 ratings, three notches down from the highest grade, with a stable outlook for RIL, Moody's Investor Service said in its weekly outlook.
As per the 15-day billing cycle, gas producers are to raise the first invoice at the revised price of $5.61 per million British thermal unit this weekend.
RIL accounted for over a quarter of the country's LPG production of around 8.5 million tonnes per annum (mtpa) last year. Around 2.5 mtpa LPG - the only petroleum product in which India is not self-sufficient - was imported last year to meet the domestic demand of 11 mtpa. RIL is planning to cut LPG production at Jamnagar from 2.3 mtpa to around 1.6 mtpa from mid-2008 following the grant of export-oriented-unit (EoU) status to the refinery.
The company commands a market value of Rs 2,74,874 crore (Rs 2,748.74 billion) -- the highest for any listed firm in the country.
RIL said it had launched 'an internal probe' into its staff's detention.
Production from its KG-D6 gas field is set to increase and the government is likely to revise gas prices.
Last week, RIL and urea companies failed to settle the key terms of gas supply from April 1 upon expiry of the five-year contracts that priced gas from the eastern offshore KG-D6 fields at $4.205 per million British thermal units.
The agency would probe whether Sibal had shown undue favour to RIL.
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