Market cap touches Rs 5 lakh crore; earnings growth to spurt in FY19
Reliance Energy Ventures Ltd shares listed on the bourses on Friday and traded at Rs 48.90.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
The markets opened in the positive terrain on the back of positive Asian cues
Saisuresh Sivaswamy/Rediff.com decodes Prime Minister Narendra Modi's speech after the Pran Prathistha ceremony at Ram Temple in Ayodha.
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
Billionaire Mukesh Ambani's Reliance Jio is India's strongest telecom brand in India, ahead of Bharti Airtel and Vodafone Idea Ltd, according to brand intelligence and data insights company TRA. TRA, formerly Trust Research Advisory, in its 'India's Most Desired Brands 2022' ranked companies according to their brand strength. Reliance Jio topped the telecom category, followed by Bharti Airtel, Vodafone Idea Ltd and BSNL.
Reliance Energy on Thursday said it will invest more than Rs 20,000 crore (Rs 200 billion) for setting up the Dadri power plant in Uttar Pradesh.
Reliance Industries will by 2030 create or enable capacity to generate at least 100 gigawatts of electricity from renewable sources, which can be converted into carbon-free green hydrogen, its chairman Mukesh Ambani said Friday as he outlined a 1-1-1 vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade. The focus on generating electricity from renewable sources of energy such as solar and wind -will help cut carbon emissions in the world's third-largest greenhouse gas emitter. The same electricity, when converted into green hydrogen, can replace petrol and diesel in automobiles and other fuels in the industry, helping cut down on the use of fossil fuels, carbon emissions and reduce import dependence.
Reliance's entry into the club of integrated energy majors, courtesy the start of oil production in the Krishna-Godavari basin, marks a strategic inflection point for India, as it comes some three decades after the last major find at Bombay High went into production.
The markets opened in the positive terrain after seeing a flat close yesterday
Announcing a bullish stance on the company's financial position, the chairman and managing director said that RIL would become debt-free on a net basis in the current 2011-12 fiscal.
A piece of slightly negative news can cause a serious setback, warns Debashis Basu.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks. Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
Late selling in the market saw the Sensex close seven points lower at 9,374.
After the controversy over pricing of gas from the Krishna-Godavari basin, the Ambani brothers are locked in another court battle.
The 30-share BSE Sensex opened marginally weak but soon moved into the positive region
From the Sensex pack, HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv and ICICI Bank were the major gainers. Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies and Axis Bank were among the laggards.
The Brihanmumbai Electric Supply and Transport Undertaking demanded on Thursday that the Maharashtra Electricity Regulatory Commission revoke the licence of Reliance Energy (REL) and give BEST the right to supply power to Mumbai suburbs. At present, REL caters to the suburban areas and BEST a major part of the city. In fact, MERC had asked both BEST and REL to sign power purchase agreements with TPC.
The Sensex took less than two years to rally from the 10,000-mark it first hit in February 2006 to double that on that New Year's Eve.
Asking India's Reliance Industries and other energy firms doing trade with Iran to choose either Tehran or Washington, US Senators have moved a bill aimed at penalising such companies.
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
Reliance Industries found huge natural gas reserves in the very first well it drilled, which subsequently proved to be the world's second largest deepwater discovery in the last decade.
The only company left in the race for the Rs 2,600-crore (Rs 26 billion) project is Mukesh Ambani-controlled Sea King Infrastructure Ltd as other bidders have withdrawn from the race.
The company clocked a revenue of Rs 1,983.93 crore (Rs 19.83 billion) in April-June 2007-08 as against Rs 1,325.97 crore (Rs 13.25 billion) in the corresponding quarter of the last fiscal.
Oil to telecom conglomerate Reliance Industries (RIL) has initiated the process to seek shareholders' approval for the appointment of the third generation of the Ambani family on the company's board. The remote voting through postal ballot will start from September 27 onwards. In a separate note, CreditSights said a trust and hold-co model could be a possibility for the anticipated succession at RIL.
Cairn India is 25th on the list with 22.2 per cent CGR.
The Maharashtra government will take a final decision on the Anil Dhirubhai Ambani Group (ADAG)-led consortium's bid for the Rs 6,000 crore (Rs 60 billion), six-lane sea link between Sewri and Nhava Sheva, better known as the Mumbai Trans Harbour Link (MTHL), within two weeks, said Public Works Minister Anil Deshmukh.
The indices are moving in a narrow band. The Sensex is currently at 5183, up 13 points, while the Nifty is unchanged at 1632.
That the Anil Ambani-owned Reliance Energy Limited (REL) will be affected by the Allahabad High Court's decision on the land acquired by it for its 7,500 Mw Dadri power plant is obvious since the entire process of inviting objections to the acquisition has to be initiated from scratch.
Anil Ambani Group company Reliance Energy, top conglomerate Tatas and engineering giant L&T are among the shorlisted bidders for upgradation of Amritsar and Udaipur airports, financial bids for which will be invited by month-end. Airport Authority of India (AAI) had shortlisted five bidders each for the two airports. AAI will invite the request for proposals by month end and the outcome of this will be known possibly by middle of June. Fraport and Lanco are also shortlisted.
Mumbai's first metro project between Versova-Andheri-Ghatkopar will be commissioned in 30 months, instead of the stipulated 60 months.
Company is looking to raise the funds through dollar-denominated loans.
Heavy selling pressure towards the end saw the Sensex slide to a low of 9714, and closed with a loss of 101 points at 9743.
Addressing Reliance Industries'40th Annual General Meeting (AGM) on Wednesday, Reliance Chairman Mukesh Ambani said the company will invest Rs 1,80,000 crore in next three years.
India's electric two-wheeler (E2W) sector is expected to cross the one million mark in 2024 fuelled by rising demand, increased production, and affordability, industry experts said, even as several original equipment makers are expanding their penetration to rural areas. Improved battery technology and innovative features are also likely to fuel growth, they said. "E2W sales will breach the 1-million mark in 2024 as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology," Hyder Khan, chief executive officer (CEO), Godawari Electric Motors, said.
Singh has been alleging that the state government had acquired land from farmers for the Reliance Energy power project at dirt cheap prices and is leading a campaign on the issue.
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