Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
The Supreme Court on Wednesday upheld the power purchase agreement between Tata Power Company (TPC) and BEST, a public sector unit, for electricity allocation in Mumbai.
ADAG group company Reliance Energy Ltd is the second-lowest bidder for the Rs 16,000 crore (Rs 160 billion) project, after Lanco. However, with the Lanco bid becoming invalid, REL could claim to be the lowest bidder.
Anil Dhirubhai Ambani Group company Reliance Energy Ltd on Thursday announced it has bagged three road projects valued at Rs 2,320 crore (Rs 23.2 billion) from National Highways Authority of India.
Anil Dhirubhai Ambani has picked up 2.16 per cent stake in his group company Reliance Energy Ventures Ltd through open market transactions, taking his total stake in the company to 41.77 per cent.
Reliance Industries will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
Reliance Energy Ltd said on Friday the Appellate Tribunal for Electricity has quashed an order of Maharashtra Electricity Regulatory Commission that restricted the company from offering rebates to its retail consumers in the city.
Ratan Tata, in his capacity as the chairman of the Investment Commission, has warned that major projects entailing a combined investment of nearly $60 billion are meeting delays and roadblocks for no apparent reason.
The commercial capital of India, which enjoys 24x7 power unlike any other cities of the country, is likely to suffer power cuts this summer owing to a dispute between the power distribution utilities Brihanmumbai Electric Supply and Transport and Reliance Energy Ltd over who should foot the bill for 300 Mw of power which is required to be bought to keep Mumbai free from power cuts.
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.
According to a disclosure filed with the bourses, the promoters purchased 56.15 lakh shares in REL between May 14, 2007 to January 22, raising their holding to 8.43 crore shares or 35.66 per cent. The transaction was done through creeping acquisition of shares from the open market.
ADA Group's Reliance Energy and GMR Infrastructure are the two Indian firms that have been shortlisted in the bidding process to acquire Singapore's Tuas Power, one of the three power firms put on block.
India is likely to become a $40 trillion economy by 2047 -- a 13-fold jump from its current size -- driven primarily by a clean energy revolution and digitalisation, billionaire Mukesh Ambani said on Tuesday. Ambani's estimate for the Indian economy, currently the fifth largest in the world behind only the US, China, Japan and Germany, is more optimistic than Asia's richest man Gautam Adani, who last week stated that India will become a $30 trillion economy by 2050 on back of rising consumption and socio-economic reforms. "From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world," Ambani said at the 10th convocation of Pandit Deendayal Energy University in Gandhinagar.
Over a dozen private players, including Anil Ambani-promoted Reliance Energy Ltd (REL), real estate giant DLF and infrastructure majors GMR and L&T, are understood to have bid for modernisation of Udaipur airport.Other bidders in race for the project include Soma Constructions, L&T and Gammon India, besides Dubai-based ETA, the sources added.
The Indian majors had a last minute meeting with civil aviation ministry officials before filing their bids.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Torrent Power (up 19.25 per cent) and GVK Power and Infrastructure (up 12.22 per cent) have seen a dramatic rise in the run up to PGCIL issue.
A Bench headed by Justice S H Kapadia, while setting aside the high court order, directed Reliance Energy to submit its financial bid for the project within three months.
NTPC was the top gainer among the Sensex stocks, rising by 3.53 per cent. Coal India, ONGC and Sun Pharma also rose up to 2.41 per cent.
Reliance Energy Ltd plans to invest Rs 60,000 crore (Rs 600 billion) over the next five years to add 15,000 MW of power generation capacity, company chairman Anil Ambani said in Mumbai on Tuesday.
The Appellate Tribunal for Electricity has set aside an order of Maharashtra Electricity Regulatory Commission against Reliance Energy Ltd on a dispute related to billing complaints by its customers in Mumbai.
Uttar Pradesh Chief Minister Mayawati on Friday said all major decisions of the previous Mulayam Singh government, including Reliance Energy's Dadri power project, would be reviewed.
Reliance Energy Limited has signed a Memorandum of Understanding with the Maharashtra Industrial Development Corporation to set up two group captive power plants at Butibori in Nagpur and Thane-Belapur belt near Mumbai.
Clean energy cess to hike cost for power sector.
The Sensex finally ended with a loss of 834 points (4.8% ) at 16,631. The NSE Nifty slipped over 5% (263 points) to 4,857.
The Sensex closed with a loss of 63 points at 9,311.
Reliance Energy Ltd and Tata Power Company are eyeing an equity stake in an Indonesian coal firm -- Bumi Resources -- to meet fuel requirements for their power plants in India.
The Maharashtra government's decision on the successful bidder to build its showcase project of around Rs 4,500 crore (Rs 45 billion), Mumbai Trans-Harbour Link (MTHL) or sea link between Sewri in island city of Mumbai and Nhava Sheva, is going to be watched keenly by the corporate world as Anil Ambani's Reliance Energy (REL)-led consortium is all set to submit its bid by December 15 after a long drawn legal battle.
Reliance Energy Limited has outbid seven other companies, including Tata Power and GMR, to emerge as the top contender for building India's first fully independent private power transmission lines.
Reliance Energy Chairman Anil Ambani apologised to the company's customers on Tuesday for\nnon-supply of power to some parts of the rain hit metropolis.
Contrary to a lot of speculation reported in certain sections of media, Reliance Energy on Tuesday clarified that customer do not have to pay any charge for replacing the meters damaged by rains.
Jagdish Malkani, member of the National Stock Exchange, says that cement as a sector is definitely attractive; and hotels too are doing extremely well.
The Sensex declined 26 points to close at 7,120.
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