Corporate leaders like Reliance Energy and Tata group have evinced interest in Punjab government's proposed three power plants of 5,000 mw - a move that will make the state power surplus within three and half years.
Unable to kickstart its maiden transmission project even two years after winning the bid, Reliance Energy Ltd has now sought government intervention to ensure that state-run Power Grid Corporation of India Ltd signs the joint venture agreement.
Reliance Energy Ltd (REL,) that supplies power to the suburbs of Mumbai and New Mumbai, has spent Rs 30 crore (Rs 300 million) to ensure better power supply restoration system this year.
In one of the country's biggest energy deals, Reliance Industries on Monday announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to the United Kingdom's BP Plc for $7.2 billion.
With a shortage of 5,000 mw of power, all cities in Maharashtra face up to six hours of power cut and rural areas are in the dark for 16 hours daily.
RIL has faced protests from local authorities, activists and residents across India campaigning against masts and roadworks.
The Sensex lost six points to close at 6,316. The Nifty also ended weak at 1992 - down a point.
The NSE Nifty ended 15 points down at 4,252.
The last time a bear attack was launched on a controversial businessman was when a cabal of brokers launched an assault in the early 1980s on what they thought was an over-priced Reliance share, recalls T N Ninan.
Corporate giants Reliance Energy, Tata Power and Essar are among the 11 companies left in the fray for the two 4,000 MW power projects to be set in Gujarat and Madhya Pradesh at an investment of Rs 20,000 crore (Rs 200 billion) each.
The fertiliser plant would use natural gas from the company's prolific gas field off in Krishna Godavari basin off the Andhra coast as feedstock.
Reliance Energy plans to build two new power plants in Maharashtra, near the coastal town of Shahpur in Ratnagiri.
Anil Ambani controlled Reliance Energy on Tuesday said it will consider and take on record the unaudited financial results for the first quarter on July 19.
'We plan to add over 100,000 square kilometres every year, to reach an ambitious target of 500,000 square kilometres by 2025.'
'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'
Deal comes within days of Abu Dhabi's TAQA pulling out of agreement.
Upholding an order of Maharashtra Electricity Regulatory Authority, the Bombay high court on Thursday asked Tata Power Company to pay Rs 289 cr
Reliance Energy zoomed nearly 8% to Rs 1,206. Tata Steel soared 7% to Rs 850.
The sustainable impact of this process is under scrutiny, Tripathi added.
Reliance's big-bang entry across the solar ecosystem will cut dependence on Chinese imports drastically. And Ambani's repeated emphasis that RIL's new energy foray will be 'a truly global business' points that his group is playing not just for a share of the Indian pie but to be the OEM in the larger 5,000 GW global market by 2030, points out Shailesh Dobhal.
The markets opened firm with tech, bank and pharma scrips making steady gains.
Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen & Toubro and Mahindra & Mahindra, Axis Bank and Titan. On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.
Benchmark stock indices Sensex and Nifty closed higher for a second straight session on Monday following buying in index majors Reliance Industries, ICICI Bank and recovery in global markets.
A charge-sheet against Chandra and 12 others was filed.
Reliance Energy Ltd shareholders on Wednesday approved a proposal to buy back a part of its equity shares at maximum Rs 525 per share aggregating up to Rs 350 crore.
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
BSES Ltd, now Reliance Energy Ltd, has declared a 10 per cent dividend for the quarter ended June 2003, making it the first listed Indian company to pay quarterly dividend.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
Business conglomerate Adani Group's chairman Gautam Adani is now the world's second-richest person after overtaking Louis Vuitton's Bernard Arnault, according to Forbes' Real-Time Billionaires List. At the time of writing this report, Gautam Adani's net worth was $153.9 billion, compared to Arnault's net worth of $153.7 billion. Adani is now just behind business magnate Elon Musk, according to Forbes' data.
Two Adani group companies -- Adani Enterprises and Adani Transmission -- have uprooted the traditional leader Reliance Industries in annual wealth creation in 2022 so far, while the top 100 of them created a massive Rs 92.2 lakh crore of wealth, according to a report. However, Reliance Industries has smashed all records to emerge as the largest wealth creator during the five-year period ending March 2022, says the leading brokerage Motilal Oswal in its 27th annual wealth creation study. The Gautam Adani group companies have been rallying to dizzying heights in the year as the group snapped up many assets and diversified into newer areas.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
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