Fuelled by the $57.8-billion merger of HDFC twins (HDFC Ltd and HDFC Bank), M&A (merger and acquisition) transactions in India touched a record high of $124.2 billion in the first half of 2022-23. Bankers said with several transactions, including the government's stake sale in IDBI Bank and Hindustan Zinc in the pipeline, the ongoing financial year will end up as the best year for M&A activity in the country. Apart from the HDFC transaction, the $6.5-billion acquisition of Holcim stake by the Adani family and L&T's $3.2-billion acquisition of Mindtree added to the record transactions in the first half of FY23.
'The estimated expenditure is expected to be more than double the Rs 60,000 crore spent in 2019'
Shares of RIL surged 4.42 per cent to its all-time closing high of Rs 1,082.20 on BSE.
Mukesh Ambani-controlled Reliance Industries Ltd will hold its annual general meeting on August 3, in which the company's plans following the settlement of ownership of Reliance empire may come up for discussion.
Reliance Infocomm violated the licence conditions by evading levy through illegally routing international calls as local ones, the government on Monday told the telecom tribunal.
In a draft audit report on the KG-DWN-98/3, or KG-D6, block, the Comptroller and Auditor General said the Directorate General of Hydrocarbons allowed Reliance to hike capital expenditure for developing Dhirubhai-1 and 3, the largest of 18 gas finds in the block, by 117 per cent.
The home-grown retail player will strengthen its Reliance Market chain to take its turnover to Rs 50,000 crore (Rs 500 billion) in two-three years.
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
ICICI Lombard has secured the top slot in new business collections among private general insurers in the first half of this fiscal.
RCap had proprietary investment book of Rs 2,000 crore (Rs 20 billion) as on end-March and owns stake in a host of companies.
Nita Ambani's appointment on the board of directors of RIL was met with thunderous applause.
Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
'Elections are fought to win.' 'In our party, the leadership takes the final decision, and our leaders are very clear about it.'
India and China recently held a fresh round of high-level military talks to resolve the border row that witnessed both sides agreeing to maintain "peace and tranquillity" on the ground but there was no indication of any breakthrough.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Reliance Industries, which has seen output from its prolific KG-D6 fields fall by 15 per cent, can raise production to 67-68 million cubic metres of gas a day by next month if it can drill additional wells.
We are going to deliver 36 aircraft. If the government of India wants more aircraft, we will be pleased to deliver, he said.
Market concentration in the country's telecom sector continues to scale new heights despite government bailouts of public-sector Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL), and private-sector Vodafone Idea. The combined revenue (or net sales) share of the country's top two telecom operators - Bharti Airtel and Reliance Jio - in the sector's total reached an all-time high of nearly 72 per cent in FY23 from 70.4 per cent in FY22 and around 60 per cent in FY20. The net sales of Reliance Jio and Bharti Airtel India were Rs 1.67 trillion in FY23, up 18.6 per cent from the Rs 1.4 trillion a year earlier.
Investment banking sources said Reliance had made its desire clear to be a global petrochemicals major.
An improved showing of mutual funds (MFs) is helping the industry attract distribution talent at a brisk pace. The industry has onboarded a net of 11,600 individual distributors in the first seven months of 2023-24 (FY24) compared to just 5,555 distributors in the whole of 2022-23 (FY23), according to data from the Association of Mutual Funds in India. Like most financial products, MFs also have significant reliance on individual distributors to sell their products, even as digital platforms are gaining popularity.
Reliance Retail's digital commerce platform JioMart will morph into an e-marketplace offering multiple brands - from electronics, consumer durables, fashion and lifestyle, beauty, home, kitchen, and grocery - as it girds up to take on the likes of Amazon and Flipkart ahead of the festival season sales. India's largest retailer was in the process of onboarding third-party sellers these past few months, further increasing its selection across categories multifold. Its website and application offers general merchandise as well.
It is time the political leaderships in this country arrived at a common ground over issues of foreign and security policy concerns. There has to be a greater communication between the government and the Opposition leaderships for the nation to present a unified face against the rest of the world, advises N Sathiya Moorthy.
The company expects net proceeds of Rs 53,036.13 crore from the rights issue that opens on May 20 and closes on June 3.
'...which is possible through flexicap and multicap funds.' 'The latter has a better balance between large, mid and smallcap stocks.'
This year will be the one when GenAI becomes a part of the daily lives of people around the world.
Niira Radia had said friends in high places enabled favourable EGoM decision on Sasan coal diversion, a charge staunchly denied by Reliance Power.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
Reliance Capital has two credit verticals -- Reliance Commercial Finance and Reliance Home Finance -- with a cumulative asset of over Rs 25,000 crore.
In a strategic move, the BJP has welcomed prominent Christian figures like Anil K Antony, son of Congress stalwart AK Antony, and seasoned Kerala politician PC George, into its fold.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
Reliance Industries (RIL) has reset its battery pack production timeline, shifting it from 2023 earlier to 2024, details shared in the oil-to-telecom conglomerate's latest annual report suggest. In the FY23 annual report released on Sunday, the company has listed the start of battery pack production in 2024. A year ago, at the company's annual general meeting (AGM), Mukesh Ambani, chairman and managing director of RIL, had said, "We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell-to-pack manufacturing facility by 2024."
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Indian petrochemicals giant Reliance Industries plans to raise its annual petrochemicals capacity by two million tonnes over the next three to five years, its chairman Mukesh Ambani told shareholders at the annual general meeting.
Struggling to gain political traction on issues of corruption, the West Bengal Bharatiya Janata Party is shifting its focus to emotive topics such as the Ram Temple in Ayodhya and the Citizenship Amendment Act (CAA) in a bid to achieve its target of securing 35 out of the 42 Lok Sabha seats from the state.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
For the company's latest energy initiative to expand its green energy and storage portfolio, some analysts are beginning to suggest a closer look at some of its segments. In his address to shareholders in the company's FY22 annual report, billionaire Mukesh Ambani, chairman and managing director of the company, said: "The green energy value holds great promise to outshine all our existing growth engines in just 5-7 years." The company has marked an investment of Rs 75,000 crore towards its new energy plans, which include solar energy value chain, green hydrogen, energy storage and other similar businesses.
After its successful launch of telecom business, Reliance is likely to revive its plans to foray into yet another green-field area -- life insurance -- by March this year.
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