Reliance Brands Ltd (RBL) will pick a 40 per cent minority stake in renowned fashion designer Manish Malhotra's MM Styles Pvt Ltd, for an undisclosed sum, the two companies said on Friday. This is the first external investment for the brand, which had so far been privately held by the designer. The strategic partnership is aimed at accelerating the 16-year-old couture house's growth plans in India and across the globe, they said in a joint statement.
After lagging behind other segments in the automotive (auto) space over the past few years, two-wheelers are expected to reverse their volume underperformance. After witnessing a 36.3 per cent volume decline over the 2018-19 (FY19) through 2021-22 (FY22) periods, the sector staged a recovery in 2022-23 (FY23), with volumes rising 17 per cent. While volumes are still a quarter lower than the FY19 peak of 21 million units, a double-digit growth trajectory is expected to prolong.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
Electric two-wheeler (e2W) maker Ather Energy has submitted preliminary papers to the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the IPO will comprise a fresh issue of equity shares valued at Rs 3,100 crore, alongside an offer for sale of 22 million equity shares by its promoters and investor shareholders.
From the Sensex basket, Maruti, Mahindra & Mahindra, NTPC, JSW Steel, Larsen & Toubro, Reliance Industries, Axis Bank, and Power Grid were the major gainers. Nestle, Wipro, Tata Consultancy Services, HDFC Bank, Titan, HCL Technologies and Infosys were the laggards.
India Inc reported an uptick in revenue growth in the January-March quarter (Q4) of 2023-24 (FY24), but it came at the cost of a deceleration in earnings growth.
President Droupadi Murmu on Wednesday emphasised the need to strengthen affirmative action as a tool for inclusion while urging the rejection of divisive tendencies rooted in perceived social hierarchies.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) has seen pre-tax profit recover to pre-pandemic levels on the back of continued growth in consumer businesses, Moody's Investors Service said on Monday. The oil-to-retail-to-telecom behemoth on Friday reported a 0.7 per cent Ebitda (earnings before interest, tax and depreciation and amortisation) growth for the quarter ended December 31, 2020, compared with the corresponding quarter in the previous year. "A strong performance in digital services and retail segments underpinned the improvement in consolidated earnings, a credit positive," Moody's said commenting on the earnings. Continued growth in earnings combined with the company's strong balance sheet with zero net debt on a reported basis will keep Reliance's credit metrics strong for its Baa2 rating over the next 12-18 months, it said.
India, the world's third largest oil consuming and importing nation, in July bought $2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.
In about two years of commercial roll out of its fixed-line broadband services, Reliance Jio has toppled 20-year-old state-run telecom company BSNL as top service provider in the segment. According to a monthly telecom subscribers report released by the telecom regulator Trai on Tuesday, Jio now leads the fixed-line broadband segment with 4.34 million customers. The segment had been dominated by the state-run telecom since its inception about 20 years ago.
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
'In the audience's mind there is no urgency to go see a film in the theatre.' 'If you pay for social media buzz it does not convert into bums on seats.'
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
Bajaj Finserv, Infosys, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies were the biggest gainers. On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were among the laggards.
Reliance Industries Limited (RIL) has been one of the top performing companies in the large cap space under the chairmanship of Mukesh Ambani and has beaten the broader market both in terms of earnings growth and shareholder returns. In the last 20 years, RIL's net profit has grown at a compound annual growth rate (CAGR) of 15.7 per cent while its net sales have grown at a CAGR of 15.1 per cent. RIL's net profit at consolidated level has jumped 18.5 times in the last two decades growing from Rs 3280 crore in FY02 to Rs 60,705 crore in FY22; its net sales grew 16.6 times from Rs 42,129 crore to Rs 6.99 trillion.
The market capitalisation of listed companies on the NSE surpassed $5 trillion (Rs 416.57 trillion) on Thursday on a day when the Nifty 50 index touched an all-time high of 22,993.60. The Nifty 500 index also touched an all-time high of 21,505.25 on Thursday indicating that growth in the equity market is not restricted to only the large capitalised stocks, a statement by NSE said.
Vodafone Idea's (Vi's) subscriber loss reduced to a seven-month low in March, and alongside the company added 1.1 million broadband users after two months of net loss -- two things analysts have noted as key trends that need to be monitored. While Vi has been losing customers for more than two and a half years now, the churn reduced to below a million after five straight months in March, the Telecom Regulatory Authority of India (Trai) data has shown. "Jio's softer than usual subscriber growth in March, and VIL's slowing subscriber market share loss are key trends to keep an eye on going forward," global investment banking and financial services major UBS said in an analyst note.
The strong correlation between its sales (revenue or turnover) and crude oil prices (average for the financial year) suggests that Ambani may be proved right.
Private equity (PE) investments in India have fallen to a 6-year low at $24.2 billion in the financial year ending March 2024. Investments via PE deals are down 47 per cent compared to FY23, when private equity deals worth $45.8 billion were signed. According to data sourced from Bloomberg, PE firms had signed record deals worth $80 billion in the financial year ending March 2022.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
Modi said laws which divide the country on communal lines and become a reason for inequality have no place in a modern society.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
Reliance Industries Ltd on Friday reported a 7 per cent drop in its June quarter net profit as retail business got hit by the second wave of COVID infections.
Benchmark equity indices Sensex and Nifty declined nearly 1 per cent on Wednesday, falling for the fourth day running amid profit-taking by cautious investors ahead of the results of the Lok Sabha polls. The 30-share BSE Sensex declined 667.55 points or 0.89 per cent to settle at 74,502.90. It went below the 75,000 mark to hit the day's low of 74,454.55, plunging 715.9 points or 0.95 per cent.
Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
The labour ministry on Monday rebutted a recent report by Citigroup which forecast that India will struggle to create sufficient employment opportunities even with a 7 per cent growth rate. The ministry in a statement said the report "fails to account for the comprehensive and positive employment data available from official sources such as Periodic Labour Force Survey (PLFS) and the Reserve Bank of India's KLEMS data."
Reliance Industries chairman and MD Mukesh Ambani on Tuesday announced an additional Rs 20,000-crore investment for West Bengal over the next three years. Ambani said the fresh investment will be in the areas of digital life solutions, retail and bio-energy.
India may have to lean more on West Asian nations for supplies of liquefied petroleum gas (LPG), a cooking fuel, in the coming years after Indian state-run refiners drew up big plans to diversify into producing more profitable petrochemicals. This shift leads to reduced LPG output, Indian refining executives said. The mantra for state-run oil companies, from Indian Oil Corporation (IndianOil) to liquefied natural gas (LNG) importer Petronet LNG, which are looking to diversify their businesses from lower-margin fuels, has been value-added petrochemicals.
Reliance Brands Ltd (RBL) on Monday announced forming a 60:40 joint venture with Rahul Mishra brand RM, which will create and own a new brand that would encompass courtier's ready to wear business. The new brand would grow both vertically and horizontally in the fields of accessories, footwear, home, beauty, and jewellery for a worldwide audience, said a joint statement. Rahul Mishra will lead the creative direction of the new brand as creative director, it added.
In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.
Reliance Industries' (RIL's) consumer business is expected to lead earnings growth in the Q3FY24 performance, according to analysts. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is estimated to show strong growth. The oil-to-telecom conglomerate will announce its Q3FY24 financial results on Friday.
Seeking to assuage pilot shortage concerns, Akasa Air's chief executive Vinay Dube on Friday said the carrier has sufficient pilots and flyers should not expect any flight cancellations. "We have plenty of pilots. We have given numbers like 700 in the past. "I don't think this is something from an Akasa perspective people need to worry about because we have got this plan in place where we have pilots not just for our current set of aircraft but we have got pilots for the foreseeable future in terms of growth," Dube told PTI at the sidelines of a CII event.
Total wireless subscribers increased from 1.1 billion, in January to 1.2 billion in February, thereby registering a monthly growth rate of 0.72 per cent.
Even as regulatory focus has zeroed in on foreign e-commerce giant Amazon, a domestic retail giant has been created almost below the radar in Reliance Retail (RR), one of the most crucial businesses for the group's future. From doorstep delivery of groceries, apparels to branded jewellery, medicines, toys, furniture to high street retailing, RR's presence in the world's fourth largest consumer market is just one part of the story.
Record equity divestment by the Reliance Group in its telecom and retail businesses garnering around $23 billion revved up the deal street in 2020, which otherwise would have gone down as one of the dullest on record, and dealmakers are seeing sunnier days in 2021 given the large scope for consolidation in a slew of sectors ravaged by the pandemic. With Jio Platforms alone garnering over $16 billion (Rs 1,18,318 crore) by selling 25.24 per cent stake and Reliance Retail notching up $6.4 billion (Rs 47,265 crore) by divesting around 9 per cent shareholding, the deal street signed off with $85 billion in the deal kitty across 1,270 transactions. This is higher by about 10 per cent over 2019. What is significant is that over a third of the total deal value came from Reliance transactions, say investment bankers.
Prime Minister Narendra Modi on Wednesday said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth. He also said that in the rapidly changing world order, India is moving forward as 'vishwa mitra' (friend of the world). Speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw participation of state hea
Telecom operator Bharti Airtel on Tuesday posted a 31 per cent drop in consolidated profit to Rs 2,072 crore in the March quarter mainly due to devaluation of the Nigerian Naira. The company had registered a profit of Rs 3,005.6 crore in the year-ago period. The consolidated revenue of operations increased 4.4 per cent to Rs 37,599.1 crore during the quarter under review from Rs 36,009 crore a year earlier.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
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