BSES Ltd became a part of the Reliance Group with Anil Ambani being appointed chairman of the Mumbai-based power utility.\n\n\n\n
With the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) planning to approach the Supreme Court, challenging a High Court order for selling gas at $2.34 per million British thermal unit (mBtu) to Reliance Natural Resources Ltd (RNRL), the chances of an agreement between the Ambani brothers by July 15 appear remote.
Promoters have consolidated their stake in Reliance Industries Ltd by picking up a 2.02 per cent stake in it through open market transactions, taking their total share in the company to 49.16 per cent.\n\n
There is nothing much for Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate with Reliance Industries Ltd, as the price and quantity of gas it is seeking will be dictated by the government policy and the tenure of supply will depend on life of the fields.
In a major relief to Mukesh Ambani-led Reliance Industries Ltd, the Bombay High Court Friday allowed the sale of gas from the Krishna-Godavari basin at $4.20 per million British thermal unit (mBtu) and reserved final judgment on a case brought by Anil Ambani-run Reliance Natural Resources Ltd.
The government told the Bombay high court on Friday that the empowered group of ministers decided that Mukesh Ambani-led RIL will start supplying gas from the KG basin to Anil Ambani's Dadri power project and other upcoming power plants once it is ready to begin operations.
The company's net profit was Rs 5,972 crore in the same period of 2014-15 fiscal.
A fall in crude oil price and Aramco's $75 billion annual dividend commitment may have delayed Saudi company picking a stake in Reliance Industries Ltd's oil-to-chemical unit (O2C), research firm Jefferies said. Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
Chairman of Reliance Industries Ltd Mukesh Ambani and his younger brother Anil today met Home Minister P Chidambaram separately at his North Block office within a span of 50 minutes.
Sebi was probing a complaint by S Gurumurthy of Swadeshi Jagran Manch, alleging that RIL and its investors lost at least Rs 2,700 crore.
Industrialist Anil Ambani on Tuesday dared the petroleum ministry to take back the ownership of gas fields from Reliance Industries Ltd if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore (Rs 500 billion).
The Supreme Court on Monday asked Mukesh Ambani-run Reliance Industries Ltd and Anil Ambani group firm Reliance Natural Resources Ltd to reply to the government's prayer for declaring 'null and void' their family agreement on gas supply, and posted the matter for hearing on September 1.
A division bench of Justices J N Patel and K K Tated said that the new agreement should be as per the memorandum of understanding between the Ambani brothers Mukesh and Anil. The MoU stipulates that RIL would supply 28 mmscmd of gas to RNRL for 17 years at the rate of $2.43 per million British Thermal Units.
RNRL had sought 28 mscmd of gas for 17 years at $2.34 per million British thermal units (mBtu) from Mukesh Ambani's RIL.
Read the full text of the Supreme Court ruling in the Krishna Godavari Basin gas dispute between Mukesh Ambani-led Reliance Industries Ltd and Anil Ambani's Reliance Natural Resources Ltd.
RRVL will make an open offer to acquire up to an additional 2.17 crore equity shares of Just Dial, representing 26 per cent stake, in accordance with Sebi Takeover Regulations, a regulatory filing said.
Reliance Industries edged past Oil and Natural Gas Corporation in morning deals on Thursday to become India's most valuable company with a market capitalisation of Rs 1,60,949 crore (Rs 1609. 49 billion).
With the Supreme Court likely to announce its judgement on the gas price tussle between Ambani brothers next week, the share price of Reliance Industries Ltd has taken a sharp knock while Reliance Natural Resources Ltd witnessed a spike.
The National Commodity and Derivatives Exchange Ltd plans to rope in oil companies like Indian Oil Corporation and Reliance Industries Ltd to boost Brent crude futures trading on the bourse.
RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
Reliance Industries Ltd (RIL) was the star performer in Friday's session, spurting over 6 per cent to its all-time high, Other Sensex gainers included Bajaj Finance, PowerGrid, ICICI Bank, Maruti, Axis Bank and SBI. On the other hand, IndusInd Bank, HCL Tech, ITC, M&M HDFC and Infosys shed up to 2.94 per cent.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
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.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
IndianOil targets monthly 5,000-tonne polypropylene exports
Many top firms have had to write down their investments, as the value of those have collapsed due to sluggish biz conditions.
Bharti Airtel on Monday reported a 168 per cent year-on-year rise in consolidated net profit to Rs 3,593 crore for the September quarter, and the company unveiled top-level changes, including Gopal Vittal moving into the role of executive vice chairman on January 1, 2026. India's second-largest telco - that competes with Reliance Jio and Vodafone Idea in the Indian telecom market - clocked quarterly revenues of Rs 41,473 crore, 12 per cent higher than the year-ago period, aided by strong momentum in India and growth in Africa.
Reliance Capital Partners, a part of Anil Ambani-controlled Reliance Capital Group, will acquire 14.55 per cent stake in Maxwell Industries Ltd for Rs 45 crore (Rs 450 million).
In a nearly 10-year-old case, Sebi on March 24 had banned Reliance Industries and 12 others from equity derivatives trading for one year, while accusing RIL of making 'unlawful gains'.
Mukesh Ambani's Reliance Industries Ltd is taking the Bombay High Court order of June 15 on gas supply to Anil Ambani's Reliance Natural Resources Ltd to the Supreme Court."We have been advised to and are filing appropriate proceedings in the Supreme Court against the judgment delivered by the Bombay High Court," it told RNRL in a mail, in reply to an earlier letter sent in the day by the former, demanding that the HC judgement be implemented without more delay.
Petroleum secretary RS Pandey declined to comment on the court verdict till the Government received a copy of the order. The Bombay high court on Monday upheld Anil Ambani group firm Reliance Natural Resources Ltd's contention to buy 28 mscmd of gas from Reliance Industries Ltd at USD 2.34 per mmBtu for 17 years.
Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, will set up a new age world-class university in India.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
Billionaire Gautam Adani's group has created a new company for its foray into healthcare services through the acquisition of large hospitals, diagnostic chains, and offline and digital pharmacies. Adani Enterprises Ltd - the group's business incubator firm - in a regulatory filing said a wholly-owned subsidiary, Adani Health Ventures Ltd (AHVL) was incorporated on May 17, 2022. AVHL will "carry on the business of healthcare-related activities including, inter alia, setting up, running, administrating medical and diagnostic facilities, health aids, health tech-based facilities, research centers and to do all other allied and incidental activities in this regard," it said.
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
Richest Indian Mukesh Ambani on Tuesday said India will grow to be among the top three economies in the world in the next two decades and per capita income would more than double. At a fireside chat with Facebook head Mark Zuckerberg, he said India's middle-class, which is about 50 per cent of the nation's total number of households, will grow three to four per cent per year.
Reliance Industries Ltd-owned fuel retail outlets have threatened to launch an indefinite strike from Thursday protesting against the huge losses due to decrease in demand of its fuels.
RIL had earlier decided not to pursue the cash-and-carry model due to a number of reasons, including a growing unrest towards organised retail.
All sectoral indices ended lower. BSE Telecommunication tanked 2.18 per cent, metal (1.77 per cent), auto (1.70 per cent), energy (1.64 per cent), oil & gas (1.59 per cent), commodities (1.39 per cent) and financial services (1.37 per cent) were the major laggards.
