The move will help the utility to charge more from its 2.6 million users in Mumbai. Reliance Infrastructure (Rel Infra) had asked asked the Maharashtra Electricity Regulatory Commission for a 4.19 per cent rise in its annual revenue requirement. It was instead granted an increase of 10 per cent. Mumbai and its suburbs are serviced by Tata Power, Brihanmumbai Electricity & Suburban Transport and Reliance Energy.
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.
Reliance Capital and Reliance Home Finance said that PWC cited the companies' failure to convene audit committee meetings within the expected time, despite multiple letters of intent sent to them, as one of the reasons for the resignation.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Reliance Group, recently, accused L&T Finance and Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of Anil Ambani group's three listed firms and selling them in open market causing a steep fall in share values.
The AAP government locked Principal Secretary (Services) Anindo Majumdar out of his office on Monday.
Two more Metro lines cleared ahead of BMC polls
Infra experts say govt will first need to figure out how to exploit real estate along the proposed routes.
Combined profit before tax of 81 firms down 37.5% y-o-y, worst show in at least 3 years.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
The Aam Aadmi Party government on Monday appointed Chief Minister's Secretary Rajendra Kumar as principal secretary of the services department which was promptly rejected by Lt Governor Najeeb Jung.
More than 10% (40 of 498 companies) have lost at least half their market value.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
The company will wait for sizeable user base for better valuation.
The announcement quells fears among some telcos that Chinese players might be banned from participating in 5G trials and roll outs.
The total value of M&As involving Indian companies surged nearly 63 per cent to $7.8 billion in the first three months of 2016, primarily spurred by big-ticket divestment transactions.
Tata Steel was the top gainer in the Sensex pack, jumping around 4 per cent, followed by NTPC, PowerGrid, Reliance Industries and Bajaj Finserv.
The company said that the scheme of amalgamation has been approved by the Gujarat High Court and the merger has been effective from October 22.
Seen as a major initiative, the 'strategic partnership model' aims to create a vibrant defence manufacturing ecosystem in the country through involvement of both the major Indian corporates as well as the MSME sector.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
As the Centre pushes reforms in the power sector, especially for the beleaguered electricity distribution segment, several states, especially those ruled by Opposition parties, are clamouring against it. Maharashtra, West Bengal, Tamil Nadu, and Kerela have voiced their reservations against the proposed amendments to the Electricity Act, 2003. The irony is the states opposing the amendments on the ground of threat of privatisation already have private partnerships in power supply. The proposed Bill was slated to be placed on the floor of Parliament in the Monsoon session. But it still awaits Cabinet approval amid several states complaining that they have been not consulted on the issue.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Areas in East and Central Delhi face a blackout risk from Saturday as the State-run National Thermal Power Corporation on Friday rejected the Delhi government's plea not to stop electricity supply to the BSES Yamuna Power Ltd for defaulting on payments.
The first quarter earnings season will dictate the trend in the equity markets in this holiday-shortened week amid absence of major macroeconomic drivers, say analysts. Besides, lacklustre global markets may increase volatility in the market, they added. Equity markets would remain closed on Wednesday for Bakri-Id.
Shares of Reliance Infrastructure and Reliance Natural Resources Ltd on Tuesday tanked in the range of 4-8 per cent on the bourses after reports surfaced that these two ADA Group firms are involved in fraudulent banking activities overseas.
Northern and western states had the highest power demand, with Uttar Pradesh sourcing 19,082 Mw, Delhi 6,029 Mw, Rajasthan 10,395 Mw, Gujarat 16,825 Mw, and Maharashtra 23,609 Mw.
Right after it returned to the telecom sector by acquiring Infotel Broadband, Mukesh Ambani's Reliance Industries (RIL) began discussions with brother Anil Ambani's mobile service provider, Reliance Communications (RCom), for a possible sharing of infrastructure.
Hardening its stand on the issue, the Delhi government has recommended power regulator Delhi Electricity Regulatory Commission to revoke the license of Reliance Infra-backed power distribution companies if they fail to pay dues to NTPC and resort to long outages in large parts of the city citing fund crunch.
It recently began toll collection on the Hosur-Krishnagiri highway connecting Bangalore to Chennai, where the lanes have to be expanded from four to six.
Mumbai electricity consumers do not have to face powercuts for a while. The Maharashtra Cabinet subcommittee chaired by Chief Minister Ashok Chavan on Thursday intervened to resolve the ongoing dispute between Tata Power and Reliance Infrastructure over power purchase.
Metro projects usually require additional funding by promoters, which RInfra refuses to in this case.
Shiv Sena has so far expressed concerns over car shed for the city's planned metro network, the bullet train and the West Coast refinery projects.
Yes Bank has taken over the headquarters of Anil Ambani's group in suburban Santacruz in Mumbai for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday.
On June 27, the boards of GTL, RCom and its subsidiary Reliance Infratel Ltd had given in-principle approvals to the Rs 50,000-crore ($11 billion) merger deal to create the world's largest independent telecom infrastructure company, neither owned nor controlled by any telecom operator.
The warrants will be converted into an equal number of equity shares at Rs 928.89 a piece, aggregating Rs 3,984.93 crore (Rs 39.84 billion). As in the March quarter 2009, AAA Project Ventures held 83,498,937 shares, representing a 36.88 per cent stake in the company.
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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