It will focus on sourcing 800 Mw for BEST and 477 Mw for its own distribution system from April '10. Sources said TPC on Thursday officially wrote a letter on the issue to R-Infra, informing them that it would support the ADA group company till March next year in the interest of Mumbai's consumers, and help R-Infra find alternative arrangements. While a Tata Power spokesperson declined to comment, an R-Infra spokesperson expressed surprise over the decision.
Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of Adani Group of companies, have secured the top positions on the Fortune India Rich List, created in partnership with Waterfield Advisors, with respective wealth of $99.7 billion and $63.71 billion. With a wealth of $34.6 billion, the Mistry family of Shapoorji Pallonji Group holds the third position on the list, while the Poonawalla family, owners of vaccine maker Serum Institute, with a wealth of $32.9 billion, stands fourth. Stockbroker and founder of D-Mart-branded grocery stores, Radhakishan Damani, claims the fifth spot on the India Rich List with a wealth of $23.4 billion
Anil Dhirubhai Ambani Group company Reliance Infrastructure (R-Infra) will soon be the official owner of the second phase of the Mumbai Metro project. The state government and the company will sign a concession agreement for the Rs 11,000-crore (Rs 110 billion) project on Thursday, according to sources.
A market-savvy investor can also use this opportunity to make a quick buck. That is, purchase the share at a lower price from the market and sell it back to the company at a higher price.
Several commercial and residential customers of Reliance Infrastructure (R-Infra) in Mumbai are planning to shift their electricity connections to Tata Power Company (TPC).
Telecom major Reliance Communications plans to monetise its real estate assets as it looks to pare debt.
The promoter group companies controlled by Anil Ambani are expected to buy R-Infra shares from the open market. "The promoters want to control the majority stake in the company to ward off any hostile attack, when corporate rivalry heightens in the country. As the share price of R-Infra is cheaper around Rs 400, the promoters feel that the purchase of shares from the open market would be profitable, boosting the confidence of the shareholders in turn," said sources.
Reliance Infrastructure's 4,000-MW power project at Shahpur in Raigad district is facing legal hurdles on environmental ground
Tata Power Company said on Friday that it will be able to supply electricity to an additional 30,000 consumers in the city by March next year.
Metro projects usually require additional funding by promoters, which RInfra refuses to in this case.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
'We will likely never know why Xi decided not to travel to New Delhi. One possible explanation could be his desire to avoid a meeting with US President Joe Biden.'
The Supreme Court judgment last week allowing Tata Power to retail power to consumers in Mumbai could pose a few regulatory challenges, experts feel.
Modi said New Delhi has emphasised on dialogue and diplomacy along with restraint to deal with the situation arising out of the Hamas-Israel conflict.
The Anil Dhirubhai Ambani Group-promoted Sasan Power was Rs 2,500 crore short of the roughly Rs 15,000 crore it needed to borrow for the project. Now, India Infrastructure Finance Company Ltd has agreed to lend around Rs 2,500 crore. A consortium of 12 domestic banks have already committed around Rs 12,500 crore, with State Bank of India and Power Finance Corporation leading the pack, with Rs 3,500 crore and Rs 1,800 crore respectively.
In insolvency proceedings, Ericsson will be treated as only an operational creditor and may end up losing the Rs 550 crore
Reliance ADA group is also planning to develop the railway infrastructure for transporting coal.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
Plans warrants, preference shares for projects.
The market breadth was fairly positive - out of 2,789 stocks traded, 1,431 advanced, 1292 declined and 66 were unchanged on Tuesday. The NSE Nifty settled with a loss of 53 points at 5,105 points.
The company, which is the biggest stakeholder in DreamWorks Animation Studios, is in talks with bankers to identify and acquire up-and-coming mobile game studios in North America and Europe to boost sales
The Prime Minister's visit to Japan reinforces the strategic focus of global partnership between India and Japan.
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
So far the tallest tower being built by Shapoorji Pallonji group in Mumbai is about 80-storied tall.
The early bird results for the January-March quarter of 2022-23 (Q4FY23) show a pick-up in earnings growth, despite a slowdown in revenue growth, thanks to a decline in input costs and lower provisioning for bad loans by banks. The combined net profit of 66 companies that have, so far, declared their quarterly results was up 15.2 per cent year-on-year (YoY) in Q4FY23, an improvement from 4.3 per cent YoY growth in Q3. Net sales growth of these companies, however, slowed down to 11.5 per cent YoY in January-March 2023, the slowest rate in eight quarters.
Anil Ambani's Reliance Power tops the table with 3.46 million shareholders
Reliance Industries, which has discovered gas reserves of nearly 14 trillion cubic feet in the Krishna-Godavari basin off the coast of Andhra Pradesh, is building a gas-receiving jetty in Kakinada.
Officials of Reliance Jio Infocomm claimed to have achieved broadband speeds on their networks that are 10-12 times faster than 3G services.
Reliance Industries chairman Mukesh Ambani on Monday announced a Rs 2 lakh crore investment in deploying fifth-generation or 5G telephony with rollout in metro cities by Diwali. Jio, the nation's largest telecom operator, has deployed standalone 5G stack rather than upgrading the existing 4G network, to offer ultra-high speed internet, he said at Reliance Industries' 45th AGM.
The index moved in a range of 242 points between 16,863 (low) and 16,105 (high) before finally settling with a loss of 336 points at 16,907. The market breadth was negative - out of 2,791 stocks traded, 1,040 advanced, 1,684 declined and 67 were unchanged on Thursday. Tata Steel and Reliance Infrastructure tumbled 4% each to Rs 661 and Rs 1,322, respectively.
Unlike Reliance Jio's focus on 4G, it plans to segment the data market based on device prices and spectrum.
The Sensex opened with a positive gap of 273 points at 17,560 on the back of strong US markets on Thursday and a rally in Asia. Autos, IT and selective banking stocks were the key movers. It inally ended with a gain of 313 points at 17,600. The NSE Nifty moved up 62 points to close at 5,228. Reliance Infrastructure gained 6.9% to Rs 1523, ICICI Bank was up 6.4% to Rs 935.50 and Maruti Suzuki gained 6.2% to Rs 788. Wipro gained 2.8%, Satyam was up 2.5% and TCS advanced 2.3%.
The Indian and Chinese troops are locked in an over-three-year confrontation in certain friction points in eastern Ladakh even as the two sides completed disengagement from several areas following extensive diplomatic and military talks.
Mumbai Metro commuters get top-up facility.
Re-instatement of 5% custom duty on crude imports will help.
The government is likely to release spectrum on September one this year after it gets vacated by the defence forces.
However, the index pared gains towards the end owing to weakness in Reliance. The index touched a low of 13,476, and finally settled with a gain of 72 points at 13,526. The market breadth was fairly positive -- out of 2,705 stocks traded, 1,847 advanced and 793 declined on Monday. The NSE Nifty moved up 14 points to end at 4,030.
However, official sources said the Assam Rifles -- a border guarding force -- primary mandate or task is not drug law enforcement.
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