With the listing of Reliance Power, the market cap of Anil Ambani group aggregated to Rs 307,112 crore (Rs 3,071.12 billion), almost Rs 100,000 crore (Rs 1,000 billion) below expectations of Rs 400,000 crore (Rs 4,000 billion) capitalisation.
Power sector firms that entered the capital market this year include Power Finnace Corp and PowerGrid Corp. Besides, there have been smaller issues from Suryachakra Power and Indowind Energy, which mopped up nearly Rs 135 crore (Rs 1.35 billion) collectively from their IPOs.
Supreme Court has put a halt to proceedings against RPL in the Gujarat high court, following a PIL filed against Reliance Power's upcoming IPO.
Sasan Power Ltd, the special purpose vehicle floated by Power Finance Corporation for the 4,000 MW project, will on Wednesday issue the Letter of Intent to Reliance Power Ltd.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Combined profit before tax of 81 firms down 37.5% y-o-y, worst show in at least 3 years.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
In insolvency proceedings, Ericsson will be treated as only an operational creditor and may end up losing the Rs 550 crore
Power developer Reliance Power on Monday sought tax concessions from the government to spur investment in the sector even as it doubted if the target of providing power for all by 2012 could be achieved.
The company is building floating LNG terminal in joint venture Reliance Power.
The panel undertook the review of the blocks from September 6-8.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
Amidst the storm over CAG report on coal block allocation, the Prime Minister's Office has expressed displeasure over inaction by the Coal Ministry in cancelling blocks where mining has not taken place and asked it to expedite the matter by September 6.
Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani has taken a huge cut in his total remuneration from his four main companies in 2011-12 at about Rs 5.5 crore (Rs 55 million), lower by nearly two-third from the previous year.
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.
'While investors in Reliance have had to play a game of patience for long stretches, for Anil the challenge is to do what used to be his brother's forte -- generating cash by putting assets in the ground and making things,' says T N Ninan.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Investors in many Indian companies would have a sense of deja vu after Facebook's public issue turned into a Wall Street debacle. For, over the past five years, Indian markets have been witness to many such breathlessly hyped Initial Public Offers (IPOs) which crashed in an equally spectacular way on the listing day and never recovered.
However, the IT firms will get some benefits, as software exports from their Chinese campuses will yield more in local currency
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In spite of the high number of exits, Reliance group firms of both brothers continue to be darlings of small investors
RCom's employee cost declined by 20.7 per cent.
Pulok Chatterjee has joined the Prime Minister's Office.
But company says govt decision to permit use of incremental coal does not result in any loss to exchequer or undue benefit.
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While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
Nine lenders have exposure to the promoter entities and had taken listed operating companies' shares as collateral from the promoter companies.
In what could be a coincidence, the two Ambani groups have separately approached the Securities and Exchange Board of India for settlement of probes by the regulator in two separate cases of alleged violation of trading regulations.
A Reliance Power General Manager Manoj Kumar Ojha was killed on Wednesday when two armed men suspected to be members of a splinter Maoist group fired at his vehicle in a village in this district, the police said.
Reliance Infra claims the run by the market operator has caused a loss of Rs. 300,000 crore to infrastructure stocks.
The joint statement from Friends of the Earth, Pacific Environment, Oil Change International and Groundwork on Tuesday precedes the Exim Bank Board meeting, scheduled on Wednesday where it would formally reverse its' last month decision to reject the financing of Reliance's Sasan power project on environmental grounds.
The Gurgaon-based company, which is in negotiations with Chinese banks, expects to clinch the loans by September.
India's largest initial public offering (IPO), to be floated by Coal India Ltd, is generating enormous interest in the grey market. Investment bankers and stockbrokers that control this unregulated market are already trading CIL shares at a Rs 10-12 premium - even before the price band or issue date have been officially announced.
Consequently, Anil Ambani-promoted Reliance Power will not get any extra gas for its four power plants, including the existing Samalkot power plant in Andhra Pradesh. Senior government officials said the minutes of the meeting of the empowered group of ministers on the New Exploration Licensing Policy had been finalised.
The Union cabinet had approved Coal India's IPO last month, to divest 10 per cent of the government's stake in the Navratna PSU.
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