Debt-saddled telecom operator Vodafone Idea Ltd's Rs 18,000 crore follow-on offering (FPO) opened to a modest response on Thursday with just 26 per cent of shares on offer being sought by investors. Of the 1,260 crore shares on offer, 331.24 crore was subscribed on Thursday, according to information on the BSE. Qualified institutional buyers picked up 61 per cent of their 360 crore shares reserved for them while non-institutional investors sought 28 per cent out of 270 crore shares earmarked for them.
At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.
After Reliance Industries and the Aditya Birla Group, the Tata Group is poised to become the next big name to feast on the burgeoning food retail sector.
Future Retail Ltd (FRL) on Tuesday said it will explore all legal remedies to pursue its Rs 24,713-crore deal with RIL following a Delhi high court order directing status quo to be maintained till the court pronounces its order. Earlier in the day, a Delhi high court bench of Justice J R Midha directed FRL to maintain status quo in relation to its deal with Reliance Retail that has been objected to by US-based e-commerce giant, Amazon. Amazon welcomed the latest court directive.
A bench headed Justice Altamas Kabir, while pronouncing the judgement, refused Reliance Energy's contention that Tata Power had licence to supply power to only bulk customers.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
Reliance has shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition. Public sector currently sells petrol at a loss of Rs 13.97 a litre and diesel at a discount of Rs 20.97 per litre. This revenue loss is made up by the Government through issue of oil bonds. Private firms were not entitled for the subsidy and priced fuel from their pumps at Rs 8-10 a litre higher.
Samajwadi Party-backed traders had staged demonstrations outside a few Reliance Fresh stores on the inaugural day. Terming the demonstrations as a "law and order problem", the Mayawati administration ordered the prompt closure of all stores.
While Reliance Retail did not comment, sources said the company will have to follow order, at least in Delhi.
While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
As crude oil prices rose sharply, private companies like Essar Oil and Reliance Industries closed their retail outlets as they found it difficult to compete with state-owned oil companies, which were selling fuel below the production cost with support from the government. While Essar Oil has drawn up plans to re-open its retail outlets, Reliance Industries has decided not to go ahead with the retail plan
The Anil Dhirubhai Ambani Group Company also announced to invest Rs 1,000-1,200 crore (Rs 10 to 12 billion) on expansion of its life insurance business in the next 2-3 years. The company is aiming to sell one million 'Express Life' policies in this financial year.
Amazon has asked Sebi to suspend its review of the Rs 24,713 crore Future-Reliance deal and not grant a no objection certification on the ground that its challenge to the agreement was before the Delhi high court. E-commerce major Amazon has written to Sebi again, this time apprising it about the admission of its appeal before the division of the Delhi high court and urged the market regulator to suspend the review of the Future-Reliance Industries Ltd (RIL) deal. This is the eighth letter by Amazon to the Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi since late October. Amazon has been opposing Future group's pact with billionaire Mukesh Ambani's RIL that was signed in August last year.
Reliance Infocomm is following the initial public offering distribution model to ensure that potential consumers in each and every pocket across the country are tapped to sign up as customers.
The Symbiosis Institute of Management Studies, Pune, invites industry delegates and management students to attend its annual business seminar 4Thought--Khsitij ke Par.
Gross refining margins may decline sequentially but improving petro-chem margins will boost earnings
While Flipkart and Amazon go on a fund-raising spree, the real battle will begin once big industrial houses such as the Tatas, Reliance and the Aditya Birla group join the race.
Reliance Industries earned a breather when PSU oil firms revised their requirement of diesel from it to 3.7 million tonnes in 2004-05.
The fixed line broadband will offer "ultra high-definition entertainment on large screen TVs, multi-party video conferencing from your living room, voice-activated virtual assistants, virtual reality gaming, digital shopping, immersive experiences," Ambani said.
Reliance Jio, together with partners, has tested its 5G solutions in India, successfully demonstrating speeds of over 1 GBPS, and its 'Made in India' solution is "globally competitive", RIL chairman Mukesh Ambani said on Thursday. Ambani also exuded confidence that the company will be the first to launch full-fledged 5G services in the country. Jio is not just working to make India '2G-mukt' (free from 2G) but also '5G-yukt' (5G empowered), he added. Jio's engineers have developed a 100 per cent home-grown and comprehensive 5G solution that is fully cloud native, software defined, and digitally managed.
From the Sensex pack, ITC, Titan, Asian Paints, Reliance, Tata Steel, Bajaj Finserv, Axis Bank, Hindustan Unilever, Infosys, Bajaj Finance, Nestle and ICICI Bank were the major gainers. Kotak Mahindra Bank, Mahindra & Mahindra, HCL Technologies, State Bank of India, Bharti Airtel and Tata Motors were among the laggards.
Reliance Industries, India's largest private fuel retailer, may cut petrol and diesel prices by about Re one per litre on Thursday in step with a fall in international oil prices.
The unit of Reliance Communications may raise debt, equity
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Close on the heels of the Mukesh Ambani-controlled Reliance Retail's possible entry into the second-hand car market, Tata Motors, the country's second largest automobile major, is planning a similar foray.
After Reliance Industries, Tata, Bharti and the AV Birla group, the Hero group is all set to enter the Indian retail sector.
Air Deccan on Tuesday announced a tie-up with Reliance Infocomm that would allow passengers to book tickets through the cellular company's retail chain of 241 broadband Reliance Web World outlets across 104 cities.
Reliance Lifestyle is an arm of Reliance Retail, a leading domestic player in the organised retail space.
A young couple sharing a laugh - in the living room over a Polish joke book, on the beach, in the rain - with the tagline, "Made for each other", hung from billboards at prominent street corners from the 1960s to the 1990s. It was a campaign for one of the largest selling cigarette brands in India, Wills (Navy Cut) from the ITC stable, that resonated with a generation of smokers and non-smokers alike till the curtains came down on tobacco advertising in 2004. As we prepare to welcome 2024, ITC has metamorphosed from a tobacco giant into a conglomerate straddling multiple large-sized businesses. In the mind space of Gen Z or millennials, the company represents a gamut of branded products - from frozen food (ITC Master Chef), noodles (YiPPee!), and cookies (Sunfeast) to snacks (Bingo!) and notebooks (Classmate), and so on and so forth.
Don't count too much on the anchor investor quota, as it will provide stability to the stock for only a short period
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
The latest deal would give Facebook deeper access to India, the second largest internet market after China.
Readying itself for a bank licence, Anil Ambani-led group's Reliance Capital on Wednesday said Japan's Sumitomo Mitsui Bank and Nippon Life would become its strategic partners in the proposed banking venture, with each having 4-5 per cent stake.
Domestic equity markets will be driven mainly by quarterly earnings, global trends, and the movement in crude oil prices in this holiday-shortened week, analysts said. Investors would also keep an eye on the Middle East amid the ongoing Hamas-Israel conflict and the trading activity of foreign investors. Markets will remain closed on Tuesday for Dussehra.
This is the case even though the benchmark index is only 5 per cent below its all-time high. The list of stocks trading at a discount primarily consists companies in the automotive, banking, oil and gas, insurance, healthcare, and metal sectors.
Mukesh Ambani's Reliance Industries is slugging it out with fuel retailers in Gujarat.
"From our assessment, RIL has invested only a very small amount in buying Gapco. It will not affect the company's balance sheet at all," one Mumbai-based analyst said.
Shell India is the second private sector petroleum company to review its expansion plans in India. The company has decided not to open any more petroleum outlets. The company has also asked some of its employees to start looking for another job. Shell has 50 petrol pumps across the country and has a licence to open 2,000 pumps.
Making his ambitions clear, Ambani said the company is "well equipped to be a national leader".
