India's largest firm Reliance Industries has initiated work-from-home for its staff while keeping open consumer-facing businesses of hospital, retail stores and telecom with a minimum workforce amid increasing number of Covid-19 cases in the country. Chairman and Managing Director Mukesh Ambani will hold a meeting almost every third day to take stock of the impact of novel coronavirus (covid-19) outbreak on his employees and business, officials said.
Consolidated earnings for oil-to-telecom conglomerate Reliance Industries (RIL) may report sequential weakness, and modest year-on-year (Y-o-Y) growth in the June 2024 quarter (Q1FY25), said analysts. Lower refining margins are expected to moderate gains made from other businesses. RIL is slated to report its financial performance for Q1FY25 on July 19.
Proxy advisory firm IiAS has recommended that institutional investors should vote against Anant Ambani's appointment on the Reliance Industries board, citing his age as the reason. Is that why Anant and his dad, RIL Chairman Mukesh Ambani, worshipped at the Dwarkadhish temple in Devbhumi Dwarka district, Gujarat, on Tuesday?
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
Among the Sensex firms, Reliance Industries, Maruti, Sun Pharma, State Bank of India, UltraTech Cement, Infosys, Kotak Mahindra Bank, Hindustan Unilever, ITC and HDFC Bank were the biggest gainers. Shares of Reliance Industries climbed 1.54 per cent, the most among the 30-share BSE constituents. Power Grid, Axis Bank, Mahindra & Mahindra and Tata Motors were among the major laggards.
'The steel industry expects the government to decide on safeguard measures from dumping post-Budget'
Among the 30 Sensex companies, IndusInd Bank, Axis Bank, ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, Maruti, JSW Steel and Bajaj Finserv were among the laggards. In contrast, Reliance Industries, Tata Motors, Asian Paints, Nestle and Titan were the biggest gainers.
'Interim Budget has ignited the entrepreneurial spirit.'
Future group firms have started getting large orders from Reliance Industries, its CEO Kishore Biyani said in an email to his employees on Tuesday. The group firms Future Consumer and Future Enterprises have recently received orders from Reliance Industries. This will be a big support for the cash-strapped future group firms before the completion of Rs 24,713 crore buyout of the country's second-largest retailer by Reliance Industries' arm. Ecommerce major Amazon has raised objections over the deal.
The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The Rs 24,713 crore deal that would boost Reliance Industries' fast growing retail business was announced in August. In a tweet on Friday, the regulator said it has approved "acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited".
From the Sensex pack, Jio Financial Services fell the most by 4.99 per cent. Reliance Industries, Power Grid, Larsen & Toubro, JSW Steel, HCL Technologies, NTPC, Tata Steel, Wipro, Tata Consultancy Services and HDFC Bank also declined. IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle and Axis Bank were among the gainers.
Billionaire Mukesh Ambani's Reliance Industries on Saturday said it will raise as much as $5 billion in foreign currency-denominated bonds and use the proceeds to retire existing borrowings. In a stock exchange filing, the company said the Finance Committee of the company board at its meeting on Saturday approved a "proposal for issuance of senior unsecured US Dollar-denominated fixed-rate notes from time to time, for an aggregate amount up to $5 billion, in one or more tranches".
While Elon Musk's political influence continues to grow, his business empire is witnessing headwinds.
We need to equip the Indian Armed Forces, not 'commercial' as Trump wants, but 'operationally' looking at growing Chinese military capabilities, asserts Lieutenant General Prakash Katoch (retd).
Reliance is looking at a cost of Rs 1 lakh per base station, which would be used to transmit telecom signals. Compare this with the existing players who have set up towers incurring a cost anywhere between Rs 5 lakh and Rs 50 lakh, depending on the height and location.
At the start of the auction on Sunday, Punjab Kings had the highest funds at Rs 110.5 crore, which decreased to Rs 10.9 crore before Day 2 on Monday.
'What is Balaji without Ekta (Kapoor), what is Dharma without Karan (Johar?)'
Indian Oil Corporation (IOC), the nation's largest oil firm, has walked away with half of the natural gas that Reliance Industries Ltd and its partner bp of the UK offered in the latest auction of the fuel used to generate power, produce fertilizer, turned into CNG and used for cooking purposes. IOC got 2.5 million standard cubic meters per day out of the 5 mmscmd of gas auctioned last month, sources with knowledge of the matter said. The oil refining and marketing company, which was the top bidder even in the previous auction of gas from the eastern offshore KG-D6 block of Reliance-bp, bid the volumes on behalf of seven fertilizer plants.
Newly appointed Ambassador of the United States (US) to India Eric Garcetti visited Mumbai on Tuesday and met Reliance Industries Chairman and Managing Director Mukesh Ambani and Bollywood superstar Shah Rukh Khan at the actor's residence 'Mannat', besides offering prayers at Mumbadevi Temple and Jama Masjid.
Reliance Industries Ltd will invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail network and setting up renewable energy capacity in Uttar Pradesh in the next four years, its chairman Mukesh Ambani said on Friday. Ambani also announced foray of the oil-to-telecom conglomerate into bio-energy business, converting agriculture waste into gas which can be used as fuel in industries, run automobiles or light kitchen stoves. Speaking at the Uttar Pradesh Global Investors Summit 2023 here, Ambani said his group will set up 10 GigaWatts of renewable energy capacity and roll out 5G services across the state in the next 10 months.
Five private establishments, including Reliance Industries and Infosys, have failed to pay their dues on time to the government in return of the CISF cover provided to them.
Benchmark equity indices Sensex and Nifty rebounded from early lows to settle higher on Wednesday following buying in Reliance Industries, Larsen & Toubro and ITC and positive trends in Asian and European markets. The 30-share BSE Sensex rose by 173.22 points or 0.26 per cent to settle at 66,118.69. The index opened lower and fell further to a low of 65,549.96 in morning trade.
Mukesh Ambani-controlled Reliance Industries Ltd will hold its annual general meeting on August 3, in which the company's plans following the settlement of ownership of Reliance empire may come up for discussion.
Asia's richest man, Mukesh Ambani, signed off an address to employees last week by assuring them that 2024 would be better than 2023 for both Reliance Industries and India. Ambani isn't an exception. Promoters and their representatives from several other conglomerates have expressed similar optimism.
Recouping the dent caused by the Hindenburg Research report, Gautam Adani's networth shot up 95 per cent to Rs 11.6 lakh crore last year, which helped him replace Mukesh Ambani to become the richest Indian, a report said on Thursday. Reliance Industries chairman and managing director Ambani's overall networth increased by 25 per cent to Rs 10.14 lakh crore, as per the 2024 Hurun India Rich List. In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore.
Revenue at Reliance Retail rose 34 per cent to Rs 14,496 crore (Rs 144.96 billion) in 2013-14 from a year earlier.
Reliance Industries' programme to buy back its shares, which was decided at the December 27 board meeting in the face of opposition from vice-chairman Anil Ambani
Billionaire Mukesh Ambani's Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about $1.5 billion.
Reliance Industries Ltd has exited the last of its shale gas assets in the US after it agreed to sell its holding in Eagleford shale gas assets for an undisclosed sum of money.
India's most valued company, Reliance Industries Ltd (RIL), reported a robust performance in the third quarter of the current financial year (Q3FY25), surpassing analyst expectations. This coupled with positive commentary by brokerages led to the stock of the oil-to-telecom conglomerate surging as much as 4.44 per cent to hit an intraday high of Rs 1,325.1. It settled at Rs 1,301.3 apiece, up 2.57 per cent.
The ransom subsequently kept increasing to Rs 200 crore and Rs 400 crore each time a fresh email was sent.
Tech Mahindra was the biggest loser in the Sensex pack, slipping 4.59 per cent, followed by Asian Paints, Wipro, Kotak Mahindra Bank, Bajaj Finserv, Infosys, ITC, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, Reliance Industries and JSW Steel. In contrast, Larsen & Toubro, Bharti Airtel, Power Grid and Axis Bank were among the gainers.
Billionaire Mukesh Ambani's Reliance Industries on Friday reported a 43 per cent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis. Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 crore, or Rs 14.84 a share, in the same period a year back, the company said in a statement. While better realisation and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-Covid levels and per user earning from telecom business rose.
Quarterly earnings of corporates, trading activity of foreign investors and inflation data are the key factors that are expected to drive the momentum in the equity markets this week, analysts said.
The merger and acquisition (M&As) transactions have picked up pace in the March quarter of 2024 with 455 deals amounting to $25.6 billion deal value announced. This is a 24 per cent rise in deal volume as compared to Q4CY23, according to PwC India report. This signals a shift from the declining trend observed in 2023, as per PwC India's report Deals at a glance.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
As part of an ambitious diversification programme, Mukesh Ambani led Reliance Industries is planning to pump in up to Rs 30,000 crore (Rs 300 billion) over the next five years to set up a mega retail chain, covering about 100 cities across the countr
From the 30 Sensex pack, State Bank of India, Mahindra & Mahindra, Bharti Airtel, Titan, HDFC Bank, IndusInd Bank, Axis Bank and Bajaj Finance were the biggest laggards. JSW Steel, Tech Mahindra, Larsen & Toubro, Hindustan Unilever, HCL Technologies and Reliance Industries were among the gainers from the pack.
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