Reliance Communications, which is eyeing to acquire the country's fourth-largest mobile firm Hutch Essar, said on Wednesday it plans to raise funds through issue of securities in the international market.
The Maharashtra State Road Development Corporation (MSRDC) on Monday said that Reliance Infrastructure-Hyundai consortium would build the sealink between Worli and Haji Ali.
Reliance Energy Limited has outbid seven other companies, including Tata Power and GMR, to emerge as the top contender for building India's first fully independent private power transmission lines.
The Delhi high court on Friday declined Future Group's plea for stay on an arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. Justice Suresh Kumar Kait sought response from US-based e-commerce giant Amazon which had challenged the merger before the Singapore arbitration tribunal under SIAC, and listed the appeals by Future Coupons Pvt Ltd (FCPL) and Future Retail Ltd (FRL) for further hearing on January 4. Senior counsel Harish Salve, appearing for FRL, urged the court to pass an interim order clarifying that an earlier order passed by the Supreme Court - which stayed all proceedings in relation to the enforcement of the EA - would remain in force despite the subsequent order passed by the duly constituted arbitration tribunal.
The company had raised a similar amount of debt in FY 09 as well. Reliance Power has bagged three of four contracts for developing UMPPs in the country.
The Supreme Court on Wednesday upheld the power purchase agreement between Tata Power Company (TPC) and BEST, a public sector unit, for electricity allocation in Mumbai.
Unlike the traditional model of paying commission to insurance agents on the basis of the business generated by them, the rural agents would be recruited under this new programme on a fixed income structure, the company said.
Rajiv Mehta, senior analyst with India Infoline, a large brokerage house said his firm has immediately stopped covering Satyam and many other brokerage houses are also expected to do the same.
The NSE Nifty is trading at 2973, up 80 points. The market breadth was positive - out of 2,616 stocks traded, 1,426 advanced, 1,114 declined and the rest were unchanged on Friday.
The monopoly of the state-owned State Bank of India in managing provident fund totalling about Rs 2.5 lakh crore (Rs 2.5 trillion) on Tuesday ended with government allowing three private players including ICICI and HSBC a piece of the cake.
The index, however, could not hold gains as persistent selling in banking, cement and realty stocks dragged the index into the negative zone. Heavy selling in the Reliance counter in late noon trades saw the index slide to a low of 13,405 - down 467 points from the day's high. The NSE Nifty shed 96 points to end at 4,041.
A bench headed by Justice C K Thakker while seeking reply from Tata Power and Maharashtra Electricity Regulatory Commission asked Tata Power Company not to take coercive measures against Reliance till the next date of hearing in July. Reliance has challenged the Appellate Tribunal for Electricity's order dated May 12, 2008 which ruled that TPC was entitled to recover charges for energy supplied to REL at the rate of Rs 2.09 per unit.
The index after gyrating between zones drifted to a low of 16,979 - down 293 points from the day's high - as the day progressed. The Sensex finally ended with a loss of 110 points at 17,016. The market breadth was marginally negative - out of 2,740 stocks traded, 1,371 declined, 1,297 advanced and 72 were unchanged on Monday.
The Sensex opened 36 points lower at 15,755, but aggressive buying in Reliance, TCS and Larsen & Toubro saw the index rally to a high of 15,954. The Sensex finally ended with a loss of 95 points at 15,695. The NSE Nifty dropped 14 points to close at 4,733. ICICI Bank, Ranbaxy, HDFC Bank, SBI and Infosys, DLF and Cipla, Tata Motors, Wipro and HDFC were major losers. Reliance Energy, L&T, Tata Steel were major gainers. Reliance topped the value chart with turnover of Rs 375 cr.
Reliance Lifestyle is an arm of Reliance Retail, a leading domestic player in the organised retail space.
"A meeting of the board of directors of the company will be held on March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communique to the Bombay Stock Exchange.
A formal announcement of the name of the winner is expected to be made in a day or two, sources close to the development said. Other bidders in the race are believed to be infrastructure major Larsen & Toubro and a consortium led by GE.
The NSE Nifty ended at 4,494, down 23 points.
The Anil Ambani group firm is the sole bidder for the engineering, procurement and construction contract for DVC's proposed 1,000 MW thermal power plant at Raghunathpur in Purulia district of West Bengal.
The Sensex opened with a positive gap of 22 points at 15,295.
The NSE Nifty ended 15 points down at 4,252.
The Sensex opened marginally higher at 14,415
Telecommunications major Reliance Communications will invest $1.5 billion (around Rs 7,000 crore) in Flag Telecom, its under-sea cable subsidiary, over the next three years.
Mukesh Ambani group company Reliance Petroleum may not have found much favour with investors during its nearly eight-month stay on the bourses, but the company has found mention in a list of the world's 15 biggest IPOs in 2006.
Corporate giants Reliance Energy, Tata Power and Essar are among the 11 companies left in the fray for the two 4,000 MW power projects to be set in Gujarat and Madhya Pradesh at an investment of Rs 20,000 crore (Rs 200 billion) each.
This would be done either through strategic sale or initial public offering, ADAG chairman Anil Ambani told shareholders at the company's annual general meeting in Mumbai.
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.
Anil Ambani Group firm Reliance Capital has initiated the process of divesting up to 26 per cent stake in its life insurance subsidiary and is mulling options like bringing in a strategic foreign investor and an initial public offer. The company, which has been going solo so far, has decided on this divestment at this point of time because it will give a better shareholder value, besides sentiments in the market is also looking bright.
Many Indian start-ups are doling out handsome pay packets, with junior level employees getting not less than Rs 5 lakh a year besides providing flexible work timings.
Bad monsoon would be bad news for the market except tech.
Raghav Bahl's control diluted by resolution in Nov 2012; net cash outflow for RIL group entities about Rs 1,341 crore.
In the revised financial bids, Anil Ambani-controlled Reliance Power had emerged as the lowest tariff bidder last month vis--vis other power majors such as Lanco Infratech and National Thermal Power Corporation. Official sources said the government might go for re-bidding to bring down the quoted tariff, which is observed to be on the higher side. The ETF will meet on July 19 to take a final view.
In a mega Rs 50,000-crore deal, the Anil Ambani group on Sunday announced merger of RNRL with another group firm Reliance Power, which would now become a direct beneficiary of the gas deal signed with Mukesh Ambani-led Reliance Industries.
The company emerged successful in the revised evaluated bids for the project.
Testifying before the House Subcommittee on Immigration Policy and Enforcement of the House Judiciary Committee, Bruce A Morrison, of the Morrison Public Affairs Group, argued for making green card a convenient route for sponsoring employers and eliminate the need to rely on the H-1B status for a long period, if at all.
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