Tag: reliance industries

Windfall tax cut

Windfall tax cut
Wednesday, July 20, 2022
The government's quicker-than-expected cut in windfall tax on fuel exports should "normalize equity multiples" of Reliance Industries and state-owned ONGC (Oil and Natural Gas Corporation), said market experts today(20 July 2022). Besides, they see ONGC earning a profit per barrel worth $25, which is 20 percent higher than last year's profit. Technically, Reliance Industries shares opened a gap-up over the 200-day moving average (DMA) set at the Rs 2,507 mark. If the stock manages to hold ground above the same, a positive upside can be expected as the stock has held support near the Rs 2,350 level earlier.

RIL becomes 1st Indian company to hit Rs 19-trillion m-cap

RIL becomes 1st Indian company to hit Rs 19-trillion m-cap
Wednesday, April 27, 2022
In the past seven trading days, the stock price of RIL has appreciated by 11 percent from a level of Rs 2,544 on April 18, 2022. In the past three months, the stock has rallied 20 percent, as compared to a 0.42 percent decline in the S&P BSE Sensex. Read more

MARKET UPDATE: Sensex up 401 points at 57,438 levels, while Nifty at 17,242, up 105 points

MARKET UPDATE: Sensex up 401 points at 57,438 levels, while Nifty at 17,242, up 105 points
Thursday, April 21, 2022
The Indian benchmark indices clocked decent gains in early deals today(21 April 2022) as domestic markets looked to stabilise after the recent rout, supported by firm global cues. The benchmark indices on the BSE were up 401 points, or 0.7 percent, at 57,438 levels, while the 50-pack index on the NSE was at 17,242, up 105 points or 0.62 percent. Shares of Reliance Industries hit fresh record high of Rs 2,775, up 2 percent, on the BSE after global brokerage Morgan Stanley said in an April 20 report that heightened awareness of energy security is creating new and bigger markets for solar panels and electrolyzers, which not only inflects RIL's new energy ROCE but will also help fund this growth. The brokerage has set a 1-year target price at Rs 3,253. Read more

Closing bell: BSE Sensex ended 553 points higher at 61,150 and NSE Nifty ended with a gain of 156 points at 18,212

Closing bell: BSE Sensex ended 553 points higher at 61,150 and NSE Nifty ended with a gain of 156 points at 18,212
Wednesday, January 12, 2022
The Indian benchmark indices extended their winning run into the fourth straight trading session backed by solid gains in index heavyweights - Reliance Industries, Infosys, ICICI Bank, and Bharti Airtel. Reliance and Airtel were in the limelight, on reports that the three telecom majors (Jio, Airtel, Voda Idea) have sought 90-95 percent reduction in 5G spectrum auction prices. The IT shares were expected to be in focus owing to results announcements from Infosys, TCS, and Wipro. While IT major Infosys ended with a gain of 1.1 percent, TCS and Wipro, however, were down 1.5 percent and 0.3 percent, respectively, in trades awaiting the Q3 result announcements. Read more

RIL gains 2% on JV with Abu Dhabi-based TA’ZIZ for chemical projects

RIL gains 2% on JV with Abu Dhabi-based TA’ZIZ for chemical projects
Wednesday, December 8, 2021
Shares of Reliance Industries gained 2 percent in early trade on December 8 after the company announced a partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth USD 2 billion in Ruwais. The joint venture, called TA'ZIZ EDC & PVC, will construct and operate a Chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement said. This is the first investment by RIL in the region, the statement added. This is in line with RIL’s announcement to invest in West Asia when its oil–to-chemicals stake sale deal with Saudi Aramco was put on the back burner. The JV aims to export the materials to target markets in Southeast Asia and Africa as well as sell them domestically. Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting the growing demand for these chemicals globally. Read more

Top Nomura analyst cuts RIL rating for first time in years

Top Nomura analyst cuts RIL rating for first time in years
Tuesday, October 19, 2021
A downgrade of Reliance Industries Ltd by Nomura Holdings Inc. analyst Anil Sharma’s team will pique investor interest for multiple reasons. Apart from the timing, with commodities hitting new records and Reliance’s earnings due on Friday, this move to slash billionaire Mukesh Ambani’s oil-to-tech conglomerate to neutral from buy may carry more weight with investors due to the analyst’s background. It’s also the broker’s first downgrade on the stock in many years, according to data compiled by Bloomberg. While the outlook for Reliance’s key businesses has continued to improve, the company’s valuations look expensive after a recent surge in its shares, Sharma and his associate Aditya Bansal wrote in a note dated Oct. 18. Shares have risen more than 30% from the end of July, compared with an 18% advance in the benchmark S&P BSE Sensex Index. Read more

MARKET UPDATE:BSE Sensex rose 265 points to 58,710 while Nifty added 58 points to trade above 17,450 levels

MARKET UPDATE:BSE Sensex rose 265 points to 58,710 while Nifty added 58 points to trade above 17,450 levels
Tuesday, September 21, 2021
The Indian benchmark indices today(21st Sept.2021) rose, defying the weak global market sentiment, tracking gains in IT majors and Reliance Industries. The BSE Sensex rose 265 points to 58,710 while the NSE Nifty added 58 points to trade above 17,450 levels. HCL Tech, Tech Mahindra, TCS, and Asian Paints were among the top gainers in the Sensex pack of stocks. On the other hand, Nestle, Maruti, and Ultratech Cement were the only losers. The broader indices traded in tandem with the benchmarks. The BSE Midcap index added 0.31 percent and the BSE Smallcap 0.25 percent.

MARKET UPDATE:BSE Sensex quoted at 58,120.5 levels, down 189.5 points while NSE Nifty at 17,320,down 50 points

MARKET UPDATE:BSE Sensex quoted at 58,120.5 levels, down 189.5 points while NSE Nifty at 17,320,down 50 points
Monday, September 13, 2021
Indian markets started on a tepid note today(13th September 2021), following a wobbly trade in the global markets. The S&P BSE Sensex quoted at 58,120.5 levels, down 189.5 points or 0.3 percent in early deals while the broader Nifty50 slipped below the 17,350-mark at 17,320, down 50 points. Individually, Reliance Industries slipped 1 percent after the company postponed the launch of JioPhone Next till Diwali amid chip shortage. That apart, ICICI Bank, HCL Tech, Infosys, Nestle India were the other top losers. In the broader market, the BSE MidCap and SmallCap indices traded mixed. Read more

MARKET UPDATE:Bull run extended;Indices at fresh peaks;BSE Sensex clocked 58,480 and Nifty hit a new lifetime high of 17,421

MARKET UPDATE:Bull run extended;Indices at fresh peaks;BSE Sensex clocked 58,480 and Nifty hit a new lifetime high of 17,421
Monday, September 6, 2021
Indian benchmark indices extended their bull-run and hit new peaks today(6th Sept.2021). The NSE Nifty50 surpassed the 17,400-mark and touched a new lifetime high of 17,421 while the S&P BSE Sensex clocked 58,480. Reliance Industries, up 2.7 percent, was the top-performing stock on the 30-share pack. It hit a new peak of Rs 2,454 apiece on the BSE. HUL, L&T, and M&M were the other gainers on the Sensex index. On the flipside, Tata Steel, Power Grid, Nestle India, and Tech M declined. In the broader markets, the BSE MidCap index hit a new record high of 24,562.5. The SmallCap index, meanwhile, claimed a new high of 27,502.

Fag-end buying in Reliance Industries, auto, and metal counters helped Indian benchmark indices erase most of the day's losses

Fag-end buying in Reliance Industries, auto, and metal counters helped Indian benchmark indices erase most of the day's losses
Wednesday, June 2, 2021
Fag-end buying in Reliance Industries, auto, and metal counters helped Indian benchmark indices erase most of the day's losses and helped them end nearly flat for the second straight day. Moreover, a surge in Brent Crude price, which was hovering around $71 per barrel, exerted pressure on the bourses. The frontline S&P BSE Sensex ended at 51,849 levels, down 85 points or 0.16 percent, with ITC (down 3 percent), Asian Paints, HDFC, Axis Bank, Tech M, HCL Tech, and TCS leading the list of losers. This was countered by gains in IndusInd Bank, Reliance Industries, SBI, Power Grid, Bajaj Auto, and Maruti Suzuki, which rallied up to 2 percent. On the NSE, the Nifty50 index settled at 15,576 levels, up 1 point. Both the indices hit their respective lows of 51,450 and 15,460 earlier in the day. The BSE MidCap index, which hit a record peak of 22,164 earlier today, closed 1.7 percent higher at 22,141 levels. Read more

RIL gets Sebi approval to hive off O2C business into independent subsidiary

RIL gets Sebi approval to hive off O2C business into independent subsidiary
Tuesday, February 23, 2021
Reliance Industries Limited (RIL), which has proposed hiving off its oil to chemicals (O2C) business into an independent subsidiary, today(23rd Feb.2021) said it had received approval from the Securities and Exchange Board of India (Sebi) and stock exchanges to create this subsidiary. The company now requires the approval of equity shareholders and creditors, regulatory authorities, and the income-tax authority, besides the National Company Law Tribunals (CLTs) in Mumbai and Ahmedabad. RIL said the approval process had commenced and was expected to be completed by the second quarter of the 2021-22 financial year. Read more

BSE to consult SEBI on Future-Reliance deal after Amazon objection

BSE to consult SEBI on Future-Reliance deal after Amazon objection
Friday, October 30, 2020
Bombay Stock Exchange (BSE) will consult the market regulator and seek clarifications from Future Retail and Reliance Industries about their $3.4 billion transactions, following Amazon's objection to the deal, an exchange source said. Amazon on Oct. 25 won an injunction from a Singapore arbitrator to halt Future's deal to sell retail assets to Reliance, arguing the Indian retailer group breached certain contract provisions it entered into last year in a separate deal with the U.S. firm. Both Indian firms reacted to the decision by saying they want to complete the deal "without any delay". Amazon has now written to capital markets regulator SEBI, as well as the BSE and the National Stock Exchange, to put the deal on hold in light of the arbitration order, two separate sources said. A BSE source said it will consult SEBI about its stance on the deal and the exchange later on Friday also plans to seek clarification from Future and Reliance Retail. Read more

Google may invest $4 bn in Reliance digital arm

Google may invest $4 bn in Reliance digital arm
Tuesday, July 14, 2020
Alphabet Inc's Google is in advanced talks to invest $4 billion for a stake in the digital arm of Reliance Industries Ltd, Bloomberg reported today (14th July 2020), according to some sources. Investors, including Facebook and KKR & Co, have already poured in a combined $15.64 billion for just over 25% in Jio Platforms. The funding spree, which began late April, and a share sale by Reliance have helped make India's biggest company net-debt free.

Mukesh Ambani's Reliance becomes net debt-free ahead of March 2021 target

Mukesh Ambani's Reliance becomes net debt-free ahead of March 2021 target
Friday, June 19, 2020
Reliance Industries is net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in almost two months, said group chairman Mukesh Ambani in a statement today(19th June 2020). The statement came after Reliance said yesterday Saudi Arabia’s Public Investment Fund will buy a 2.32 percent stake in its digital unit Jio Platforms for Rs 11,367 crore. “We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will move towards the listing of both these companies within the next five years,” said Ambani. Read more

Why investors are betting on Jio Platforms' future

Why investors are betting on Jio Platforms' future
Thursday, June 4, 2020
Mukesh Ambani's Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic. For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc's popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform. Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India's 10-week lockdown has also led to a surge in demand for data, boosting Jio's phone and broadband offerings. Read more

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