|Bid||1,532.00 x 0|
|Ask||0.00 x 0|
|Day's range||1,527.00 - 1,609.50|
|52-week range||1,095.65 - 1,617.80|
|Beta (5Y monthly)||0.69|
|PE ratio (TTM)||21.53|
|Forward dividend & yield||6.50 (0.42%)|
|1y target est||N/A|
MUMBAI/BENGALURU (Reuters) - Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions. Revenue at its retail and telecoms units each jumped more than 25% in the December quarter as the company, headed by Asia's richest man, Mukesh Ambani, invests heavily to bring them on par with its dominant petrochemicals and refining businesses. "We saw consistent same-store sales growth and record footfall across our stores," Ambani said in a statement, with the remarks coming when growth in Asia's third-largest economy has slowed to multi-year lows.
India's biggest company Reliance Industries Ltd has called a government move to try and force the refinery-to-telecoms behemoth to pay dues from an offshore oil and gas field "premature" with an arbitration process still underway. The government and Reliance, along with partner Royal Dutch Shell Plc, are locked in a battle over the Panna-Mukta and Tapti offshore oil and gas field to the west of the country, with the government claiming it is owed revenue from the operators of the block. On Saturday, local daily the Times of India, citing an affidavit filed in the Delhi High Court, reported that the government in September sought to block the sale of a 20% stake in Reliance's refinery and petrochemicals business to oil giant Saudi Aramco unless Reliance makes the payments from the offshore field.
India's Reliance Industries Ltd, controlled by Asia's richest man Mukesh Ambani, on Thursday denied a Bloomberg report that it was in talks to sell its news assets to local media conglomerate Times Group. Bloomberg, citing unnamed sources, reported https://www.bloomberg.com/news/articles/2019-11-28/ambani-said-in-talks-to-sell-news-assets-to-india-s-times-group earlier on Thursday that Bennett Coleman & Co, also known as the Times Group, was looking to hire advisers to run due diligence on the news properties of Reliance's Network 18 Media and Investments Ltd.
Jio Infocomm, the telecoms arm of Reliance Industries' , criticised on Thursday the industry lobby's push for the Indian government to intervene after a court ruling left rivals Bharti Airtel and Vodafone Idea facing billions of dollars in costs. India's Supreme Court last week upheld a demand by the Indian Department of Telecommunications (DoT) that wireless carriers pay nearly $13 billion in overdue levies and interest. After the court ruling the Cellular Operators Association of India (COAI) wrote to Telecommunications Minister Ravi Shankar Prasad on Oct. 29 to warn of an "unprecedented crisis" in the industry if the fines are imposed.
India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says. Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest. The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated Oct. 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole.
India's Reliance Industries Ltd on Friday said it would invest nearly $15 billion to create a digital services company as it seeks to cut debt at its telecom venture, potentially making way for the entry of a strategic investor. Controlled by billionaire Mukesh Ambani, Reliance's debt burden has risen significantly since its telecoms unit Jio Infocomm entered India's crowded mobile market in late 2016 offering free voice calls and cut-price data to build a massive consumer base. The price war unleashed by Jio forced rivals to consolidate, driving companies such as Reliance Communications, controlled by Ambani's younger brother, and Aircel out of business.
Indian oil-to-telecoms conglomerate Reliance Industries said strong growth in its consumer-facing businesses lifted second quarter net profit by 18.3% year-on-year to a record total. Consolidated net profit rose to 112.62 billion Indian rupees ($1.58 billion) in the three months ended Sept. 30, the country's largest company by market value said on Friday. Analysts on average had expected a profit of 111.71 billion rupees, according to Refinitiv data.
NEW DELHI/MEXICO CITY (Reuters) - India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said. The United States in January prohibited U.S.-dollar transactions for oil sales from Venezuela's PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro, whose 2018 re-election has been dismissed as a sham by Washington. The sanctions have made some banks wary of processing any transaction for Venezuelan oil, even if the seller is not the state-run company.
MEXICO CITY/MUMBAI (Reuters) - Indian refiner Reliance Industries Ltd is scheduled to resume loading Venezuelan crude in October after a four-month pause, according to sources and internal documents from PDVSA seen by Reuters, a move that could help Venezuela's state-run company drain its large oil inventories. The United States in January imposed the toughest sanctions yet on Venezuela's oil industry, depriving the OPEC-member nation of the main destination for its crude exports. In August, Washington escalated sanctions further by threatening non-U.S. companies with punitive action if they "materially assist" Venezuelan President Nicolas Maduro's government.
India's Reliance Industries Ltd's telecom arm Jio said on Wednesday it will charge its customers for voice calls made through its network to other operators as it racks up fees to rivals. The move goes back on a promise Jio made in 2016 to keep all voice calls free. Operators such as Jio have to pay fees when calls are made from one network to another, to cover the use of a rival's network.
Saudi Aramco will supply agreed grades and volumes to India's Reliance Industries in October after the world's top oil exporter had to provide alternate heavier grader due to drone attacks on its oil installations, a spokesperson at the Indian company said on Monday. The Sept. 14 drone and missile attacks on two giant facilities that process mainly light crude knocked down about 5.7 million barrels per day, more than half of the production of the world's top oil exporter, forcing the Kingdom to supply heavier grade instead of light oil to some refiners. "Aramco (has) confirmed and reassured that supplies for October will be maintained both in terms of quantity and mix of grades as per our requirement," said the spokesperson.
India's Reliance Industries Ltd is looking to buy fashion and child-focused retailers abroad and partner with global sports and beauty brands as part of its expansion into consumer markets, a top executive told Reuters. Under Asia's richest man, Mukesh Ambani, Reliance Industries is pivoting from an oil-led conglomerate into a more consumer-facing company, selling everything from handbags to broadband to try to tap into Indians' rising disposable incomes. Reliance Brands already runs high-end stores in India with some 40 foreign partners, including British label Burberry, shoemaker Steve Madden and New York-based Iconix Brand Group Inc, through joint ventures and franchises.