Reliance Industries Ltd has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 at current oil prices.
India Gas Solutions Private Limited, a 50: 50 joint venture of RIL and UK's bp, bought 0.62 million standard cubic meters per day out of 0.82 mmscmd gas bid out in an auction last week, three people with knowledge of the matter said.
Shares of billionaire Mukesh Ambani's Reliance Industries (RIL) rose 2 per cent to hit an intra-day high of Rs 2,048.70 on the BSE after the company said it has begun the process of carving out the O2C business into an independent subsidiary and expects to get the necessary approvals for the same by the second quarter of the next financial year.
The company said the O2C business will be turned into a separate entity that will be 100 per cent owned by RIL and will result in no change in the company's shareholding.
Shares of Reliance Industries (RIL) extended their winning run to the fourth straight day, up 3 per cent on the BSE, to hit an over two-month high of Rs 2,110 in Thursday's early morning trade. The stock was trading at its highest level since October 23, 2020. It hit a record high of Rs 2,369, on September 16, 2020.
Despite a run-up of 14 per cent from its low of Rs 1,856 touched on December 21, the stock has underperformed the market and fallen 1 per cent in the past three months as against a 23 per cent rally in the S&P BSE Sensex.
Indian share market opened at a record high on Thursday, with the BSE Sensex index scaling the 50,000 level for the first time.
It opened at 50,096.57 and touched a fresh all-time high of 50,126.73 points. At 09:17 am, the Sensex was up 223.17 points or 0.45% at 50,015.29, and the Nifty was up 63 points or 0.43% at 14,707.70. About 1034 shares have advanced, 267 shares declined, and 68 shares are unchanged.
Reliance Jio on Monday approached the Punjab and Haryana High Court urging it to direct the Punjab government to intervene and stop the continuous vandalism of its infrastructure in the state. The Mukesh Ambani led company stated that the vandalism has endangered the lives of its employees and disrupted its communication setup.
In a petition filed earlier this morning, Jio said that the miscreants have been indulged by people with vested interest under the garb of the ongoing farmer protests.
The Securities and Exchange Board of India (Sebi) on Friday imposed penalties on Reliance Industries (RIL), its Chairman and Managing Director Mukesh Ambani, and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum (RPL) back in November 2007.
Fines of Rs 25 crore and Rs 15 crore have been imposed on RIL and Ambani, respectively. Besides, Navi Mumbai SEZ has been asked to pay a penalty of Rs 20 crore, and Mumbai SEZ has been directed to pay Rs 10 crore.
Reliance Industries is rolling back salary cuts for employees of its hydrocarbons division, and is also giving out performance bonus that had been deferred after business was hit by the lockdown.
The firm is also offering an advance 30 per cent of the variable pay from the next year’s salary to its employees, as a goodwill gesture for working during the pandemic, said two people familiar with the matter.
Shares of Reliance Industries (RIL) advanced 1 per cent ato Rs 2,268 on the BSE in the early morning trade on Wednesday after General Atlantic, a leading global growth equity firm, said it will invest Rs 3,675 crore in Reliance Retail Ventures Limited (RRVL) for 0.84 per cent equity stake.
The stock of RIL was trading higher for the fourth straight day and has gained 4 per cent during the period. It hit a record high of Rs 2,368.80 on September 16, 2020.
Global investment firm KKR will invest Rs 5,500 crore in Reliance Retail for 1.28 per cent equity share, Reliance Industries Limited said in a BSE filing on Wednesday. This marks the second investment by KKR in a Reliance subsidiary, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.
KKR's investment values Reliance Retail at a pre-money equity value of Rs 4.21 trillion.
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.