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Reliance Industries Limited (RIL) Related news

Sebi slaps Rs 13-crore penalty on Reliance Industries

Sebi slaps Rs 13-crore penalty on Reliance Industries

The Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 13 crore on Reliance Industries Ltd (RIL) for violation of the listing agreement with regard to disclosure of a financial metric. Sebi on Friday charged the company with violating section 41 of the listing agreement and section 21 of the Securities Contract Regulations Act (SCRA).

The violations date back to 2007-09, when RIL had issued 120 million warrants to entities in the promoter group on a preferential basis.

RIL refining margins to improve on global regulatory changes

RIL refining margins to improve on global regulatory changes

For the last few quarters, analysts have been expecting refining margins of complex refiners like Reliance Industries Ltd (RIL) to dip, as the benchmark Singapore GRMs (gross refining margins) have been declining. RIL has managed to surprise on that front, even though the benchmark Singapore GRMs have steadily declined.

In the June quarter of this year, Singapore GRMs declined $0.4 a bbl sequentially to $5.8 a bbl. RIL's GRMs, too, declined from $9.3 a bbl in the March quarter to $8.7 a bbl in the June quarter but were higher than the previous year's $8.4 a bbl.

Reliance Jio to raise $1.5-bn debt abroad

Reliance Jio to raise $1.5-bn debt abroad

Reliance Jio Infocomm, the telecom subsidiary of Reliance Industries, is set to launch a $1.5-billion (Rs 9,000 crore) debt issue abroad within weeks of Tata Steel raising over $1 billion.

The funds will be used by Mukesh Ambani's company to refinance its costly debt and to roll out telecom and data services. Reliance joins a number of large companies, including the Essar and Adani groups, which are raising loans abroad as interest rates in India remain high.

Oil Ministry wants Reliance to sell KG-D6 gas at $4.2 till its compensates for low supply in past four years

Oil Ministry wants Reliance to sell KG-D6 gas at $4.2 till its compensates for low supply in past four years

The oil ministry is looking at a price of USD 6-6.5 for all domestic natural gas but wants Reliance Industries to sell KG-D6 gas at old rate of USD 4.2 till it makes up for shortfall in supplies of past four years. The ministry last week internally discussed tweaking the formula suggested by the C Rangarajan Committee to bring down the proposed increase from USD 8.4-8.8 per million British thermal unit to USD 6-6.5, a rate that will be affordable to most consumers and also incentivise exploration, sources said.

Reliance open to 30% stake sale in Jio

Reliance open to 30% stake sale in Jio

Reliance Industries Ltd (RIL), India's largest private-sector company, is open to offloading up to 30 per cent stake in its telecom venture, Reliance Jio, to a global strategic partner - a move to unlock value. But the stake sale will be done only after the telecom company has acquired a sizeable customer base.

RIL has already spent close to Rs 33,000 crore in its telecom venture, expected to be launched early next year.

Reliance Industries: On track to recovery; Rating 'Outperform'

Reliance Industries: On track to recovery; Rating 'Outperform'

RIL reported a 6% year-on-year growth in standalone profit after tax to Rs 56.5 bn (estimate of R54.4 bn). Consolidated earnings (reported for the first time quarterly) were at R59.6 bn, growth of 14% y-o-y, led by US shale and retail turnaround.

Refining margins at $8.7/bbl marginally beat est of $8.6/bbl, driving Ebit of R37.7 bn (+28% y-o-y, 3% above the rest) But petchem disappointed with Ebit of R18.9 bn (-10% quarter-on-quarter) well below estimates.

Reliance Industries arm's investments still being probed

Reliance Industries arm's investments still being probed

An investigation by government agencies is under progress into the alleged violation of rules in investments made by Singapore-based Biometrix Marketing, a Reliance Industries (RIL) group firm.

An indirect subsidiary of Reliance Life Sciences, it had invested Rs 6,500 crore ($1.7 billion at the then foreign exchange rates) in 2007-08 through some exotic instruments in Reliance Gas Transportation, Relogistics Infrastructure, Reliance Ports and Reliance Utilities. The investments were considered to be the largest foreign direct investment (FDI) from Singapore.

CAG flays govt for Rs 667 cr 'undue' benefits to Essar Oil, Reliance Industries

CAG flays govt for Rs 667 cr 'undue' benefits to Essar Oil, Reliance Industries

The Comptroller and Auditor General (CAG) on Friday castigated the government’s fuel pricing policy saying it gave undue benefit of Rs 667 crore to Essar Oil and Reliance Industries, and called for renegotiating rates at which diesel is bought from private refiners.

State-owned fuel retailers buy diesel from private refiners as their own production is insufficient to meet domestic demand.

RIL gas price case: Former SC judge G S Singhvi appointed govt arbitrator

RIL gas price case: Former SC judge G S Singhvi appointed govt arbitrator

The Union government on Thursday joined the arbitration process initiated by Reliance Industries (RIL) and its partners over delay in revision of the price of natural gas from the Andhra offshore KG-D6 block. It appointed former Supreme Court judge G S Singhvi as its arbitrator.

RIL and its partners, BP Plc of the UK and Niko Resources of Canada, had on May 9 served a pre-arbitration notice on the government, alleging failure to implement the decision on a gas price rise with effect from April 1. This stalling, it said, was preventing sanctioning of investments of around $4 billion.

RIL clarifies on KG-D6 penalty

RIL clarifies on KG-D6 penalty

Reliance Industries Ltd (RIL) said on Wednesday that the government's move to disallow it recovery of certain costs relating to the D6 gas block in the Krishna-Godavari basin (KG-D6) did not amount to a penalty and was also not in line with the contract the two had signed.

In a statement issued on the BSE exchange on the penalty, imposed by the government for falling KG-D6 output, it said, “RIL and its partners believe the purported rationale of the government, in proportionately disallowing the cost in the ratio of actual production to the estimated production from D1-D3 fields in KG-D6 is not as per the Production Sharing Contract (PSC).”

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