The retail arm of Reliance Industries (RIL) posted a pre-tax profit of Rs 2,322 crore for the quarter ended September 30, (Q2) year-on-year (YoY) growth of nearly 67 per cent as it reaped benefits of scale during the quarter.

This is the second straight quarter that Reliance Retail’s earnings before interest, tax, depreciation, and amortisation (Ebitda) has crossed Rs 2,000 crore.

Shares of billionaire Mukesh Ambani-led Reliance Industries touched a fresh record high on Friday, propelling the firm’s market capitalisation to hit the crucial Rs 9 lakh crore mark. The rally in shares came ahead of the Q2 results scheduled to be reported today. Reliance Industries shares jumped by more than 2% to hit the day’s high at Rs 1,428. Reliance Industries market capitalisation has swollen to Rs 9.03 lakh crore, making it India’s most valuable firm by market capitalisation.

Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) can become the first Indian company to hit $200 billion market capitalisation in the coming two years, a global brokerage said. The commerce and fixed broadband businesses can nearly double the m-cap of India’s largest petrochemical and second-largest oil refining company in the next 24 months from the current $122 billion, news agency PTI reported citing Bank of America Merrill Lynch said in a report.

Reliance Industries has put off bidding for the new gas it plans to produce from eastern offshore KG-D6 block to next month following a request from potential bidders, sources said.

Reliance and its partner BP Plc of the UK, last month had put out Notice Inviting Offer (NIO) seeking bids from potential users for the 5 million standard cubic meters per day of natural gas they plan to produce from the R-Cluster Field in KG-D6 block from the second quarter of 2020.

Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 per cent to 48.87 per cent, according to regulatory filing by the company.

Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore or 2.71 per cent stake in Reliance on September 13, it said.

JioSaavn has received capital infusion of Rs 140.35 crore from parent firm Reliance Industries, according to documents sourced from business signals platform paper.vc.

In 2018, Reliance Industries had announced the merger of its digital music service JioMusic with audio over-the-top (OTT) platform Saavn. The valuation of the combined entity is pegged at over $1 billion, the company had said.

Billionaire Mukesh Ambani’s Reliance Retail Ltd could launch its “new commerce" venture around Diwali, three industry officials aware of the plans said.

New commerce is Reliance Retail’s offline-to-online initiative, which would link producers, traders, small merchants, brands and consumers through technology. The company, the retail arm of Reliance Industries Ltd (RIL), has been working on its new commerce plan for nearly two years.

A global glut in natural gas is threatening to undermine a $4 billion investment by Reliance Industries Ltd aimed at boosting profits at the world’s largest oil refining complex.

The project made all the sense in the world when energy magnate Mukesh Ambani’s conglomerate announced it in 2012: convert petroleum coke, or petcoke, one of the cheapest and dirtiest refinery by-products, into gas needed to power the massive Jamnagar complex on India’s west coast.

New Delhi: Fitch Ratings on Friday raised the outlook on Reliance Industries Ltd (RIL) to positive from stable due to the company's potential to further deleverage following its announcement to eliminate its net debt by March 2021.

In a statement, Fitch said it is revising "the outlook on RIL's Long-Term Local-Currency issuer default rating (IDR) to Positive from Stable and has affirmed the rating at 'BBB'."

Reliance Industries shares zoomed nearly 10 per cent on Tuesday, adding Rs 71,638 crore to the company’s market valuation after the announcement of a host of investor-friendly proposals at its annual general meeting.

The oil-to-telecom giant saw its scrip jump 9.72 per cent to close at Rs 1,275 on the BSE. During the day, it climbed 12.09 per cent to Rs 1,302.50.

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