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<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="267" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> has won a vote of confidence from global rating agencies <keyword id="20043943" type="General" weightage="20" keywordseo="SP" source="keywords">S&amp;P</keyword> and <keyword id="19950093" type="General" weightage="20" keywordseo="Fitch" source="keywords">Fitch</keyword> after its robust earnings in the fiscal year ended March 31, 2024, supported its growth aspirations and kept leverage under check. S&amp;P Global Ratings and Fitch Ratings in separate notes spoke of its <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> (loosely known as pre-tax profit) rising in the current fiscal year and next on rising revenue and past investments. "<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> Ltd's (<keyword id="20002939" type="General" weightage="20" keywordseo="ril" source="keywords">RIL</keyword>) strong earnings will keep leverage in check as the company continues to pursue growth ambitions. We expect the company's debt-to-EBITDA ratio to remain commensurate with the rating (BBB+/Stable/--)," S&amp;P said in a note. The oil-to-telecom-and-retail conglomerate's growth aspirations remain intact, it said, adding the company has ramped up investments in the media business in recent months. In 2024, it entered into binding definitive agreements with The Walt Disney Co for a media joint venture in which RIL will invest Rs 11,500 crore. The company subsequently agreed to buy Paramount Global's 13.01 per cent stake in local entertainment network Viacom18 Media Pte Ltd for about Rs 4,300 crore. "These investments are in line with RIL's strategy to diversify and have a strong presence in a few key industries," the rating agency said. Also, the company received government approval in 2024 to develop gas reserves in the KG-D6 block in the Bay Of Bengal. This could increase the company's gas production capacity by 13-17 per cent. RIL's earlier announced investments include a Rs 75,000 crore expansion plan over five years (starting 2022) for the oil-to-chemicals business. "RIL's earnings will benefit from past investments," S&amp;P said. "We project the company's adjusted EBITDA will rise 2-4 per cent in fiscal 2025 (year ending March 31, 2025)," it added. Just as in the past two years, the digital services segment (Reliance Jio Infocomm Ltd) will be the key growth driver, with segment's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increasing 10-12 per cent in fiscal 2025. Reliance Jio's wireless subscriber base and average revenue per user will gain from the company's investments in its 5G network since late 2022. Meanwhile, earnings in the oil and gas as well as retail segments will reap the rewards of increased production volume and a wider retail store network. "The EBITDA improvement that we expect in fiscal 2025 comes after a 14 per cent increase to Rs 1.6 lakh crore in fiscal 2024," it said. S&amp;P saw RIL's rising earnings providing it greater balance-sheet flexibility for growth. "We expect the combination of robust operating performances and continued spending to keep the company's debt-to-EBITDA ratio at 1.8x-2.0x over the next two years. This compares with our estimate of 1.7x for fiscal 2024 and our downgrade trigger of 2.5x," S&amp;P said. RIL's leverage has some distance from the upper end of the company's internal leverage target. RIL has reiterated its intention to keep its net debt-to-EBITDA ratio (by its own calculations) below 1x. The ratio was 0.65x as of March 31, 2024. Separately, Fitch Ratings said RIL's EBITDA net leverage is likely to remain below 1x in the medium term, supported by increasing cash flows and lower capex intensity, even as the conglomerate's absolute capex and investments remain high in the near term. "We expect RIL's EBITDA to increase by 8 per cent year-on-year in the financial year ending March 2025 (FY25) and 14 per cent in FY26, while capex intensity (capex/revenue) is likely to reduce below 13 per cent by FY26 (FY24: 15.3 per cent). Lower capex intensity would be driven by growing revenue and reduction in capex after FY25," it said. Fitch expected the conglomerate's Cash Flow from Operations (CFO) to be sufficient to fund its capex from FY26, which will limit additional debt funding and keep its EBITDA net leverage below 1.0x in the medium term (FY24: 0.9x, FY23: 1.1x). "Fitch estimates RIL's FY24 EBITDA net leverage at 0.9x, better than our expectation of 1.1x, driven by marginally higher EBITDA and Rs 20,900 crore of equity raised mainly from the sale of a stake in a subsidiary, even as its capex remained high at Rs 1.5 lakh crore (FY23: Rs 1.4 lakh crore)," the rating agency said in a statement. It rates RIL at 'BBB'/Stable, one notch above India's rating (BBB-/Stable). "We expect the EBITDA increase in the near to medium term to be driven by the telecom and retail businesses, supported by contribution from the upstream oil and gas segment and marginal recovery in petrochemical spreads in the oil to chemical (O2C) segment," Fitch said, adding EBITDA from digital services, largely telecom, is likely to benefit from a 10-15 per cent tariff hike and 15-20 million of additional subscribers in FY25 (FY24: 482 million subscribers). Digital services EBITDA rose by 13 per cent in FY24, as Reliance added 42 million subscribers and monthly average revenue per user increased to Rs 182. Monthly user data consumption increased by 24 per cent to 28.7 GB, one of the highest globally. Fitch expected retail EBITDA to increase by 20-25 per cent in FY25 (FY24: 28%) as Reliance continues to expand its physical stores and digital channels. EBITDA would be supported by a 22.2 per cent increase in its registered customer base to 304 million in FY24. Also, O2C segment EBITDA is expected to remain above Rs 60,000 crore in FY25 (FY24: Rs 62,400 crore), as a gradual improvement in petrochemical spreads from FY24 lows is expected as a supply overhang recedes. Upstream oil and gas EBITDA should stay at around Rs 20,000 crore in FY25 (FY24: Rs 20,200 crore), assisted by the expectation of a 10 per cent increase in gas production in the first full year of operation of three gas fields in the KG-D6 block, which should offset the potential reduction in price realisation with lower gas prices in international benchmarks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/jnk-india-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109597273.cms">JNK India IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a>

Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check

Mumbai, Jan 17 () Mukesh Ambani-led Reliance Industries is unlikely to close the deal for 20 per cent stake in its oil to chemicals business to Saudi Aramco by March 31 this year, according to a senior company official.
 In August last year, the company announced its plans to sell its 20 per cent stake in its flagship chemicals and refining business to Saudi Aramco in a deal valued at USD 15 billion.
 The deal, is aimed at cutting its massive debt and secure an assured supply of crude oil to its refineries, was expected to be closed by March 31, 2020.
 "...it will not be a deal which will get done by March 31. It's a large transaction, large cross border transaction, a complex transaction and so timeline is something we have to be realistic about," its joint chief financial officer V Srikanth told reporters here.
 He, however, said that the deal is making good progress and that there is engagement across teams.
 "If you are looking for guidelines, I am not the guy to give the timelines because we are bond by confidentiality. I can't be talking about timelines. We can only say we are progressing well," Srikanth added. 
 When asked if the companies would be signing the definitive agreements by March 31, he said, "we are trying to do it, but we cannot comment on timelines without engagement with them (Saudi Aramco)."
 During the company's annual general meeting in last August, Ambani had said that the Saudi Aramco and BP deals, along with the plans of deleveraging of telecom arm Jio's infrastructure assets will help Reliance become "a zero-net debt company within the next 18 months, that is by March 31, 2021.
 On the company's debt reduction plans, Srikanth said, "the intensity of capex has been coming off quarter on quarter. From Rs 30,000 crore of capex in the first quarter, it has reduced to Rs 19,000 crore in second to Rs 14,000 crore in the third. This is in line with what we had already said that the projects are getting completed, like the Jamnagar expansion, the Jio related capex is already done, and so this is the way it is going to be.
 "So we are earning more than what we are spending so its going to translate in reduction in levels of debt. Our broader target is to be debt free by FY2021," he added.
 The company's net debt levels have reduced from Rs 1.57 lakh crore in the second quarter of the fiscal to Rs 1.53 lakh crore in Q3 FY2020. PSK MR
MR

RIL-Saudi Aramco deal unlikely to close by March-end, says CFO

<ul><li><keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries and <keyword id="32848" type="ORGANIZATION" weightage="20" keywordseo="BP">BP</keyword> have started the production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India.</li><li>KG D6, which is the Krishna Godavari Dhirubhai 6, was Reliance’s first offshore gas field development. </li><li>Located at a water depth of over 2000 meters, it is the deepest offshore gas field in Asia, according to the company. </li></ul>Reliance Industries and BP have started the production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India. The oil fields in the Krishna-Godavari basin, popularly known as KG-D6, was Reliance’s first offshore gas field development. Discovered in 2002, the KG D6 is also India’s largest deposit of natural gas. Through the three clusters of Reliance in KG D6 – R Cluster, Satellites Cluster and MJ, Located at a water depth of greater than 2000 meters, it is the deepest offshore gas field in Asia, the company said in a statement. . The Mukesh Ambani-led company hopes to produce 15% of India’s total gas consumption. According to <a href="https://www.businesstoday.in/current/corporate/ril-bp-set-start-gas-production-r-series-invest-rs-40000-crore/story/423436.html">reports</a>, production from Satellites Cluster and MJ is expected to begin in FY22. “This is a significant milestone in India's energy landscape, for a cleaner and greener gas-based economy. Through our deep-water infrastructure in the Krishna Godavari basin we expect to produce gas and meet the growing clean energy requirements of the nation,” said <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Chairman and Managing Director of Reliance Industries Limited in a statement. Reliance and bp are together investing ₹40,000 crore into KG-D6. Earlier, BP had invested $1 billion for a 49% stake in the joint venture called “Jio-bp”, with <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> holding 51%. SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-shares-new-data-how-the-indian-heartland-is-turning-into-a-business-for-the-e-commerce-giant/articleshow/79792821.cms">Flipkart shares new data on how the Indian heartland is turning into a big business for the e-commerce giant</a>

Reliance and BP start production from KG-D6 oil field – off the coast of Kakinada

<ul><li>Supreme Court decision to make Airtel and Vodafone pay up spectrum dues gave a boost to RIL stock. </li><li>In the last one week, <a href="https://www.bloombergquint.com/business/ambani-said-in-talks-to-sell-news-assets-to-india-s-times-group">Bloomberg reported</a> that RIL has been trying to sell its media business to two different entities. </li><li>Ambani also said that he plans to turn the company<a href="https://www.businessinsider.in/airtel-tata-sky-and-pvr-shares-fall-after-mukesh-ambanis-vision-for-ril/articleshow/70655108.cms"> virtually net-debt free</a>. </li><li>This year, Reliance Retail also crossed ₹2,000 crore in pre-tax profits during the first quarter. </li></ul>It was a much anticipated event but the market value of Reliance Industries hit crossed ₹10 lakh crore in today’s trade. In the morning session it ₹10,00,382.68 crore even as the stock went up only by a marginal 0.5% today. But the company stock withstood erratic sessions of highs and lows and various global cues, to grow steadily for the last four months. The flurry of good news started after Ambani unveiled his next generation plans at his<a href="https://www.businessinsider.in/highlights-of-mukesh-ambani-speech-at-reliance-industries-agm/articleshow/70638299.cms"> annual general meeting</a>. But many unprecedented activities also made him the undisputed king of the telecom market. 
 
 
 
 
 
 
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 Rivals loss is Ambani’s gain Jio was gaining customers, mostly at the expense of Vodafone-Idea, but that came at the cost of very cheap prices. It wasn’t clear if Jio will be able to keep the lead if it raised tariff. That worry had been laid to rest after the top three mobile service providers ⁠— Airtel, Vodafone-Idea, and Reliance Jio⁠— announced their plans to<a href="https://www.businessinsider.in/business/corporates/news/jio-will-raise-tariffs-after-airtel-and-vodafone-idea/articleshow/72138425.cms"> hike</a> tariffs. It gave a golden opportunity for Jio to make more money while maintaining the lead over others. Then came the deathly blow for Jio’s rivals from none other than the Supreme Court, which ordered telcos to pay up around ₹92,000 crore ($13 billion) in dues to the Indian government. The companies had lost a decade-old case on how much they have to pay in spectrum fees that left them heavy interest and penalties included. The other two companies which were much older had to pay a lot more than Jio, which was a blessing in disguise for <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s company. Many stockholders believed that Jio would end up with a virtual monopoly over the market as the debt of Airtel and Vodafone is all set to rise The sentiment effect too boosted the stock value by a great margin for a few weeks. Sale of Reliance’s media business In the last one week, wire agency<a href="https://www.bloombergquint.com/business/ambani-said-in-talks-to-sell-news-assets-to-india-s-times-group"> Bloomberg reported</a> twice that RIL has been trying to sell its media business to two different entities—Japanese major Sony and the Times Group. The media business of Network18 that RIL acquired in 2014 is a loss-making entity. The group owns the television channels of Eenadu TV along with those of Network18 like CNBCTV18 and CNN-IBN, Colours and more. It also owns multiple websites like moneycontrol and Firstpost. The news of a possible sale and cash flowing also boosted the stock price. At the AGM in August, Ambani also said that he has plans to carve out retail and Jio into separate entities to unlock value. Plan to go debt free, bonuses and IPOs Apart from announcing various futuristic plans, Ambani also said that he plans to turn the company<a href="https://www.businessinsider.in/airtel-tata-sky-and-pvr-shares-fall-after-mukesh-ambanis-vision-for-ril/articleshow/70655108.cms"> virtually net-debt free</a>. For a company which is saddled with a debt of around ₹1.5 lakh crore, it is good news for investors. This is especially true in a market where every third company is either weighed down by or going <a href="https://www.businessinsider.in/thelife/personalities/news/subhash-chandra-the-man-who-started-tv-revolution-in-india-now-bows-out-after-piling-on-1-6-billion-debt/articleshow/72251788.cms">under debt burden</a>. He also walked the talk by announcing massive deals with international oil majors –British Petroleum and Saudi Aramco which will bring in as much as ₹1.1 lakh crore in commitments. Reliance Retail starts churning profits This year, Reliance Retail also crossed ₹2,000 crore in pre-tax profits during the first quarter. “In our core retail, we crossed the best margin ever at 8.9%. We now have 10,644 stores across the country now,” said Alok Agarwal, CFO of the company during <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-retail-reports-over-47-growth-in-revenue/articleshow/70295939.cms">the quarterly results</a>. But this is not the only good news that the business brought. Ambani unveiled his plans to use the synergies of digital business of Jio with retail and take on Flipkart and Amazon in the online space. In fact, the company unveiled plans of a virtual reality powered shopping experience This, along with promise of public offers and possible bonuses put RIL stock on the fast lane.

Four reasons why Mukesh Ambani’s Reliance Industries is now worth ₹10 lakh crore

<ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s digital services unit, <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> posted revenue growth of 5.4% compared to a quarter earlier.</li><li>The company added 25 million new subscribers in the three months ending June 2019.</li><li>Reliance Industries consumer businesses including Reliance Retail and Reliance Jio now make up for more than a quarter of the total revenue.</li></ul>Reliance Industries Limited (RIL) released its first quarter results for the current fiscal year today. Revenue from its digital services, which includes Reliance Jio, showed a quarterly growth rate of 5.4% to ₹ ₹14,910 compared to three months earlier. "Our subscribers now exceed 330 million. We added a net of 25 million subscribers in this quarter," CFO Alok Agarwal said. Reliance Jio, the company’s telecommunications arm, has shown a growth on the back of a steadily growing subscriber base. In fact, Jio <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-beats-airtel-to-be-indias-second-biggest-telecom-network/articleshow/70291841.cms">beat out</a> Airtel to become the second most subscribed network operator in the country earlier today, according to the Telecom Regulatory Authority of India’s (TRAI) report. Its user base has been growing steadily where BSNL, Airtel and Vodafone have been leaking subscribers. From May to June, Airtel lost 1.5 million users and Reliance Jio added 8.1 million subscriptions to its user base. But the growth in subscribers also means there’s an impact on the average revenue per user (ARPU). Agarwal stated that there’s been a decline in ARPU from 126 to 122, but added, “From our customer profile, we’re seeing a distinct shift to higher tariff packages which are inherent really slightly cheaper than lower tariff packages.” Reliance Jio’s EBITDA is up 8% and EBITDA margins are up by 110 basis points. Reliance Jio has today managed to raise as much as ₹25,215 crore from a Canadian asset management company, Brookfield’s subsidiary — BIF IV Jarvis India. This will help the company repay some of its mammoth debt accumulated in the process of investing in Jio and offering deep discounts to win over customers.

Reliance Jio’s 330 million subscribers boost revenue by 5.4% compared to 3 months ago

<ul><li>Reliance’s consumer business saw a massive growth despite a <keyword id="7603543" type="UNKNOWN" weightage="20" keywordseo="consumption-slowdown">consumption slowdown</keyword> in the country. </li><li>In the last quarter, Reliance opened 456 stores while we also added 1 million sq ft of retail space.</li><li>The total number of <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> outlets is now at over 11,300, up 14% in the last one year. </li></ul>Reliance Retail posted robust EBITDA of 62% year-on-year jump for the third quarter of FY20. In the last 9 months of the current financial year, the retail business profits are higher than the full 12 months of the previous financial year. All this amidst a sharp slowdown in consumption in the country. In the last quarter, Reliance Retail saw over 176 million customers walk into the stores with 117 million registered customers, growing at 42.6% over the same period last year, according to Chief Financial Officer (CFO) Alok Agarwal. This, at a time, when the Reserve Bank of India survey showed that consumer confidence is at <a href="https://www.businessinsider.in/careers/news/rbi-consumer-confidence-index-dropped-to-85-7-in-november-due-to-declining-employment-and-income-outlook/articleshow/72380961.cms">its worst in six years</a>. You name ‘em, he’s got ‘em Reliance Retail includes everything from large department stores to Reliance Digital, which sells electronics and gadgets, to apparel stores under the Reliance Trends banner to standalone outlets of Diesel, Hamleys, Bally Kenneth Cole, Thomas Pink, Brooks Brothers, Super Dry and Steve Madden in India. The consumer businesses— Reliance Jio and Reliance Retail ⁠— now <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-reliance-industries-q3-earnings-revenue-profit-and-share-price/articleshow/73331424.cms?src=hp_ts">make for 37% of the conglomerate’s total EBITDA</a> compared to less than 1% five years ago. “I am pleased with the progress of our consumer businesses which continue to establish new milestones every quarter,” Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> cheered. The secret of success This has a lot to do with the fact that the company has been on a spree adding stores across the country. The total store count is up over 14% in the last one year, adding up to over 11,300 outlets now. That has led to sharp rise in sales as well as profit. In the last three months, Ambani added 1 million square feet of store area. The retail segment also employs over 1,25,000 people. 
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 The retail segment of Reliance industries saw its earnings before interest, tax, depreciation, and amortisation (EBITDA) grow over one and half times to ₹2,727 crore compared to the same period last year. “Retail is our hyper growth business. Our consumer business grew 12%, retail business delivered 15 consecutive quarters of revenue and EBITDA growth and 7 quarters of margin profit,” Agarwal added. The ‘future’ of Reliance Brands Reliance Brands, a subsidiary of the retail unit, increased its equity shareholding in Future101 by 2.5% for a consideration of ₹2 crore, taking its total stake in Future101 to 17.5%. Future 101 is the parent of luxury designer Raghavendra Rathore’s label, which Reliance Industries first bought a stake in 2018. See Also: <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-reliance-industries-q3-earnings-revenue-profit-and-share-price/articleshow/73331424.cms?src=hp_ts">Reliance Jio and Reliance Retail boost earnings for Mukesh Ambani-owned RIL</a>

Consumption slowdown? Reliance Retail posts a 62% jump in pre-tax profits

<ul><li>Reliance Industries announced its Q1 earnings today. </li><li><keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> reported an EBITDA of ₹2,049 crores. </li><li>The retail arm of the company has seen a 69.9% year-on-year growth.</li></ul>Reliance Retail posted robust pre-tax profits today as it grew by around 70%, to ₹2,049 crores in the first quarter of 2019-20 as compared to ₹1,206 crore last year. The revenues from Reliance Retail grew at 47.5% to ₹38,196 crores in the quarter ending June 2019 as compared to ₹25,890 crores in the same quarter last year. “Our EBITDA crosses ₹2,000 crore for the first time (retail business). In our core retail, we have the best margin we have ever seen at 8.9%. We have expanded our footprint. We added over 200 stores in this quarter to now have 10,644 stores across the country. We also achieved the milestone of having 100 million registered loyalty customers, and saw 150 million footfalls in our stores,” said Alok Agarwal, CFO, <keyword id="45442" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Limited">Reliance Industries Limited</keyword>. Agarwal said that this growth has come as Reliance is offering more to its consumers, is present in every part of the country, offering better assortments, better after-sales service support. “We are beginning to take the benefits of scale. As we grow bigger and bigger, we are also able to give consumers better deals and discounts, simply because we are getting better at merchandising,” said Agarwal. Reliance Retail has 10,644 stores in over 6,700 cities. It is present across areas like food and grocery, consumer electronics, fashion and lifestyle. In the food and grocery segment, Reliance Retail operates Reliance Fresh, Reliance Smart and Reliance Market stores, while in consumer electronics it has Reliance Digital, Reliance Digital Express Mini stores and Jio stores. In the fashion &amp; lifestyle segment, it has Reliance Trends, Trends Women, Project Eve, Reliance Footprint, Reliance Jewels and AJIO.com. Reliance Retail, which was launched in 2006, has been growing rapidly over the years and has been aggressively acquiring companies as well. Earlier this year, Reliance Retail had acquired the iconic British toy making company Hamley’s and in July completed the 100% acquisition of the company for a <a href="https://www.businesstoday.in/current/corporate/mukesh-ambani-reliance-brands-completes-100-acquisition-of-hamleys/story/365664.html">reported</a> amount of ₹620 crore. Meanwhile, there are also reports that Reliance Retail is bringing the iconic American brand <a href="https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/reliance-to-launch-iconic-jewelry-brand-tiffany-co-in-india/articleshow/70254628.cms">Tiffany &amp; co </a>to India, as per an ET report. The brand could be housed in the luxury mall that Ambani is planning to open next year in the Jio World Centre in Bandra Kurla Complex in Mumbai.

Reliance Retail's discounts may get better as the company grows bigger

Mumbai, Gold and <keyword id="85550" type="PERSON" weightage="20" keywordseo="Silver-prices">silver prices</keyword> declined on Friday as <keyword id="6371444" type="UNKNOWN" weightage="20" keywordseo="traders">traders</keyword> booked profits after the recent surge in prices. Further, increasing hopes of an economic stimulus from the US government also weighed on the price of gold internationally, which reflected in the domestic market. As the US Congressional Republicans and Democrats try to pass a new round of coronavirus aid, lawmakers from both parties are of the view that failure to agree was not an option anymore. The <keyword id="10454459" type="UNKNOWN" weightage="20" keywordseo="february-contract">February contract</keyword> of gold on the MCX was trading at ₹50,235.00 per 10 gram, lower by ₹155 or 0.31% from its previous close. The March contract of Silver was trading at ₹67,622 per kg, lower by ₹645 or 0.94% from its previous close. Anuj Gupta, DVP, <keyword id="10454460" type="COMPANY" weightage="20" keywordseo="commodities-and-currencies-research">Commodities and Currencies Research</keyword>, <keyword id="903865" type="COMPANY" weightage="20" keywordseo="Angel-Broking-Ltd-">Angel Broking Ltd.</keyword> said: "As for today traders can go for 'buy' in gold at ₹50,000 levels with the stop loss of ₹49,700 levels for the target of 50,700 levels." "They can also go for 'buy' in silver at Rs 67,800 levels with the stop loss of 67,000 levels and for the target of 70,000 levels," he said. Gupta said that in the international market gold may test $1,900 and silver may test the $27 level soon. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-tcs-hcl-tech-zee-entertainment-bpcl-bharat-dynamics-hal-bharat-forge-and-others/articleshow/79789193.cms">Top stocks to watch — RIL, TCS, HCL Tech, Zee Entertainment, BPCL, Bharat Dynamics, HAL, Bharat Forge, and others</a> <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a> <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a>

Gold and silver prices decline as traders take some profit home

<ul><li><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>’s growth in subscribers has slowed down this quarter.</li><li>It only added 29 million users in Q2 FY20 in comparison to adding 37 million during the same quarter last year.</li><li>Jio’s ARPU also hit ₹120, dropping for the seventh consecutive quarter. </li></ul>Reliance Industries released its earnings for the current quarter and its digital business, Reliance Jio, seems to be slowing down. Jio’s subscriber base only added 29 million in Q2 FY20. In comparison, Jio added 37 subscribers in the same quarter last year. However, the company is making more money out of its subscribers — the margin for Jio improved by as much as 170 basis points to over 11%. This would be heartening for the investors in RIL. And, even though growth is slowing down, the number subscribers has still grown 7.2% over the last quarter. A report published earlier today by the Telecom Regulatory Authority of India (TRAI) found that Jio was the only telecom operator to add subscribers during the month of August. "It's also a matter of great pride for us to share the fact that Jio is now the second largest single county operator in the world with a subscriber base of 355 billion," said Reliance Industries CFO, Alok Agarwal, during the earnings call. So even though subscriber growth is slowing down for the company, it’s still faring better than Bharti Airtel and Vodafone Idea. 
 
 
 
 
 
 
 
 
 
 
 
 
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 And, Jio’s average revenue per user continues to decline for the seventh consecutive quarter hitting ₹120. Usage continues to growth with the company recording 12 billion GB in data traffic and 813 billion minutes of voice traffic. "Both continue to grow quarter after quarter showing stronger levels of customer engagement on our network," stated Agarwal. 
 
 
 
 
 
 
 
 
 
 
 
 
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 The company reported a net profit grew at a yearly rate of 45.4% hitting ₹990 crore during the quarter. It's operating revenue also grew by 33.7% year-on-year to reach ₹12,354 crore. 
 
 
 
 
 
 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/business/corporates/news/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms">Reliance Industries posts a record profit even as refining and telecom verticals soften</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-owned-reliance-industries-forms-pact-with-bp-to-sell-aviation-fuel-in-india/articleshow/71651988.cms">Reliance Industries makes a new pact with BP to sell jet fuel in India</a> <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms">Reliance Retail surprises with a sharp growth of 27% despite slowdown</a>

Reliance Jio added fewer subscribers in Q2 but made more money out of them 

<keyword id="6354504" type="UNKNOWN" weightage="100" keywordseo="Reliance-Jio">Reliance Jio</keyword> today reported widening of its net loss to Rs 22.50 crore in the six months to March, a period when the company virtually had no revenue and ran two back-to-back promotional offers. 
 Net loss stood at Rs 7.46 crore in the same period a year ago, Reliance <keyword id="1699939" type="UNKNOWN" weightage="20" keywordseo="Jio-Infocomm">Jio Infocomm</keyword> said in an exchange filing. 
Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017 while other income fell to Rs 0.54 crore from Rs 2.23 crore in the same six months of 2015—16. Jio is an unlisted arm of <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> and as per law is not required to put out quarterly numbers. 
Since its launch, it ran two back—to—back offerings of free data and voice and the only charge it took from the 120 million subscribers was a voluntary Rs 99 for enrolment as Prime membership. 
For the full 2016—17, net loss doubled to Rs 31.37 crore as against Rs 15.71 crore in the same period of the previous year. 
The company, which had a net worth of Rs 70,864 crore, had a debt—equity ratio of 0.67 in the second half of 2016—17 compared to 0.89 a year earlier.× 
Its debt jumped to Rs 47,463 crore, from Rs 32,963 crore as on March 31, 2016. 
 
Watch the Live video of RIL's CFO Alok Agarwal highlighting the financial and operational performance of the company <a href="https://www.youtube.com/watch?v=C8Hd2oHmgG8">here</a>.

Not a ‘Summer Surprise for Reliance Jio as net loss widens to Rs. 22.5 cr in October-March

Being a Tata, Birla, Ambani or Mahindra Group company is not enough for this Indian fund manager

It goes without saying that the children of the richest people in the country aka the Mittals, Ambanis and Birlas are born with a silver spoon in their month and more often than not we tend to disregard their achievements because of this very reason- that they had it easy. 
 
But, having said that, it should also be kept in mind that not everything comes easy. And, while being born in one of the country’s richest families may help things, but it’s still never enough to be successful. 
 
There’s always the pressure of living upto your family’s expectations and your father’s legacy and more importantly, come on your own. 
To achieve all of this, one needs hard work, determination and a bundle of creativity, regardless of which family you’re born into. 
 
As for the scions of the country’s notable families, almost all of them ahve worked hard in their own way to get to where they are right now. Some, have either joined the family business after having carved out a name for themselves or have taken the path unknown and started something new. 
 
Either way, we at Business Insider track what these 10 kids from the country’s richest and powerful families are upto- 
 
 
 
1. Akash and Isha Ambani Father: <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> 
What they’re doing now: Director of Reliance Jio and joint ventures 
 
Akash and his twin sister Isha, in 2014 were appointed as Directors on board of Reliance Industries’ retail and telecom ventures. Interestingly, at 24, they joined the company at the same age as their father joined RIL. 
 
 
 
2. Rishad Premji Father: <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> 
What they’re doing now: Chief Strategy Officer and Member of the Board at Wipro 
 
Rishad started off as a manager in the business of banking after having undergone an interview at Wipro just like anybody else. And, look where the hardworking boy is now! 
 
 
 
3. Aditya Mittal Father: <keyword id="29201" type="PERSON" weightage="100" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword> What they’re doing now: CFO of <keyword id="47654" type="CITY" weightage="80" keywordseo="ArcelorMittal">ArcelorMittal</keyword> 
 
Aditya joined his father’s company way back in 1997 and quickly rose through the rank displaying the qualities of a future leader and a business acumen similar to his father. 
 
 
 
4. Aalok Shanghavi 
Father: Dilip Shanghavi 
What they’re doing now: Senior General Manager in International Marketing for Sun Pharmaceuticals 
 
This 27-year old has also set up his own solar panel making company called PV Powertech, apart from working at Sun Pharma. 
 
 
5. Kavin Bharti Mittal Father: <keyword id="6358599" type="PERSON" weightage="100" keywordseo="Sunil-Mittal">Sunil Mittal</keyword> 
What they’re doing now: CEO of Hike Messenger 
 Instead of joining <keyword id="6354287" type="CITY" weightage="100" keywordseo="Bharti-Airtel">Bharti Airtel</keyword>, Kavin decided to go his own way and he started Hike messenger, a free messaging application that has more than 35 million users at the moment. 
 
 
 
6. Karan Adani Father: <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> What they’re doing now: Executive Director, Ports, <keyword id="6367820" type="COMPANY" weightage="100" keywordseo="Adani-Group">Adani Group</keyword> 
 
Gautam joined the Adani Group in 2009 and now looks after the strategic development of all Adani ports in the country. 
 
 
 
7. Ananyashree Birla 
Father: Kumar Mangalam Birla 
What they’re doing now: Svatantra Microfin Pvt. 
 
21-year-old Ananyashree decided to become a social entrepreneur two years ago and started Svatantra Microfin Pvt. Backed by her billionaire father, this small startup of hers lends capital to the rural poor to start their own business. 
 
 
8. <keyword id="44904" type="PERSON" weightage="100" keywordseo="Roshni-Nadar">Roshni Nadar</keyword> 
Father: Shiv Nadar 
What they’re doing now: CEO of HCL group 
 
Roshni was elevated to the role of Executive Director of the HCL group within a year of joining. The only child of her billionare father, Roshni also looks after the educational initiatives of the Shiv Nadar foundation. 
 
 
 
9. <keyword id="111987" type="PERSON" weightage="100" keywordseo="Nisa-Godrej">Nisa Godrej</keyword> Father: <keyword id="6364063" type="PERSON" weightage="80" keywordseo="Adi-Godrej">Adi Godrej</keyword> What they’re doing now: Executive Director of <keyword id="6369697" type="COMPANY" weightage="100" keywordseo="Godrej">Godrej</keyword> Consumer Products 
 
At her role in the Godrej Group, Nisa has to manage more than 20,000 employees, besides helping out at Dasra, an organisation that promotes girl education. 
 
 
 
10. Akshata Murthy 
Father: Narayan Murthy 
What they’re doing now: Senior Associate at Siderian 
 
Apart from being a Senior Associate at Siderian, Akshata also holds a 1.4 percent stake in her father’s company, Infosys. 
 
 
Image credit: Indiatimes

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