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New Delhi, Jan 17 () Telecom operator Reliance Jio on Friday posted a 62.5 per cent jump in its standalone net profit at Rs 1,350 crore for the October-December quarter of FY 2019-20. 
The telecom arm of Reliance Industries, Jio had posted a net profit of Rs 831 crore in the corresponding quarter a year ago.
 The company recorded an increase of 28.3 per cent in its operating revenue at Rs 13,968 crore as compared to Rs 10,884 crore in the year-ago period. 
 "Jio has continued on its unprecedented growth journey receiving overwhelming customer response for best in class mobile connectivity services. Jio is also determined to redefine the wireline infrastructure, home entertainment and enterprise market in India with its FTTx services which bundle best-in-class connectivity with bouquet of digital content and services," RIL Chairman and Managing Director Mukesh Ambani said in a statement. 
 He said that a truly transformational and disruptive digital services company has also been set up to drive the next leg of growth.
 Reliance Jio subscriber base increased by 32.1 per cent as on December 31, 2019 on year-on-year basis to 37 crore and average revenue per user stood at Rs 128.4 during the quarter. 
 Total wireless data traffic during the quarter on its network increased by 39.9 Y-o-Y basis to 1,208 crore GB, and voice traffic during the quarter jumped 30.3 per cent to 82,640 crore minutes. PRS MBI MKJ

Reliance Jio net profit surges 62.5% to Rs 1,350 cr in Dec qtr

Following are the top business stories of the day TCS Q3 net profit marginally up at Rs 8,118 cr: Country's largest software services major Tata Consultancy Services (TCS) on Friday reported a muted 0.2 per cent growth in consolidated net profit at Rs 8,118 crore for the third quarter ended December 2019. Iran, India can look at barter trade in agriculture: Mohammed Javad Zarif
Mumbai: Iran's Foreign Minister Mohammad Javad Zarif on Friday pitched for barter trade with India in the agriculture sector as well as setting up of Indian banks in the country which will also enable Iranian businesses to carry out transactions in rupee and rial.
 All foreign investments must adhere to law of the land: Goyal on Amazon row
Ahmedabad: A day after stating that Amazon was not doing any favour to India by investing one billion dollars, Union minister Piyush Goyal on Friday said the country welcomes all kinds of investments that follow the "letter and spirit" of the law. Rupee drops 15 paise to 71.08 against US dollar: The Indian rupee furthered its losses for the second day, dropping 15 paise to close at 71.08 against the US dollar on Friday amid strengthening of the American currency overseas and rising crude prices.
 INDIA
Amazon to create one million jobs in India by 2025, says Bezos: World's largest online shopping platform Amazon on Friday announced plans to create one million new jobs in India over the next five years as it firefights comments from Commerce Minister Piyush Goyal on the firm not doing a favour to the country by making the investments. Market ends flat; banks slide on NPA concerns after top court's AGR ruling: Market gauges Sensex and Nifty gave up early gains to close on a flat note on Friday as investors moved to the sidelines amid concerns that the Supreme Court ruling on telecom AGR issue might further aggravate stressed assets problem in the banking sector.
 Telecom dues: Curative petitions rarely admitted, say analysts: With just one week left for them to pay over Rs 88,600 crore in past dues, Bharti Airtel and Vodafone Idea are left with last legal remedy of filing a curative petition but such petitions are rarely admitted by the Supreme Court, analysts said on Friday.
 RBI should act as lender of last resort, provide liquidity to NBFCs: SBI: With difficulties in NBFC sector continuing, economists at SBI on Friday pitched for the Reserve Bank to play its role as the lender of last resort, something the central bank has avoided since the start of troubles in 2018.

DCM33 BIZ-2LD PIRAMAL-DRG
Piramal sells DRG business to Clarivate Analytics for USD 950 mn
New Delhi: Ajay Piramal-led Piramal Enterprises has signed an agreement for sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore), and will use the money to reduce debt and to explore organic and inorganic growth opportunities. 
 Vodafone Idea shares nosedive nearly 26 pc; m-cap drops by Rs 4,367 cr post SC order: Shares of Vodafone Idea on Friday plunged nearly 26 per cent after the Supreme Court dismissed telcos' plea seeking review of its earlier order asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23.

Business Wrap: TCS Q3 Net profit up 0.2%, RIL Q3 net profit up 13.5% and other top business news of the day

New Delhi, May 4 () Moody's Investors Service on Monday said Reliance Industries' Rs 53,100 crore rights issue is credit positive as earnings will decline because of economic shutdowns.Last week, Reliance announced it will raise Rs 53,100 crore through a rights equity offering.Also, the company announced an investment of Rs 5,656 crore by Silver Late in Jio Platforms, the digital services business of RIL."This is in line with the company's target to reduce its net debt to zero by March 31, 2021. The proceeds from the rights issue will reduce RIL's net debt by about USD 7.8 billion and is credit positive," Moody's said in a note.Along with the previously announced asset sales to Facebook, Inc and BP Plc, RIL expects to generate net proceeds of Rs 1.1 lakh crore, which will reduce its net debt by the same amount."The total net debt reduction from completion of these transactions will lower RIL's reported net debt, which was Rs 1.6 lakh crore (USD 21.4 billion) as on March 31, 2020, by about 68 per cent and will be equivalent to 1.1x its reported EBITDA of Rs 1 lakh crore for the fiscal year ended March 31, 2020," it said.In addition, RIL also announced that it has started the process to carve out its oil-to-chemical (O2C) business as a separate subsidiary in order to facilitate the previously announced 20 per cent stake sale in that business to Saudi Arabian Oil Company (Saudi Aramco).Despite the coronavirus outbreak and lower oil prices, RIL confirmed that the due diligence process for the transaction is ongoing."This increases the likelihood of the transaction going ahead as announced in August 2019," the rating agency said, adding the transaction with Saudi Aramco values the O2C business at USD 75 billion and can potentially result in USD 12-15 billion of cash proceeds for RIL, depending on the amount of debt at the O2C business after the reorganization.Reliance last week approved the biggest-ever rights issue of Rs 53,100 crore at Rs 1,257 per share.The company had reported a 10.5 per cent increase in its reported EBITDA for the fiscal year ended March 31, 2020, as compared to a year ago.While the economic shutdowns due to coronavirus outbreak resulted in a decline in earnings from RIL's O2C and retail businesses for the quarter ended March 2020, its earnings from its digital services continued to grow."We expect the earnings from its O2C and retail business to see a steeper decline in the quarter ending June 2020 as India's economy is scheduled to be under shutdown for at least 45 days in this quarter. An earnings recovery for these segments will depend on the timing of resumption of economic activity, which remains uncertain at this stage," it said.Assuming the economic activity to resume by middle to end of May 2020, the rating agency expected RIL's consolidated EBITDA to decline 10-12 per cent in FY2021 as compared to FY2020. However, the EBITDA is expected to return to FY2020 levels in FY2022 as improved demand in combination with low oil prices will result in higher earnings for the O2C segment, while the earnings growth for retail will resume."RIL's recent foray into online retail through its partnership with Whatsapp and Facebook could result in a further boost in its retail earnings, which is currently not factored in our projections," Moody's said. ANZ BAL

Rights issue credit positive for Reliance; to result in debt reduction: Moody's

<ul><li>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India.</li><li>The company said that it will make about ₹7000 crore from the joint venture.</li><li>The announcement came with the company's quarterly earnings report.</li></ul>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India. The announcement came with the company's quarterly earnings report. "BP and RIL agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance’s existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country’s fast-growing demand for energy and mobility. Reliance will get approximately ₹7,000 crore from BP’s investment in this joint venture," the statement said. 
 
 
 
 
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 The two companies formed a partnership in 2011 and decided to expand the tie-up in 2017. The two companies together operate fuel retailing outlets in the country and intend to increase the number of fuel-vending stations to 5,500. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms" data-type="tilCustomLink" target="_blank">Reliance Retail surprises with a sharp growth of 27.3% despite slowdown</a> <a href="https://www.businessinsider.in/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms" data-type="tilCustomLink" target="_blank">Reliance Industries posts a record profit even as refining and telecom verticals soften</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-plans-made-more-money-but-added-fewer-subscribers/articleshow/71651933.cms" data-type="tilCustomLink" target="_blank">Reliance Jio added fewer subscribers in Q2 but made more money out of them</a>

Reliance Industries makes a new pact with BP to sell jet fuel in India

<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.

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Reliance Jio net profit surges 62.5% to Rs 1,350 cr in Dec qtr

PTI

Business Wrap: TCS Q3 Net profit up 0.2%, RIL Q3 net profit up 13.5% and other top business news of the day

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Rights issue credit positive for Reliance; to result in debt reduction: Moody's

PTI

Reliance Industries makes a new pact with BP to sell jet fuel in India

Sriram Iyer

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

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