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<ul class="summary-list"><li>Amazon faces pushback from residents in Texas, where it's testing its delivery drone program.</li><li>Residents are complaining about the level of noise as Amazon seeks to expand the project.</li></ul>Amazon's <a target="_blank" href="https://www.cnbc.com/2024/08/16/amazons-drone-expansion-plans-spur-pushback-from-texas-residents.html">delivery drone robots</a> once seemed like a futuristic joke. But now, as the company seeks federal approval to expand its drone program, it's facing a fundamental challenge: They're too loud.Drones are generally loud machinery. Anyone who has tried to relax on a beach while someone flies their drone can relate. Australians have for years <a target="_blank" class="" href="https://www.bu.edu/articles/2023/reducing-noise-of-delivery-drones-and-rotor-powered-rideshares/">complained about the noise level</a> from Alphabet-owned drones used by Wing, a food delivery service in the area. And even locals in Nepal say the drones Sherpas plan to start using to <a target="_blank" class="" href="https://www.businessinsider.com/trash-mount-everest-drones-clean-up-sherpas-climbing-2024-8">clean up trash from Mount Everest</a> sound like "a swarm of bees."John Case, an orthodontist from College Station, Texas, where <a target="_blank" class="" href="https://www.businessinsider.com/amazon-drone-delivered-cookies-15-minutes-after-order-2024-1">Amazon's delivery drone experiment</a> is taking place, told CNBC that he recently encountered an Amazon delivery drone that "sounds like a giant hive of bees.""You know it's coming because it's pretty loud," Case said.Amazon is seeking approval from the Federal Aviation Administration to expand its drone delivery operation beyond College Station into Tolleson, Arizona, according to CNBC.College Station's city manager, Bryan Woods, ran tests on one Amazon drone and found it emitted noise in the range of 47 to 61 decibels, according to the report. Decibel levels of 40 to 65 are similar to a typical suburban area at night, a household refrigerator, or a business office, according to the decibel level comparison chart from <a target="_blank" class="" href="https://ehs.yale.edu/sites/default/files/files/decibel-level-chart.pdf">Yale Environmental Health and Safety</a>.In May, Amazon <a target="_blank" href="https://www.faa.gov/uas/advanced_operations/nepa_and_drones/Amazon-TX-SEA.pdf">submitted a proposal</a> to the administration to increase deliveries in College Station from 200 to 469 flights a day. Shortly after, College Station Mayor John Nichols wrote in a letter that residents were getting fed up with the noise."Since locating in College Station, residents in neighborhoods adjacent to Prime Air's facility have expressed concern to the City Council regarding drone noise levels, particularly during take-off and landing, as well as in some delivery operations," Nichols wrote, according to CNBC.Amazon and Mayor Nichols did not immediately return Business Insider's request for comment.Amazon said in a statement to CNBC that it is "proud of the thousands of deliveries we've made and the hundreds of customers we deliver to" through its Prime Air drone program."We appreciate the community of College Station and take local feedback into account wherever possible when making operational decisions for Prime Air," the statement said.

Amazon's delivery drones are so loud they are like a 'giant hive of bees'

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

<keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd (RIL), India's largest company, on Thursday said its board has approved hiving off its USD 75 billion worth oil-to-chemicals business into a separate division to enable the sale of 20 per cent stake in the unit to Saudi national oil company Aramco. The hiving off will be subject to the approval of the National Company Law Tribunal. After the approval, the oil-to-chemical (O2C) business will become a separate vertical with independent balance sheet just like the conglomerate's digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It last week agreed to sell a 9.99 per cent stake in Jio Platforms to <keyword id="319320" type="COMPANY" weightage="20" keywordseo="Facebook-Inc">Facebook Inc</keyword> for USD 5.7 billion. RIL Board "approved a Scheme of Arrangement for transfer of O2C Undertaking of the company to <keyword id="9147221" type="COMPANY" weightage="20" keywordseo="reliance-o2c-ltd">Reliance O2C Ltd</keyword> as a going concern on slump sale basis for a lump sum consideration equal to the income tax net worth of the O2C Undertaking as on the appointed date of the Scheme," it said in its fourth-quarter earnings statement. O2C undertaking of the company comprises entire oil-to-chemicals business of the company consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities. "The scheme is subject to necessary statutory/regulatory approvals under applicable laws including approval of National Company Law Tribunal," it added. In August last year, RIL head <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword> for an asking of USD 15 billion. The deal covers all of Reliance's refining and petrochemicals assets as well as the remainder of stake the firm has in fuel retailing business after selling 49 per cent to BP Plc of UK for Rs 7,000 crore. The deal, which valued the oil-to-chemical business at USD 75 billion, was to close by March 2020 but it is now expected to close within the current calendar year. Reliance has pivoted away from energy to the new economy. But refining and petrochemicals are cash cows for Reliance and still account for the bulk of its EBITDA. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day (25 million tonnes a year) of crude on a long-term basis to RIL's Jamnagar refinery complex (more than a third of the 1.36 million bpd refining capacity). The deals give Aramco and BP access to the fastest-growing refined fuels market in the world. Market analyst firm Bernstein in a recent report had stated that it expects RIL to grow their petrochemical and refining business given the secular growth opportunities. "While bears will argue that Reliance is stepping away from energy to digital, we see this deal as an opportunity to expand the downstream business in India with a solid partnership. For Aramco, the deal provides direct access to what is widely expected to be the fastest-growing refined oil product market over the next 20 years," it said. "For Reliance, it provides cash to fund the expansion of their digital business and further expansion of downstream capacity with an experienced partner." While talks with Aramco continue, the BP deal has been finalised. Reliance's existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years. This is the third joint venture between Reliance and BP since 2011. BP had in 2011 bought 30 per cent stake in 21 oil and gas exploration and production blocks of Reliance for USD 7.2 billion. At that time, another 50:50 joint venture, <keyword id="838593" type="COMPANY" weightage="20" keywordseo="India-Gas-Solutions">India Gas Solutions</keyword>, was set up for sourcing and marketing gas in India. The country currently has 69,109 petrol pumps, with public sector retailers owning 61,811. PSU retailers have plans to double this network and have already started appointing dealers. Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,702 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. Royal Dutch Shell has 189 outlets and is slated to add 150-200 more petrol pumps. BP had in 2016 received a licence from the government to set up 3,500 petrol pumps in India. French energy giant Total SA too is keen on entering the Indian retail market and has tied up with Adani Group for the same. The Saudi national oil company, along with its partner UAE's Abu Dabhi National Oil Co (ADNOC) has taken a 50 per cent stake in a planned USD 60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, and has a bullish outlook on India's energy demand and is keen on investing here. Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum. It plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonnes from the current 35.2 million tonnes. Saudi Arabia, on the other hand, is keen to get a foothold in the world's fastest-growing fuel market to get a captive customer for the crude oil it produces. Crude oil is the basic raw material for the manufacturing of petrochemicals. Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas. India has a refining capacity of 249.9 million tonnes, which exceeded the demand of 213.7 million tonnes. See also: <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a> <a href="https://www.businessinsider.in/business/news/reliance-retails-operating-profit-grows-nearly-20-in-the-latest-fourth-quarter/articleshow/75474722.cms">Reliance Retail’s operating profit grows nearly 20% in the latest fourth quarter⁠⁠</a> <a href="https://www.businessinsider.in/business/news/tech-mahindras-net-profits-see-a-massive-32-drop-even-as-its-digital-business-is-treading-water-amidst-the-covid-19-crisis/articleshow/75472198.cms">Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis</a>

Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

<ul><li>Shares of the Mukesh Ambani owned Reliance Industries fell sharply today by as much as 4% in reaction to its earnings results on Friday evening.</li><li>The company had reported a weaker than expected net profit with a fall in profitability for the first time in FY22.</li><li>Indian benchmark indices, Sensex and Nifty 50, also remain in a weak spot as there was a huge sell-off in shares of heavyweight Reliance Industries.</li></ul>Shares of oil-to-telecom conglomerate company owned by Mukesh Ambani were among the biggest losers on the street and one of the reason benchmark indices was still in red. Reliance Industries <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-first-indian-company-to-near-100-billion-in-revenue/articleshow/91381614.cms">reported </a>a weaker than expected net profit and also reported a fall in profitability for the first time in FY22. Indian benchmark indices, Sensex and Nifty 50 remained in a weak spot as there was a huge sell-off in shares of heavyweight Reliance Industries amid poor market conditions. The company posted a net profit of ₹18,000 crore with a revenue of ₹2.11 lakh crore in the March quarter – a decline of 12.25% in profit sequentially, while revenue is up 10.77%. Analysts expected a growth of 4.7% in profit and 14.5% in revenue. Consolidated profit after tax missed the street’s estimate by 4% year-on-year and 3% quarter-on-quarter due to lower other income and miss in retail business, say analysts at Sharekhan. <div type="image" title="ril profit 2" height="900" width="1200" msid="91433413" hostid="261"></div>Meanwhile, analysts at Kotak Institutional Equities feel rise in net debt levels, elevated capex and negative FCF (free cash flow) were a tad disappointing yet again in the March quarter earnings of the company. Quarterly performance of Reliance Retail in Jan-Mar was disappointing The latest report by Sharekhan analysing the company’s March quarter earnings states that the retail revenues were muted and remained flat on quarter versus expectation of decent growth in Jan-Mar. Further, analysts feel an IPO of the company’s consumer business would give better returns to investors over coming years and unlock value in the digital and retail business of the firm. Reliance Retail’s net profit declined by ₹120 crore in the January-March quarter of 2022, on a quarterly basis. The company reported a net profit of ₹2,139 crore in Q4 compared to ₹2,239 crore in the previous quarter. Even on a year-on-year basis, Reliance Retail’s net profit declined. Analysts at YES Securities believe <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword>’s retail business could be impacted by the current inflationary environment in FY23. The report adds that the petrochemical environment appears weak primarily due to tepid Chinese demand and firmer naphtha prices. RIL exports Naphtha that typically is consumed in steam crackers for petrochemical manufacturing. Decline in subscribers at Reliance Jio remains a key negative, say analysts This is the third consecutive quarter of <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-results-q4-fy22-profit-revenue-subscriber-growth/articleshow/91374478.cms">subscriber loss </a>for Reliance Jio – it has lost over 30 million subscribers over the last three quarters. Overall, for the financial year 2021-22, Jio’s subscriber numbers are down by 16 million. Slower-than-expected subscriber additions and ramp-up of broadband services, remains a key risk for the company, says analysts at Sharekhan. The telecom segment posted 14% growth in its net profit between January and March 2022, which is Jio’s <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-results-q4-fy22-profit-revenue-subscriber-growth/articleshow/91374478.cms">strongest profit</a> growth in five quarters, but still below <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-could-post-a-blockbuster-5000-crore-profit-in-the-march-quarter-say-analysts/articleshow/91316654.cms">analyst expectations of ₹5,000 crore quarterly profit</a>. On the bright side, analysys believe that the company's ARPU (average revenue per user) could improve further in FY23. As of 11:34 a.m, shares of the company were down 2.88% at ₹2,545 per share. Going ahead, analysts expect shares to increase by up to 27%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,050 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,840 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,050 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,253 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,950 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,955 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,200 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/snacks-health-bills-electricity-bills-and-more-will-add-to-your-chunkier-home-loan-emis/articleshow/91429752.cms">Snacks, health bills, electricity bills and more will add to your chunkier home loan EMIs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/last-day-to-subscribe-to-lic-ipo-gmp-drops-to-60/articleshow/91424705.cms">Last day to subscribe to LIC IPO, GMP drops to ₹60</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/campus-activewear-shares-debuts-at-21-premium-despite-weak-market-trends/articleshow/91430347.cms">Campus Activewear shares debuts at 21% premium despite weak market trends</a>

RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions

<ul><li>India’s equity markets edged lower in morning trade on Wednesday amid mixed cues in global markets.</li><li>While several sectoral indices were in the red on Wednesday morning, the IT and FMCG indices declined the most.</li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.08% or 15 points early in the morning today.</li></ul>India’s equity markets edged lower in morning trade on Wednesday amid mixed cues in global markets. While several sectoral indices were in the red on Wednesday morning, the IT and FMCG indices declined the most. SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of how the markets may perform, was down 0.08% or 15 points early in the morning today. While the 30-stock <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> was down 0.2% or 117 points to 59,610, the 50-stock <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was down 0.17% or 31 points to 17,629. The IT index was down 0.93%, followed by the FMCG index which fell 0.55%. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.49% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.42% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.32% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.41% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.30% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.82% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.90% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.76% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.86% </td></tr></tbody><tbody></tbody></table> Source: NSE, as on April 19, 2023 Earlier on Tuesday, Sensex and Nifty50 continued to snap amid selling pressure in energy, FMCG and financial services stocks. Both Sensex and Nifty50 ended 0.3% lower – while Sensex fell 184 points to close at 59,727, Nifty50 fell 47 points to 17,660. Layoffs could once again gather steam with reports suggesting that US-based consulting giant Ernst &amp; Young, and media behemoth Disney are expected to lay off thousands of employees. <cmsannotation type="cmsannotation" annotationid="Global markets mixed" comment="subhead" text="Global markets mixed">Global markets mixed</cmsannotation> Uncertainty persisted in markets around the world. Benchmark indices in the US ended on a mixed note on Tuesday, with Dow Jones falling 0.03% while S&amp;P 500 gained 0.09%. The tech-heavy Nasdaq ended 0.04% lower. Markets in Asia were also mixed on Wednesday morning, with KOSPI rising 0.12%, while Shanghai Composite and Taiwan Weighted were both down 0.3%. Nikkei 225 edged 0.24% lower, while Hang Seng was down 0.5%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword>, <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword>, Oil India: The government has reportedly increased the windfall tax on domestic crude oil production to ₹6,400 per tonne. Besides, the government has decided to remove the export duty on diesel. State Bank of India: The largest public sector bank has approved long term fundraising of up to $2 billion in debt during FY24. The fundraising will happen in one or multiple tranches through a public offer or private placement of unsecured notes in US dollar or any other convertible currency. ICICI Lombard General Insurance: The insurer has reported nearly 40% jump in net profit in March quarter at ₹436 crore compared to ₹312 crore last year. Bank of India: The lender’s board has approved to raise ₹6,500 crore from various means including share sale to fund business growth in FY24. CRISIL: The rating agency has reported a 20% rise in net profit at ₹145 crore in March quarter as against ₹121 crore during the same quarter last year. Earnings today: Tata Communications, ICICI Securities, Alok Industries, Citadel Realty and Developers, G G Engineering, Gujarat Hotels among stocks to release their March quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Sensex, Nifty50 edge lower in morning trade amidst a decline in IT, FMCG stocks

<ul><li>The demerger of <keyword id="15323576" type="General" weightage="20" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> (JFS) in the coming months and listing on the stock exchanges is a ‘key moment’ for the Reliance Industries’ stock. </li><li>The JFS demerger is expected to act as a catalyst that the parent Reliance Industries was missing, which is evident from the sagging stock price. </li><li>JFS’ entry could also prove to be a challenge to existing players in the space like Bajaj Finance, Paytm and PhonePe, and a successful take off could also result in attrition at banks and non-banking financial companies (NBFC).</li></ul>The <keyword id="17044379" type="General" weightage="20" keywordseo="demerger-of-jio" source="Orion">demerger of Jio</keyword> Financial Services (JFS) in the coming months and listing on the stock exchanges is a ‘key moment’ for the Reliance Industries’ stock, according to analysts at Nomura. Strong fundamentals and business outlook aside, shares of Reliance Industries (RIL) have gone nowhere since March last year. After hitting a fresh 52-week low in March this year, RIL shares are still down over 10% in 2023. The JFS demerger could be just what the parent’s shares need – value unlocking. The JFS demerger is expected to act as a catalyst that the parent Reliance Industries has been missing. “The listing and value unlocking from RIL’s financial services business in the coming months will be a key event for the stock,” said Nomura in its latest note, adding that the decline in Reliance’s shares is due to “index-related sell-off”. According to the terms of the demerger announced in October last year, all existing shareholders of Reliance Industries will get one share in JFS for each share held in the parent company. The company has now <a href="https://www.businessinsider.in/business/corporates/news/ril-calls-for-shareholder-creditor-meeting-to-approve-demerger-of-financial-services-arm/articleshow/99116790.cms">called</a> for a meeting of creditors and shareholders on May 2 for the requisite approvals. JFS is expected to list in September this year. “As JFS scales up, it can drive value unlocking given higher multiples for peers in these industries,” Nomura said. Jefferies has pegged the valuation of JFS in the range of ₹90,000 crore to ₹1.5 lakh crore, with each share of JFS valued at ₹179 in the brokerage’s base case scenario. Demerger to help JFS ‘dominate’ the industry Looking beyond the benefits for RIL’s shares, the JFS demerger will also help the financial services business attract investors and challenge existing players in the sector like Bajaj Finance and Paytm. “The demerger would help the financial services business to attract different sets of investors, strategic partners and lenders having specific interests in the financial services business,” Nomura added. Analysts at Jefferies underlined that JFS would be able to leverage the large distribution network, customer base and deep pockets of Reliance to take on existing players like Bajaj Finance, Paytm and PhonePe, among others. It will also allow JFS to emerge as the fifth largest financial services company in terms of net worth. Reliance has already made several moves to give JFS the best possible start – this includes bringing in KV Kamath, the former non-executive chairman of ICICI Bank, as its chairman. Subsequently, Kamath hired a former ICICI Bank talent, Manish Singh, to help him build a team as JFS draws closer to launch. Analysts are already watching for attrition at banks and non-banking financial companies or NBFCs. JFS to focus on consumers and merchants Leveraging Reliance’s wide reach in consumer and retail segments thanks to Reliance Jio and Reliance Retail, JFS is expected to focus on consumers and merchants as it kicks off its innings post the demerger. “JFS' key advantage will be low funding cost/ better access on the back of the group's high credit rating and ownership of 6.1% stake in RIL,” said Jefferies. Reliance’s retail arm reported<a href="https://www.businessinsider.in/business/corporates/news/reliance-retails-q3-net-profit-up-6-2-at-2400-crore-finance-costs-depreciation-weigh/articleshow/97179758.cms"> 201 million footfalls</a> across its network of 17,225 stores in Q3, which is an increase of nearly 26% year-on-year. Its telecom arm, Reliance Jio, has been the market leader for several months now, with a total subscriber base of 426 million as of January 2023. This gives JFS a strong pool of consumers to dip into. The recent acquisition of<a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms"> Metro Cash &amp; Carry</a> will also give the company access to 3 million merchants, of which 1 million are frequent buyers. Upcoming Reliance AGM could lay down the blueprint of JFS strategy Reliance is expected to lay down the blueprint of its JFS strategy in detail at its upcoming annual general meeting (AGM), likely in August. This is ahead of the expected listing of JFS in September this year. “While significant efforts are needed to scale the financials business, given RIL’s robust execution, capacity to invest, industry-leading retail infrastructure and leading market share across the retail and telecom industry, it appears likely that RIL will dominate the industry,” said the analysts at Nomura, expressing their optimistic outlook. On the whole, analysts are bullish overall on RIL’s prospects and the JFS demerger, which has earned the company a stock price upgrade from analysts at Jefferies – to ₹3,100 from ₹3,060 earlier. Analysts at Nomura have given a target price of ₹2,850. The recent price correction has also prompted the analysts at JP Morgan to say that this is an<a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms"> “attractive entry opportunity”</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-shares-down-22-from-all-time-high-attractive-entry-opportunity-says-jp-morgan/articleshow/98725589.cms">Reliance shares down 22% from all-time high: Attractive entry opportunity, says JP Morgan</a> <a href="https://www.businessinsider.in/finance/banks/news/loan-growth-showing-signs-of-reversal-from-cyclical-highs-but-asset-quality-to-remain-healthy/articleshow/99245377.cms">Loan growth showing signs of reversal from cyclical highs, but asset quality to remain healthy</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-amongst-top-picks-of-analysts-heading-into-the-q4-earnings-season/articleshow/99235686.cms">TCS, Infosys, HCL Tech amongst top picks of analysts heading into the Q4 earnings season</a>

Jio Financial Services demerger and listing a ‘key moment’ for Reliance stock

<ul><li><keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> companies’ December-quarter revenue is likely to grow 16% over last year, says a report by Phillip Capital.</li><li>Analysts expect it to be a tepid quarter for most sectors, including infrastructure, specialty chemicals, IT and metals.</li><li>However, analysts say banks will continue to outperform with strong tailwinds for the sector despite global challenges.</li><li>NBFCs, FMCG and autos are likely to report moderate to robust growth in the quarter.</li></ul>Yet another earnings season has begun, as always, with IT services companies reporting a mixed set of numbers. That pretty much sets the tone of the quarter as strategists expect Nifty50 companies to report on-year revenue growth of 16% and a 10% growth in net profit. Analysts expect it to be a tepid quarter for most sectors, including infrastructure, specialty chemicals, IT and metals. On the other hand, sectors like banks, NBFCs, FMCG and autos are likely to report moderate to robust growth in the quarter. “Q3FY23 is expected to be a soft quarter along with slight margin improvement. We will be watching for management commentary on India and global demand outlook,” says a report by Phillip Capital. “We are of the view that the financial sector will continue to perform while consumption space will remain under pressure. Investment space is expected to perform well led by public and private capex expansion.” Seasonally weak quarter for IT, Reliance to have a strong quarter <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">TCS has kicked off </a>the earnings seasons with lower-than-estimated growth – it reported a 3.98% sequential growth in net profit at ₹10,846 crore in the December quarter. On the other hand, Infosys beat analysts’ expectations with a 20.2% y-o-y increase in its revenue to ₹38,318 crore in Q3 and raised its full-year revenue growth guidance. <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-lowers-revenue-guidance-for-fy23-to-13-5-14-q3-revenue-and-profit-growth-beat-expectations/articleshow/96944379.cms">HCL Technologies </a>reported a 19.6% year-on-year growth in its topline to ₹26,700 crore, while its net profit grew 19% YoY to ₹4,096 crore, beating analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hcl-tech-to-announce-q3-results-on-thursday-heres-a-preview-of-what-to-expect/articleshow/96915899.cms">expectations</a> in both the areas. Analysts had expected muted revenue growth from the IT services sector in the third quarter on account of it being a seasonally weak quarter. “The December quarter is a seasonally weak quarter mainly due to higher furloughs. In addition, macro challenges are leading to weakness in mortgage, luxury retail, high-tech and slowdown in 5G capex,” said a report by IDBI Capital. Furlough is a leave of absence from work for which the employee is not paid. Meanwhile, the oil-to-telecom conglomerate Reliance Industries is expected to announce a robust quarter due to strong recovery in the retail segment along with decent uptick in other segments. “We expect Reliance Industries Limited’s (RIL) consolidated PAT to increase by 27% q-o-q to ₹17,316 crore due to improvement in standalone earnings on better refining/petchem margin, decent growth at Jio and strong recovery for retail business,” said a report by Sharekhan. Banks to see strong December quarter on higher loan rates Net interest margin (NIM) will see sequential improvement as lending rates have risen in line with RBI’s repo rate increases, say analysts. Since May last year, <a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-35-bps-taking-rates-to-a-high-of-6-25/articleshow/96045841.cms">RBI has hiked interest rates by 225 basis points so far</a>. While banks benefited from rate hikes in Q2, analysts see more room for a <a href="https://www.businessinsider.in/finance/banks/news/sbi-hdfc-bank-axis-bank-among-other-private-and-public-bank-earnings-could-see-a-further-ramp-up-in-q3-2022/articleshow/96768992.cms">further ramp up in Q3 </a>as well. “We believe business momentum for banks is expected to remain strong, led by strong tailwinds in the sector and is likely to sustain over the medium term as higher inflation gets tamed, revival of the capex cycle, higher consumption, and increased business confidence,” said a report by Sharekhan. “Strong asset quality outlook, additional provision buffers, higher PCR (provision coverage ratio) levels, increased capital buffers, and core credit cost undershooting augur well for the sector,” added the report. FMCG may get a boost from price hikes The fast-moving consumer goods (FMCG) sector is expected to pass the quarter with flying colours on the back of price hikes amid elevated inflation. “Most of the consumer companies are expected to report decent revenue growth; however, a majority of revenue growth will be driven via price hikes, which companies have taken in past quarters to combat unprecedented raw material inflation. Rural demand continues to remain muted. Delay in winter to impact winter portfolio,” said Phillip Capital. “We expect our FMCG universe to deliver sales/ EBITDA/ PAT growth of 11%/ 7%/ 8% YoY in 3QFY23. Sustained inflation impacted both volume offtake and margins,” said a report by Antique Stock Broking. ITC is seen reporting strong growth across businesses with the cigarette business registering a double-digit volume growth. Detergents will likely drive Hindustan Unilever's performance, with margins recovering q-on-q due to a moderation in palm oil - a key input. Autos to reap benefits of festive quarter Despite the near-term challenges of semiconductor chip shortage and geopolitical challenges, analysts are optimistic about autos based on high demand for passenger and commercial vehicles. “Q3FY2023 is expected to be a strong quarter with a 20.4% y-o-y increase in revenue. Margins are expected to show improvement on a q-o-q basis, led by operating leverage benefits, cost rationalisation, and softening commodity prices,” said a report by Sharekhan. Further, strong demand, easing supply constraints, and falling commodity prices are likely to provide relief to automobile original equipment manufacturers (OEMs) and ancillary companies. Ferrous players expected to outperform non-ferrous companies Ferrous players – Tata Steel and JSW Steel – are expected to post better Q3FY23 earnings compared to non-ferrous companies, which include Hindustan Zinc, Hindalco Industries and Vedanta. “For Q3FY23, we expect steel producers to post higher EBITDA QoQ primarily due to sharp fall in coking coal and iron ore price offsetting decline in sales volume sequentially,” said a report by Centrum broking firm. After a challenging first half of the financial year, the domestic steel industry should witness a better second half, says Elara Capital. “The recent removal of exports duty and the likely rise in domestic demand led by the start of the busy season should lead to healthy volume for domestic steelmakers,” the report said. For non-ferrous companies, there are expectations of a marginal fall in quarterly operating profits due to fall in LME (London Metal Exchange) aluminium and zinc prices. Cement sector: Easing input costs in 2H FY23 to drive earnings Analysts say the cement industry is seeing a healthy demand environment with improving cement process and decline in pet coke and coal prices. “Weighted average EBITDA/tonne is expected to recover sharply from a multi-quarter low to ₹765 owing to q-o-q improvement in cement prices, higher demand, and easing power and fuel costs. Hence, operating profits and net profits are expected to rise by 50.9% q-o-q and 77.8% y-o-y, respectively,” said a report by Sharekhan providing estimates for cement companies. The report said that it expects cement demand to remain healthy in the second half of FY23 alongside improving operating margins. Further, analysts will eye commentaries on ongoing and future capex plans. BPCL, HPCL, IOC to benefit from falling oil prices Oil marketing companies – BPCL, HPCL and Indian Oil Corporation – will likely benefit from Brent crude oil prices being on a downtrend since the last couple of months due to a lockdown in China, one of the biggest consumers of oil. “We expect OMCs’ operating performance would improve on sequential basis in Q3FY23 as marketing under recoveries would reduce sharply supported by a ~$11/bbl q-o-q decline in crude oil price while there has been no change in the retail petrol/diesel price,” said a report by Sharekhan. The report added that it expects all three OMCs to report positive EBITDA – Indian Oil (₹ 5,836 crore), BPCL (₹3,112 crore) and HPCL (₹629 crore) in Q3FY23 compared to negative EBITDA of ₹8,841 crore, ₹4,148 crore and ₹1,859 crore in Q2FY23, respectively. Under recoveries is the gap between the cost and the selling price of fuel. If the selling price is lower than the cost price, higher the under recoveries. Thus, a fall in crude oil prices benefits these companies at a time when there has been no hikes in petrol and diesel prices. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-tech-lowers-revenue-guidance-for-fy23-to-13-5-14-q3-revenue-and-profit-growth-beat-expectations/articleshow/96944379.cms">HCL Tech lowers revenue guidance for FY23 to 13.5-14%, Q3 revenue and profit growth beat expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">Infosys raises revenue guidance for FY23 to 16-16.5%, revenue growth beats analyst expectations</a>

Nifty50 set to clock 10% increase in profit in Q3; banks likely to outperform

<ul><li><keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> decided to 're-evaluate' Saudi Aramco's $15 billion investment in its O2C arm. </li><li> The current application with the NCLT for segregating the O2C business from RIL is being withdrawn.</li><li>RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India </li></ul><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Limited (RIL) and Saudi Aramco have mutually agreed to re-evaluate the proposed investment of the latter in RIL's 'O2C' (Oil to Chemical). Consequently, the current application with the NCLT (National Company Law Tribunal) for segregating the O2C business from RIL is being withdrawn. In August 2019, both the companies had signed a non-binding Letter of Intent for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business of RIL. "Over the past two years, both the teams made significant efforts in the process of due diligence, despite Covid restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations," RIL said in a statement on Friday. "Reliance recently unveiled its plans for the 'New Energy &amp; Materials' businesses by announcing the development of the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar. It will be among the largest integrated renewable energy manufacturing facilities in the world," it added. Jamnagar, which accounts for a major part of the O2C assets, is envisaged to be the centre for Reliance's new businesses of 'Renewable Energy &amp; New Materials', supporting the net-zero commitment. "Due to the evolving nature of Reliance's business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn," the statement said. "The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation. Saudi Aramco and Reliance are deeply committed to create a win-win partnership and will make future disclosures as appropriate," it added. According to the statement, RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco &amp; SABIC for investments in Saudi Arabia. "Saudi Aramco and RIL have a very deep, strong and mutually beneficial relationship, which has been developed and nurtured by both the companies over the last 25 years. Both are committed to collaborate and work towards strengthening the relationship further in the years ahead," the statement said. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/tesla-hit-with-new-sexual-harassment-lawsuit-alleging-the-company-operates-like-a-frat-house/articleshow/87808968.cms" data-type="tilCustomLink">Tesla hit with new sexual harassment lawsuit alleging the company operates like a 'frat house'</a> <a href="https://www.businessinsider.in/investment/news/binances-ceo-is-buying-his-1st-home-in-crypto-friendly-dubai-and-confirms-its-us-affiliate-will-close-a-multi-million-dollar-funding-round-soon/articleshow/87807571.cms" data-type="tilCustomLink">Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon</a> <a href="https://www.businessinsider.in/politics/world/news/kamala-harris-will-become-the-first-woman-to-have-control-over-us-nuclear-weapons-but-only-briefly/articleshow/87806057.cms" data-type="tilCustomLink">Kamala Harris became the first woman to have control over US nuclear weapons, but only briefly</a>

Reliance's $15 billion deal with Saudi Aramco has been called off

<ul><li>RIL’s overall exports declined 34.8% to ₹ 32,681 crore compared to the corresponding period of the previous year. </li><li>The company said that the fall in overseas revenue was “partially offset by increase in export volumes of petrochemicals and refining products.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Petrochemicals segment makes for about quarter of Reliance Industries’ revenue in the last financial year ending March 2020. Traditionally, 80% of its revenue came from India and the rest from exports. However, the coronavirus pandemic and the subsequent lockdown brought business at home to a grinding halt. “RIL inverted its business model from 20%/80% (exports/domestic) to 80%/20% within the first 10 days of the lockdown, including exports from sites typically serving only domestic markets,” the company said in its first quarterly report for the current financial year. <div type="image" title="RIL revenue mix." msid="77266378" hostid="261"></div> Although RIL’s overall exports declined 34.8% to ₹ 32,681 crore compared to the corresponding period of the previous year. But that was only because the global prices had fallen. However, if it had tried to sell the same in India, the sales could have been much lesser because customers had shut shop due to the lockdown. That was Ambani’s trade-off in the quick pivot. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Petrochemical Segment </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹25,192 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 37,611 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-33% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment EBITDA </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,430 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 8,810 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-49.70% </td></tr></tbody></table>*EBITDA stands for earnings before interest, tax, depreciation and amortisation The company said that the fall in overseas revenue was “partially offset by increase in export volumes of petrochemicals and refining products.” “RIL optimized its refining operations to provide feedstock to Petrochemicals while meeting other supply commitments. RIL used flexibility in its refining configuration to swing significant production of ATF into Diesel and other products as ATF demand was severely impacted due to air travel restrictions,” the company said in a statement. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/jio-continues-to-be-reliance-industries-beacon-with-182-jump-in-profit/articleshow/77265976.cms" data-type="tilCustomLink" style=""> Jio continues to be Reliance Industries’ beacon with 182% jump in profit</a> <a href="https://www.businessinsider.in/business/corporates/news/ril-has-a-sobering-quarter-if-not-for-jio-and-bp-stake-sale-it-would-have-been-much-worse/articleshow/77264366.cms" data-type="tilCustomLink"> RIL has a sobering quarter⁠— if not for Jio and BP stake sale it would have been much worse</a>

RIL says it took just 10 days to flip the petchem business model to 80% exports

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty50 hit a new all-time high on the second consecutive day, extending the gains to the sixth consecutive day.</li><li>Reliance Industries, ICICI Bank and HDFC twins were amongst the most active stocks on Tuesday.</li><li>In the last five trading sessions, Sensex has gained 1.91%, while Nifty50 has gained 1.69%.</li><li>ICICI Bank, IRFC, RVNL, Britannia Industries were amongst the stocks touching new 52-week highs on Tuesday.</li></ul>Sensex and Nifty50 hit a new all-time high on the second consecutive day, extending the winning streak to the sixth consecutive day. Reliance Industries, ICICI Bank and HDFC twins were amongst the most active stocks on Tuesday, while IRFC zoomed 6% to close the day at a new 52-week high. Both the benchmark indices overcame the<a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-ndtv-mm-lt-among-stocks-to-watch-out-for-on-tuesday/articleshow/95843779.cms"> early morning weakness</a> to scale new highs – while the Sensex touched a new high of 62,887 on intraday basis, Nifty50 scaled 18,678. The 30-stock Sensex closed the day at 62,681, up 0.28%, while the 50-stock Nifty50 closed at 18,618, up 0.3%. Both the indices closed the day at a record high. In the last five trading sessions, Sensex has gained 1.91%, while Nifty50 has gained 1.69%. Amongst the most active stocks in the Nifty50 index today were Reliance Industries, ICICI Bank, HDFC Bank, HDFC, and Hindustan Unilever. All in all, sixteen stocks hit fresh 52-week highs during the day, including ICICI Bank, Britannia, Apollo Tyres, Bank of India, Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam Limited (RVNL), among others. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The New India Assurance Company </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.79% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Laurus Labs </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9.27% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gland Pharma </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.75% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Allcargo Logistics </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.91% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Greenpanel Industries </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.61% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Holdings </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.80% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur India </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.51% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aegis Logistics </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.56% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emami </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.36% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elgi Equipments </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.52% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, Nifty500, as at November 29, 2022 “Nifty made fresh all-time highs on November 29, aided by positive Asian cues. Encouraging news from China has resurrected sentiments in Asia. Beijing rolled out more stimulus measures, while social media rumours suggested that the Chinese government was considering the scaling back of its anti-Covid policies,” said Deepak Jasani, head of retail research, HDFC Securities. Amongst the top sectoral gainers today were FMCG, metals and pharma, while PSU banks, auto and realty closed the day in red. Rupee posted a marginal decline of 6 paise against the US Dollar, hovering around 81.72. Foreign institutional investors (FII) were net buyers on Tuesday, ploughing in ₹1,242 crore, while domestic institutional investors (DII) sold equities worth ₹744 crore. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/new-age-tech-companies-rake-in-business-but-are-still-making-losses/articleshow/95837559.cms">New-age tech companies rake in business but are still making losses</a> <a href="https://www.businessinsider.in/business/news/people-ready-to-pay-15-20-premium-for-health-and-wellness-amenities-in-housing-properties-dhaval-ajmera/articleshow/95832362.cms">Home buyers ready to pay 15-20% premium for health and wellness amenities: Dhaval Ajmera</a> <a href="https://www.businessinsider.in/business/auto/news/mixed-demand-trends-for-autos-in-november-as-festive-boost-wears-off-but-signs-of-rural-recovery-visible/articleshow/95848505.cms">Mixed demand trends for autos in November as festive boost wears off but signs of rural recovery visible</a>

Sensex, Nifty50 hit new all-time high yet again – RIL, HDFC twins amongst most active stocks, IRFC surges 6%

<ul><li>Shares of oil exporting companies Reliance Industries and state-owned ONGC top gainers today.</li><li>This comes as the government has lowered the recently implemented windfall tax on diesel and aviation fuel shipments offering relief to fuel exporters and producers.</li><li>Government reduces tax on export of petrol and aviation turbine fuel (ATF) from ₹6 a litre to ₹4 along with tax on diesel to ₹11 from ₹13 per litre.</li></ul>Shares of Reliance Industries surged nearly 3% while ONGC rallied nearly 5% in the early hours of trade, as the government provided a relief by lowering taxes on July 19. Less than a month after levying these <keyword id="14086587" type="General" weightage="20" keywordseo="windfall-taxes" source="Orion">windfall taxes</keyword> on oil producers and exporters, the government had eased them yesterday. The government, which had promised that it will review these taxes regularly, reduced tax on export of petrol and aviation turbine fuel (ATF) from ₹6 a litre to ₹4 along with tax on diesel to ₹11 from ₹13 per litre. Further, the ₹23,250 per tonne additional tax on crude oil produced domestically has been cut to ₹17,000 per tonne. “A quicker than expected restart to reverse the windfall taxes on the sector should normalize equity multiples steadily higher. While windfall taxes are not yet zero, we believe government action provides clarity on the path ahead. RIL, ONGC and OIL are key beneficiaries,” says Morgan Stanley. What is windfall tax and why was it imposed? Windfall tax is a one-off tax imposed by the government on companies or sectors that have made unexpectedly high profits due to favourable market conditions. Crude oil prices have been hovering over $120 per barrel for the last three months – going as high as $130 per barrel in early March. Windfall taxes were imposed by the government to gain from windfall gains that oil producers were minting when international crude oil and derivatives spiked. An export tax was also slapped on refiners who exported petrol and diesel abroad. The move to slash the taxes came after crude oil prices fell significantly in July on fears of a possible recession and has been range bound between $100-105 per barrel. The decision has brought a relief rally to shares of ONGC and RIL who have been under pressure in the last couple of weeks. Analysts believe the move will boost equity prices of these companies. “Reliance, OIL and ONGC will see reduction in overhang and equity valuations should start pricing in high sustainable energy margins as government intent gets clear. The two should imply 25-40% upside to equities as energy markets are expected to remain tight despite the current volatility in oil and reduction in global fuel margins from peak levels,” said Morgan Stanley. In the fiscal year ended March 2022, the telecom-retail-oil giant RIL generated about 41% of consolidated pre-tax profits from its oil-to-chemicals business. Gross refining margins of RIL are estimated at nearly $13 per barrel while that of ONGC is estimated to see profit per barrel at $25, i.e.20% above last year's levels, as per the brokerage report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-new-electric-scooter-debuted-today/articleshow/92985192.cms">Ather’s Ravneet Phokela on the company’s new scooter, affordability, EV safety and more</a>

You Searched For "RIl business hive off" and got 11 results

Amazon's delivery drones are so loud they are like a 'giant hive of bees'

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SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

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Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

PTI

RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions

Bhakti Makwana

Sensex, Nifty50 edge lower in morning trade amidst a decline in IT, FMCG stocks

Rounak

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Jio Financial Services demerger and listing a ‘key moment’ for Reliance stock

Rounak Jain

Nifty50 set to clock 10% increase in profit in Q3; banks likely to outperform

Bhakti Makwana

Reliance's $15 billion deal with Saudi Aramco has been called off

IANS

RIL says it took just 10 days to flip the petchem business model to 80% exports

Navdeep Yadav

Sensex, Nifty50 hit new all-time high yet again – RIL, HDFC twins amongst most active stocks, IRFC surges 6%

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RIL, ONGC set to move higher as government unwinds windfall taxes, says Morgan Stanley

Bhakti Makwana

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