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<ul><li><keyword id="19912297" type="General" weightage="20" keywordseo="NVIDIA" source="keywords" meta.keywordsubtype="org" meta.entityname="NVIDIA" meta.hostid="261" meta.entityid="NVIDIA">NVIDIA</keyword> and <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> have partnered to build AI computing infrastructure.</li><li>NVIDIA will also supply the latest Blackwell AI chip for Reliance Industries’ new data centre.</li><li>The partnership was announced at the NVIDIA AI Summit India.</li></ul> <keyword id="16173150" type="General" weightage="20" keywordseo="NVIDIA-CEO-Jensen-Huang" source="Orion">NVIDIA CEO Jensen Huang</keyword> at the NVIDIA AI Summit India announced a partnership with Mukesh Ambani-led Reliance Industries to an artificial intelligence (AI) computing infrastructure and an innovation centre in India. As part of the partnership between the two companies, Reliance Industries will use the latest Nvidia Blackwell AI chip for its new major data centre. The company will use NVIDIA's cutting-edge technology, including the GB200 GPUs. The two companies are aiming to accelerate India's transformation into a global AI powerhouse with the partnership, banking on the nation's talent pool and growing digital infrastructure. "India is already world-class in designing chips, Nvidia's are designed here in Bengaluru, Hyderabad, Pune. A third of Nvidia is Indian, maybe more," Huang said. While praising the country’s rapid digitalisation in recent years and talking about the country’s potential in the AI sector, Huang said, “Very few countries have this amazing natural resource called IT and computer science expertise.” "We are at the doorsteps of the new intelligence age. India will be one of the biggest intelligence markets. It's not just our aspiration, but also the raw gene power which will help drive intelligence,” said Reliance Industries chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>. "India will not just deliver CEOs to world, but also AI services. Like we did with data, in few years from now we can surprise the world with what Indians can achieve in intelligence," Ambani added. Ambani revealed the company’s plans to establish a scalable infrastructure capable of expanding beyond 1 gigawatt, powered by green energy. "We are building this so we can scale, and we think big," he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/deepak-builders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114533208.cms">Deepak Builders IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/news/synology-introduces-new-enterprise-solutions-reports-significant-growth-in-india/articleshow/114504353.cms">Synology introduces new enterprise solutions, reports significant growth in India</a> <a href="https://www.businessinsider.in/tech/apps/news/diwali-gift-zomato-platform-fee-increased-to-rs-10-ahead-of-the-festive-season/articleshow/114493617.cms">Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season</a>

NVIDIA and Reliance Industries to build AI computing infrastructure in India

<keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> has been given the go-ahead by the government to sell up to 1.2 lakh tonnes of <keyword id="6360114" type="ORGANIZATION" weightage="80" keywordseo="LPG">LPG</keyword> produced at its plants to private cooking gas marketers. 
 

	The LPG Control Order mandates that all cooking gas (LPG) produced locally must be supplied to state-run fuel retailing companies as India is deficient in LPG and has to import a part of the requirement. 
	 
	However, under the Parallel Marketing Scheme (PMS), private companies are allowed to import and market LPG to bulk consumers. 
 

	RIL has been permitted to sell up to 10,000 tonnes per month to parallel LPG marketers, according to an oil ministry order. 
	 
	The approval, valid from April 1 to March 31, 2016, is, however, subject to RIL importing an equivalent quality and delivering to state-owned firm. 
	 
	
		"... RIL shall have to import the equivalent quantity and deliver it to public sector oil marketing companies (OMCs) at a price which makes this transaction cost-neutral or cheaper to OMCs vis-a-vis procurement of same quantity from domestic production by RIL," the order said. 
		 
		This arrangement would be valid till liquefied petroleum gas (LPG) import facility t Kandla Port in Gujarat is re-commissioned or March 31, 2016 or till further orders, whichever is earlier. 
		 
		
			There are a total of 183 parallel LPG marketers in the country. 
			 
			The government had in February last year asked RIL to stop retailing LPG produced in its Jamnagar, Hazira and Patalganga plants. 
			 
			
				The company has a vast network that supplies cooking gas to 1 million customers, mostly in rural areas, and 134 auto LPG outlets. 
				 
				
					RIL, the largest single location LPG producer in the country, had contested the ministry view saying rules do not mandate that all domestic LPG must be sold only to state firms. 
					 
					Also, it was selling domestic LPG in parallel market because state oil marketing firms were not willing to pay market rates. 
					 
					
						RIL's subsidiary <keyword id="3029415" type="UNKNOWN" weightage="80" keywordseo="LPG-Infrastructure-India-Ltd">LPG Infrastructure India Ltd</keyword> (LIIL) is undertaking parallel marketing of LPG and has substantial customers. It told the ministry that the move to prohibit the company from marketing gas would deprive its rural customers of the fuel. Its customers are mostly in rural areas of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. 
						 
						Following this, the Ministry on August 5, 2014 permitted RIL to sell up to 10,000 tonnes per month of LPG to parallel marketers till March 31, 202015. This has now been further extended till March next year. 
					 
					"Since the earlier notification... dated August 6, 2014 was expired on March 31, 2015, this notification is being issued with effect from April 1, 2015 to give continuity to the notification dated the August 6, 2014. No one is adversely affected by giving retrospective effect to this notification," the ministry order said. 
					 
					
						Image credit: Indiatimes

Government permits Reliance Industries to sell LPG to private marketers

<ul><li><keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>' ₹53,125 crore rights issue will open for subscription on May 20 and close on June 3.</li><li> One will be offered for every 15 shares held at ₹ 1,257 — a 14% discount as per the closing price on April 30.</li><li>The company claims that the rights issue is not about mitigating its debt, but about rewards shareholders.</li></ul> Oil-to-telecom conglomerate Reliance Industries Ltd on Saturday said its mega Rs 53,125 crore rights issue will open for subscription of shareholders on May 20 and close on June 3. Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s firm had on April 30 announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue -- India's biggest and the first such issue by the firm in nearly three decades. Reliance had earlier fixed May 14 as the record date for determining shareholders' eligible to apply for the issue. In a regulatory filing, the company said the rights issue committee of the board of directors at its meet on May 15 approved issue opening on May 20 and closing date of June 3. "Abridged letter of offer, application form of rights issue, and rights entitlement letter, to be sent to the eligible equity shareholders of the company," it said. One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. Reliance share price has since risen to Rs 1,458.90 (Friday's closing price) but rights issue price remains the same. The proposed rights issuance will be the first by Reliance in three decades. Typically, cash-strapped companies use rights issues to raise money when they really need it. In these rights offerings, companies grant shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. But for Reliance, it is not about raising funds as it has significant liquidity with USD 23.4 billion of cash and equivalent. It is being seen as an attempt to reward the shareholders, cut debt at the group and underscore promoters' faith in the Reliance growth story. Promoter Ambani family has under-written the entire rights issue, pledging to buy shares that are unsubscribed. The last time Reliance tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses while targeting to deleverage the balance sheet. At the end of March quarter, RIL had an outstanding debt of Rs 3,36,294 crore. It also had cash in hand of Rs 1,75,259 crore, bringing the net debt position to Rs 1,61,035 crore. As part of its balance sheet deleveraging plans, Reliance has sold minority stake in its digital unit Jio Platforms to likes of Facebook. It is also talking to Saudi Aramco for selling a fifth of its oil-to-chemicals business for an asking of USD 15 billion and has sold half of its fuel retail venture to BP Plc for Rs 7,000 crore and telecommunication tower business to Brookfield for Rs 25,200 crore. Together, proceeds from these transactions will result in reduction in RIL's net debt. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $450 billion industry has to woo them with fair pay to start with</a> <a href="https://www.businessinsider.in/entertainment/news/carry-minati-youtube-vs-tiktok-video-removed-for-violating-terms-of-service/articleshow/75749665.cms">Carry Minati's 'YouTube vs TikTok' video removed for violating terms of service — fans claim injustice</a> <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">"I have been asking for this for 20 years," says Ashok Gulati, agriculture scientist ⁠— cheering the changes to Essential Commodities Act and APMC</a>

Reliance Industries' ₹53,125 crore right issue will kick off on May 20 — you'll have till June 3 to subscribe

New Delhi, Jun 25 () Fitch Ratings on Thursday said it has upgraded Reliance Industries Ltd's rating to 'BBB+' from 'BBB' as the company's financial profile has improved following sale of nearly 25 per cent stake in Jio and Rs 53,124 crore equity raise. "Fitch Ratings has upgraded India-based RIL's long-term local-currency issuer default rating (IDR) to 'BBB+' from 'BBB'. The Outlook is Stable," the ratings agency said in a statement. At the same time, the agency has affirmed RIL's long-term foreign-currency IDR at 'BBB-' with a stable outlook. 'BBB' ratings indicate that expectations of default risk are currently low. "The upgrade of the local-currency IDR is driven by our expectations of an improvement in RIL's financial profile, with net debt reductions underpinned by proceeds from a stake sale in its subsidiary, Jio Platforms Ltd, and a rights issue, and our forecast of positive free cash flow (FCF) during the financial year ending March 2021 (FY21)," it said. Fitch forecast that RIL's net debt/EBITDA will fall to 0.6x in FY21 from 2.3x in FY20. "RIL's local-currency IDR also reflects its strong business profile with a market leading position and diversified cash flows from a mix of oil to chemical and consumer businesses," the statement said. Fitch kept the stable outlook on RIL's foreign-currency IDR despite the revision in Indian sovereign's rating outlook to 'negative' from 'stable' on June 18, as it expected the company's hard currency (HC) external debt-service ratio to improve over the next 12 months. "Our expectation is driven by RIL's ability to reduce its foreign-currency borrowings outside India from the proceeds of the stake sale in Jio Platforms and its rights issue," it said. Fitch said proceeds of Rs 1.15 lakh crore from 24.7 per cent stake sale in Jio Platforms and the completion of its Rs 53,124 crore rights issue, with Rs 13,300 crore in cash received to date and the balance in FY22, would cut RIL's FY21 net leverage to well below 1.5x. It expected RIL's capital expenditure (capex) to fall from FY21 following the completion of most of its planned spending in its various business segments. The company's expansion of its fibre business is likely to be the major capex driver over the medium term, along with its investment in the domestic upstream business in a joint venture with BP plc over the next two-to-three years. FCF should turn positive in FY21, the first time since FY13, driven by robust operating cash flows, especially from its consumer businesses, and lower capex, it said. Fitch expects RIL's oil-to-chemical segments to face volume and margin headwinds due to a weakening of demand for refined products and petrochemicals in 2020, with gradual recovery through 2021 to pre-COVID-19 levels. Its telecom business, Reliance Jio Infocomm Ltd (Jio), is likely to be less affected by the coronavirus lockdown and contribute about 35 per cent of consolidated EBITDA in FY21 (from 26 per cent in FY20). Fitch said Jio's average revenue per user (ARPU) is expected to rise to Rs 147 in FY21 from Rs 131 in Q4 FY20. Also, 30 million subscribers are likely to be added in FY21 after 80 million additions in FY20. The rating agency expects RIL's retail segment revenue, excluding the digital-service business, to rise by 10 per cent in FY21 (compared to 15 per cent in FY20). "Retail revenue would be affected by lower footfall in its physical retail stores and a drop in spending on discretionary electronics and lifestyle products. "However, the impact will be mitigated by higher grocery sales and its partnership with Facebook, which allows users to buy goods and services using WhatsApp and Facebook Messenger," it added. ANZ ABM ABM

Fitch upgrades Reliance Industries' rating

New Delhi, Jun 5 () Shares of Reliance Industries, which gained over 2 per cent in early trade on Friday, later closed the day on a flat note due to profit-booking. In early trade, shares of Reliance Industries hit one-year high after the company announced sale of 1.85 per cent stake in its digital unit, Jio Platforms, to Abu Dhabi-based sovereign investor Mubadala. On the BSE, the heavyweight stock closed at Rs 1,580.60, up 0.04 per cent after rising 2.38 per cent to Rs 1,617.70 -- its 52-week high -- during the day. It closed at Rs 1,579.20, a marginal decline of 0.03 per cent on the NSE after surging 2.41 per cent to its one-year high of Rs 1,618 during the trade. Earlier in the day, Reliance Industries announced the sale of 1.85 per cent stake in its digital unit to Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt. "Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," the company said in a statement. With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks. Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company. SUM HRS

Reliance Industries shares close flat

<keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> on Friday said its wholly-owned subsidiary Reliance Strategic Business Ventures Ltd (RSBVL) has acquired over 51 per cent stake in Asteria Aerospace for Rs 23.12 crore. "RSBVL has acquired equity shares of Asteria Aerospace for a cash consideration of Rs 23,12,49,584. The said investment represents 51.78 per cent holding in the equity share capital of Asteria," Reliance Industries Ltd (RIL) said in a BSE filing. The investment will further enable the group's initiatives in emerging technology, it added.
 RSBVL proposes to make a further investment of up to Rs 125 crore, subject to Asteria achieving agreed milestones, and is expected to be completed by December 2021, it said.
 "Post the further investment, the shareholding of RSBVL will increase to 87.3 per cent of the equity share capital of Asteria," it added.
 On Thursday, RSBVL had said it has picked up 85 per cent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore.
 Asteria, incorporated in India in June 2011, is a full-stack drone technology company with in-house drone manufacturing capabilities, and also offers software solutions to provide actionable insights from aerial data, intending to deliver "drone-as-a-service" digital platform.
 An early stage company, Asteria had a turnover of Rs 1.96 crore in 2018-19. SR RVK

Reliance Industries is getting into drones with its new purchase

<keyword id="6487" type="CITY" weightage="80" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> plans to shut a crude distillation unit (CDU) at its <keyword id="154691" type="COMPANY" weightage="80" keywordseo="Jamnagar-refinery">Jamnagar refinery</keyword> in Gujarat for 10 days in the first half of July for maintenance and <keyword id="6378857" type="ORGANIZATION" weightage="80" keywordseo="repair">repair</keyword>. 

	The other three distillation units, including major secondary processing units will operate normally during this period and the planned maintenance activity will not have any impact on commercial commitments, ET reported on Monday, citing a release by the company. 
 

	According to the company, the routine shut down will also help it carry out necessary modifications to improve the reliability and performance of the unit.
 

	Reliance, owner of the world's biggest refining complex, has two mega-sized refineries in India. The older 660,000-bpd refinery at the complex also has two crude units and mainly caters to domestic demand. 
	 
	(Image: Reuters)

Reliance Industries to shut Jamnagar CDU for 10 days

Shares of <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> on Wednesday rebounded nearly 6 per cent after plunging over 12 per cent in the previous session.The stock was trading 3.49 per cent up at Rs 1,152.05 on the BSE. In early trading hours the stock gained as much as 5.8 per cent to Rs 1,178.40. On the NSE, it was quoting at Rs 1,151.65, up 3.37 per cent. It touched a high of Rs 1,178.45, higher by 5.77 per cent. More than 1.71 crore shares of Reliance Industries were traded on the NSE, while BSE saw an exchange of 57 lakh shares till noon. The spurt in volume was more than 6.70 times during the day on the BSE. After surging 308 points in highly volatile trade, BSE benchmark Sensex was up 196.45 points, or 0.55 per cent, at 35,831.40, and the NSE Nifty rose 33.60 points, or 0.32 per cent, to 10,485.05. Shares of Reliance Industries on Monday slumped as much as 13 per cent amid a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war. Global oil benchmark Brent crude futures were trading 0.24 per cent higher at USD 37.31 per barrel at 1230 hours. Domestic financial markets were closed on Tuesday for Holi.

Reliance share price rebounds by 6% as crude prices rise

Mumbai, The <keyword id="63783" type="COMPANY" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) has imposed a penalty of ₹25 crore and ₹15 crore respectively on <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) and its Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> for <keyword id="4916480" type="PERSON" weightage="20" keywordseo="manipulative-trading">manipulative trading</keyword>. The <keyword id="529056" type="PERSON" weightage="20" keywordseo="Sebi-order">SEBI order</keyword> observed that RIL had entered into a well-planned operation with its agents to corner the open interest in the RPL (Reliance Petroleum) futures and to earn undue profits from the sale of RPL shares in both cash and futures segments and to dump large number of RPL shares in the cash segment during the last ten minutes of trading on the settlement day resulting in a fall in the settlement price. The case pertains to 2007. It also observed that Mukesh Ambani being the Chairman &amp; Managing Director of RIL, was responsible for its day-to-day affairs and thereby, liable for the "manipulative trading" done by RIL. The order noted that <keyword id="656309" type="PERSON" weightage="20" keywordseo="Navi-Mumbai-SEZ">Navi Mumbai SEZ</keyword> Pvt Ltd and Mumbai SEZ Ltd have allegedly aided and abetted RIL by providing funds to one of the agents appointed by RIL, who in turn provided funds to other 11 agents for making the margin payments for the short positions in RPL November Futures. The capital market regulator imposed penalties of ₹20 crore and ₹10 crore on Navi Mumbai SEZ and Mumbai SEZ respectively. As per SEBI, it was observed that a resolution was passed by the <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> of on March 29, 2007 which approved the operating plan for the year 2007-08 and resource requirements of the next two years -- around Rs. 87,000 crore. Thereafter, RIL decided to sell approximately 5 per cnet of its shareholding in RPL (up to 22.5 crore RPL shares) in November 2007. Subsequently, RIL admittedly appointed 12 agents, between October 30, 2007 to November 3, 2007, to undertake transactions in the November 2007 RPL Futures (settlement period November 1- November 29, 2007) on its behalf. The said 12 agents appointed by RIL took short positions in the F&amp;O Segment on behalf of RIL, while RIL undertook transactions in RPL shares in the cash segment. During the period of November 1, 2007 to November 29, 2007, various transactions were undertaken by RIL in the cash segment and by RIL through the agents in the F&amp;O segment. From November 15, 2007 onwards, RIL's short position in the F&amp;O segment constantly exceeded the proposed sale of shares in the cash segment. Further, the probe showed that on November 29 2007, RIL sold a total of 2.25 crore shares in the cash segment during the last 10 minutes of trading resulting in fall in the prices of RPL shares, which also lowered the settlement price of RPL November Futures in the F&amp;O Segment. RIL's entire outstanding position of 7.97 crores in the F&amp;O Segment was cash settled at this depressed settlement price resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement, said the order dated January 1. SEBI noted that an order noted dated March 24, 2017 had directed RIL to disgorge an amount of ₹447.27 crore along with interest calculated at the rate of 12% per annum from November 29, 2007 onwards till the date of payment. Further, RIL was prohibited from dealing in equity derivatives in the F&amp;O segment of stock exchanges, directly or indirectly, for a period of one year from the date of the said Order. "I find it appropriate to consider the direction in the nature of debarment and the disgorgement that has already been passed against RIL herein as a relevant factor while deciding the quantum of penalty," it said. "I have also considered the quantum of loans advanced by Noticee-3 (Navi Mumbai SEZ) and Noticee-4 (Mumb ai SEZ) to the agent appointed by RIL. Considering the above, I proceed to impose an appropriate penalty on each of the noticee that serves as a deterrent to the noticees and others indulging in such fraudulent trade practices." SEE ALSO: <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a> <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">INTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a>

SEBI imposes penalty on Mukesh Ambani and Reliance Industries for manipulative trading

<keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword> today reported a 16% jump in the March quarter net profit to a record quarterly earning of Rs 7,398 crore on the back of higher <keyword id="142668" type="UNKNOWN" weightage="20" keywordseo="Refining">refining</keyword> and petrochemical margins. 

	Consolidated net profit of Rs 7,398 crore in January-March is against Rs 6,381 crore in the same period a year ago, the company said in a statement.
 RIL earned $10.8 on turning every barrel of <keyword id="45185" type="UNKNOWN" weightage="20" keywordseo="Crude-oil">crude oil</keyword> into fuel compared with a gross refining margin of $10.1 in the fourth quarter of 2014-15. Refining margin outperformed Singapore benchmark by $3.1 per barrel. The company said it posted a record quarterly consolidated <keyword id="634742" type="ORGANIZATION" weightage="20" keywordseo="PBDIT">PBDIT</keyword> (profit before depreciation, interest, and taxes) of Rs 13,994 crore, up 16.9 per cent. 

	The retail business achieved sales of Rs 5,781 crore during the quarter, up 21 per cent year-on-year, with EBIT of Rs 131 crore up 26 per cent.

Reliance Industries Ltd Q4 profit rises 16% to Rs 7,398 crore

<ul><li> The nearly 6% rally in RIL shares accounted for almost all of Nifty’s gains on May 28.</li><li>For the week, RIL has gained over 5.7%, making this the fourth best week for its investors this year. </li><li>The stock has seen gains of over 6% thrice before this ⁠— in January, February and April, 2021.</li><li>Overall, the stock has remained in a narrow ₹300 band since November last year.</li></ul><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s promise of transforming <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) from an energy giant to a technology-driven consumer enterprise had the street eating out of his hands last year. The excitement sobered down along with the lull, post the flurry of investments. However, the shares of RIL are getting hot again as some of the promises move closer to reality. The nearly 6% intraday rally in the shares of India’s biggest conglomerate, which has interests in everything from oil and gas to telecom to retail, is the most significant move in the stock in the last 2 months. The surge in RIL shares has been so strong that it accounts for nearly all the gains on the benchmark index, Nifty, as of 1 pm (May 28). Compared to the last week, it is up by over 2%. In comparison, RIL is up by 5.7%. <div type="image" title="RIL 31_03_21 to 28_05_21." msid="83031994" hostid="261" caption="&amp;lt;p&amp;gt;RIL share price&amp;lt;/p&amp;gt;"></div> However, investors will do well to remember that this is still within the range of ₹1,900 to ₹2,200 that RIL has shuttled between since November last year. A Bank of America Global Securities report dated May 19, 2021 suggests that RIL is in the driver’s seat when it comes to telecom, retail and digital fronts. “Overall, we find RIL well placed in its consumer business: telco, retail &amp; digital to benefit in coming years as it gains traction with improving scale,” the report stated. This is the fourth time the stock of Reliance has seen a weekly gain of over 4% this year. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></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;">Period </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;">Gains in RIL share 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;">Week ending January 15, 2021 </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;">7.08% </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;">Week ending February 5, 2021 </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;">6.83% </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;">Week ending April 23, 2021 </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;">6.17% </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;">Week ending May 28, 2021 </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;">5.71% </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;">Week ending May 14, 2021 </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;">3.78% </td></tr></tbody></table>Source: BSE <cmsannotation type="cmsannotation" annotationid="Google to partner with Reliance Jio for low-cost smartphones" comment="subhead" text="Google to partner with Reliance Jio for low-cost smartphones">Google to partner with Reliance Jio for low-cost smartphones</cmsannotation> One of the triggers behind the massive surge in RIL’s share price could be news of the partnership with tech giant Google for a low-cost Jio smartphone. According to a <a href="https://www.financialexpress.com/industry/technology/google-reliance-jio-working-closely-to-launch-affordable-smartphone-in-india-sundar-pichai/2260038/">PTI report</a>, Google Chief Executive Officer (CEO) Sundar Pichai said that they have started working on the low-cost Jio smartphone. In July last year, <a href="https://www.businessinsider.in/business/news/google-picks-up-a-7-7-stake-in-mukesh-ambani-jio-for-33737-crore/articleshow/76977043.cms">Google picked up a 7.7% stake</a> in Jio Platforms for ₹33,737 crore. The two have come together for <a href="https://www.businessinsider.in/business/corporates/news/checkout-mukesh-ambani-reliance-industries-annual-general-meeting-highlights/articleshow/76976243.cms">Jio’s “2G-mukt Bharat”</a> (2G-free India) initiative, wherein Google will help Jio build a low-cost smartphone, presumably based on either Android or Kai operating system <cmsannotation type="cmsannotation" annotationid="Jio Platforms, Infibeam apply for NUE licence" comment="subhead" text="Jio Platforms, Infibeam apply for NUE licence">Jio Platforms, Infibeam apply for NUE licence</cmsannotation> Reliance’s digital services arm Jio Platforms and Infibeam have signed an agreement and applied for a New Umbrella Entity (NUE) licence, according to the latter. If approved, this would allow Jio and Infibeam to roll out a payments platform. This platform would be a for-profit one, and allows the licence holder to charge for transactions. <cmsannotation type="cmsannotation" annotationid="Another possible contributor to RIL rally" comment="subhead" text="Another possible contributor to RIL rally">Another possible contributor to RIL rally</cmsannotation> <div type="image" title="Balaji Telefilms 31_03_21 to 28_05_21." msid="83032017" hostid="261" caption="&amp;lt;p&amp;gt;Balaji Telefilms share price&amp;lt;/p&amp;gt;"></div> Balaji Telefilms, a quarter of which is owned by Ambani’s Reliance, has also gained over 20% since May 19. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/softbank-backed-paytm-pivots-to-a-3-billion-ipo-plan-a-year-into-the-pandemic-it-could-be-the-largest-market-debut-in-india/articleshow/83000446.cms">Softbank-backed Paytm fast tracks IPO plan a year into the pandemic ⁠— a $3 billion fundraising could be the biggest market debut in India</a> <a href="https://www.businessinsider.in/meet-anjali-sud-vimeos-ceo-who-used-to-market-diapers-and-got-rejected-from-every-big-investment-bank/articleshow/68319301.cms">Meet Anjali Sud, the Indian-origin CEO of Vimeo who took the video-streaming platform public</a> <a href="https://www.businessinsider.in/business/news/indias-micro-blogging-app-koo-raises-30-million-by-tiger-global/articleshow/82965589.cms">India's micro-blogging app Koo raises $30 million led by Tiger Global</a>

Despite the nearly 6% rally, this is only the fourth best week for Reliance Industries’ shares this year

New Delhi, Jan 20 () Shares of Reliance Industries Ltd (RIL) fell nearly 3 per cent on Monday after the company's December quarter earnings failed to enthuse investors.
 The scrip of the country's most valuable company dropped 3.08 per cent to close at Rs 1,532 on the BSE. During the trade, it hit a high of Rs 1,609.50, but later gave up all gains and plunged 3.39 per cent to Rs 1,527.
 At the NSE, it dipped 3 per cent to close at Rs 1,532.20.
 The company's market valuation tumbled Rs 30,824.21 crore to Rs 9,71,168.79 crore on the BSE.
 In terms of volume, 6.51 lakh shares of the company were traded on the BSE, while about 1.5 crore shares changed hands on the NSE during the day.
 Reliance Industries on Friday reported a quarterly net profit of Rs 11,640 crore as a turnaround in oil refining business together with the continued rise in share of its consumer businesses of retail and telecom countered lower profitability in petrochemicals.
 The company declared its earnings post market hours.
 The oil-to-telecom conglomerate, led by richest Indian Mukesh Ambani, reported a net profit of Rs 11,640 crore, or Rs 18.4 per share, in October-December, up from Rs 10,251 crore, or Rs 17.3 a share, in the same period of the previous financial year, the company said in a statement.
 This is the highest quarterly net profit earned by any private company, surpassing its own previous best of Rs 11,262 crore in the July-September 2019 period.
 However, consolidated revenue fell 1.4 per cent to Rs 1,68,858 crore in the third quarter of 2019-20. SUM
RVK

Reliance Industries shares fall 3 pc

Billionaire Mukesh Ambani's <keyword id="6487" type="DOMAIN" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> has bought Britain's iconic country club and luxury golf resort, Stoke <keyword id="6379196" type="COMPANY" weightage="20" keywordseo="PARK">Park</keyword>, for 57 million pounds (about ₹592 crore). The acquisition adds to <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword>'s current stake in Oberoi hotels and hotel/managed residences in Mumbai that it's developing. Over the past four years, Reliance has announced USD 3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy. The UK-based firm, which owns a hotel and golf course in Buckinghamshire, UK, will add to Reliance's consumer and hospitality assets, the firm said in a filing late on Thursday. "Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of <keyword id="45442" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Limited">Reliance Industries Limited</keyword>, has on April 22, 2021, acquired the entire issued share capital of Stoke Park Limited, a company incorporated in the United Kingdom, for 57 million pounds," it said. Stoke Park Limited owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire, UK. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe. "RIIHL will look to enhance the sports and leisure facilities at this heritage site, while fully complying with the planning guidelines and local regulations," Reliance said. This acquisition will add to the consumer and hospitality footprint of the oil-to-telecom conglomerate. The group already has investments in EIH Ltd (Oberoi Hotels) and is developing state-of-the-art convention centre, hotel and managed residences in BKC Mumbai. This is the second major acquisition of an iconic British company by Ambani, 64. He bought British's iconic toy store Hamleys in 2019, to strengthen its retail footprint. Stoke Park has always had a close relationship to Pinewood Studios and the British film industry. Two James Bond movies -- Goldfinger (1964) and Tomorrow Never Dies (1997) were filmed at Stoke Park. The epic duel between James Bond (<keyword id="6528947" type="COMPANY" weightage="20" keywordseo="sean-connery">Sean Connery</keyword>) and Goldfinger (Gert Frobe) is still considered to be the most famous game of golf in cinematic history, the Park stated on its website. Scenes like mini-break and rowing scenes from Bridget Jones's Diary (2001) starring Hugh Grant, Renee Zellweger and Colin Firth were also filmed at the estate with the Georgian-era mansion set in the midst of 300 acres of parkland. Stoke Park hosts 49 luxury bedrooms and suits, 27-hole golf course, 13 tennis courts and 14 acres of private gardens. Although the Stoke Park estate has a recorded history of over 900 years, it was used as a private residence until 1908, according to its official website. Mayer Brown International LLP and Khaitan &amp; Co acted as legal counsels for the transaction, and <keyword id="85953" type="COMPANY" weightage="20" keywordseo="Ernst-Young">Ernst &amp; Young</keyword> UK advised on financial and tax matters. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/heres-a-look-at-the-hottest-tech-and-crypto-jobs-in-the-market-right-now/slidelist/82195429.cms">These are the hottest fintech and crypto jobs in India right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/google-has-released-the-third-developer-preview-of-android-12-for-developers/articleshow/82195421.cms">Android 12 Developer Preview 3: All the upcoming user-facing features revealed</a> <a href="https://www.businessinsider.in/science/environment/news/list-of-endangered-wild-animals-in-india-is-under-threat-as-poaching-doubles-during-the-covid-19-lockdown/slidelist/82195658.cms">Poaching doubled during the lockdown in India due to the 'three F's', and these are the animals most under threat</a>

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