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<ul><li>In initial trading, the <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> also touched ₹81.51 against the American currency.</li><li>The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.35 percent to 110.81.</li><li>Global oil benchmark Brent crude futures surged 0.13 per cent to $ 93.49 per barrel.</li></ul> The rupee depreciated 4 paise to 81.66 against the US dollar in early trade on Thursday amid high volatility as rising crude oil prices weighed on the local unit. At the interbank foreign exchange, the rupee opened on a strong note at ₹81.52 against the greenback, then pared the gains and fell to ₹81.66, registering a fall of 4 paise over its previous closing. In initial trading, the rupee also touched ₹81.51 against the American currency. On Tuesday, the rupee appreciated by 20 paise to end at ₹81.62 against the US dollar. The forex market was closed on Wednesday on account of Dussehra. According to Sriram Iyer, Senior Research Analyst at <keyword id="197560" type="General" weightage="80" keywordseo="reliance-securities" source="Orion">Reliance Securities</keyword>, the rupee opened stronger tracking a fall in the dollar over the past two sessions. Moreover, Asian and emerging market peers were also stronger this Thursday morning and lent support. However, stronger crude oil prices, hawkish rhetoric from Fed officials and JP Morgan's decision to hold off the inclusion of Indian bonds into its global index weighed on the local unit, Iyer added. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.35 per cent to 110.81. Global oil benchmark Brent crude futures surged 0.13 % to $93.49 per barrel. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 357.3 points or 0.62 % higher at 58,422.77, while the broader NSE Nifty advanced 109.25 points or 0.63 per cent to 17,383.55. Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth ₹1,344.63 crore, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/big-emitters-not-acknowledging-climate-risks-carbon-tracker/articleshow/94672583.cms">Big emitters not acknowledging climate risks: Carbon Tracker</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-is-up-334-points-nifty-by-91-points-tracking-gains-from-asian-markets/articleshow/94672606.cms">Sensex is up 334 points, Nifty by 91 points tracking gains from Asian markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-incs-foreign-commercial-borrowings-rise-by-4-6-in-august/articleshow/94664946.cms">India Inc's foreign commercial borrowings rise by 4.6% in August</a>

Rupee falls 4 paise to 81.66 against US dollar in early trade

The Indian <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> depreciated by 30 paise to 76.83 against the US dollar in opening trade on Tuesday, tracking weak domestic equities and strengthening of the US dollar overseas. Forex traders said the rupee opened on a weak note as the US Dollar edged higher past the 100 level mark. The rupee opened weak at 76.79 at the interbank forex market and then fell further to 76.83, down 30 paise over its last close. The rupee had settled at 76.53 against the US dollar on Monday. "Investors braced for further cues on the economic toll from the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> in a week lined with corporate earnings and data this week," <keyword id="197560" type="COMPANY" weightage="20" keywordseo="Reliance-Securities">Reliance Securities</keyword> said in a research note. Domestic <keyword id="58556" type="PERSON" weightage="20" keywordseo="bourses">bourses</keyword> opened on a negative note with benchmark indices Sensex trading 915.95 points lower at 30,732.05 and Nifty down by 256.60 points at 9,005.25. According to Reliance Securities, "rupee could track domestic equity markets, which could track a fall in Asian equities" "Asian equity markets could track a fall in Wall Street after US crude futures turned negative for the first time in history, weighed down by the collapse in oil demand as the coronavirus pandemic derails the global economy," the Reliance Securities note added. WTI crude oil futures collapsed to negative, while <keyword id="144508" type="COMPANY" weightage="20" keywordseo="Brent">Brent</keyword> crude futures, the global oil benchmark, fell 0.78 per cent to USD 25.37 per barrel. Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy. The number of cases around the world linked to the new coronavirus has crossed over 24.81 lakh. In India, nearly 18,600 coronavirus cases have been reported so far. Foreign institutional investors (FIIs) were net sellers in the capital markets, as they sold shares worth Rs 265.89 crore on Monday, as per provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.20 per cent to 100.15.

Rupee plummets by 30 paise— at 76.83 against US dollar in early trade

Equity benchmark Sensex rallied 487 points on Monday to close at a fresh lifetime peak, tracking gains in Infosys, HDFC twins and HCL Tech amid massive foreign fund inflows. After touching a record intra-day high of 49,303.79, the 30-share BSE index ended 486.81 points or 1 per cent higher at 49,269.32. Similarly, the broader NSE Nifty surged 137.50 points or 0.96 per cent to finish at 14,484.75. It hit a fresh intra-day high of 14,498.20. On the Sensex chart, HCL Tech was the top gainer, soaring around 6 per cent, followed by Infosys, HDFC, Bajaj Auto, Maruti, <keyword id="43217" type="DOMAIN" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> and M&amp;M. On the other hand, <keyword id="85462" type="DOMAIN" weightage="20" keywordseo="Bajaj-FinServ">Bajaj Finserv</keyword>, <keyword id="111876" type="DOMAIN" weightage="20" keywordseo="Bajaj-Finance">Bajaj Finance</keyword>, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, L&amp;T, Kotak Bank and SBI were among the laggards. According to Binod Modi, Head-Strategy at <keyword id="197560" type="COMPANY" weightage="20" keywordseo="Reliance-Securities">Reliance Securities</keyword>, domestic equities remained in the grip of bulls with benchmark indices registering fresh highs as robust earnings performance by TCS and D-Mart bolstered investors' confidence. "Continued improvement in COVID-19 recovery rates and announcement of vaccination process from January 16 offered comfort to markets. Further, expectations of sharp recovery in corporate earnings led by sustained rebound in key economic data may propel market to witness fresh highs in the near term," he stated. FPI flow may continue to remain favourable given status of global economy, stance of global central bankers and weak dollar, he said, adding that domestic equities can also witness pre-Budget rally in the coming weeks considering broad expectations of pro-growth measures. Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 6,029.83 crore on Friday, according to exchange data. Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai was in the red. Stock exchanges in Europe were trading on a negative note in early deals. Meanwhile, the global oil benchmark Brent crude was trading 1.52 per cent lower at USD 55.14 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms" data-type="tilCustomLink">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-gets-less-risky-the-higher-it-goes-legendary-investor-bill-miller-breaks-down-why-the-cryptocurrency-could-surge-100-in-2021/articleshow/80200462.cms" data-type="tilCustomLink">Bitcoin gets 'less risky the higher it goes': Legendary investor Bill Miller breaks down why the cryptocurrency could surge 100% in 2021</a>

Markets at record high: HCL Tech, Infosys, Tech Mahindra drive Sensex above 49000, Nifty inches closer to 14,500

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 6 paise to 79.86 against the US dollar in opening trade on Friday, driven by foreign fund inflows and a firm trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.87 against the dollar and inched higher to touch 79.86, registering a gain of 6 paise over its previous close. In the previous session, the rupee declined by 6 paise to close at 79.92 against the American currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.05 per cent to 108.51. Brent crude futures, the global oil benchmark, advanced 0.83 per cent to USD 100.16 per barrel. Forex traders said, the rupee is expected to witness range-bound trade this Friday, as investors await <keyword id="6355253" type="General" weightage="80" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> Chairman <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword>'s speech for further clues about the pace of the US central bank's rate hikes. "Higher oil prices and a weak start in the Asian and emerging market peers could keep appreciating bias capped," Sriram Iyer, Senior Research Analyst at <keyword id="197560" type="General" weightage="80" keywordseo="reliance-securities" source="Orion">Reliance Securities</keyword> said, adding that markets could remain range bound ahead of the monthly August futures expiry as well. In the equity markets, the 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> Sensex was trading 471.65 points or 0.80 per cent up at 59,246.37. Similarly, the broader NSE Nifty rose 139.50 points or 0.80 per cent to 17,661.95. Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 369.06 crore on Thursday, according to provisional data. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-towards-a-carbon-neutral-india-how-central-state-governments-and-corporations-are-striving-to-tackle-the-planetary-crisis/articleshow/93794218.cms">OPINION: Towards a carbon-neutral India — How central, state governments, and corporations are striving to tackle the planetary crisis</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-heres-what-proactive-esg-investing-in-real-estate-looks-like/articleshow/93794645.cms">OPINION: Here’s what proactive ESG investing in real estate looks like</a>

Rupee rises 6 paise to 79.86 against US dollar in early trade

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

New Delhi: <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> is reviewing a <keyword id="20738747" type="General" weightage="20" keywordseo="Sebi-order" source="keywords">Sebi order</keyword> imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday. <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, the spokesperson in a statement said, had resigned from the board of <keyword id="21260537" type="General" weightage="20" keywordseo="Reliance-Infrastructure-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure Ltd" meta.hostid="153" meta.entityid="Reliance Infrastructure Ltd">Reliance Infrastructure Ltd</keyword> and Reliance Power Ltd, pursuant to Sebi's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years," the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, "Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised." The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of conglomerate <keyword id="20479923" type="General" weightage="20" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> of which he is chairman. The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. In a separate statement, Mumbai-listed Reliance Infrastructure Ltd said it "was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd". "Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd," it said. Reliance Power, the other listed company of Anil Ambani's group, also issued a similar statement saying Ambani had resigned in 2022 and that the latest Sebi order has no bearing on it. Sebi in the August 22 order had stated that a "fraudulent" scheme "siphoned off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring them as loans to credit-unworthy borrowers. Most of these borrowers were linked to "promoters", the regulator had said. Anil Ambani and his elder brother Mukesh had in July 2006 split their father Dhirubhai Ambani-created Reliance Industries Ltd. Anil Ambani's Reliance Group spanned financial services, infrastructure and telecommunications while the elder brother got the traditional oil refining and petrochemicals business. Over the last few years, Anil Ambani has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, undergoing bankruptcy over unpaid debt. Sebi has charged that more than Rs 9,000 crore worth of loans from Reliance Home Finance were made to "nondescript borrowers who had no demonstrable financial ability to repay any of it". The other 24 banned include executives of Anil Ambani's Reliance Group and other unlisted companies connected to him.

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

The <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> advanced 19 paise to 75.99 against the <keyword id="6368584" type="General" weightage="20" keywordseo="US-dollar" source="Orion">US dollar</keyword> in the opening trade on Wednesday, tracking emerging market peers amid broad dollar weakness. At the interbank foreign exchange, the rupee opened at 76.08 against the US dollar, and gained momentum to quote at 75.99, registering a jump of 19 paise from the previous close. On Tuesday, the rupee had settled flat at 76.18 against the American currency. The rupee opened stronger this Wednesday, tracking overnight weakness in the greenback and oil, said Sriram Iyer, Senior Research Analyst at <keyword id="197560" type="General" weightage="20" keywordseo="reliance-securities" source="Orion">Reliance Securities</keyword>. However, appreciation bias could be capped as Fed speakers remain hawkish on the rate hike scenario and this push yields higher, Iyer added. Moreover, Asian and emerging market peers were stronger this Wednesday morning and could lift sentiments, he noted. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.02 per cent to 98.47. Global oil benchmark Brent crude futures rose 1.54 per cent to USD 117.26 per barrel. On the domestic equity market front, the Sensex was trading 30.3 points or 0.05 per cent higher at 58,019.60, while the broader NSE Nifty rose 23.30 points, or 0.13 per cent, to 17,338.80. Foreign institutional investors emerged as net buyers in the capital market on Tuesday, as they purchased shares worth Rs 384.48 crore, according to stock exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-up-over-200-points-nifty-trends-at-17377-points-dr-reddys-divis-labs-hindalco-itc-and-bajaj-finance-top-gainers/articleshow/90389897.cms">Sensex up over 200 points, Nifty trends at 17,377 points — Dr Reddy's, Divis Labs, Hindalco, ITC, and Bajaj Finance top gainers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-says-its-fundamentals-are-robust-market-cap-now-below-5-billion/articleshow/90389791.cms">Paytm says its fundamentals are ‘robust’, market cap now below $5 billion</a>

Rupee surges 19 paise to 75.99 against US dollar in early trade

<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>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<keyword id="6355199" type="UNKNOWN" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> Chairman <keyword id="3820" type="UNKNOWN" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had announced a refundable security deposit of Rs 1500 while rolling out the <keyword id="4792220" type="ORGANIZATION" weightage="100" keywordseo="jiophone">JioPhone</keyword>. He said the deposit will be refunded after three years, making the JioPhone free for the customers. As per the latest development, it is likely that Reliance may roll out a partial refund of the security deposit before the three-year lock-in period. The pre-booking of 4G feature phone, rolled out by <keyword id="6354504" type="PERSON" weightage="100" keywordseo="reliance-jio">Reliance Jio</keyword>, will begin from August 24 and as per various reports, the telecom operator is mulling over partial roll out scheme. Reportedly, Jio may announce the terms of the refund scheme in the next few days. Reliance Jio is considering whether the refund policy and additional monthly tariff of Rs 153 would be attractive enough for users to switch to JioPhone or not. According to a Goldman Sachs report, subscribers who pay Rs 1,500 as deposit for three years for a phone and pay Rs 164 per month are two mutually exclusive sets.

Reliance Jio may give you part refund on JioPhone before 3-year lock-in period. Here are the details

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<keyword id="8460033" type="General" weightage="20" keywordseo="bofa-securities" source="Orion">BofA Securities</keyword> has given a 'Buy' call for E Ink, Hundsun, Japan Airlines, Mazda Motor, PICC Group, <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, Samsung F&amp;M, SBI Cards, and United Breweries for the July-September 2023 quarter. The financial services company sees potential return on investments in the range 6-72 %. It, however, gave an 'Underperform' rating for IDP Education, with a potential 16 % downside in its stock price. BofA Securities said they presented a list of 10 quarterly stock recommendations among Asia Pacific companies, based on the view that these stocks could have the most significant market and business-related catalysts in the quarter ahead. "Given the breadth and scope of our overall coverage of stocks and sectors in Asia Pac, we recognize this recommended list cannot include nor is it designed to include all major catalysts. Our objective is to identify what we believe will be the highest impact ideas in each quarter when we publish the list," the financial services company said. For Reliance, the financial services company has a 'Buy' rating as Jio has emerged as the top telecom player in a growing market in India. "Reliance's telecom subsidiary -Jio - has garnered a large number of paying subscribers. Service quality perceptions continue to improve. Data demand appears to be sticky, and relatively less price sensitive," it said. "Reliance is also completing a major petrochemicals expansion, which should significantly increase its free cash flow potential. Continued improvements at Jio and FCF (free cash flow) generation should drive upside." Explaining the rationale behind the recommendation, it said it maintained 'Buy' on Reliance Industries after finding find risk-reward favorable as it heads into its Annual General Meeting (likely in August). With Jio making investments in 5G, BofA Securities sees further room for the company to gain market share -- mainly at the expense of Vodafone Idea. "Furthermore, any better-than-expected revenues in fiber broadband or digital initiatives could surprise positively." The Indian conglomerate foraying into "high-margin" niches like chocolates, cosmetics, and beverages by making acquisitions is also a positive, BofA Securities said. Further, it said Reliance's oil-to-chemical business is well positioned to generate $9-9.5 billion EBITDA for the next three years, thus providing cash-flow stability. "We also consider <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> to be one of the very few Indian companies who have potential to be big in clean energy space mainly in solar, battery, electrolyser and fuel cells as they are setting gigafactories," it added. (ANI)

Reliance among BofA Securities' top 10 Asia Pacific stock recommendations

The rupee was trading in a narrow range against the US dollar in opening trade on Thursday, tracking a muted trend in domestic equities amid weak domestic macroeconomic data. At the interbank foreign exchange, the rupee witnessed range-bound trading in early deals. It opened at 82.30 against the US dollar, then rose to 82.29, registering a gain of 4 paise over the last close. It was moving in a tight range of 82.25 to 82.34 in the morning trade. On Wednesday, the rupee fell by 12 paise to close at 82.33 against the US dollar. The rupee started with small gains ahead of US CPI data that could aid investors to evaluate the size of rate hikes that the Fed is likely to deliver this year, said Sriram <keyword id="25076" type="General" weightage="80" keywordseo="iyer" source="Orion">Iyer</keyword>, Senior Research Analyst at <keyword id="197560" type="General" weightage="80" keywordseo="reliance-securities" source="Orion">Reliance Securities</keyword>. A fall in the crude prices could aid sentiments, but most Asian and emerging market peers were weaker this Thursday morning as the FOMC minutes revealed that the Fed will continue its aggressive monetary policy stance and will cap gains for the local unit, Iyer added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 113.29. Brent crude futures, the global oil benchmark, rose 0.01 per cent to USD 92.46 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 109.06 points or 0.19 per cent down at 57,516.85, and the broader NSE Nifty fell 25.85 points or 0.15 per cent to 17,097.75. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 542.36 crore on Wednesday, according to exchange data. On the domestic macroeconomic front, higher food prices drove retail inflation to a five-month high of 7.4 per cent, while India's industrial production slipped to an 18-month low, contracting by 0.8 per cent in August, mainly due to a decline in output of the manufacturing and mining sectors. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) to again raise interest rates to tame high prices. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/wipro-is-the-top-loser-on-the-exchanges-while-hcl-tech-is-the-top-gainer/articleshow/94827205.cms">HCL Tech surges on better than expected earnings, Wipro hits 52-week low on disappointing Q3 guidance</a> <a href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-open-lower-after-inflation-spike-and-weak-global-cues/articleshow/94825600.cms">Sensex, Nifty50 open lower after inflation spike and weak global cues</a> <a href="https://www.businessinsider.in/business/telecom/news/these-are-the-5g-bands-supported-by-airtel-and-jio/articleshow/94814497.cms">These are the 5G bands supported by Airtel and Jio – make sure your phone has them</a>

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