Reliance Retail To Invest $200 Million – Latest news headlines

Reliance Retail has acquired 25.8 per cent stake in online delivery platform Dunzo

Reliance Industries Limited’s (RIL) retail arm has invested $200 million in online delivery platform Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery.

Reliance Retail has acquired a 25.8 per cent stake in Dunzo for $200 million (around Rs 1,488 crore).

Dunzo raised $240 million in its latest funding round that was led by Reliance Retail Ventures Limited.

Existing investors Lightbox, Ligthrock, 3L Capital and Alteria Capital had also participated in the funding round.

“This round is a reinstatement of confidence of existing and new investors in Dunzo’s potential and success in creating an exceptional user experience. The capital will be used to further Dunzo’s vision to be the largest quick commerce business in the country, enabling instant delivery of essentials from a network of micro warehouses while also expanding its B2B business vertical to enable logistics for local merchants in Indian cities,” the two entities said in a statement.

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Latest News Today – Reliance Retail Acquires Stake Of 40.9% In Just Dial For

Reliance Retail is likely to acquire a majority stake of 66 per cent in Just Dial

Reliance Retail, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Limited, acquired a stake of 40.95 per cent for Rs 3,497 crore in leading internet technology B2B company Just Dial. As per the definitive agreements on July 16, the retail company will make an open offer to acquire up to 26 per cent in accordance with takeover regulations set by market regulator SEBI.

This means that Reliance Retail may acquire a majority stake of 66.95 per cent in Just Dial. With the acquisition, Just Dial Founder VSS Mani will continue to lead the company as its managing director and chief executive officer (CEO).

Out of the total 40.95 per cent acquired by the Reliance Industries’ subsidiary, it has received a preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33 percent post preferential share capital at a price per share of Rs 1,022.25.

Reliance Retail has acquired 1.31 crore equity shares from VSS Mani, which is equivalent to 15.62 percent post preferential share capital at a price per share of Rs 1,020.00.

The capital infused by Reliance Retail will help drive the growth and expansion of the country’s leading local search engine platform into a comprehensive local listing and commerce platform. 

The investments will leverage Just Dial’s existing database of around 30.4 million listings and its existing consumer traffic of nearly 129.1 million quarterly unique users

”The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises,” said Ms Isha Ambani, Director of Reliance Retail Ventures Limited (RRVL). 

The transaction is subject to shareholder as well as other customary closing conditions and approvals. Just Dial recently launched its B2B marketplace platform – JD Mart which is aimed at equipping wholesalers, manufacturers, retailers, and distributors in the country with internet technology for a post-COVID-era.

Last year, Reliance Retail executed the country’s largest fundraising in the retail sector – raising Rs 47,265 crore from global investors. The country’s leading retailer reported a net profit of Rs 5,481 crore for the financial year 2020-21.

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Latest News Today – Sensex Gains Over 100 Points, Nifty Hovers At 15,950

Wipro has edged lower by 0.5 per cent to Rs 572.90 on the BSE post its June quarter results

The domestic stock markets have opened at fresh all-time highs, extending the gains witnessed in the previous session, on the back of buying interest in heavyweights such as ITC, Hindalco and Reliance Industries. At 9:20 am, the BSE Sensex was trading at 53,235, higher by 78.92 points and the NSE Nifty was at 15,950.35, up 24.45 points or 0.16 per cent. The broader markets are also trading in the green, with the BSE Midcap index and BSE Smallcap index gaining 0.1 per cent and 0.5 per cent respectively.

Shares in Asia-Pacific mostly fell in Friday morning trade as investors await the Bank of Japan’s monetary policy statement. The Nikkei 225 in Japan fell 0.84 per cent in morning trade, while the Topix index slipped fractionally. South Korea’s Kospi declined 0.52 per cent.

US stock indexes fell on Thursday as a rally in growth stocks ran out of steam, while economically-sensitive cyclicals gained as a fall in weekly jobless claims last week strengthened views about a recovery in the labour market. The Dow Jones was up 0.02 per cent, while S&P 500 was down 0.32 per cent and Nasdaq Composite dropped 0.70 per cent.

On the stock-specific front, ITC has rallied over 1 per cent to top the gainer’s list on the BSE. Sun Pharma, Dr Reddy’s, Bharti Airtel and Reliance Industries are the other significant gainers on the BSE.

On the other hand, HCL Tech, ICICI Bank, Tech Mahindra and Infosys have shed up to a per cent each on the BSE. 

Among stocks in the news, Wipro is in focus after the country’s leading software services company reported its best-ever quarterly earnings in the first quarter of the current financial year. Wipro’s net profit rose 9 per cent sequentially to Rs 3,243 crore from Rs 2,972 crore in the previous quarter. The stock has, however, edged lower by 0.5 per cent to Rs 572.90 on the BSE post its June quarter results.

The BSE market breadth is positive. Out of 2,672 stocks traded on the BSE, there are 1,727 advancing stocks as against 858 declines.

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Latest News Today – Reliance Industries Invests In New Energy Business;

RNESL, which isyet to commencebusiness operations,will undertake activities pertaining to solar energy

Reliance Industries has invested Rs 1,00,000 cash in Reliance New Energy Solar Limited’ (RNESL), a newly incorporated wholly owned subsidiary, as part of its foray into new energy. “The Company (Reliance Industries) has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of “Reliance New Energy Solar Limited” (RNESL), a newly incorporated wholly owned subsidiary,” Reliance Industries said in a regulatory filing to the stock exchanges. RNESL, which is yet to commence business operations, will undertake activities pertaining to solar energy.

Reliance Industries said the the investment in RNESL does not fall within related party transactions and the promoter/promoter group companies do not have any interest in RNESL.

At the Reliance Industries’ AGM held on June 24, chairman Mukesh Ambani had announced plans to set up Dhirubhai Ambani Green Energy Giga Complex at Jamnagar in Gujarat.

At 3:05 pm, Reliance Industries shares were trading higher by 0.6 per cent at Rs 2097 in a strong market.

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Latest News Today – Sensex Rises Over 200 Points, Nifty Reclaims 15,800 Led

The Indian equity benchmarks moved higher on Wednesday on the back of gains in index heavyweights Reliance Industries, Infosys, Maruti Suzuki, Tata Consultancy Services and Axis Bank. The Sensex rose as much as 215 points to 52,764 and Nifty 50 index reclaimed its important psychological level of 15,800.

By 9:25 am, the Sensex was up 175 points at 52,725 and Nifty 50 index advanced 50 points to 15,799.

Asian shares rose and a gauge of global equities hovered near record highs on Wednesday after rising consumer confidence in economic recovery boosted the Nasdaq index to its highest-ever closing level.

MSCI’s global share index was set for a fifth straight month of gains on Wednesday. Its index tracking Asian shares outside Japan was set for a small monthly loss, but still on course for a fifth straight quarterly rise, its longest such streak since 2006-2007.

Back home, Reliance Industries was among the top Nifty 50 gainers after it signed a pact with Abu Dhabi National Oil Company to jointly build a petrochemical facility in Ruwais, Abu Dhabi. The facility will manufacture chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC).

Maruti Suzuki, Tata Consumer Products, Hindalco, JSW Steel, Titan, Infosys, Britannia Industries, Tata Steel, Cipla, Axis Bank and Mahindra & Mahindra were also among the gainers.

On the flipside, Power Grid, NTPC, ICICI Bank IndusInd Bank, Hero MotoCorp, Shree Cements, Adani Ports, Hindustan Unilever, HCL Technologies, HDFC Bank, Bajaj Finserv and Eicher Motors were among the losers.

Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s nearly 1 per cent gain. Nifty Auto, IT, FMCG, Media, Pharma and PSU Bank indices also rose between 0.4-0.6 per cent.

On the other hand, Nifty Bank, Financial Services, Private bank and Realty sector gauges were trading with a negative bias.

Mid- and small-cap shares were in-line with their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.2 per cent each.

The overall market breadth was positive as 1,747 shares were advancing while 818 were declining on the BSE.

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Latest News Today – $15 Billion Oil Deal, Google-Jio Phone: Mukesh Ambani’s

Financial markets will be looking for cues on the fate of Reliance Industries Ltd.’s planned $15 billion deal with Saudi Arabian Oil Co., or Aramco, when Chairman Mukesh Ambani takes the stage to address shareholders Thursday.

India’s most valuable company may also apprise investors of developments including its 5G rollout plan, possible listing of its digital unit and a cheaper smartphone being developed with Google. There’s also interest among investors to know about his succession road map, including the role his three children will play at the helm of the conglomerate in the future.

For the second year in a row, the annual event will be held virtually as the country faces the world’s fastest-growing Covid-19 outbreak and local authorities retain curbs on mass congregations.

Reliance’s shareholder meets — one of the rare occasions when Ambani, Asia’s richest person, speaks publicly — have become a platform for the refining-to-retail conglomerate to announce deals, new products and massive investment initiatives. From being held in football stadiums in the 1980s under Ambani’s father to virtual meetings now, the transition is symbolic of Reliance’s own journey as it morphs from being an energy giant to a technology titan.

Key Insights

  • Aramco deal: Ambani first announced at the 2019 shareholder meeting that Aramco would buy a 20% stake in Reliance for about $15 billion. Last year, he confirmed that the transaction hadn’t progressed as planned as speculation swirled on whether it’s happening or falling apart.
  • A local media report this month said Aramco’s chairman may join Reliance board on June 24
  • O2C investors: Ambani has spoken of the possibility of other investors coming in Reliance’s oil-to-chemicals business after it was hived off earlier this year. These details as well as a road map for this unit in a world pivoting toward a green and low-carbon future will be keenly watched.
  • Google phone: Investors may get the first glimpse of Reliance and Google’s co-branded affordable mobile phone that was announced last year as part of a $4.5 billion investment by Google in Reliance’s digital unit. Pricing will be key.
  • The vision of selling hundreds of millions of devices in the early years after the launch is now said to be facing supply-chain snags and rising component prices
  • 5G: Reliance Jio Infocomm Ltd., is gearing to start 5G networks in India, as early as this year. Advance tests have been underway since January and investors will await details of the roll out plan. Reliance is known to undercut rivals on price, so its plans will be critical for the market. Any word on listing Jio will be a major development.
  • E-commerce: Ambani has made bold bets on India’s e-commerce sector. He wants to enlist the support of local mom-and-pop stores and leverage Reliance’s retail and telecom networks — a vision that has lured in more than $26 billion investment from global giants.
  • Covid-19 drug: Reliance said this month that it was developing a new Covid-19 drug and cheaper testing kits. It’s exploring the use of a tapeworm drug, Niclosamide, as a possible cure for the viral illness. Given the size of the Covid outbreak in India, any pharmaceutical breakthrough would have major impact.

Market Reaction

  • Shares of Reliance have advanced 11% this year compared to almost 10% rise in the benchmark S&P BSE Sensex.
  • Reliance has 25 buy, 8 hold and 4 sell ratings from brokerages, according to data compiled by Bloomberg

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Latest News Today – Steel, Oil Majors Ramp Up Oxygen Production, Supply

Corporates ramp up oxygen production and supply

Responding to the Centre’s call for ramping up oxygen production amid raging Corona virus pandemic, corporate bigwigs as well as State-owned steel and oil entities have started expediting the essential gas’ supply.

Steel and power major Jindal Steel and Power Limited (JSPL) has said that it has more than 500 tonnes of liquid oxygen stock available at its Angul plant in Odisha and supplying around 100 tonnes of oxygen daily to Odisha and neighbouring Chhattisgarh.

The company tweeted that “JSPL has more than 500 tonnes of liquid oxygen stock readily available at our Angul plant. We are waiting for the users to send their tankers. We can fill up on a first come first serve basis or as per the priority decided by the Ministry of Steel.”

Reliance Industries Ltd (RIL) has made changes in their oil refineries at Jamnagar in Gujarat and is producing around 700 tonnes per day of medical oxygen. Company sources informed that it is  supplying oxygen to Gujarat, Madhya Pradesh and Maharashtra.

RIL is planning to raise medical oxygen production capacity to 1,000 tones per day.

Tata Steel has provided 300 tonnes of medical oxygen to Jharkhand, Odisha, West Bengal, Uttar Pradesh, Madhya Pradesh, Bihar and Andhra Pradesh. 

The steel major has said that it is ready to increase medical oxygen supply depending on requirements and logistics. 

Maharatna company Indian Oil Corporation (IOC) said that it has begun supply of 150 tonnes of oxygen to various hospitals in Delhi, Haryana and Punjab.

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Latest News Today – Hathway Cables, Den Network Shares Fall After Reliance

Reliance subsidiaries will sell 33.79 crore share, or a 19.09 per cent stake, in Hathway Cables

Shares of Den Networks and Hathway Cables and Datacom plunged on Friday, March 26, a day after Reliance Industries announced that it will offload its stake in the two companies through offer-for-sale (OFS). Share of Den Networks declined over six per cent on Friday, while Hathway Cables slumped over nine per cent. According to a regulatory filing to the BSE, Reliance subsidiaries including – Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings, as well as Jio Television Distribution Holdings, will together sell 5.54 crore shares, or 11.63 per cent stake, in Den Networks at a floor price of Rs 48.50 per equity share.

Along with this, the Reliance subsidiaries hold a 94.09 per cent stake in Hathway Cable and Datacom. According to the regulatory filing, Reliance subsidiaries will sell 33.79 crore share, or a 19.09 per cent stake, in Hathway Cable at a floor price of Rs 25.25 per equity share. The statement added that the sale shares are proposed to be sold through a separate window on the stock exchanges – BSE and NSE. The offer-for-sale has opened for non-retail investors today and for retail investors, the OFS will open on Tuesday, March 30.

On Friday, Hathway Cables opened at Rs 26.30 on the BSE, touching an intra day high of Rs 27.70 and an intra day low of Rs 25.65, in the trading session so far. Den Networks opened on the BSE at Rs 51.90, touching an intra day high of Rs 53.85 and an intra day low of Rs 51, in the session so far. 

At 2:36 pm, shares of Den Network traded 6.57 per cent lower at Rs 51.20 on the BSE. While Hathway Cables last traded 9.97 per cent lower at Rs 25.75. Meanwhile, on the NSE, Den Networks last traded 6.07 per cent lower at Rs 51.10 and Hathway Cables traded 9.97 per cent lower at Rs 25.75.

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Reliance Partners With Google, Facebook For Digital | Sidnaz Blog

Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms.

Conglomerate Reliance Industries has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network, Economic Times newspaper reported on Saturday, citing unnamed sources.

Last year, central bank invited companies to forge new umbrella entities (NUEs) to create a payments network that would rival the system operated by the National Payments Council of India (NPCI), as it seeks to reduce concentration risks in the space.

Set up in 2008, NPCI is a not-for-profit company, which as of March 2019 counted dozens of banks as its shareholders, including the State Bank of India, Citibank and HSBC. It processes billions of dollars in payments daily via services that include inter-bank fund transfers, ATM transactions and digital payments.

Citing three unnamed sources, The Economic Times said that the group led by Reliance and Infibeam was in the advanced stages of submitting their proposal to the Reserve Bank of India.

A spokesperson for Infibeam declined comment on the report, saying the company was bound by the confidentiality of process, while Reliance, Google and Facebook did not immediately respond to a request for comment.

Digital payments in India could rise to $135.2 billion in 2023, according to an Assocham-PWC India study in 2019.

Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms – the unit which houses Reliance’s music, movie apps and telecoms venture.

The RBI this week extended the deadline for all parties to submit NUE applications until March 31 from February 26.

The report said RBI is expected to take another six months to study all the proposals being submitted and that it is not expected to give more than two new “for-profit” NUE licences.

The RBI did not respond to a request for comment.

Earlier media reports have said other parties in the fray include a group led by Amazon and ICICI Bank; another combination led by the country’s salt-to-software conglomerate Tata Group and private lender HDFC Bank; and a venture involving India’s largest mobile payment platform, Paytm, domestic ride-sharing company Ola and IndusInd Bank.

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Sensex, Nifty Set To Open Higher; Reliance, Bharat Forge | Sidnaz Blog

The Indian equity benchmarks are set to open higher despite weak global cues as indicated by the Nifty futures traded on Singapore Exchange. SGX Nifty futures rose 0.64 per cent to 14,679. Meanwhile, Asian stocks dipped on Tuesday as rising US Treasury yields and inflation prospects led to a further rotation out of the big tech stocks responsible for a major Wall Street rally during the pandemic.

The Australian S&P/ASX 200 fell 0.11 per cent and South Korea’s Kospi declined 0.87 per cent in early trading. Hong Kong’s Hang Seng index futures rose 0.54 per cent. Japanese markets are closed for a public holiday on Tuesday.

Overnight, The S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

The Dow index ended slightly higher, lifted by a 4 per cent surge in Walt Disney Co shares.


US benchmark 10-year Treasury yields were up at 1.363 per cent. Since the beginning of February, 10-year yields have risen about 26 basis points, on track for their largest monthly gain in three years.

Back home, Reliance Industries will be in focus after the company announced that it will get approvals to hive-off its oil-to-chemicals business by second quarter of next financial year.

Bharat Forge will be in focus as the company signed an agreement with Paramount Group to manufacture armoured vehicles in India.

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