Budget 2018-19

  Helped by the ongoing rally in equities, the market capitalisation of BSE-listed companies has reached a fresh record high of Rs 270,24,154.49 crore in morning trade on Wednesday. Helped by the ongoing rally in equities, the market capitalisation of  BSE-listed companies has  reached a fresh record high of Rs 2,70,24,154.49 crore in morning trade on Wednesday. Rallying for the fifth straight session on Wednesday, the 30-share BSE benchmark jumped 376.44 points to its all-time high of 60,660.75. In five trading days, the BSE benchmark index has gained 1,471.02 points. Driven by the ongoing rally, investors’ wealth has also jumped by Rs 8,03,607.44 crore in five days. “An important trend in the market in recent days is the market resilience in spite of selling by both FIIs and DIIs. This new trend reinforces the dominance of retail investors and the success of the ‘buy on dips strategy. We don’t know how long this trend will continue and this strategy will work. But now t...

  The investment, expected to be completed this month, will accelerate product and technology development for NexWafe Indian oil-to-telecoms conglomerate Reliance Industries Ltd said on Tuesday its solar unit Reliance New Energy Solar Ltd (RNESL) will buy preferred shares of German firm NexWafe worth 25 million euros ($28.82 million). RNESL agreed to buy 86,887 series C preferred shares of NexWafe at 287.733 euros per share, Reliance said, adding that RNESL would also be issued 36,201 warrants exercisable for one euro per warrant, subject to achievement of agreed milestones. The investment is a part of  NexWafe’ s 39-million euro Series C financing round, NexWafe said in a separate statement. The investment, expected to be completed this month, will accelerate product and technology development for NexWafe, including completion of the commercial development of NexWafe’s solar photovoltaics products on prototype lines in Freiburg, Reliance Industries said. Reliance also entered...

  ‘Al-Rumayyan joining our Board is also the beginning of internationalisation of Reliance,’ says RIL Chairman at 44th AGM Reliance Industries chairman  Mukesh Ambani  told shareholders at the company’s 44th AGM on Thursday that the country is in midst of humanitarian crisis owing to coronavirus pandemic. “Our business and financial success since last AGM have exceeded expectations despite Covid pandemic. But what has given me far greater happiness than our business performance is RIL’s humanitarian efforts during these exceedingly difficult times,” said Mukesh Ambani. Even in a challenging environment, RIL’s performance continued to be outstanding. Consolidated revenue was Rs 5.4 trillion, consolidated EBITDA was Rs 98,000 cr, and almost 50% of EBITDA was contributed by consumer businesseses, added Ambani. RIL’s contribution to Indian economy remained unmatched in FY21 – 6.8% of India’s merchandise exports, 75,000 new jobs, Rs 21,044 crore of customs plus excise, Rs 85,3...

  The world’s largest retailer is permeating the complex tapestry of the only billion-people-plus market open to it If it wasn’t for last year’s extraordinary events, there would be nothing even remotely remarkable about Jayshri Hodkar’s struggle to survive as a single mother of two on the earnings of her tailoring shop, a single machine in one room of a rented house. It’s one of those tens of millions of tiny businesses you see everywhere in India. Most are so nondescript it’s hard to imagine that together they supply the wheels on which the $2.7 trillion economy runs. Their value only became clear when the wheels came off. This week last year, Prime Minister Narendra Modi announced a sudden, complete lockdown. And that’s when the Mahi tailoring center in Indore, a historic city of 3 million in central India, become important to one of the world’s richest men — 7,000 miles away in Seattle. With no customers coming to get blouses stitched, Hodkar came to a conclusion: Her shop coul...

  A New Delhi court this week dealt a blow to the U.S. firm by revoking a previous court decision that effectively blocked the deal Amazon.com Inc has mounted a legal challenge against its partner Future Group’s $3.4 billion retail assets sale in India’s Supreme Court, three sources told Reuters on Thursday, marking the US firm’s latest effort to block the deal. Amazon, locked in legal disputes with Future, alleges the Indian firm violated contracts by agreeing to sell its retail assets to Reliance Industries last year. Future denies any wrongdoing. A New Delhi court this week dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal, and Amazon has filed an appeal against it in the Supreme Court in the capital city, the three sources said. Amazon and Future did not immediately respond to a request for comment.The legal fight over Future’s assets has embroiled two of the world’s richest men –  Amazon ‘s Jeff Bezos and Reliance’s Mukesh...

  The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August Market regulator SEBI gave a go-ahead on Wednesday to Future Group’s scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its “no adverse observation” report to the Rs 24,713-crore deal. The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August. ALSO READ:  Delhi HC rules Amazon’s attempt to control Future violative of FEMA FDI The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter. It has also held that SEBI’s go-ahead on the draft scheme of arrangement would...

  This is the second such investment by General Atlantic in a Reliance venture following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year General Atlantic, a leading global growth equity firm will invest Rs 3,675 cr in Reliance Retail Ventures Limited, RIL said in a BSE filing on Wednesday. General Atlantic’s investment will translate into a 0.84% equity stake in RRVL. The deal values Reliance Retail at a pre-money equity value of Rs 4.285 trillion, said RIL in a media release. Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited, and holding company of all the retail companies under the RIL Group. It reported a consolidated turnover of Rs 162,936 crore ($ 21.7 billion) and net profit of Rs 5,448 crore ($ 726.4 million) for the year ended March 31, 2020. General Atlantic had also invested Rs 6,598.38 crore in another RIL subsidiary, Jio Platforms earlier this year. ALSO READ: Mubadala in advanced talks to invest up to $1 bn in R...