Reliance Industries reported a consolidated net profit of Rs 13,101 crore in the December quarter, up 12.5 per cent over the same period in the previous year as lower expenses cushioned earnings even as revenues declined. Consolidated net sales in the period under review stood at about Rs 1.18 trillion, down 23 per cent from the year-ago period because the oil to chemicals, oil and gas, and retail revenue segments took a hit. A much lower current tax in the December quarter at Rs 295 crore compared to that in the corresponding period last year at Rs 1,996 crore, coupled with a sharp fall in finance costs, also lent support to the company’s bottom line in the quarter.
January 21, 2021
× The bullish momentum for the stock markets will continue on Thursday too, as the global cues and Asian markets indicate positive beginning. The SGX Nifty, which is currently ruling at 14,705, is pointing a gap-up of opening of about 50 points for Nifty50. The January futures of Nifty50 closed on Wednesday at 14,645.
All eyes are on the BSE Sensex, as it is tantalising close to 50,000 historical mark.
Overnight, the Dow Jones Industrial Average rose 257.86 points, or 0.83 per cent, to 31,188.38, the S&P 500 gained 52.94 points, or 1.39 per cent, to 3,851.85 and the Nasdaq Composite added 260.07 points, or 1.97 per cent, to 13,457.25.
Benchmarks of Japan, Nikkei, Taiwan, Korea, Jakarta, China and Australia are ruling firm in early trade on Thursday.
Updated Jan 20, 2021 | 23:05 IST
The Securities and Exchange Board of India in the letter stated that the Company shall ensure that as a part of the notice to shareholder seeking their approval on the scheme. SEBI approves Future Group-Reliance Industries deal
New Delhi: The Securities and Exchange Board of India (SEBI) on Wednesday granted approval to the deal between Kishore Biyani-led Future Group and Reliance Retail, an arm of the Mukesh Ambani-led Reliance Industries Limited. The market regulator, in its letter which approved the deal, listed a number of conditions in accordance to the Composite Scheme of Arrangement. Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities is subjected to lock-in for the remaining period post scheme, the regulatory body stated.
Future Group, which had entered into a Rs 24,713-crore deal with billionaire Mukesh Ambani-led Reliance Industries to sell its retail business, has also received large orders from Jio Mart that is helping the retail major chart a strong comeback.
Sales to normalise by January-end, getting orders from Jio Mart: Future Group CEO Kishore Biyani
Biyani said that Future Group - which operates popular retailing formats like Big Bazaar, FBB, Central and Nilgiris - has seen sales touching almost 60 per cent of the pre-COVID levels.
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NEW DELHI: Future Group expects normal sales to return for its retail vertical by the end of January, almost a year after the business was severely hit by pandemic-related disruptions, its founder and Group CEO Kishore Biyani said.
Speaking to PTI, Biyani said that Future Group - which operates popular retailing formats like Big Bazaar, FBB, Central and Nilgiris - has seen sales touching almost 60 per cent of the pre-COVID levels and that business has normalised to a great extent . He added that stocks in the stores are also almost up to 80 per cent of what they were before the pandemic.