Shares of Mukesh Ambani-led Reliance Industries (RIL) plunged nearly six per cent the most since November 2 after analysts raised concerns over disclosure standards. The country’s most-valuable firm on Friday reported record quarterly profit for the quarter ended December 31, but didn’t disclose gross refining margins (GRM), a key metric to analyse its oil and petrochemicals vertical, which accounts for about 70 per cent of revenue. “Transparency levels are falling across businesses. RIL has stopped reporting a key matrix GRM altogether. Similarly, it has ceased providing division-wise turnover breakdown for retail and Jio’s key driver FTTH (fiber-to-the-home) lacks granularity,” said Edelweiss analysts, led by Jal Irani, in a note.
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.
11 Indian firms make it to Hurun s top 500 list
The total value of these 11 companies grew 14 per cent and has been pegged at $805 billion or nearly a third of the Indian GDP
PTI | January 13, 2021 | Updated 08:00 IST
Total 11 private Indian firms have made it to the list of 500 most valuable companies across the world, and the country is ranked 10th on the chart, according to a report. The total value of these 11 companies grew 14 per cent and has been pegged at $805 billion or nearly a third of the Indian GDP.
All these companies in the list of non-state enterprises have gained in value during 2020, which was hit by the pandemic, barring tobacco major ITC and second largest private sector lender ICICI Bank, as per the Hurun Global 500 report. Mukesh Ambani-led Reliance Industries leads among the local enterprises with a 20.5 per cent jump in valuation to $168.8 billion as of December 1 and is ranked 54th globally, as per the list.