India’s Reliance Industries KG-D6’s control and raiser platform is seen off the Bay of Bengal in this undated handout photo. India’s Reliance Industries Ltd resumed crude oil production from its east coast MA-1 field on March 8 following an emergency shutdown in December, Upstream Regulator V.K. Sibal said on March 12, 2009.
| Photo Credit: Reuters

Reliance Industries Ltd is seeking a premium of at least $3.5 per barrel over an international benchmark for crude oil it produces for eastern offshore KG-D6 block, according to the tender the firm put out on Monday.

Reliance and its partner BP of the UK sought bids from domestic refiners for sale of 17,600 barrels (2,800 kilolitres) of crude oil every month from April 2025 to February 2026.

The crude oil has been priced at daily average price of Nigerian Bonny Light grade of crude oil plus $1.5 per barrel quality premium. Bidders have to quote a premium over this price, the tender document said.

Bonny Light last traded for $73.5 per barrel. On top of this, $1.5 per barrel is added as a composite premium “reflecting quality differential”, it said, adding that interested buyers are required to a “biddable premium, up to one decimal place and greater than $2 per barrel”.

The sale period can be extended by three months to one year on the same terms and conditions, including pricing formula.

Oil, which is turned into fuels like petrol and diesel when processed at refineries, will be delivered by the sellers at Gadimoga in East Godavari district of Andhra Pradesh.

Reliance holds 66.67% interest in the predominantly gas-rich KG-DWN-98/3 block (KG-D6) in the Bay of Bengal. BP Exploration (Alpha) Ltd holds the remaining 33.33%.

The two produce about 30 million standard cubic metres per day of gas from the block. A small quantity of crude oil is also produced, for which they have now sought bids.

Bids are due on January 24, 2025, the document said.

“The crude oil sold and delivered shall only be consumed/processed/refined in the buyer’s owned and operated facility/(ies)/refinery/(ies) located within India,” it added.

All taxes and duties, including excise duty, VAT, GST, will be paid by the buyer.

Billionaire Mukesh Ambani’s Reliance has asked the telecom regulator to review the potential reach of Elon Musk’s Starlink and Amazon’s Kuiper before awarding satellite spectrum amid concerns local players could suffer, a letter showed on Friday.

Reliance’s letter, which is not public, is Mr Ambani’s last-ditch effort in an ongoing face-off with Mr Musk over how India should grant spectrum for satellite services. While Reliance has called for an auction, India has sided with Mr Musk who – in line with global trends – wanted an administrative allocation.

In the letter, reviewed by Reuters, Reliance said it carried about 15 billion gigabyte of data every month in India after spending about $23 billion on spectrum auctions over the years, but Starlink would target the same customers with a potential capacity of nearly 18 billion gigabyte of data via its satellites with a likely much lower outlay.

Experts say auctions tend to mean higher initial investments which could have deterred foreign players in favour of Reliance.

“The authority should critically examine the capacities created by these mega … constellations such as Starlink and Kuiper,” the letter dated November 15 said.

A senior government source at the telecom regulator said all feedback being received would be reviewed before making final recommendations, tentatively before the year end. Starlink, Amazon and Reliance did not respond.

Starlink is seeking security clearance for a licence to offer satellite broadband services in India and will get a permit if it satisfies all conditions, Telecom Minister Jyotiraditya Scindia said this week.

Mr Ambani once gave data for free on his mobile plans, and Mr Musk has adopted similarly aggressive tactics. In Kenya, Mr Musk priced Starlink at $10 per month, versus $120 in the US, unsettling local telecom players.

Mr Ambani, Asia’s richest man, has more than 479 million Indian telecom users, making Reliance Jio the No. 1 player. Mr Musk’s Starlink, a unit of SpaceX, has 6,400 active satellites orbiting Earth providing low-latency broadband to four million customers.

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

Billionaire Mukesh Ambani’s Reliance has asked the telecom regulator to review the potential reach of Elon Musk’s Starlink and Amazon’s Kuiper before awarding satellite spectrum amid concerns local players could suffer, a letter showed on Friday.

Reliance’s letter, which is not public, is Mr Ambani’s last-ditch effort in an ongoing face-off with Mr Musk over how India should grant spectrum for satellite services. While Reliance has called for an auction, India has sided with Mr Musk who – in line with global trends – wanted an administrative allocation.

In the letter, reviewed by Reuters, Reliance said it carried about 15 billion gigabyte of data every month in India after spending about $23 billion on spectrum auctions over the years, but Starlink would target the same customers with a potential capacity of nearly 18 billion gigabyte of data via its satellites with a likely much lower outlay.

Experts say auctions tend to mean higher initial investments which could have deterred foreign players in favour of Reliance.

“The authority should critically examine the capacities created by these mega … constellations such as Starlink and Kuiper,” the letter dated November 15 said.

A senior government source at the telecom regulator said all feedback being received would be reviewed before making final recommendations, tentatively before the year end. Starlink, Amazon and Reliance did not respond.

Starlink is seeking security clearance for a licence to offer satellite broadband services in India and will get a permit if it satisfies all conditions, Telecom Minister Jyotiraditya Scindia said this week.

Mr Ambani once gave data for free on his mobile plans, and Mr Musk has adopted similarly aggressive tactics. In Kenya, Mr Musk priced Starlink at $10 per month, versus $120 in the US, unsettling local telecom players.

Mr Ambani, Asia’s richest man, has more than 479 million Indian telecom users, making Reliance Jio the No. 1 player. Mr Musk’s Starlink, a unit of SpaceX, has 6,400 active satellites orbiting Earth providing low-latency broadband to four million customers.

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

Reliance Industries Ltd. has erased almost $50 billion in market capitalization since its peak in July as the most valuable Indian firm struggles with weakening earnings and an economic slowdown.

Shares of the refining-to-retail conglomerate led by billionaire Mukesh Ambani have barely risen this year, trailing the benchmark NSE Nifty 50 Index by the widest margin in roughly a decade. While broader Indian markets have come under pressure in recent months due to a foreign selloff and earnings growth concerns, the nation’s key gauges are still among Asia’s best performing major markets in 2024.

The bulk of the recent drop in Reliance’s shares follows disappointing results last month. The firm’s earnings missed consensus estimates for the sixth straight quarter amid a muted demand environment for its key oils-to-chemicals business.

The company offered investors one free share for each held at its annual shareholders’ meeting in August, though it gave no details on the much-awaited listings of its telecom and retail units. Its wireless service division Reliance Jio Infocomm Ltd. lost subscribers that month after a tariff hike.

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

The 30-share BSE Sensex jumped 349.05 points or 0.43% to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty hit their all-time high levels on Thursday (August 29, 2024), driven by a rally in index majors Reliance Industries and Tata Motors.

The 30-share BSE Sensex jumped 349.05 points or 0.43% to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. During the day, it soared 500.27 points or 0.61 per cent to hit a lifetime intra-day peak of 82,285.83.

Rallying for the 11th straight session, the NSE Nifty surged 99.60 points or 0.40% to settle at a new closing high of 25,151.95. During the trade, the benchmark climbed 140.55 points or 0.56% to hit a fresh record intra-day peak of 25,192.90.

Among the 30 Sensex firms, Tata Motors jumped over 4%, followed by Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India.

Reliance Industries climbed nearly 2% after Mukesh Ambani, chairman and managing director of the firm, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1.

“When Reliance grows, we reward our shareholders handsomely,” Mr. Ambani said.

Mahindra & Mahindra, Sun Pharma, JSW Steel, Kotak Mahindra Bank, Infosys and Tata Steel were among the biggest laggards.

In Asian markets, Seoul, Tokyo and Shanghai settled in the negative territory, while Hong Kong ended higher.

European markets were trading in the positive zone. The U.S. markets ended lower on Wednesday (August 28, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,347.53 crore on Wednesday(August 28, 2024), according to exchange data.

Global oil benchmark Brent crude declined 0.60% to USD 78.27 a barrel.

Rising for the tenth straight session on Wednesday (August 28, 2024), the NSE Nifty went up by 34.60 points or 0.14% to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44% to hit a fresh intra-day all-time peak of 25,129.60.

Extending its winning run to the seventh day in a row, the BSE benchmark climbed 73.80 points or 0.09 per cent to settle at 81,785.56.

New Delhi:

India’s antitrust body has asked Reliance Industries and Walt Disney around 100 questions linked to their $8.5 billion India media assets merger, including details on sports rights as it heightens its scrutiny of the deal, two sources told Reuters.

Antitrust experts had warned that the Reliance and Disney deal, which was announced in February, could face intense scrutiny as it will create India’s biggest entertainment player with 120 TV channels and two streaming services.

The companies will also together own lucrative rights for cricket, India’s most popular sport.

In a confidential submission to the Competition Commission of India (CCI) in May, the companies said their merger would not hurt the competition, and argued that cricket rights will expire in 2027 and 2028 and allow bidding by rivals, and advertisers can target cricket-watching consumers on many rival platforms including YouTube, Reuters reported in May.

The CCI has now sought more details via two sets of questions, including why YouTube – which mostly has free, user-generated content – should be treated in the same market as subscription streaming services like Netflix and Disney, two sources familiar with the matter said.

Reliance and Disney have responded to the CCI questions and argued YouTube too has its own licensed, paid content as well as a wide reach, said the sources, who declined to be named as the information is confidential.

Data from Media Partners Asia last year showed that YouTube accounted for 88% of the online video market in India, while the premium video market of 12% is dominated by streaming services which “curate premium long-form content”.

Reliance-Disney will also own digital and TV cricket rights worth billions of dollars for top cricket tournaments as well as for the Wimbledon tennis championship, which has raised more antitrust concerns.

The CCI has also asked the companies for details on which entity owns which sports rights and for how long, as well as information on who had bid for them previously.

“The CCI is so far not raising concerns on the rights but is gathering information,” said one of the sources.

The requests for so much information could be because of the large size of the deal, said the first source. The second source, however, said the CCI was asking an unusually large number of questions.

Reliance, which is led by billionaire Mukesh Ambani, and the CCI did not respond to Reuters requests for comment. Disney declined to comment. The CCI is still reviewing the merger.

If it closes, the Reliance-Disney deal will reshape India’s $28 billion entertainment market where Zee Entertainment and Sony also operate.

Jefferies estimates Disney-Reliance will command 40% of the advertising market share in the TV and streaming segments.

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

The BSE Sensex recorded the best monthly gain in June by climbing 7.14%. The Sensex breached the historic 79,000 mark on June 27.
| Photo Credit: Reuters

Nine of the top-10 most valued firms together added ₹2,89,699.42 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in line with a rally in equities. Last week, the BSE benchmark jumped 1,822.83 points or 2.36%.

The BSE Sensex recorded the best monthly gain in June by climbing 7.14%. The Sensex breached the historic 79,000 mark on June 27.

While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, Hindustan Unilever and ITC were the gainers, Life Insurance Corporation of India (LIC) emerged as the laggard.

The Market Capitalisation (mcap) of Reliance Industries jumped ₹1,52,264.63 crore to ₹21,18,951.20 crore. TCS added ₹34,733.64 crore taking its valuation to ₹14,12,845.09 crore.

The mcap of ICICI Bank soared ₹30,286.99 crore to ₹8,44,201.88 crore and that of Bharti Airtel surged ₹18,267.7 crore to ₹8,22,530.35 crore. The market valuation of Infosys climbed ₹14,656.3 crore to ₹6,50,602.10 crore and that of HDFC Bank zoomed ₹13,808.74 crore to ₹12,80,865.43 crore. State Bank of India’s valuation rallied ₹11,111.14 crore to ₹7,57,565.68 crore.

The mcap of Hindustan Unilever went up by ₹7,953.37 crore to ₹5,81,570.83 crore and that of ITC climbed ₹6,616.91 crore to ₹5,30,475.82 crore. However, the valuation of LIC tumbled ₹22,042.61 crore to ₹6,25,573.90 crore.

Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

Image for representational purposes only.
| Photo Credit: The Hindu

Equity benchmark indices climbed in early trade on February 7 amid buying in shares of State Bank of India and Reliance Industries along with firm trends in the U.S. markets.

Fresh foreign fund inflows also added to the positive momentum in equities.

Extending its previous day’s rally, the 30-share BSE Sensex jumped 373.12 points to 72,559.21 in early trade. The Nifty climbed 123.9 points to 22,053.30.

Among the Sensex firms, State Bank of India, Axis Bank, JSW Steel, Tata Steel, Titan, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, Sun Pharma and Reliance Industries were the major gainers.

HCL Technologies, Infosys, Power Grid, Wipro, Tech Mahindra and ICICI Bank were among the laggards.

In Asian markets, Seoul and Shanghai were trading in the positive territory while Tokyo and Hong Kong were quoted in the negative zone.

The U.S. markets ended with gains on February 6.

Foreign Institutional Investors (FIIs) bought equities worth ₹92.52 crore on February 6, according to exchange data.

The BSE benchmark climbed 454.67 points or 0.63% to settle at 72,186.09 on February 6. The Nifty went up by 157.70 points or 0.72% to 21,929.40.

Global oil benchmark Brent crude climbed 0.20% to $78.75 a barrel.

File picture of Reliance Industries chairman Mukesh Ambani
| Photo Credit: Reuters

Reliance Industries Chairman Mukesh Ambani has received a threat email from an unidentified person seeking ₹400 crore, police said on Tuesday.

Ambani’s company received the email on Monday. It is the third threat email sent to Ambani in four days, an official said.

Earlier, an FIR was registered at Gamdevi police station here based on a complaint filed by the industrialist’s security in-charge after the first email, seeking ₹20 crore, was received from an unidentified person on Friday.

On Saturday, the company received another email demanding ₹200 crore.

The company received the third email on Monday, in which the sender doubled the demand, the official said.

The Mumbai police, their crime branch and cyber teams are working to trace the sender of the email, he added.

Last year, the Mumbai police arrested a man from Bihar’s Darbhanga for making death threat calls to Ambani and his family members. The accused had also threatened to blow up the Sir H.N. Reliance Foundation Hospital in Mumbai.

Bengaluru:

Reliance Retail, India’s largest retailer, will buy UK-based Superdry’s licenses and brand assets in three Asian countries for 40 million pounds ($48 million), expanding its tie-ups with foreign brands and giving the struggling UK fashion retailer much-needed funds.

Superdry’s shares jumped 18% to a near two-month high on Wednesday after the company said it would use the expected 28.3 million pounds net proceeds to boost its liquidity and fund its capital needs as part of a turnaround plan.

The deal will be via a joint venture — in which Superdry will invest 9.6 million pounds for a 24% stake — and cover Sri Lanka, Bangladesh and India, where the UK company has been present since 2012 when it first partnered with Reliance Retail.

Mukesh Ambani’s Reliance Retail has more than 18,000 stores selling everything from groceries to electronics. It also has partnerships with foreign brands such as Jimmy Choo, Marks & Spencer and Pret A Manger.

The company, which competes with Amazon and Walmart’s Flipkart, is in talks with investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for investments of around $1.5 billion, Reuters reported last month.

On the other hand, Superdry, which mostly sells sweatshirts, hoodies and jackets, has been grappling with weak orders from wholesale partners as consumers deal with a cost-of-living crisis and fall in real wages.

Last month, it warned of stunned revenue growth this year after posting a bigger-than-expected annual loss. It has been raising funds to bolster its finances and said cutting costs was a priority.

The deal with Reliance Retail, said Superdry, will help it “focus on growing its brand and increasing sales in its more established territories, where it has strongest expertise.”

The assets in the deal generated about 1.8% of total group sales in the financial year through April 30, said Superdry.

Shares of Reliance Industries, the parent of Reliance Retail, were down 0.8% in afternoon trading.