Reliance
'Open court hearing on Oct 12', SC on SEBI's review petition against RIL
A bench headed by Chief Justice U.U. Lalit and comprising Justices J.K. Maheshwari and Hima Kohli said: "Considering the facts and circumstances on record and the submissions advanced in the review petition, we deem it appropriate to allow application for listing of the instant petition in open court. Let this review petition be listed in court on October 12, 2022."
IDBI Trustee asks Reliance Capital administrator to withdraw allegations of breach of confidentiality
In a letter to Rao, IDBI Trusteeship Services said the allegations have been made on the basis of a media article which said IDBI Trustee has alleged that RCap CoC minutes do not accurately reflect discussions. "At the outset we are surprised to note the contents of your email which are baseless, unsubstantiated and far from the truth. We deny the same," IDBI Trustee said in the letter to Reliance Capital administrator.
Lenders set to reject DB Realty's One Time Settlement plan for RCFL
The 18 lenders led by the Bank of Baroda (BOB) will also be discussing the One Time Settlement (OTS) proposal by DB Realty for its Rs 633 crore default in RCFL. According to the banking sources, the OTS proposal of DB Realty is likely to be rejected by the lenders as they are offering less than 50 per cent of the total outstanding dues of Rs 633 crore.Moreover, both the promoters, Vinod Goenka and Shahid Balwa, are also involved in multiple cases with CBI and ED.
RIL invested $ 6.6 bn in inorganic acquisitions since 2018
Reliance Industries Limited (RIL) has announced the acquisition of downstream polyester manufacturer, Shubhalakshmi Polyesters. The acquisition will expand RIL's polyester capacity and is inline with plans to better integrate its businesses - from oil products to chemicals and, eventually, consumer retail, Morgan Stanley said in a report.
Reliance Industries to acquire US SenseHawk for $32 mn
The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063, respectively. The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before end 2022. The California-based SenseHawk is a developer of software based management tools for the solar energy generation industry.
Morgan Stanley classifies RIL as top pick, new capex to double earnings
In its latest report Morgan Stanley said RIL's fourth investment cycle this century with capex in chemicals, 5G, retail and new energy totalling over $50 billion over the next three years will double its earnings. Further RIL's capex will increase investor confidence on the $70 billion value creation pivot in the energy business, Morgan Stanley said while moving RIL's scrip to its top pick category.
Reliance Retail begins appointing super-stockists to distribute its private label products in multiple FMCG categories
Reliance Retail already has a wide range of private labels across several entry-level food and non-food FMCG categories and will likely acquire more brands. "We believe own FMCG sales can add a margin layer to the overall Jiomart business", the report said. In its AGM held on August 29, 2022, Reliance Retail announced its foray into the FMCG business, by developing and delivering high quality products at affordable pricing.
Energy stocks fall sharply after govt hikes windfall profit tax on diesel, jet fuel export
Shares of Chennai Petro, Adani Total Gas, ONGC, Asian Energy and Reliance were trading more than 1.5 per cent to 4 per cent lower during early trade. While, BSE Energy were down 102.51 points or 1.15 per cent at 8,780.11, and Nifty Energy were down 269.65 points or 0.96 per cent at 27,834.85.
RIL announces plan to move into $100 billion FMCG market
Morgan Stanley said in a report that RIL has private label brands across F&B, HPC and BPC segments that are currently sold via its own retail channels. "We believe the company will have to invest in brand building and marketing to transform this business from private label to full-fledged FMCG operations. Growth in the FMCG category is a function of both volume and market share gains," Morgan Stanley said.
Jio's capex outlay of $25bn for 5G roll out, scale up of home broadband key takeaways from RIL AGM
Monetization of this capex will require higher revenues in JioFiber, market share gains in mobile, revenues from enterprise clients and tariff hikes. We raise our revenue/Ebitda estimates by up to 3-5 per cent but lower PAT estimates by 2-4 per cent. Despite higher capex, leverage remains comfortable at 2.2-3.7x Ebitda given strong 27 per cent Ebitda Cagr over FY22-25, the report said.
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