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Companies Reliance Industries Ltd FollowGREATER NOIDA, India, Oct 4 (Reuters) - Indian oil refining giant Reliance Industries showcased its swappable and multipurpose battery storage technology for electric vehicles (EVs) on Wednesday, as it makes a big push on clean energy. Reliance, led by billionaire Mukesh Ambani, displayed removable and swappable batteries for EVs that can also be used to power household appliances through an inverter at a renewable energy exhibition. The batteries can be swapped at Reliance's battery swap stations or re-charged by households using rooftop solar panels, which also it plans to sell, the executives added. Development of battery storage solutions is a part of Reliance's bigger $10 billion green push towards clean energy projects. The factory will be set up by 2026 and will make batteries and containerised energy storage solutions.

Persons: Mukesh Ambani, Arpan Chaturvedi, Aditi Shah, Dhwani Pandya, Kim Coghill Organizations: Reliance Industries, Reliance, Electric, Thomson Locations: NOIDA, India

☆ Russian oil sold to India at 30% above Western price cap, traders say
▼ + stars: | 2023-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Alternatives are much more expensive and not easily available," a trader familiar with the Russian oil market said. Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India's overall refined fuel consumption. The Western price cap on Russian oil allows buyers to use Western services such as shipping and insurance in the event that crude trades below $60 per barrel. Russian oil is also now being sold to customers in new markets like Brazil, the Indian source said.

Persons: Tatiana Meel, Brent, HPCL Mittal, Nidhi Verma, Alexander Smith, Elaine Hardcastle Organizations: REUTERS, Moscow, Board, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Reliance Industries Ltd, Nayara Energy, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Ukraine MOSCOW, DELHI, India, Moscow, Saudi Arabia, Baltic, Mangalore, Russian, Turkey, China, Bulgaria, Brazil, New Delhi

[1/2] Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. With Mukesh Ambani in his late 60s, "the time is probably right ... "This is also an attempt by Mukesh Ambani to ensure the next generation of Ambani siblings stay close to one another and do not have any discord." He is already the chairman of Reliance Jio Infocomm Limited, the telecom arm of Reliance. Akash's twin sister Isha is driving the expansion of Reliance Retail into new categories and geographies, and is already a director on the boards of the retail unit, Reliance Retail Ventures, which houses the conglomerate's bets in India's brick-and-mortar and e-commerce industries.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Isha, Akash, Ambani, Anant, Arun Dasmahapatra, Dhirubhai Ambani, Mukesh, Anil, Nita, Munsif Vengattil, Aditya Kalra, Tom Hogue, Mark Potter Organizations: Reliance Industries, REUTERS, India's Reliance Industries Ltd, Monday, Reliance, Brown University, Meta, Infocomm, Reliance Retail, Reliance Retail Ventures, Qatar Investment Authority, Investors, giga, Thomson Locations: Mumbai, India, BENGALURU, Jio, Bengaluru

☆ India's Reliance expects to soon list shares of its financial unit
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shailesh Andrade/File PhotoNEW DELHI, Aug 6 (Reuters) - Reliance Industries Ltd (RELI.NS) hopes to soon list shares of its financial services unit, Reliance Jio Financial Services Ltd, to unlock value for shareholders, the company said in its annual report. A listing date for Jio Financial Services is widely expected to be announced at Reliance's forthcoming annual general meeting. Ambani said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions. "Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Relianceand digitally deliver financial services, democratising access to financial services offerings for Indian citizens," he said. Reliance has offered its shareholder one share of Jio Financial Services for one share of Reliance.

Persons: Shailesh Andrade, Mukesh Ambani, Ambani, Nidhi Verma, Giles Elgood Organizations: Reliance Industries, REUTERS, Reliance Industries Ltd, Reliance, Financial Services Ltd, Financial, Jio Financial Services, Financial Services, BlackRock Inc, Thomson Locations: Mumbai, India

☆ Exclusive: India refiners start yuan payments for Russian oil imports -sources
▼ + stars: | 2023-07-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

It could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes, sources said. The rise in yuan payments has given a boost to Beijing's efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates' dirham, sources have said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said. Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

Persons: IOC's, Rosneft, Nidhi Verma, Tony Munroe, Tom Hogue Organizations: U.S, Indian Oil Corp, Reliance Industries Ltd, Nayara Energy, HPCL Mittal Energy Ltd, Oil, Gazprom Neft, Reuters, United Arab, State Bank of India, NS Bora, Sun Ship Management, European Union, IOC, ICICI Bank, Bank of China, Bharat Petroleum Corp Ltd, Thomson Locations: DELHI, Russia, Moscow, Ukraine, India, China, Saudi Arabia, Indian, Dubai, United Arab Emirates, Iraq, United Kingdom, Bank, Rosneft, ICICI

☆ Reliance's JioCinema signs content streaming deal with NBC Universal
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 29 (Reuters) - JioCinema, the streaming platform run by India's Reliance Industries Ltd (RELI.NS), has signed a partnership with NBC Universal Media in a push to increase Hollywood content on the platform for Indian viewers, the companies said on Monday. The multi-year deal will give JioCinema's premium subscribers access to popular shows such as "Downton Abbey", "Suits" and "The Office," the companies said in a joint statement. This comes after JioCinema signed a content streaming deal with Warner Bros Discovery Inc (WBD.O) in April for shows such as "Succession" and "Game of Thrones". JioCinema announced its premium pricing earlier this month, moving away from free content model to fight rivals like Netflix (NFLX.O) and Disney (DIS.N) in the content streaming space. Reporting by Shilpa Jamkhandikar and Hritam Mukherjee; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Sterlite Tech swings to profit in Q4 on optical networking boost
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, May 17 (Reuters) - Indian networking solutions provider Sterlite Technologies Ltd (STTE.NS) swung to a fourth-quarter profit on Wednesday, aided by strong growth in its mainstay optical networking business. The company's consolidated net profit stood at 650 million rupees ($8 million) for the quarter ended March 2023, compared to a net loss of 220 million rupees a year ago, it said in an exchange filing. Consolidated revenue from operations jumped 25% to 18.72 billion rupees, the company said. Optical networking business, which contributed a hefty 80% of the company's topline, grew 40% to 15.05 billion rupees. Additionally, the company declared a final dividend of 1 rupee per share and approved fundraise of up to 10 billion rupees.

☆ Adani-owned NDTV profit plunges about 98% on weak advertising demand
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 1 (Reuters) - Indian broadcaster New Delhi Television Ltd (NDTV) (NDTV.NS), part of the embattled Adani Group, posted a 97.6% plunge in quarterly profit on Monday due to weak advertising demand. NDTV reported a consolidated net profit of 5.9 million rupees ($72,206.58) for the quarter ended March 31, compared with 241.6 million rupees a year earlier. Revenue from operations fell 35.5% to 669.6 million rupees due to a "slowdown in global advertisement spend," the media company said. Ports-to-energy conglomerate Adani Group holds an about 64.7% stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year. Last month, rival TV18 Broadcast Ltd (TVEB.NS), owned by Reliance Industries Ltd (RELI.NS), also reported a slump in quarterly profit, citing lower-than-expected advertising revenue.

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

☆ Indian carrier Reliance Jio's profit, rev growth hit five-qtr low
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 21 (Reuters) - Reliance Jio Infocomm Ltd, the telecom arm of Indian billionaire Mukesh Ambani's Reliance Industries Ltd (RELI.NS), reported its slowest profit and revenue growth in five quarters on Friday, due to higher expenses and lack of recent tariff hikes. Jio, India's biggest telecom carrier by subscribers, said net profit rose 13% to 47.16 billion rupees ($574.8 million) in the three months ended March 31, from 41.73 billion rupees a year ago. Its revenue from operations grew 11.9% to 233.94 billion rupees. Jio's revenue growth has been around 23% to 29% in the last four quarters, while profit has increased by 18% to 21%. ($1 = 82.0420 Indian rupees)Reporting by Rama Venkat in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ India's Reliance, Adani among 49 bidders for debt-ridden Future Retail
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

Reliance Retail, part of Ambani's Reliance Industries Ltd (RELI.NS) as well as April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Gautam Adani-led Adani Airport Holdings, have submitted expressions of interest (EoIs), an exchange filing by Future Retail showed. Other entities that have submitted EOIs include London-based retailer WH Smith (SMWH.L), a consortium led by U.S.-based restructuring firm Gordon Brothers, J.C. Flowers Asset Reconstruction, India's Jindal Power, and individual investor Harsha Vardhan Reddy. Reliance Retail, Jindal Power, J.C. Flowers, WH Smith and Gordon Brothers did not immediately respond to emails seeking comment.

☆ Reliance Industries names new chief financial officer
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, March 25 (Reuters) - Reliance Industries Ltd (RELI.NS) has appointed Srikanth Venkatachari as chief financial officer effective June 1, according a late evening release by the company. He takes over from Alok Agarwal, who has been CFO since 2005, and will now assume the role of senior advisor to Reliance Chairman Mukesh Ambani. Venkatachari is currently the joint CFO for the company. Reporting by Ira Dugal; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Reliance Jio to buy U.S.-based Mimosa Networks for $60 mln
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 9 (Reuters) - Jio Platforms, owned by Indian conglomerate Reliance Industries Ltd (RELI.NS), will buy communications equipment maker Mimosa Networks for $60 million to bolster its expanding 5G and broadband services, the companies said on Thursday. The deal is between Radisys Corp, a unit of Jio Platforms, and US-based Airspan Networks Holdings (MIMO.A), which owns Mimosa. Reliance Jio Infocomm USA, a unit of Jio, is a shareholder in Airspan and has a seat on its board, according to the statement. The Mimosa deal also comes at a time when some governments, including India, have either banned or discouraged the use of China's Huawei in national networks. Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani shares nosedive as investors fret about Hindenburg fallout
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +3 min

Hindenburg in its report said key listed Adani companies had "substantial debt" and that shares in seven Adani listed firms have an 85% downside due to what it called sky-high valuations. The Adani Group said the allegation of stock manipulation had "no basis" and stemmed from ignorance of Indian law. Its response stated that over the past decade, group companies have "consistently de-levered". In total, the seven listed Adani Group companies now have a market capitalisation of $99 billion, versus $218 billion before the Hindenberg report. The prices of U.S. dollar bonds issued by Adani Group entities edged higher on Friday after diving on Thursday.

Spokespeople for SEBI and Adani Group did not immediately respond to requests for comment. Among several allegations, Hindenburg accused Adani Group last week of using offshore tax havens and stock manipulation. On Tuesday, Adani Group mustered support from investors for a $2.5 billion share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis. Reuters Graphics[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. The U.S. dollar-denominated bonds of Adani Ports maturing in February 2031 led the losses, falling 3.59 cents to 67.58 cents.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. "The kind of fall that we are seeing in Adani stocks is scary," said Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities. After losing $86 billion in recent days, the seven listed Adani Group entities now have a combined market capitalisation of about $131 billion. LIC owned a 4.23% stake in Adani Enterprises as of end-December and more than 9% in Adani Ports and Special Economic Zone. Siddhartha Mohanty, one of LIC's managing directors, said in interviews on Monday that the insurer was engaging with the Adani Group but was positive on its investments.

Before the critical report by U.S. short-seller Hindenburg, Adani had ranked third. The report by Hindenburg Research last week alleged improper use by the Adani Group of offshore tax havens and stock manipulation. Adani Power (ADAN.NS) fell 5%, while Adani Total Gas (ADAG.NS) slumped 10%, down by its daily price limit. Headaches for the Adani Group are expected to continue for some time. Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ Gautam Adani no longer Asia's richest person as stock rout deepens to $74 billion
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

[1/4] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenBENGALURU, Feb 1 (Reuters) - India's Gautam Adani lost his title of Asia's richest person on Wednesday as a rout in his conglomerate's stocks deepened to $74 billion after a short-seller report. The Adani Group has denied the allegations, calling them baseless and saying it has always made necessary regulatory disclosures. Before the Hindenburg report, Adani had ranked 3rd. Adani Power (ADAN.NS) fell 5%, while Adani Total Gas (ADAG.NS) slumped 10%, down by its daily price limit.

☆ Analysis: India's EV dawn fans expectations fuel demand may peak early
▼ + stars: | 2023-01-27 | by ( Mohi Narayan | ) www.reuters.com time to read: +5 min

Currently, around 90% of Indian petrochemical demand is met by China, he said, so a shift by Indian refiners towards domestic chemical needs could dramatically change supply dynamics. Indian refiners are investing billions of dollars to raise petrochemical capacity. Indian Oil Corp (IOC.NS), the country's top refiner, is raising petrochemical capacity at its Panipat refinery by 13% and building new plants linked to its Paradip and Gujarat refineries. India's state refiners, which dominate fuel retailers, plan to set up EV charging facilities at more than 22,000 fuel stations and highways by 2024. About 40% of India's fuel demand is for diesel, which is mostly used by trucks.

☆ Indian shares set to open higher; key earnings to provide direction
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 23 (Reuters) - Indian stocks were poised to open higher on Monday, tracking a Wall Street rally in the previous session, with shares also taking cues from the earnings of heavyweights such as Reliance. Financial stocks (.NIFTYFIN) could gain after robust quarterly earnings results from top banks over the weekend. Wall Street equities rallied to close higher on Friday, as upbeat quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts. ** India's top cement maker, UltraTech Cement (ULTC.NS), reported a 38% decrease in quarterly profit on Saturday, dented by a surge in expenses. ** Yes Bank (YESB.NS) reported a surprise 80% plunge in quarterly profit on Saturday as provisions for bad loans increased.

NEW DELHI, Jan 16 (Reuters) - India's Reliance Industries Ltd (RELI.NS) and a local unit of BP (BP.L) on Monday suspended an auction for gas from their deepwater block on the east coast following changes to the country's gas marketing rules, the pair said in a notice. India last week revised marketing rules for gas produced from deepwater fields that are difficult to explore, including capping the trading margin on such sales. Reliance did not respond to Reuters request for comment. A source said Reliance would revise the terms of auction process after the latest changes to the rules. Reporting by Nidhi Verma and Sarita Chaganti Singh; Editing by Toby Chopra, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ India's Reliance makes rare buy of Russian naphtha, ups fuel oil imports
▼ + stars: | 2022-12-02 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

The private refiner did not buy Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha were restricted to just one parcel in four years to 2019, the data showed. The data showed a panamax carrier Okyroe sailing towards India laden with about 59,000 tonnes of Russian naphtha. Russian naphtha is being sold at lower premiums to countries like India, two Asian naphtha traders said. FUEL OIL IMPORTS SURGEReliance, its two plants together capable of processing 1.4 million barrels of oil a day, has emerged as a key buyer of Russian oil since Moscow's February military action in Ukraine.

☆ India's Oct inflation seen falling below 7% - central bank chief
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Nandan MandayamNEW DELHI, Nov 12 (Reuters) - India's retail price inflation is expected to fall below 7% in October from 7.41% in September, Reserve Bank of India Governor Shaktikanta Das said on Saturday. The medium-term inflation target should continue to be held at 4%, he added. "If it (inflation) remains above 6% for a prolonged period, it will be detrimental to growth, hence 6% has been kept as the upper tolerance band," he said. Das said it was too early to get into a debate about whether inflation is likely to stay higher for longer. The change in inflation target could indicate that the central banks are less committed to "fight the war against inflation.

☆ India sends more vacuum gasoil to the U.S. as the West shuns Russian oil
▼ + stars: | 2022-11-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

The United States and Canada banned Russian oil imports over Moscow's invasion of Ukraine, while sanctions from the European Union on Russian crude and oil products imports will take effect on Dec. 5 and Feb. 5, respectively. Meanwhile, India, the world's third-largest oil importer, has been ramping up Russian crude imports and increasing oil product exports to the West for higher margins. A vessel ships vacuum gasoil from India to the U.S.India's VGO exports to the United States climbed in 2022 compared with last year. "Given that the U.S. is not buying Russian oil, they are looking for any and all alternatives," said Roslan Khasawneh, senior fuel oil analyst at Vortexa. U.S. and EU sanctions do not apply to refined products produced from Russian crude exported from a third country as they are not of Russian origin.

☆ INDIA STOCKS Indian shares may open lower, tracking Asia
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 25 (Reuters) - Indian shares are poised to edge lower at open on Tuesday, tracking weakness in Asian markets, with limited downside seen on the back of expectation the Federal Reserve may slow its pace of rate hikes. However, in the one-hour of trade, shares of Yes Bank Ltd (YESB.NS), ICICI BANK (ICBK.NS) and Hindustan Unilever Ltd (HLL.NS) fell between 2.8% and 3.9%. In addition, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. ** Yes Bank (YESB.NS)said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters.

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