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India Disputes Reliance Industries Partner Hardy’s natural Gas Estimate

June 2, 2009 · Filed Under Reliance Industries · Comment 

India’s oil regulator disputed an estimate of natural gas reserves by Hardy Oil & Gas Plc in two offshore areas the U.K.-based explorer co-owns with Reliance Industries Ltd. Shares of both companies fell.

“It was a false, wrong claim,” V.K. Sibal, director general of hydrocarbons, said by telephone from New Delhi today. “They haven’t followed regulatory guidelines in announcing the reserves and this can be very misleading for everyone.”

Perayya Sastry Karra, chief executive officer and co- founder of Hardy Oil, declined to comment when reached by telephone in Chennai. A company spokesman, who declined to be identified in line with policy, said the explorer is confident about the estimate. Reliance spokesman Tushar Pania in Mumbai didn’t comment on Sibal’s remarks.
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Reliance Mutual Fund open to acquisitions if good opportunity comes: Sundeep Sikka

June 2, 2009 · Filed Under Reliance MF · Comment 

The country’s largest fund house, Reliance Mutual Fund, on Tuesday said that it is open to acquisitions if some good opportunities come its way.

“We remain open to opportunities if appropriate valuations come up,” Reliance MF CEO Sundeep Sikka told.

The Anil Ambani group firm, which is the biggest mutual fund in the country in terms of assets under management, has also become the first fund house to cross an average AUM of Rs one lakh crore.

“Consolidation has already started in the industry and going forward, only top 5-7 fund houses would command the major chunk of funds as investors will have confidence in large fund houses,” Sikka said.
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Reliance Capital raises 3.62 billion rupees through bonds sale

June 1, 2009 · Filed Under Reliance Capital · Comment 

Reliance Capital has raised 3.62 billion rupees through a bond sale that opened in April, two sources with knowledge of the deal said on Monday.

The company, part of India’s Anil Dhirubhai Ambani Group, sold three-year bonds carrying a coupon rate of 9.6 percent and five-year bonds with a coupon rate of 9.75 percent.

The issue had aimed to raise at least 2 billion rupees.
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Reliance Mutual Fund first to cross Rs 1 lakh-cr average AUM mark in May

June 1, 2009 · Filed Under Uncategorized · Comment 

Reliance Mutual Fund, part of Anil Dhirubhai Ambani (ADAG) Group, has become the first mutual fund (MF) house in India to cross the Rs 1 lakh-crore mark in average asset under management (AUM) for a month.

The firm recorded a 13% increase in average AUM for May to Rs 1.02 lakh crore compared with Rs 88,387.98 crore in April. The surge in May was primarily due to improving liquidity and strengthening stock market sentiment.

Reliance MF had earlier crossed the Rs 1 lakh-crore mark in total AUM for a few days in April 2008. This had subsequently dropped, as the stock market crash brought down the value of equity assets significantly. But this is the first time that the average AUM of Reliance MF for the whole month was above Rs 1 lakh crore, as per latest data released by the Association of Mutual Funds of India (AMFI).
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