The Reliance Anil Dhirubhai Ambani Group has forayed into the cement business by announcing its plans to set up a 5 million tonne integrated plant and a grinding unit in Maharashtra with an investment of INR 2,250 crore.
Reliance Cementation, a part of the Ambani group on last Friday signed a MoU with the Maharashtra government. The cement unit will come up in Yavatmal district, while the grinding plant will be set up in Nagpur district.
Continue reading Reliance ADAG enter into cement with INR 2250 crore investments
Reliance Mutual Fund plans to launch an open ended equity scheme called as Reliance Arbitrage Advantage Fund and for this it has filed offer document with Sebi to launch Reliance Arbitrage Advantage Fund.
The face value of the new issue will be Rs 10 per unit.
The primary investment objective of the scheme is to seek to generate capital appreciation to the investors by using the equity derivative strategies as well as arbitrage opportunities and pure equity investments and the secondary objective is to provide income distribution to the investors by investing the balance in debt as well as money market instruments.
Continue reading Reliance MF to launch Reliance Arbitrage Advantage Fund
Reliance Industrial Infrastructure Ltd has announced the financial results for quarter ended June 30, 2009. The company has reported Net Sales of Rs 1365.26 lakhs for the quarter ended June 30, 2009 as compared to Rs 1716.09 lakhs for the quarter ended June 30, 2008.
The company has posted Net Profit of Rs 510.16 lakhs for the quarter ended June 30, 2009 as compared to Rs 501.44 lakhs for the quarter ended June 30, 2008. The company’s EPS was at Rs 3.38 for the quarter ended June 30, 2009 as compared to Rs 3.32 for the quarter ended June 30, 2008.
Continue reading Reliance Industrial Infrastructure posted net Q1 profit marginally up at Rs 5.10 crore
India’s Reliance Infrastructure Ltd. Monday invited bids from power producers who can supply electricity to the company on a long-term basis for distribution in Mumbai.
The Maharashtra Electricity Regulatory Commission had given clearance to the company July 15 to procure 1,500 megawatts of electricity to supply in Mumbai, the capital of western India’s Maharashtra state.
The regulator had cleared the power-procurement plan after reversing Reliance Infrastructure’s decision to hike tariff. The state government had asked it to look into the tariff hike following complaints from the public, the regulator had said.
Continue reading Reliance Infrastructure Invites Bids for Electricity Supply
Vikas Khemani, Co-Head, Institutional Equities, Edelweiss Securities is of the view that Reliance Industries is looking fairly valued.
Khemani told CNBC-TV18, Reliance Industries is getting driven by two things, one is the liquidity in the overall market, there are a lot of ETFs which are buying in the market which would drive these stock prices up and secondly, the recent news about the Reliance Gas Issue. So in my opinion, fundamentally speaking, the stock looks fairly valued.
Continue reading Reliance Industries looks fairly valued: Vikas Khemani
Just after Tata Power, GVK, GMR and Torrent had sought government intervention to ensure that the Ambani v/s Ambani spat does not hinder KG basin gas supplies to them, the Andhra Pradesh chief minister wants his state to get its due share of the hydro-carbon assets located off the coast of Andhra Pradesh.
Andhra Pradesh chief minister Y S Rajasekhara Reddy told members of 13th finance commission that people of his state are entitled to a part of the Krishna-Godavari gas since the natural resource is located just off the coast of Godavari district.
Continue reading Andhra wants a share of the Krishna-Godavari gas
India’s highest court asked Reliance Industries and Reliance Natural Resources to explain why a gas supply deal in dispute between the two should not be cancelled, and cleared the way for the government to be a party in the court battle, lawyers said.
Shares in Reliance Industries, which challenged a lower court ruling to supply gas to Reliance Natural at below-market price and had asked the government to intervene, ended up 5 percent.
Reliance Natural shares lost 2.65 percent as the overall market gained 3 percent.
Continue reading India’s Highest court seeks explanation on Reliance gas deal
The raging dispute being heard in the Supreme Court between the companies belonging to the two Ambani brothers, Mukesh and Anil,mainly concerns the supply and pricing of natural gas from the Krishna Godavari basin.
At the core of the dispute is how valid is a family pact reached between the two brothers, brokered by their mother Kokilaben when the Reliance empire was split a few years ago, in deciding the price of gas in which the government, too, has claimed a share.
Continue reading all about Reliance gas supply dispute
Reliance ADAG is likely to kick-start its broadcasting business with the launch of a lifestyle and an English music channel, industry sources say.
The lifestyle channel will focus on fitness for which the content is being firmed up. Big Broadcasting, the entity which will own and operate Reliance’s TV channels, is also in talks with international music labels like Sony, BMG and Universal for the content lineup on its music channel.
Continue reading Reliance ADAG to enter broadcasting biz with lifestyle and English music channels
Sudip Bandyopadhyay, the face of Reliance Money, Reliance Capital‘s broking, distribution and money transfer arm, is on his way out.
Sources told DNA Money he is likely to continue with the brokerage-cum-money transfer major till September.He is said to be joining a media and entertainment company.
But Bandyopadhyay denied any such move. It’s baseless. I am still with Reliance Money, he said. The stage for his exit was set about three months ago, when Reliance Money had elevated him to a position of managing director, the sources said.
Continue reading Sudip Bandyopadhyay may leave Reliance Money