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Reliance Industries Q2 net profit falls to Rs 3852 crore

October 29, 2009 · Filed Under Reliance Industries · Comment 

Reliance Industries Ltd has announced the Unaudited financial results for the quarter ended September 30, 2009. The Company has posted a net profit for the period from ordinary activities of Rs 38520 million for the quarter ended September 30, 2009 as compared to Rs 41160 million for the quarter ended September 30, 2008. Total Income has increased from Rs 448390 million for the quarter ended September 30, 2008 to Rs 474760 million for the quarter ended September 30, 2009.
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Mukesh Ambani envies laptop wielding youngsters making millions

October 29, 2009 · Filed Under Reliance Industries · Comment 

Billionaire Mukesh Ambani envies the present-day laptop wielding young executives who make millions by doing power point presentations.

Recounting what Mukesh had told him before a Bench comprising Chief Justice K G Balakrishnan and Justices R V Raveendran and P Sathasivam, RIL counsel Harish Salve, intermittently looking at his laptop for cues for lengthy and detailed arguments, said, Mukesh says it’s a lot of hard work to create assets and earn money. But these days, youngsters do power point presentations and earn millions.
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High natural gas price only profits RIL: Court

October 29, 2009 · Filed Under Reliance Industries · Comment 

The Supreme Court Thursday observed that the country will stand to gain if natural gas from the Krishna-Godavari basin is sold at a lower price, while Reliance Industries alone will benefit if the consideration is higher.

‘If the price is less, the country gains. If it’s more only you gain, observed a three-member bench of Chief Justice K.G. Balakrishnan, Justice R.V. Raveendran and Justice P. Sathasivam, while hearing the dispute over Krishna-Godavari gas for the sixth day.
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Reliance Industries quarter net profit drops 6.4 percent

October 29, 2009 · Filed Under Reliance Industries · Comment 

The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 6.41 percent to Rs.3,852 crore (approximately $815 million) for the quarter ended Sep 30, compared to the Rs.4,116 crore it netted in the corresponding period last fiscal.

The fall in profit, which was in line with analysts’ prediction, was due to lower refining margins and were partially offset by the gas production from the D6 block in the Krishna-GOdavari basin.

In a regulatory statement Thursday, the company said it registered a turnover of Rs.48,843 crore (about $10.33 billion), an increase of 6.1 percent from the Rs.46,014 crore it earned in the year-ago period.
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RCom Launches Cloud Computing Services

October 29, 2009 · Filed Under Reliance Comm · Comment 

Reliance Data Center, a part of Reliance Communications (RCom), has launched a hosted infrastructure service based on the Microsoft platform for enterprises and small and medium businesses (SMBs).

The new service, ‘Reliance Cloud Computing Services’, will initially be offered from their Mumbai data centers.
To begin with RCom will provide virtual hosting services and has created service schemes depending on computing resource requirements namely, Virtual Hosting Basic, Value, Advanced and Enterprise. The pricing for these have not being disclosed, but is expected to be in the range of Rs. 5,000 to Rs. 25,000.
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Higher Reliance gas price won’t hit NTPC

October 29, 2009 · Filed Under Reliance Industries · Comment 

Generation utility NTPC Ltd will not lose money if it were to buy gas at prices higher than what Mukesh Ambani’s Reliance Industries Ltd had committed to it five years ago, the power ministry has told the Committee on Public Undertakings (COPU), the parliamentary panel overseeing state-run units.

In the event that gas is not supplied to NTPC at the rate of $2.34 per mBtu, the burden of extra price of gas would be passed on to consumer as the fuel cost is pass-through as per regulations for fixing tariff under Electricity Act, 2003, the latest report by COPU quotes the ministry as saying.
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Tina Ambani on her latest venture ‘Mumbai Film Festival’

October 29, 2009 · Filed Under Reliance ADAG · Comment 

Here, Tina Ambani, who oversees the corporate social responsibility of the Reliance ADA Group, of which the film festival is a part of, talks about this year’s festival…

What prompted you to get the Reliance ADA Group to support the Mumbai Film Festival?
Cinema is an universal truth — the language of dreams. This language is spoken by all of us. Befittingly, Mumbai is called the city of dreams. The cradle of Indian cinema and home to the world’s largest film industry, it is a prolific manufacturer of dreams. More significant, it is a place where dreamers — filmmakers, actors, scriptwriters, composers — can turn their own visions of success into technicolour reality.
I know this only too well; my decade-long association with the industry has been both defining and empowering. Just as it is logical for this great city to have an international film festival that celebrates its spirit and rich cinematic heritage, it has been a natural step and an immense source of pride for me to support this festival and give it the stature it deserves.
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No talks with India’s RIL for US plants: Valero CEO

October 29, 2009 · Filed Under Reliance Industries · Comment 


Valero Energy Corp Chairman and Chief Executive Bill Klesse said the company has not discussed selling three refineries to Indian energy giant Reliance Industries, a Valero spokesman said on Wednesday.

Valero spokesman Bill Day confirmed Klesse made the comments following testimony to a U.S. Senate committee in Washington.
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Citi report picks more holes in Reliance communications accounts

October 29, 2009 · Filed Under Reliance Comm · Comment 

The financial statements of Reliance Communications Ltd (RCom), the subject of a special audit by the government, have been questioned further by Citi Investment Research and Analysis.

The Citigroup unit, which reviewed the Reliance-Anil Dhirubhai Ambani Group company’s accounts for 2008-09 and the first quarter of the current fiscal year, said the divergence between revenue reported to the Telecom Regulatory Authority of India (Trai) and to the stock exchanges has widened significantly.

The difference increased from Rs2,570 crore (17%) in FY08 to Rs4,360 crore (25%) in FY09 and further to an ‘alarming’ Rs1,740 crore (36%) in the first quarter of FY10, according to the report, released on Wednesday, by Citi analysts Rahul Singh, Gaurav Malhotra and Anand Ramachandran.
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SC raises questions on suitable arrangement to resolve Ambani feud

October 29, 2009 · Filed Under Reliance Industries · Comment 

Hearing the high voltage legal battle between the Ambani brothers, the Supreme Court on Wednesday raised questions on the possibility of the two sides working out a ’suitable arrangement’ to resolve the gas dispute.

What suitable arrangement you can make out or arrive at. There must be parameters to arrive at a suitable arrangement, a Bench headed by Chief Justice K G Balakrishnan said.

The Bench was hearing for the fourth day the dispute between RIL and RNRL relating to supply of gas from KG basin for which the two brothers Mukesh Ambani and Anil Ambani are engaged in a bitter fight.
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