After rewarding its shareholders with a 1:1 bonus issue, Reliance Industries is offering performance-linked incentives to its employees this Diwali, though lower than last year’s.
A RIL official, speaking on condition of anonymity, said they received the incentives this week. He said this time incentives ranged between 2.5-7.5% of the annual compensation, half of last year’s pay out. RIL employees generally get the incentives in April.
Last year, the company launched a drastic cost cutting and belt-tightening initiative to combat the global economic slowdown. Code named Mission Kurukshetra, the exercise was aimed at cutting costs across all its major industrial operations—from refineries to petrochemicals, oil exploration to retail—as well as across the value chain.
Continue reading Reliance Industries doles out Diwali incentives to staff
As the Government debates the high salaries of corporate chiefs, Mr Mukesh Ambani, Chairman of Reliance Industries Ltd, has taken a 66 per cent cut in his annual compensation.
The head honcho of the country’s largest private sector company has decided to take a lower pay of Rs 15 crore for 2008-09, compared with Rs 44 crore in the previous year, setting a personal example of moderation, an RIL note said.
Continue reading Mukesh Ambani takes a pay cut in his annual compensation
Reliance Industries on Wednesday announced a bonus issue, its first in 12 years and only the fourth in the firm’s history.
So, are investors celebrating or are some feeling a bit shortchanged? Well, by announcing bonus shares after such a long gap, RIL has indeed won back the support and confidence of its long-term shareholders.
Bharat Sanghavi, a retired businessman said, The company had forgotten the shareholders and never passed on the benefits. But now I am very grateful to Mukesh Bhai.
70-year Sanghvi, like many other Reliance shareholders, is a happy man. Bharat has been an investor in Reliance over the last two decades and has seen spectacular returns over the years.
Continue reading RIL shareholders happy with diwali bonus issue
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
Reliance Industries has been told by an Indian court to supply gas to Reliance Natural Resources at nearly half the price of an interim ruling, sending the company’s shares down 7.5 percent.
A lawyer for Reliance Natural said on Monday the Bombay High Court had asked Reliance Industries to supply 28 million metric cubic metres a day (mmscmd) for 17 years at $2.34 per million metric British thermal unit (mmBtu) to Reliance Natural.
Reliance Industries, controlled by billionaire Mukesh Ambani, and Reliance Natural, headed by estranged younger brother Anil, have been contesting details in a supply contract agreed when the Reliance empire split in 2005.
Continue reading Gas supply at half the price ruling hits Reliance Industries shares