Hindustan Unilever was the largest gainer last week, increasing its market worth by Rs1,81,209.89 crore along with eight of the top ten domestic companies. Reliance Industries and Tata Consultancy Services (TCS) were the two bottom-performing companies in the top-10 group. Reliance Industries continued to be the most valuable company in the top-10 list, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC, and Bharti Airtel.… read-more
Courtesy: Free Press Journal
Mukesh Ambani recently took control over all Future Retail stores and has offered jobs to employers. The Reliance Industries head made this decision amid the Kishore Biyani e-commerce battle that leads Amazon. The two have been in a battle at many judicial forums for the Future Group retail arm of the RIL. RIL has already where it would open its premises including Big Bazaar in it.
Courtesy: ET NOW
Energy and IT sectors helped Indian markets recover from session lows to end higher on November 25, with Reliance Industries leading the way with a 6% gain. NSE Nifty jumped 0.7% to 17,536.25, while BSE Sensex gained 0.78 percent to 58,795.09. "Since Reliance declared a stop in its contract with Saudi Arabia's Aramco, there has been a lot of shopping," said Rahul Shah, VP-Equity Advisory at Motilal Oswal Financial Services Ltd.
Reliance Industries' stock dropped 4.2 percent on November 22 after the company postponed a share sale to Saudi Arabia's Aramco. According to reports, the company planned to sell 20 percent of its share to the world's largest oil exporter for $15 billion. "Deal cancellation may not hurt the conglomerate's balance sheet but will lose a chance to set a benchmark of $75 billion valuations for the oil business", said analysts.
Reliance Industries recently bought a property worth Rs 592 crore in London. Following this, speculations went around about the family relocating to London. In a statement published by Reliance, they denied the "baseless" speculation of Mukesh Ambani's family partly shifting to Stoke Park in London. Furthermore, the statement stated that they would be enhancing the property as a "premier golfing and sporting resort".
Courtesy: Live Mint
The Mumbai-based conglomerates are seeing a massive rebound with an overall rise of 58%, including 43% in the energy division benefiting from the higher transportation margin. "All our business select growth over pre-COVID levels", said Chairman Mukesh Ambani in a statement. Moreover the company further said that it would be soon launching low-cost smartphones developed with Google by the end of 2021.
Reliance Industries bought 52% stake in the fashion brand, Ritu Kumar. However, no financial details have yet been unveiled by the company. Reportedly, Reliance also bought a 40% stake in Manish Malhotra’s fashion house. Furthermore, Birla Fashion and Reliance bought 51% stake in Sabyasachi. “The discretionary wallet spend on products of the top 20 million customers is what we remained focused on”, said… read-more
Out of the top ten domestic firms, six of them contributed a total of Rs 69,611.59 crore to their market valuation. Further, Reliance Industries gained the most as the valuation jumped to reach Rs 13,38,763.60 crore. Meanwhile, HDFC Bank, HDFC, SBI, ICICI, and Kotak Mahindra Bank were the gainers. However, TCS, Infosys, Hindustan Unilever Limited, and Bajaj Finance suffered a decline in their market cap.
Courtesy: The Free Press Journal
Mukesh Ambani-owned Reliance Industries (RIL) is in talks to acquire the local search engine Justdial for a whopping Rs 5,920 to Rs 6,660 crore. The deal will help Reliance to leverage the 25-year-old local search engine’s merchant database. In a board meeting to be held on July 16, Justdial will “evaluate” its fundraising plan. The promoters are said to hold a 35.5% stake in the company.
Courtesy: Times Now Digital
With an aim to produce clean energy, Mukesh Ambani announced Rs 75,000 crore investment for the set up of "Giga Factories", on June 24. The factories will be set to up produce solar photovoltaic cells, green hydrogen, batteries, and fuel cells over the next three years to bridge the "green energy divide in India and globally". In the company's shareholders' meeting, he stated that Reliance will be capable of generating 100GW of solar power.… read-more