Reliance Industries market cap touches $100-bn mark, stock at record high

RIL became the second Indian company to scale the milestone after TCS.

 

 

Share Market News » Reliance Industries (RIL) market capitalisation (market cap) surpassed the $100 billion mark, after its stock price soaring to a record high of Rs 1,090, up 5% on Thursday on the BSE in intra-day trade. It became the second Indian company to scale the milestone after TCS.

At 11:56 am; RIL market cap stood at Rs 6.88 trillion or $ 100 billion mark, the BSE data shows. The stock was quoting at Rs 1,088, up 4.9%. On comparison, the S&P BSE Sensex was up over 1%.

Earlier, Mukesh Ambani-led RIL broke the $100 billion barrier in 2007. Tata Consultancy Services (TCS), the IT giant, is on top of the rank with Rs 7.57 trillion market cap, data shows.

The rally in RIL comes after it announced an aggressive plan in its 41st annual general meeting and ahead of its June quarter earnings.

Mukesh Ambani, Chairman and Managing Director in the AGM launched ultra high speed fixed line broadband services for homes and enterprises under the brand of JioGigaFiber on July 5. "Fiber will redefine 24/7 emergency help for all homes across India and Jio will offer the most competitive broadband connection."

The oil-retail-to-telecom giant has invested Rs 2.5 lakh crore in fiber connectivity.

RIL's net profits grew by more than 20.6 percent to Rs 36,075 crore in FY18. Reliance's earnings profile underwent a fundamental change this year.

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News Source : BS

Did Reliance Industries get away lightly in the unlawful gains case?

More punitive action was needed against the company and the management, say experts

 

 

Latest News -  Securities and Exchange Board of India (Sebi) on Friday delivered its verdict in the decade-old unlawful gains case involving the country’s second-biggest company, Reliance Industries. The capital market   regulator has directed the Mukesh Ambani-led company to disgorge (give up) Rs 447 crore, with interest of 12 per cent per annum since November 2007, it made “illegally”.

Besides the high interest levied, the only punitive action is a one-year ban from dealing in the futures and options (F&O) segment by the company. So has the company gotten away lightly? 

Reliance Industries Unlawful Gains Case And What The Fraud Is All About

Governance firm In Govern’s Managing Director Shriram Subramanian says that the punitive action should have been stricter.

“Sebi needs to be more tough and proactive in such cases. It has taken almost 10 years to come out with this order, which doesn’t contain any penalty. This could set a wrong precedent for companies and market participants who brazenly violate regulations. Banning the company from the F&O segment will not have any impact on the company. Apart from the disgorgement amount, there has to be a penalty to serve as a deterrent to all market participants,” he said.

JN Gupta, former executive director, Sebi, and founder of proxy advisory firm SES, says that besides the company, those running the show should also be held responsible.(read more...)

Mukesh Ambani tops Forbes' 100 richest Indians list, Patanjali's Balkrishna enters top 50

Reliance Industries Chairman Mukesh Ambani has grabbed the top most position in the Forbes' '100 Richest Indians' list with a net worth of $22.7 billion. This is the ninth year in a row that Ambani has topped the list.

According to the annual India rich list released by the Forbes India, Mukesh Ambani holds the first position followed by India's richest pharmaceutical magnate Dilip Shanghvi at number two with a net worth of $16.9 billion.

His wealth fell by $1.1 billion along with a drop in the shares of his Sun Pharmaceutical Industries, the world's fifth-largest generics maker.

However, the third spot is bagged by the Hinduja brothers with a net worth of $15.2 billion, up from $14.8 billion last year.

Tech magnate Azim Premji, who has led Wipro for five decades, slips one spot to number four on the list with a net worth of $15 billion.

Construction magnate Pallonji Mistry takes the fifth spot with net worth of $13.9 billion. The steel baron Lakshmi Mittal ranks to number six with net worth of $12.5 billion.

Taking the seventh spot is the Godrej Family with net worth of $12.4 billion Indian tech pioneer Shiv Nadar, cofounder of HCL Group clocked in a net worth of $11.4 billion to grab the eighth rank Kumar Mangalam Birla comes in at ninth spot with net worth of $8.8 billion Cyrus Poonawalla is the 10th richest Indian with a net worth of  read full story

Long queues, SIM cards scarcity on Day 1 of Jio launch

Customers joining long queues outside Reliance Jio stores here on Monday — the day of the full service launch — were often disappointed to find SIM cards unavailable.

A visit to a few stores in Sarojini Nagar and RK Puram, in the south west, made it clear that demand for Reliance Jio SIMs far outstretched supply. Customers were seen running from one store to the next.

Few of the customers who spoke to Business Standard said though there was a paucity of SIMs at the Reliance Digital stores, local dealers had these. They were charging between Rs 300 and Rs 600.

SIM cards are available free of charge but the dealers were making a quick buck, thanks to the surge in demand.

A Reliance Digital store employee, who did not want to be named, said local dealers had acquired SIM cards in bulk and were selling these at a premium.

The company was yet to comment at the time of going to press.

Another Reliance Digital employee said they had issued tokens to walk-in customers who could not get a SIM on Monday.

“Once we get the SIMs, we’ll call them,” he added.

A few customers said though they had been given a token on Friday, they were yet to get a SIM on Monday.

On September 1, Mukesh Ambani announced the launch of  read more..

Jio launches mother of all telecom battles

Thirteen years after its first disruptive effort in telecom, popularly known as “monsoon hungama”, Reliance Industries (RIL) is seeking to change the rules of the game again. Addressing shareholders at the company’s 42nd annual general meeting on Thursday, RIL Chairman Mukesh Ambani started his speech with: “… today, RIL will write history.” For the next one-and-a-half hours, he tried to walk the talk by unveiling a tariff plan for Reliance Jio aiming to reconfigure the telecom industry’s revenue composition.

Jio announced “always” free voice calls and priced data at Rs 50/GB, 80 per cent lower than the current industry average of Rs 250/GB. The company also announced the launch of 4G handsets priced at Rs 3,999 and personal routers at Rs 1,999. By owning the entire ecosystem, Jio, backed by the might of Reliance’s footprint across retail and content programming — news, entertainment and movies — is armed with a complete offering for the mobile broadband consumer.

From September 5, everyone will be able to access the service, which will still be free till the end of the year.

Jio will offer data plans starting at Rs 19 a day for occasional users, Rs 149 a month for low data users and Rs 4,999 a month for read more..

Reliance Jio impact: Should you sell Bharti Airtel, RCom, Idea Cellular?

After eroding around Rs 13,000 crore in market capitalisation (m-cap) on Thursday after Mukesh Ambani, chairman of Reliance Industries (RIL) announced the launch of Reliance Jio from September 05 with an aggressive pricing structure, telecom stocks - Bharti Airtel, Idea Cellular and Reliance Communications - trade mixed on the National Stock Exchange (NSE) on Friday.

While Bharti Airtel was trading marginally higher at Rs 312 levels, up 0.4% in early morning deals, Idea Cellular and Reliance Communications (RCom) slipped around 2.1% and 1.5%, respectively. By comparison, the Nifty 50 index was trading 0.2% higher at 8,788 levels.

On Thursday, Bharti Airtel, the largest loser in terms of m-cap, lost Rs 8,455 crore m-cap at Rs 124,199 crore, the BSE data show. Idea Cellular lost Rs 3,528 crore at Rs 30,140 crore, and RCom eroded Rs 1,182 crore at Rs 12,333 crore.

So what should you do with telecom stocks? Here is a quick compilation of what the leading brokerages across the  read more..

Also Read: Jio launches mother of all telecom battles

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