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India needs to boost its petchem output to counter China's dominance, Reliance says
By Nidhi Verma
NEW DELHI, July 11 (Reuters) - India needs to increase its petrochemical production capacity to meet local and global demand and contain China's growing dominance of the sector, a senior Reliance Industries official said on Friday.
Petrochemical margins have shrunk across the world as China’s capacity expansion has created a surplus. For some of its refiners, up to 40%-50% of their output can be petchems, more than double typical capacity levels in India.
India's petrochemical demand for now is a tiny fraction of the global average but the nation's consumption is set to rise as the economy expands.
India's economic growth is the highest of any major economy, while China's is stagnating and its gasoline and gasoil demand have peaked, many analysts say. In India, the use of the two auto fuels is still rising, although at a slower pace as the country seeks to shift to cleaner fuels.
Vikram Sampat, senior vice-president, strategy and business development, for the polyester chain at Reliance Industries RELI.NS told an industry conference that China was taking over "the entire petrochemical industry" and India needed to take action.
"If we don't do it, China will continue to grow," he said.
Sampat said Reliance has a petrochemical intensity, or production capacity in its overall refining portfolio of 20%.
Analysts say Indian refiners will increase their focus on petrochemicals to sustain margins and growth as demand for fossil fuel transport fuels approaches its peak in the coming years.
Sampat said he expects refiners to redirect 30%–50% of the gasoline yield toward petrochemical production, if petrol demand peaks. If diesel demand peaks, the share of output going into petrochemicals could rise to as much as 50%–70%.
(Reporting by Nidhi Verma; editing by Barbara Lewis)
By Nidhi Verma
NEW DELHI, July 11 (Reuters) - India needs to increase its petrochemical production capacity to meet local and global demand and contain China's growing dominance of the sector, a senior Reliance Industries official said on Friday.
Petrochemical margins have shrunk across the world as China’s capacity expansion has created a surplus. For some of its refiners, up to 40%-50% of their output can be petchems, more than double typical capacity levels in India.
India's petrochemical demand for now is a tiny fraction of the global average but the nation's consumption is set to rise as the economy expands.
India's economic growth is the highest of any major economy, while China's is stagnating and its gasoline and gasoil demand have peaked, many analysts say. In India, the use of the two auto fuels is still rising, although at a slower pace as the country seeks to shift to cleaner fuels.
Vikram Sampat, senior vice-president, strategy and business development, for the polyester chain at Reliance Industries RELI.NS told an industry conference that China was taking over "the entire petrochemical industry" and India needed to take action.
"If we don't do it, China will continue to grow," he said.
Sampat said Reliance has a petrochemical intensity, or production capacity in its overall refining portfolio of 20%.
Analysts say Indian refiners will increase their focus on petrochemicals to sustain margins and growth as demand for fossil fuel transport fuels approaches its peak in the coming years.
Sampat said he expects refiners to redirect 30%–50% of the gasoline yield toward petrochemical production, if petrol demand peaks. If diesel demand peaks, the share of output going into petrochemicals could rise to as much as 50%–70%.
(Reporting by Nidhi Verma; editing by Barbara Lewis)
India's Reliance edges down; extends losses after Reuters report Jio to delay IPO
** Shares of Reliance Industries RELI.NS edged lower as much as 0.7% to 1508.10 rupees
** On Wednesday, it fell 1.2% to 1,519 rupees after Reuters' report of conglomerate's telecom wing Reliance Jio RELJ.NS delaying IPO beyond 2025
** Benchmark Nifty 50 .NSEI down 0.4%
** Avg rating of 32 analysts "buy"; median PT 1,565 rupees - data compiled by LSEG
** YTD, stock up 24%
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of Reliance Industries RELI.NS edged lower as much as 0.7% to 1508.10 rupees
** On Wednesday, it fell 1.2% to 1,519 rupees after Reuters' report of conglomerate's telecom wing Reliance Jio RELJ.NS delaying IPO beyond 2025
** Benchmark Nifty 50 .NSEI down 0.4%
** Avg rating of 32 analysts "buy"; median PT 1,565 rupees - data compiled by LSEG
** YTD, stock up 24%
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
EXCLUSIVE-Ambani's Reliance Jio delays India IPO, 2025 listing not on cards, sources say
Reliance was eyeing 2025 Jio listing to be India's biggest ever
Firm not planning listing this year, no banker appointed-sources
One source says retail unit IPO not likely before 2027 or 2028
Ambani had said in 2019 he was targeting IPOs in five years
Adds Reliance parent share price fall, market reaction in paragraph 3
By Aditya Kalra and Scott Murdoch
NEW DELHI/SYDNEY, July 9 (Reuters) - Indian telecom and digital giant Reliance Jio Platforms, led by billionaire Mukesh Ambani, has decided not to launch its IPO this year as planned, delaying one of the country's most anticipated stock offerings, two people familiar with the matter said.
Valued by analysts at over $100 billion, Jio wants to achieve higher revenues and a bigger subscriber base for its telecom business, and expand its other digital offerings, so that its valuation can increase further before an IPO, said the first source in describing the rationale for the delay.
Shares of its parent conglomerate Reliance Industries RELI.NS fell sharply after the Reuters report and were down 1.8% in afternoon Mumbai trade. Given its significant weighting in key indexes, Reliance's fall also dragged the broader Indian market .NSEI into negative territory.
Nearly 80% of Jio Platforms' latest annual revenue of $17.6 billion came from its telecom business -- Reliance Jio Infocomm, India's biggest player. But Ambani is also fast-expanding his other niche digital businesses focused on developing apps, connected devices and AI solutions for enterprises.
Reliance Jio is also set to lock horns with Elon Musk, who is expected to launch Starlink internet service in India in coming months. Jio, which counts Google and Meta among investors, has also partnered with Nvidia NVDA.O to develop AI infrastructure.
In 2019, Ambani said Jio will "move towards" a listing within five years. And last year, Reuters reported Reliance was targeting a 2025 Mumbai listing for Jio Platforms, aiming for it to be India's biggest ever IPO.
"Jio (IPO) is not going to happen this year, it's just not possible. The company wants the business to be more mature," said the first source.
Both the sources, who declined to be identified as the strategy is confidential, said Reliance had appointed no bankers so far to discuss a potential stock market offering.
Reliance did not respond to Reuters queries.
The telecom business, Jio Infocomm, had struggled as tariff hikes led to some churn in its subscriber base but has returned to a growth path this year. It has more than 488 million subscribers.
Indian brokerage IIFL Capital said in April it was cutting Jio's core profit estimate for 2025-26 by 3% due to "higher costs and lower flow-through from the next tariff hike assumed in late 2025". It also cut its valuation estimate from $117 billion to $111 billion, though Jefferies values it at $136 billion.
The first source declined to share the valuation that Jio had been targeting in the IPO, but said it was already "easily above $100 billion".
India's IPO market had its best-ever year in 2024, with $20.5 billion raised, second only to the U.S.
Amid trade wars and Middle East tensions, market sentiment turned jittery, but is recovering. India is the world's No. 2 IPO market with $5.86 billion raised by June this year, accounting for the 12% of total proceeds globally, LSEG data shows.
Reuters has previously reported the Reliance Retail IPO was being delayed as the company wants to address operational challenges, including less than ideal earnings per square feet of space for the retailer, which runs India's biggest grocery store network of 3,000 supermarkets.
The Reliance Retail IPO was unlikely before 2027 or 2028, the person added, without elaborating on the reasons.
In recent years, Ambani, Asia's richest man, raised $25 billion collectively for digital, telecom and retail businesses from the likes of KKR KKR.N, Abu Dhabi Investment Authority, General Atlantic and Silver Lake.
"The investors are not upset (about IPO delays). They know the money is sitting in front of them," said the first source.
(Reporting by Aditya Kalra and Scott Murdoch; Additional reporting by Chandini Monnappa; Editing by Kim Coghill)
((Email: [email protected]; X: @adityakalra;))
Reliance was eyeing 2025 Jio listing to be India's biggest ever
Firm not planning listing this year, no banker appointed-sources
One source says retail unit IPO not likely before 2027 or 2028
Ambani had said in 2019 he was targeting IPOs in five years
Adds Reliance parent share price fall, market reaction in paragraph 3
By Aditya Kalra and Scott Murdoch
NEW DELHI/SYDNEY, July 9 (Reuters) - Indian telecom and digital giant Reliance Jio Platforms, led by billionaire Mukesh Ambani, has decided not to launch its IPO this year as planned, delaying one of the country's most anticipated stock offerings, two people familiar with the matter said.
Valued by analysts at over $100 billion, Jio wants to achieve higher revenues and a bigger subscriber base for its telecom business, and expand its other digital offerings, so that its valuation can increase further before an IPO, said the first source in describing the rationale for the delay.
Shares of its parent conglomerate Reliance Industries RELI.NS fell sharply after the Reuters report and were down 1.8% in afternoon Mumbai trade. Given its significant weighting in key indexes, Reliance's fall also dragged the broader Indian market .NSEI into negative territory.
Nearly 80% of Jio Platforms' latest annual revenue of $17.6 billion came from its telecom business -- Reliance Jio Infocomm, India's biggest player. But Ambani is also fast-expanding his other niche digital businesses focused on developing apps, connected devices and AI solutions for enterprises.
Reliance Jio is also set to lock horns with Elon Musk, who is expected to launch Starlink internet service in India in coming months. Jio, which counts Google and Meta among investors, has also partnered with Nvidia NVDA.O to develop AI infrastructure.
In 2019, Ambani said Jio will "move towards" a listing within five years. And last year, Reuters reported Reliance was targeting a 2025 Mumbai listing for Jio Platforms, aiming for it to be India's biggest ever IPO.
"Jio (IPO) is not going to happen this year, it's just not possible. The company wants the business to be more mature," said the first source.
Both the sources, who declined to be identified as the strategy is confidential, said Reliance had appointed no bankers so far to discuss a potential stock market offering.
Reliance did not respond to Reuters queries.
The telecom business, Jio Infocomm, had struggled as tariff hikes led to some churn in its subscriber base but has returned to a growth path this year. It has more than 488 million subscribers.
Indian brokerage IIFL Capital said in April it was cutting Jio's core profit estimate for 2025-26 by 3% due to "higher costs and lower flow-through from the next tariff hike assumed in late 2025". It also cut its valuation estimate from $117 billion to $111 billion, though Jefferies values it at $136 billion.
The first source declined to share the valuation that Jio had been targeting in the IPO, but said it was already "easily above $100 billion".
India's IPO market had its best-ever year in 2024, with $20.5 billion raised, second only to the U.S.
Amid trade wars and Middle East tensions, market sentiment turned jittery, but is recovering. India is the world's No. 2 IPO market with $5.86 billion raised by June this year, accounting for the 12% of total proceeds globally, LSEG data shows.
Reuters has previously reported the Reliance Retail IPO was being delayed as the company wants to address operational challenges, including less than ideal earnings per square feet of space for the retailer, which runs India's biggest grocery store network of 3,000 supermarkets.
The Reliance Retail IPO was unlikely before 2027 or 2028, the person added, without elaborating on the reasons.
In recent years, Ambani, Asia's richest man, raised $25 billion collectively for digital, telecom and retail businesses from the likes of KKR KKR.N, Abu Dhabi Investment Authority, General Atlantic and Silver Lake.
"The investors are not upset (about IPO delays). They know the money is sitting in front of them," said the first source.
(Reporting by Aditya Kalra and Scott Murdoch; Additional reporting by Chandini Monnappa; Editing by Kim Coghill)
((Email: [email protected]; X: @adityakalra;))
Jio BlackRock raises more than $2.1 billion through debut mutual fund offers
Rewrites with background, details of the maiden offer
July 7 (Reuters) - Jio BlackRock Asset Management said on Monday it has raised more than $2.1 billion across three cash or debt mutual fund schemes, its first offering since getting the licence in May.
Jio BlackRock is a joint venture between Jio Financial Services JIOF.NS, part of Indian billionaire Mukesh Ambani's Reliance Industries Ltd RELI.NS, and U.S.-based BlackRock BLK.N.
The three-day maiden offer attracted investments from over 90 institutional investors and from more than 67,000 retail investors, Jio BlackRock said in a statement.
($1 = 85.7140 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
Rewrites with background, details of the maiden offer
July 7 (Reuters) - Jio BlackRock Asset Management said on Monday it has raised more than $2.1 billion across three cash or debt mutual fund schemes, its first offering since getting the licence in May.
Jio BlackRock is a joint venture between Jio Financial Services JIOF.NS, part of Indian billionaire Mukesh Ambani's Reliance Industries Ltd RELI.NS, and U.S.-based BlackRock BLK.N.
The three-day maiden offer attracted investments from over 90 institutional investors and from more than 67,000 retail investors, Jio BlackRock said in a statement.
($1 = 85.7140 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
Discount on Russian Urals oil shipped to India is smallest since 2022, traders say
MOSCOW/NEW DELHI, July 4 (Reuters) - Discounts for Russia's flagship Urals crude oil for delivery to Indian ports in August shrank to their narrowest levels since 2022 amid high demand and shrinking spot supply, three traders in the grade's market said on Friday.
Narrowing discounts and lower supply of spot Russian barrels will push Indian refiners to look for alternative oil like United Arab Emirates' Murban or U.S. West Texas Intermediate (WTI) grades, traders said.
The narrowing discount shows how Moscow is managing to keep its oil sales up despite Western sanctions, while its discounted oil is getting more expensive than before, though still cheaper than alternatives.
Spot discounts for Urals crude narrowed to $1.70-2 per barrel to dated Brent on delivery ex-ship (DES) basis on average for cargoes arriving in India in August, from $2 to $2.50 per barrel to dated Brent on DES basis in July, the traders said.
That is the narrowest discount for Urals oil cargoes to dated Brent in Indian ports since the Ukraine war broke out in 2022.
Meanwhile, as the Russian oil grade is traded against Brent benchmark, its outright price has been mostly below the West's $60 per barrel price cap since April this year, allowing Western companies to provide shipping and insurance service for the barrels.
Urals oil prices are supported by high demand in India and Turkey, the two largest buyers of the grade, traders said.
Turkey's imports of Russia's Urals crude rose in June to their highest level since May 2024 on healthy refinery margins and seasonal demand for motor fuels, LSEG data showed.
Meanwhile, Urals oil loadings are set to decline in July from June amid higher refinery runs in Russia.
Russian oil supply is also set to decline in August amid a planned shutdown for maintenance of output on the Sakhalin-1 project that exports Sokol oil.
India has been the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union, which imposed a ban late in 2022.
Several Indian refiners that normally buy Russian oil on the spot market are not getting enough Urals oil for delivery in August, the sources said.
India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security.
Large volumes of Russian Urals oil are shipped to India under the deal between the country's largest private refiner, Reliance Industries RELI.NS, and Russian oil giant Rosneft ROSN.MM last year, limiting the crude offered in the spot market, traders said.
(Reporting by Nidhi Verma in New Delhi and Reuters reporters in Moscow; Editing by Susan Fenton)
MOSCOW/NEW DELHI, July 4 (Reuters) - Discounts for Russia's flagship Urals crude oil for delivery to Indian ports in August shrank to their narrowest levels since 2022 amid high demand and shrinking spot supply, three traders in the grade's market said on Friday.
Narrowing discounts and lower supply of spot Russian barrels will push Indian refiners to look for alternative oil like United Arab Emirates' Murban or U.S. West Texas Intermediate (WTI) grades, traders said.
The narrowing discount shows how Moscow is managing to keep its oil sales up despite Western sanctions, while its discounted oil is getting more expensive than before, though still cheaper than alternatives.
Spot discounts for Urals crude narrowed to $1.70-2 per barrel to dated Brent on delivery ex-ship (DES) basis on average for cargoes arriving in India in August, from $2 to $2.50 per barrel to dated Brent on DES basis in July, the traders said.
That is the narrowest discount for Urals oil cargoes to dated Brent in Indian ports since the Ukraine war broke out in 2022.
Meanwhile, as the Russian oil grade is traded against Brent benchmark, its outright price has been mostly below the West's $60 per barrel price cap since April this year, allowing Western companies to provide shipping and insurance service for the barrels.
Urals oil prices are supported by high demand in India and Turkey, the two largest buyers of the grade, traders said.
Turkey's imports of Russia's Urals crude rose in June to their highest level since May 2024 on healthy refinery margins and seasonal demand for motor fuels, LSEG data showed.
Meanwhile, Urals oil loadings are set to decline in July from June amid higher refinery runs in Russia.
Russian oil supply is also set to decline in August amid a planned shutdown for maintenance of output on the Sakhalin-1 project that exports Sokol oil.
India has been the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union, which imposed a ban late in 2022.
Several Indian refiners that normally buy Russian oil on the spot market are not getting enough Urals oil for delivery in August, the sources said.
India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security.
Large volumes of Russian Urals oil are shipped to India under the deal between the country's largest private refiner, Reliance Industries RELI.NS, and Russian oil giant Rosneft ROSN.MM last year, limiting the crude offered in the spot market, traders said.
(Reporting by Nidhi Verma in New Delhi and Reuters reporters in Moscow; Editing by Susan Fenton)
Ambani's Reliance to spin off India consumer goods business into new unit
Removes a line from sixth graph to show that beauty business won't be a part of new entity
MUMBAI, July 3 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS said it will spin off its consumer goods unit into a new entity to allow the fast-growing business to attract investors beyond those backing its retail unit.
Reliance's consumer business includes brands such as Campa Cola, which competes with Coca-Cola KO.N and Pepsi PEP.O, and dozens of other snacks and confectionery brands that fight for shelf space with the likes of Mondelez's MDLZ.O Cadbury chocolates.
India's National Company Law Tribunal has approved the internal restructuring under which Reliance will transfer its consumer business from its retail arm into a direct subsidiary, New Reliance Consumer Products Ltd, according to an order dated June 25, which was first reported by Indian media on Thursday.
"This is a large business by itself requiring specialized and focused attention, expertise and different skill sets as compared to retail business," Reliance said in its request for approval to the tribunal, according to the order.
"This business also entails large capital investments on an on-going basis and can attract a different set of investors," it added.
Reliance Industries will hold an 83.56% stake in the entity.
Reliance's retail unit has separately been planning an IPO.
On Thursday, Reliance Retail announced a strategic minority investment in UK-based FACEGYM, a facial fitness and skincare company, without disclosing an investment amount.
(Reporting by Dhwani Pandya; Editing by Aditya Kalra and Sharon Singleton)
(([email protected];))
Removes a line from sixth graph to show that beauty business won't be a part of new entity
MUMBAI, July 3 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS said it will spin off its consumer goods unit into a new entity to allow the fast-growing business to attract investors beyond those backing its retail unit.
Reliance's consumer business includes brands such as Campa Cola, which competes with Coca-Cola KO.N and Pepsi PEP.O, and dozens of other snacks and confectionery brands that fight for shelf space with the likes of Mondelez's MDLZ.O Cadbury chocolates.
India's National Company Law Tribunal has approved the internal restructuring under which Reliance will transfer its consumer business from its retail arm into a direct subsidiary, New Reliance Consumer Products Ltd, according to an order dated June 25, which was first reported by Indian media on Thursday.
"This is a large business by itself requiring specialized and focused attention, expertise and different skill sets as compared to retail business," Reliance said in its request for approval to the tribunal, according to the order.
"This business also entails large capital investments on an on-going basis and can attract a different set of investors," it added.
Reliance Industries will hold an 83.56% stake in the entity.
Reliance's retail unit has separately been planning an IPO.
On Thursday, Reliance Retail announced a strategic minority investment in UK-based FACEGYM, a facial fitness and skincare company, without disclosing an investment amount.
(Reporting by Dhwani Pandya; Editing by Aditya Kalra and Sharon Singleton)
(([email protected];))
India's Nykaa shareholder to sell stake worth $150 million, NDTV Profit reports
July 2 (Reuters) - A shareholder in India's Nykaa FSNE.NS, Hong Kong-based investor Harindarpal Singh Banga and his family, plan to sell stake worth 12.84 billion rupees ($149.93 million) in the beauty products retailer through a block deal, news portal NDTV Profit reported on Wednesday.
The sale will likely be at a 4% discount to Nykaa's current market price, the report said, citing people aware of the development.
Nykaa's shares closed 2.2% higher at 211.59 rupees. The company did not immediately respond to a Reuters request for comment.
Banga, who invested in Nykaa before it went public, owned 4.97% stake in the company as of March 2025, exchange data showed. He pared some of his stake in August last year, selling 40.9 million shares via a bulk deal.
The Indian market logged $5.5 billion worth of secondary market sales by large shareholders of listed companies last month, according to LSEG data. These include Reliance Industries' RELI.NS stake sale in Asian Paints ASPN.NS and British American Tobacco's $1.5 billion stake sale in ITC ITC.NS.
($1 = 85.6420 Indian rupees)
(Reporting by Manvi Pant; Editing by Janane Venkatraman)
(([email protected]; +918447554364;))
July 2 (Reuters) - A shareholder in India's Nykaa FSNE.NS, Hong Kong-based investor Harindarpal Singh Banga and his family, plan to sell stake worth 12.84 billion rupees ($149.93 million) in the beauty products retailer through a block deal, news portal NDTV Profit reported on Wednesday.
The sale will likely be at a 4% discount to Nykaa's current market price, the report said, citing people aware of the development.
Nykaa's shares closed 2.2% higher at 211.59 rupees. The company did not immediately respond to a Reuters request for comment.
Banga, who invested in Nykaa before it went public, owned 4.97% stake in the company as of March 2025, exchange data showed. He pared some of his stake in August last year, selling 40.9 million shares via a bulk deal.
The Indian market logged $5.5 billion worth of secondary market sales by large shareholders of listed companies last month, according to LSEG data. These include Reliance Industries' RELI.NS stake sale in Asian Paints ASPN.NS and British American Tobacco's $1.5 billion stake sale in ITC ITC.NS.
($1 = 85.6420 Indian rupees)
(Reporting by Manvi Pant; Editing by Janane Venkatraman)
(([email protected]; +918447554364;))
India's Reliance Industries up; Nuvama sets street-high PT on solar bet
** Reliance Industries' RELI.NS rises 1.5% to 1,523 rupees
** Nuvama reiterates "buy" rating, raises PT to street-high of 1,801 rupees from 1,708 rupees, implying a premium of about 20% from share price
** Nuvama expects sales of heterojunction technology (HJT) solar panel modules to boost FY26 profit by 6% on strong margin potential in the domestic market
** Reliance recently commissioned its first 1 GW HJT solar module line, with plans to scale up capacity to 10 GW by early 2026
** Brokerage forecasts RELI's solar unit will command a higher valuation than peers, potentially triggering a re-rating
** RELI shares are up 23.5% in 2025 so far, outperforming the Nifty 50 .NSEI, which has gained 8%
** RELI rose 3.4% last week on upbeat earnings expectations
** Average rating of 32 analysts is "buy", median PT is 1,565 rupees - data compiled by LSEG
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Reliance Industries' RELI.NS rises 1.5% to 1,523 rupees
** Nuvama reiterates "buy" rating, raises PT to street-high of 1,801 rupees from 1,708 rupees, implying a premium of about 20% from share price
** Nuvama expects sales of heterojunction technology (HJT) solar panel modules to boost FY26 profit by 6% on strong margin potential in the domestic market
** Reliance recently commissioned its first 1 GW HJT solar module line, with plans to scale up capacity to 10 GW by early 2026
** Brokerage forecasts RELI's solar unit will command a higher valuation than peers, potentially triggering a re-rating
** RELI shares are up 23.5% in 2025 so far, outperforming the Nifty 50 .NSEI, which has gained 8%
** RELI rose 3.4% last week on upbeat earnings expectations
** Average rating of 32 analysts is "buy", median PT is 1,565 rupees - data compiled by LSEG
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Indian refiners' May crude processing edges up 0.4% from a year earlier
June 26 (Reuters) - Indian refiners' throughput in May rose 0.4% year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday.
Refinery throughput in April was at 5.25 million barrels per day (21.49 million metric tons).
India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tons.
The country is the world's third-biggest oil importer and consumer.
"What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined product exports lower versus last year, so I guess that is the reason for the modest change," said Giovanni Staunovo, an analyst at UBS.
The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed.
India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS shut its 144,000 bpd crude distillation unit in mid-May, according to a refinery source and four traders who confirmed the development in early May.
REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):
April 2025 | May 2025 | May 2024 | April-May 2025 | |
Actual | Actual | Actual | Actual | |
IOCL, Barauni | 476 | 572 | 549 | 1,047 |
IOCL, Bongaigaon | 230 | 259 | 60 | 489 |
IOCL, Digboi | 37 | 47 | 65 | 84 |
IOCL, Gujarat | 1,068 | 990 | 1,326 | 2,059 |
IOCL, Guwahati | 100 | 111 | 111 | 212 |
IOCL, Haldia | 701 | 750 | 690 | 1,451 |
IOCL, Mathura | 825 | 883 | 840 | 1708 |
IOCL, Panipat | 1,322 | 1,333 | 1,269 | 2,655 |
IOCL, Paradip | 1,362 | 1,415 | 1,155 | 2,777 |
BPCL, Bina | 653 | 671 | 661 | 1,324 |
BPCL, Kochi | 1,512 | 1,476 | 1,508 | 2,988 |
BPCL, Mumbai | 1,182 | 1,284 | 1,284 | 2,466 |
HPCL, Mumbai | 831 | 743 | 816 | 1574 |
HPCL, Visakh | 1,412 | 1,444 | 1,354 | 2,856 |
CPCL, Manali | 930 | 1,040 | 1,033 | 1,971 |
NRL, Numaligarh | 277 | 272 | 277 | 549 |
MRPL, Mangalore | 1,512 | 1,169 | 1,593 | 2,680 |
ONGC, Tatipaka | 5 | 6 | 6 | 11 |
HMEL, Bhatinda | 721 | 1,113 | 1,111 | 1,835 |
RIL, Jamnagar | 1,551 | 2,897 | 2,933 | 4,447 |
RIL, SEZ | 3,113 | 2,876 | 2,657 | 5,989 |
Nayara, Vadinar | 1,665 | 1,762 | 1,727 | 3,427 |
TOTAL | 21,486 | 23,113 | 23,026 | 44,599 |
Source: Ministry of Petroleum and Natural Gas
IOC: Indian Oil Corp IOC.NS
BPCL: Bharat Petroleum Corp Ltd BPCL.NS
HPCL: Hindustan Petroleum Corp Ltd HPCL.NS
CPCL: Chennai Petroleum Corp Ltd CHPC.NS
MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS
Reliance Industries Ltd RELI.NS
Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.
(Reporting by Anmol Choubey in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
June 26 (Reuters) - Indian refiners' throughput in May rose 0.4% year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday.
Refinery throughput in April was at 5.25 million barrels per day (21.49 million metric tons).
India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tons.
The country is the world's third-biggest oil importer and consumer.
"What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined product exports lower versus last year, so I guess that is the reason for the modest change," said Giovanni Staunovo, an analyst at UBS.
The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed.
India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS shut its 144,000 bpd crude distillation unit in mid-May, according to a refinery source and four traders who confirmed the development in early May.
REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):
April 2025 | May 2025 | May 2024 | April-May 2025 | |
Actual | Actual | Actual | Actual | |
IOCL, Barauni | 476 | 572 | 549 | 1,047 |
IOCL, Bongaigaon | 230 | 259 | 60 | 489 |
IOCL, Digboi | 37 | 47 | 65 | 84 |
IOCL, Gujarat | 1,068 | 990 | 1,326 | 2,059 |
IOCL, Guwahati | 100 | 111 | 111 | 212 |
IOCL, Haldia | 701 | 750 | 690 | 1,451 |
IOCL, Mathura | 825 | 883 | 840 | 1708 |
IOCL, Panipat | 1,322 | 1,333 | 1,269 | 2,655 |
IOCL, Paradip | 1,362 | 1,415 | 1,155 | 2,777 |
BPCL, Bina | 653 | 671 | 661 | 1,324 |
BPCL, Kochi | 1,512 | 1,476 | 1,508 | 2,988 |
BPCL, Mumbai | 1,182 | 1,284 | 1,284 | 2,466 |
HPCL, Mumbai | 831 | 743 | 816 | 1574 |
HPCL, Visakh | 1,412 | 1,444 | 1,354 | 2,856 |
CPCL, Manali | 930 | 1,040 | 1,033 | 1,971 |
NRL, Numaligarh | 277 | 272 | 277 | 549 |
MRPL, Mangalore | 1,512 | 1,169 | 1,593 | 2,680 |
ONGC, Tatipaka | 5 | 6 | 6 | 11 |
HMEL, Bhatinda | 721 | 1,113 | 1,111 | 1,835 |
RIL, Jamnagar | 1,551 | 2,897 | 2,933 | 4,447 |
RIL, SEZ | 3,113 | 2,876 | 2,657 | 5,989 |
Nayara, Vadinar | 1,665 | 1,762 | 1,727 | 3,427 |
TOTAL | 21,486 | 23,113 | 23,026 | 44,599 |
Source: Ministry of Petroleum and Natural Gas
IOC: Indian Oil Corp IOC.NS
BPCL: Bharat Petroleum Corp Ltd BPCL.NS
HPCL: Hindustan Petroleum Corp Ltd HPCL.NS
CPCL: Chennai Petroleum Corp Ltd CHPC.NS
MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS
Reliance Industries Ltd RELI.NS
Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.
(Reporting by Anmol Choubey in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
INDIA STOCKS-Reliance, IT lift Indian shares; Israel-Iran ceasefire spurs risk-on sentiment
Updates for markets close
By Vivek Kumar M and Bharath Rajeswaran
June 25 (Reuters) - Indian shares rose on Wednesday, led by heavyweight Reliance Industries on earnings optimism and as easing tensions in the Middle East following a ceasefire between Israel and Iran spurred a global risk-on rally.
The Nifty 50 .NSEI added 0.8% to 25,244.75 and the BSE Sensex .BSESN rose 0.85% to 82,755.51, their highest closing levels since early October.
Eleven of the 13 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gained 1.5% and 0.4%, respectively.
Index heavyweight HDFC Bank HDBK.NS gained 1%.
Reliance Industries RELI.NS rose about 1.1%, with multiple brokerages projecting an improvement in corporate earnings for the ongoing June quarter.
IT index .NIFTYIT climbed 1.6%, led by Infosys INFY.NS, which added 2.1%.
Global equities rallied after Iran and Israel signalled an end to the hostilities following a public scolding from U.S. President Donald Trump over ceasefire violations. The MSCI World Index .MIWD00000PUS hit a record high, and Asian and emerging market stocks excluding Japan .MIAPJ0000PUS logged gains. MKTS/GLOB
"The ceasefire, despite being a fragile one, seems to be working so far and it has only ignited aggressive bids for risk assets," said Jaykrishna Gandhi, head of business development of institutional equities at Emkay Global.
Among individual stocks, Multi Commodity Exchange MCEI.NS rose 5.4% after UBS reiterated "buy" and raised target price, citing robust volume growth.
Indian Hotels IHTL.NS gained 2.3% after JPMorgan initiated coverage at "overweight" and forecast a 16% upside in the next 12 months on strong fundamentals.
Indiamart Intermesh INMR.NS jumped about 6.6% after Nuvama raised its rating by two notches and raised its price target to a street-high 3,800 rupees from 2,100 rupees, pointing to signs of a demand revival.
Titan Company TITN.NS rose 3.7% after Macquarie reiterated "outperform" and raised target price, citing buoyant jewellery sales in the June quarter.
Bucking broader gains, Dixon Technologies DIXO.NS slipped 2.4% on concerns that key client Motorola MSI.N may divert domestic orders to rival Karbonn.
India's Nifty 50 logs highest close since early October 2024 https://reut.rs/4k94b8W
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy, Janane Venkatraman and Vijay Kishore)
(([email protected];))
Updates for markets close
By Vivek Kumar M and Bharath Rajeswaran
June 25 (Reuters) - Indian shares rose on Wednesday, led by heavyweight Reliance Industries on earnings optimism and as easing tensions in the Middle East following a ceasefire between Israel and Iran spurred a global risk-on rally.
The Nifty 50 .NSEI added 0.8% to 25,244.75 and the BSE Sensex .BSESN rose 0.85% to 82,755.51, their highest closing levels since early October.
Eleven of the 13 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gained 1.5% and 0.4%, respectively.
Index heavyweight HDFC Bank HDBK.NS gained 1%.
Reliance Industries RELI.NS rose about 1.1%, with multiple brokerages projecting an improvement in corporate earnings for the ongoing June quarter.
IT index .NIFTYIT climbed 1.6%, led by Infosys INFY.NS, which added 2.1%.
Global equities rallied after Iran and Israel signalled an end to the hostilities following a public scolding from U.S. President Donald Trump over ceasefire violations. The MSCI World Index .MIWD00000PUS hit a record high, and Asian and emerging market stocks excluding Japan .MIAPJ0000PUS logged gains. MKTS/GLOB
"The ceasefire, despite being a fragile one, seems to be working so far and it has only ignited aggressive bids for risk assets," said Jaykrishna Gandhi, head of business development of institutional equities at Emkay Global.
Among individual stocks, Multi Commodity Exchange MCEI.NS rose 5.4% after UBS reiterated "buy" and raised target price, citing robust volume growth.
Indian Hotels IHTL.NS gained 2.3% after JPMorgan initiated coverage at "overweight" and forecast a 16% upside in the next 12 months on strong fundamentals.
Indiamart Intermesh INMR.NS jumped about 6.6% after Nuvama raised its rating by two notches and raised its price target to a street-high 3,800 rupees from 2,100 rupees, pointing to signs of a demand revival.
Titan Company TITN.NS rose 3.7% after Macquarie reiterated "outperform" and raised target price, citing buoyant jewellery sales in the June quarter.
Bucking broader gains, Dixon Technologies DIXO.NS slipped 2.4% on concerns that key client Motorola MSI.N may divert domestic orders to rival Karbonn.
India's Nifty 50 logs highest close since early October 2024 https://reut.rs/4k94b8W
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy, Janane Venkatraman and Vijay Kishore)
(([email protected];))
Russia boosts seaborne fuel oil exports to India and Turkey in May, data shows
MOSCOW, June 20 (Reuters) - Russia increased seaborne fuel oil and vacuum gasoil exports to India and Turkey in May as falling oil product prices attracted buyers, while the hot summer season required more fuel for energy production, trade and shipping data showed.
Oil prices fell to four-year lows as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain.
Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries have become the main destination for Russia's fuel oil and VGO supplies.
According to LSEG data, dirty oil products loadings from Russian ports to India almost doubled last month from April to 0.6 million metric tons.
India imports straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in its refinery feedstock pool.
Meanwhile, India's Reliance Industries RELI.NS and Nayara Energy imported 37% and 3% less Russian oil last month, respectively, than in April.
Russia's seaborne fuel oil and vacuum gasoil exports to Turkey rose 75% month-on-month in May to 0.43 million tons, shipping data shows.
Saudi Arabia was the main importer of Russian seaborne fuel oil last month, though loadings fell 17% from April to 0.7 million tons. The country has turned to importing more discounted Russian fuel oil for summer since 2023 as its prices declined following an EU embargo on the import of oil products from Russia.
Singapore and China were also among the other top destinations for Russian fuel oil and VGO export supplies in May, according to LSEG data.
Meanwhile, Russia's fuel oil supplies to Asia via the African Cape of Good Hope fell in May to around 85,000 tons, the lowest level since the start of the year.
Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group.
The escalation of military strikes between Iran and Israel could also force shipowners to avoid the Red Sea routes on their way to Asian countries.
(Reporting by Reuters; Editing by Sonia Cheema)
MOSCOW, June 20 (Reuters) - Russia increased seaborne fuel oil and vacuum gasoil exports to India and Turkey in May as falling oil product prices attracted buyers, while the hot summer season required more fuel for energy production, trade and shipping data showed.
Oil prices fell to four-year lows as an OPEC+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain.
Since the European Union's full embargo on Russian oil products went into effect in February 2023, Asian countries have become the main destination for Russia's fuel oil and VGO supplies.
According to LSEG data, dirty oil products loadings from Russian ports to India almost doubled last month from April to 0.6 million metric tons.
India imports straight-run fuel oil and VGO from Russia as a cheaper alternative to Urals crude oil in its refinery feedstock pool.
Meanwhile, India's Reliance Industries RELI.NS and Nayara Energy imported 37% and 3% less Russian oil last month, respectively, than in April.
Russia's seaborne fuel oil and vacuum gasoil exports to Turkey rose 75% month-on-month in May to 0.43 million tons, shipping data shows.
Saudi Arabia was the main importer of Russian seaborne fuel oil last month, though loadings fell 17% from April to 0.7 million tons. The country has turned to importing more discounted Russian fuel oil for summer since 2023 as its prices declined following an EU embargo on the import of oil products from Russia.
Singapore and China were also among the other top destinations for Russian fuel oil and VGO export supplies in May, according to LSEG data.
Meanwhile, Russia's fuel oil supplies to Asia via the African Cape of Good Hope fell in May to around 85,000 tons, the lowest level since the start of the year.
Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group.
The escalation of military strikes between Iran and Israel could also force shipowners to avoid the Red Sea routes on their way to Asian countries.
(Reporting by Reuters; Editing by Sonia Cheema)
Reliance Industries further sells stake in Asian Paints
Adds details, background from paragraph 2 onwards
June 16 (Reuters) - Billionare Mukesh Ambani-led Reliance Industries RELI.NS on Monday sold shares worth 18.76 billion rupees ($218.32 million) in Asian Paints ASPN.NS through a bulk deal, exchange data showed.
The conglomerate, through affiliate Siddhant Commercials, sold 8.5 million shares in Asian Paints to ICICI Prudential Life Mutual Fund, for 2,207 rupees apiece. The price reflects a 0.3% discount to Asian Paint's Friday's close.
Last week, Reliance sold shares worth $901 million in the paintmaker, trimming its stake to 0.9% from 4.9% as of March-end 2025.
Asian Paints, India's largest paintmaker, is currently facing a potential antitrust scrutiny, with its growth being challenged by new entrants like Aditya Birla Group's Birla Opus.
Last week, Reliance said it had a balance of 8.7 million shares in Asian Paints, while Monday's stake sale reduces the balance to roughly 200,000 shares.
($1 = 85.9290 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)
(([email protected]; +918447554364;))
Adds details, background from paragraph 2 onwards
June 16 (Reuters) - Billionare Mukesh Ambani-led Reliance Industries RELI.NS on Monday sold shares worth 18.76 billion rupees ($218.32 million) in Asian Paints ASPN.NS through a bulk deal, exchange data showed.
The conglomerate, through affiliate Siddhant Commercials, sold 8.5 million shares in Asian Paints to ICICI Prudential Life Mutual Fund, for 2,207 rupees apiece. The price reflects a 0.3% discount to Asian Paint's Friday's close.
Last week, Reliance sold shares worth $901 million in the paintmaker, trimming its stake to 0.9% from 4.9% as of March-end 2025.
Asian Paints, India's largest paintmaker, is currently facing a potential antitrust scrutiny, with its growth being challenged by new entrants like Aditya Birla Group's Birla Opus.
Last week, Reliance said it had a balance of 8.7 million shares in Asian Paints, while Monday's stake sale reduces the balance to roughly 200,000 shares.
($1 = 85.9290 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)
(([email protected]; +918447554364;))
OpenAI Has Told Investors It Wants To Raise Another $17 Billion In 2027 - The Information
June 11 (Reuters) -
OPENAI'S LEAD INVESTOR SOFTBANK HAS ALSO BEEN BUYING EMPLOYEE SHARES - THE INFORMATION
OPENAI HAS DISCUSSED RAISING MONEY FROM SAUDI ARABIA, INDIAN INVESTORS - THE INFORMATION
OPENAI HAS TALKED TO SAUDI’S PIF AND INDIA’S RELIANCE FOR ITS $40 BILLION FUNDRAISE- THE INFORMATION
OPENAI HAS TOLD INVESTORS IT WANTS TO RAISE ANOTHER $17 BILLION IN 2027 - THE INFORMATION
Source: https://tinyurl.com/2puchdvv
Further company coverage: MSFT.O
(([email protected];))
June 11 (Reuters) -
OPENAI'S LEAD INVESTOR SOFTBANK HAS ALSO BEEN BUYING EMPLOYEE SHARES - THE INFORMATION
OPENAI HAS DISCUSSED RAISING MONEY FROM SAUDI ARABIA, INDIAN INVESTORS - THE INFORMATION
OPENAI HAS TALKED TO SAUDI’S PIF AND INDIA’S RELIANCE FOR ITS $40 BILLION FUNDRAISE- THE INFORMATION
OPENAI HAS TOLD INVESTORS IT WANTS TO RAISE ANOTHER $17 BILLION IN 2027 - THE INFORMATION
Source: https://tinyurl.com/2puchdvv
Further company coverage: MSFT.O
(([email protected];))
BREAKINGVIEWS-India’s wealth boom is within reach for foreigners
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, June 12 (Reuters Breakingviews) - Foreign money managers are pouring into India to cater to the rising rich. Many of them may find success easier to come by than they did in neighbouring China.
The race kicked off in earnest this week when BlackRock BLK.N won regulatory approval to launch a wealth business, within a month of securing a go-ahead for its mutual fund operations. The world’s largest asset manager led by Larry Fink is back in the country after exiting a local joint venture in 2018. This time the U.S. firm is in partnership with Jio Financial Services JIOF.NS, an upstart spun off from tycoon Mukesh Ambani’s $227 billion Reliance Industries RELI.NS.
Others present also are digging deeper to tap everyday savers. Armed with a new licence, HSBC HSBA.L will push into 20 new cities in search of wealth clients. Its rival Standard Chartered STAN.L is pivoting toward affluent clients and away from single product relationships. Meanwhile, Blackstone bought wealth services provider ASK Investment Managers in 2022, whose parent now plans to launch a mutual fund.
Underway is a dramatic shift in how Indians put money to work. Households' net financial wealth, after deducting liabilities, rose 249% to $3 trillion over the nearly 12 years to the end of March 2023, per researchers at the Reserve Bank of India. Bank deposits account for 43% of financial assets, down from 51% in March 2012.
In effect, households are moving deposits into riskier instruments. Pumped up by a high-voltage marketing campaign targeting mom-and-pop savers, the mutual fund industry’s net assets under management stood at 72 trillion rupees ($845 billion) as of May, rising 22.5% year-on-year. Mutual funds’ share of net financial savings was 8.4% at the end of March 2023, up from less than 1% a decade ago, per data from industry group Association of Mutual Funds in India and research firm Crisil Intelligence. And there’s plenty of runway for growth; the industry counts just 3% of the population as customers.
Beyond everyday savers, the number of Indian ultra-high net worth individuals will increase to 19,908, a 50% increase during the five years to 2028, property consultancy Knight Frank reckons, faster than in any other geography. There’s also rising interest from richer parts of the 35 million-strong Indian diaspora living to invest at home.
To be sure, by some measure India currently has just one twelfth of the investable wealth assets under management that China had in 2020. Ping An Asset Management alone shepherds funds nearly equivalent in value to those of the entire Indian asset management industry. Yet the smaller opportunity may be easier for Western financial firms hungry for growth to tap.
A sluggish economy, poor stock market returns, and geopolitical tensions dim the allure of China. Asset managers including Fidelity and Schroders have cut costs and scaled back expansion plans in the People’s Republic. India not only saw GDP growth of 7.4% in the March quarter, but its stock market is booming too.
Unlike in China where equities have miserably failed to reflect decades of strong economic growth, Indian stocks are better correlated to GDP. Mutual fund investors in India are largely equity-oriented; in China, 68% of flows were into fixed income instruments in 2022, per Fitch Ratings.
Of course, local competition is formidable. There are 51 mutual fund houses, and the largest by assets under management are backed by Indian banks with a foreign partner: State Bank of India’s SBI.NS joint venture with France’s Amundi AMUN.PA leads, followed by ICICI Bank ICBK.NS with Prudential PRU.L.
What’s new is the potential for digitisation to drive down high expenses. Thanks to a distributor-led model, the asset-weighted median expense ratio for equity funds, a measure of cost, was 1.78% in India, higher than 1.75% for China and 1.37% for Korea in 2022, data from Morningstar shows.
In partnering with Jio Financial, whose telecom affiliate counts 477 million subscribers, BlackRock probably sees an opportunity to scale up quickly and use technology to cut out the middleman. Only 41% of mutual funds' assets under management are sourced directly from investors, per AMFI and Crisil Intelligence, and the share is probably lower by number of accounts.
If executed well, the BlackRock-Jio duo will disrupt the status quo and eat into the business of homegrown technology-led brokers like Zerodha and the soon-to-go-public Groww, which sells one in every four “systematic-investment plans” where individuals commit a fixed amount, usually monthly, to mutual funds. Both privately-owned companies might be worth up to $7 billion each. Singapore's StashAway, backed by Hamilton Lane and others, has secured over $1 billion in assets under management through digital sourcing within just four years of its launch in 2017.
Not everyone feels the prize is within reach. Some of the new strategic partnerships emerging look more like an exit. UBS UBSG.S is acquiring 5% of Mumbai-listed $5 billion 360 One ONEW.NS and is transferring the onshore wealth business it inherited through the acquisition of Credit Suisse to the Indian group. The Swiss bank closed its own Indian wealth business roughly a decade ago.
The India opportunity also has some hard-looking longer-term limits. The real value BlackRock might bring to the table for Indian investors probably rests in deploying their money offshore. That edge is dulled by capital controls; New Delhi imposes a $250,000 limit on sending money overseas. That looks more liberal than Beijing’s long-standing limit of $50,000, but India has ramped up taxes on outbound remittances exceeding $11,700. For now, at least, there is plenty to do within India.
Follow Shritama Bose on LinkedIn and X.
Indians are moving savings out of bank deposits https://www.reuters.com/graphics/BRV-BRV/byvrxzkznve/chart.png
Indians are moving savings out of bank deposits https://www.reuters.com/graphics/BRV-BRV/byvrxzkznve/chart.png
India has six times the number of trading accounts as China https://www.reuters.com/graphics/BRV-BRV/klpymxdxwpg/chart.png
India's market cap to GDP ratio is steadily rising https://www.reuters.com/graphics/BRV-BRV/zdpxalxydvx/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, June 12 (Reuters Breakingviews) - Foreign money managers are pouring into India to cater to the rising rich. Many of them may find success easier to come by than they did in neighbouring China.
The race kicked off in earnest this week when BlackRock BLK.N won regulatory approval to launch a wealth business, within a month of securing a go-ahead for its mutual fund operations. The world’s largest asset manager led by Larry Fink is back in the country after exiting a local joint venture in 2018. This time the U.S. firm is in partnership with Jio Financial Services JIOF.NS, an upstart spun off from tycoon Mukesh Ambani’s $227 billion Reliance Industries RELI.NS.
Others present also are digging deeper to tap everyday savers. Armed with a new licence, HSBC HSBA.L will push into 20 new cities in search of wealth clients. Its rival Standard Chartered STAN.L is pivoting toward affluent clients and away from single product relationships. Meanwhile, Blackstone bought wealth services provider ASK Investment Managers in 2022, whose parent now plans to launch a mutual fund.
Underway is a dramatic shift in how Indians put money to work. Households' net financial wealth, after deducting liabilities, rose 249% to $3 trillion over the nearly 12 years to the end of March 2023, per researchers at the Reserve Bank of India. Bank deposits account for 43% of financial assets, down from 51% in March 2012.
In effect, households are moving deposits into riskier instruments. Pumped up by a high-voltage marketing campaign targeting mom-and-pop savers, the mutual fund industry’s net assets under management stood at 72 trillion rupees ($845 billion) as of May, rising 22.5% year-on-year. Mutual funds’ share of net financial savings was 8.4% at the end of March 2023, up from less than 1% a decade ago, per data from industry group Association of Mutual Funds in India and research firm Crisil Intelligence. And there’s plenty of runway for growth; the industry counts just 3% of the population as customers.
Beyond everyday savers, the number of Indian ultra-high net worth individuals will increase to 19,908, a 50% increase during the five years to 2028, property consultancy Knight Frank reckons, faster than in any other geography. There’s also rising interest from richer parts of the 35 million-strong Indian diaspora living to invest at home.
To be sure, by some measure India currently has just one twelfth of the investable wealth assets under management that China had in 2020. Ping An Asset Management alone shepherds funds nearly equivalent in value to those of the entire Indian asset management industry. Yet the smaller opportunity may be easier for Western financial firms hungry for growth to tap.
A sluggish economy, poor stock market returns, and geopolitical tensions dim the allure of China. Asset managers including Fidelity and Schroders have cut costs and scaled back expansion plans in the People’s Republic. India not only saw GDP growth of 7.4% in the March quarter, but its stock market is booming too.
Unlike in China where equities have miserably failed to reflect decades of strong economic growth, Indian stocks are better correlated to GDP. Mutual fund investors in India are largely equity-oriented; in China, 68% of flows were into fixed income instruments in 2022, per Fitch Ratings.
Of course, local competition is formidable. There are 51 mutual fund houses, and the largest by assets under management are backed by Indian banks with a foreign partner: State Bank of India’s SBI.NS joint venture with France’s Amundi AMUN.PA leads, followed by ICICI Bank ICBK.NS with Prudential PRU.L.
What’s new is the potential for digitisation to drive down high expenses. Thanks to a distributor-led model, the asset-weighted median expense ratio for equity funds, a measure of cost, was 1.78% in India, higher than 1.75% for China and 1.37% for Korea in 2022, data from Morningstar shows.
In partnering with Jio Financial, whose telecom affiliate counts 477 million subscribers, BlackRock probably sees an opportunity to scale up quickly and use technology to cut out the middleman. Only 41% of mutual funds' assets under management are sourced directly from investors, per AMFI and Crisil Intelligence, and the share is probably lower by number of accounts.
If executed well, the BlackRock-Jio duo will disrupt the status quo and eat into the business of homegrown technology-led brokers like Zerodha and the soon-to-go-public Groww, which sells one in every four “systematic-investment plans” where individuals commit a fixed amount, usually monthly, to mutual funds. Both privately-owned companies might be worth up to $7 billion each. Singapore's StashAway, backed by Hamilton Lane and others, has secured over $1 billion in assets under management through digital sourcing within just four years of its launch in 2017.
Not everyone feels the prize is within reach. Some of the new strategic partnerships emerging look more like an exit. UBS UBSG.S is acquiring 5% of Mumbai-listed $5 billion 360 One ONEW.NS and is transferring the onshore wealth business it inherited through the acquisition of Credit Suisse to the Indian group. The Swiss bank closed its own Indian wealth business roughly a decade ago.
The India opportunity also has some hard-looking longer-term limits. The real value BlackRock might bring to the table for Indian investors probably rests in deploying their money offshore. That edge is dulled by capital controls; New Delhi imposes a $250,000 limit on sending money overseas. That looks more liberal than Beijing’s long-standing limit of $50,000, but India has ramped up taxes on outbound remittances exceeding $11,700. For now, at least, there is plenty to do within India.
Follow Shritama Bose on LinkedIn and X.
Indians are moving savings out of bank deposits https://www.reuters.com/graphics/BRV-BRV/byvrxzkznve/chart.png
Indians are moving savings out of bank deposits https://www.reuters.com/graphics/BRV-BRV/byvrxzkznve/chart.png
India has six times the number of trading accounts as China https://www.reuters.com/graphics/BRV-BRV/klpymxdxwpg/chart.png
India's market cap to GDP ratio is steadily rising https://www.reuters.com/graphics/BRV-BRV/zdpxalxydvx/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Reliance Industries Executives to Participate in Jefferies - India Corporate Access Day in London
Reliance Industries Ltd. executives are set to participate in the Jefferies - India Corporate Access Day, scheduled for June 12 and 13, 2025, in London. The company will engage in one-on-one meetings with institutional investors, though no unpublished price-sensitive information will be disclosed during these interactions.
Reliance Industries Ltd. executives are set to participate in the Jefferies - India Corporate Access Day, scheduled for June 12 and 13, 2025, in London. The company will engage in one-on-one meetings with institutional investors, though no unpublished price-sensitive information will be disclosed during these interactions.
India's Afcons Infra rises on 7 bln rupee order win from Reliance
** Shares of India's Afcons Infrastructure AFCN.NS rise 2% to 444 rupees
** Construction company receives 7 billion rupees ($81.7 mln) order from Reliance Industries RELI.NS
** Construction work order for Reliance's vinyl projects at Dahej in Gujarat - Afcons
** Stock rated "Strong Buy" on an avg; median PT is 560 rupees, per data compiled by LSEG
** More than 1.5 mln shares traded, 1.4x 30-day moving avg
** Stock down 18% YTD
($1 = 85.6800 Indian rupees)
(Reporting by Rudra Pratap Singh in Bengaluru)
** Shares of India's Afcons Infrastructure AFCN.NS rise 2% to 444 rupees
** Construction company receives 7 billion rupees ($81.7 mln) order from Reliance Industries RELI.NS
** Construction work order for Reliance's vinyl projects at Dahej in Gujarat - Afcons
** Stock rated "Strong Buy" on an avg; median PT is 560 rupees, per data compiled by LSEG
** More than 1.5 mln shares traded, 1.4x 30-day moving avg
** Stock down 18% YTD
($1 = 85.6800 Indian rupees)
(Reporting by Rudra Pratap Singh in Bengaluru)
US ethane vessels stall amid curbs on exports to China
At least 7 ships are anchored or hovering in US Gulf waters
One vessel docks near Houston after heading away from Gulf Coast
No immediate alternative markets for US ethane exports, consultant says
By Arathy Somasekhar, Georgina McCartney and Trixie Yap
HOUSTON/SINGAPORE, June 6 (Reuters) - Over half a dozen U.S.-loaded ethane vessels, originally bound for China, have stalled around the U.S. Gulf Coast after Washington requested U.S. exporters seek licenses to ship the shale gas to the top buyer, according to trade sources and ship tracking data on Friday.
Around half of all U.S. ethane exports head to China, and the halt in flows has pushed ethane prices lower on worries of domestic oversupply and is likely to cut into profits of top ethane producers.
Energy Transfer ET.N and Enterprise Products Partners EPD.N, two of the largest ethane producers and exporters, have warned the disruptions could impact their exports. The U.S. Commerce Department has also denied some vessels emergency authorization requests to export to China.
Liberia-flagged STL Qianjiang, which loaded at Energy Transfer's Nederland terminal for China's Satellite Chemical 002648.SZ, was anchored off the coast on Friday in the Gulf, according to LSEG and Kpler ship tracking data.
Energy Transfer, which produces ethane by extracting it from natural gas and then exports it from terminals along the Gulf Coast, said it received a letter from the U.S. Commerce Department on June 3 requiring the company to apply for a license to ship ethane to China.
The company and Satellite Chemical did not reply to requests for comments on the vessel.
Three other vessels, which were set to load in early June, were anchored in the U.S. Gulf near Houston and Port Arthur, Texas, while three others hovered further south in the water after having slowed down.
Meanwhile, Liberia-flagged very large ethane carrier (VLEC) Pacific Ineos Grenadier, which loaded at Enterprise Products Partners' EPD.N terminal in Morgan's Point, Texas, and had been originally destined for China, was anchored at an Enterprise dock along the Houston Ship Channel on Friday after heading away from the Gulf Coast on Thursday.
The ship had not discharged on Friday afternoon and it was not immediately clear if it would. Enterprise has natural gas liquids storage facilities along the ship channel.
The vessel, a part of British petrochemical firm Ineos' fleet, has been used by the company exclusively for transit between the United States and China since August 2023, according to Kpler data.
Enterprise Products Partners EPD.N received the license requirement letter in late May, and on Wednesday said it received a notice from the U.S. government of its intent to deny emergency requests for three proposed export cargoes of ethane totaling around 2.2 million barrels to China.
Enterprise has 20 days to respond to the denial, it said on Wednesday. Unless otherwise notified by the government by the 45th day after receiving the notification, the denials will become final.
Enterprise and Ineos declined to comment.
"With the curbs on U.S. ethane (exports), these ships are now struggling to move any cargo. So they are either just drifting out at sea or in a neutral direction hoping things resolve themselves with the recent meeting between U.S. and China," an executive at a ship brokering firm said.
'NO IMMEDIATE ALTERNATIVE MARKETS'
U.S. ethane production touched a record 2.8 million barrels per day (bpd) in 2024, according to the Energy Information Administration, and was expected to rise to 3.1 million bpd by next year. Most of the output growth was expected to be exported to meet international demand as domestic consumption will likely hold steady.
Exports also climbed to a record 492,000 bpd last year, of which about 227,000 bpd, or 46%, headed to China.
"These are distressed cargoes at this point. I would expect these to have been sold at significant discounts," said Uday Turaga, founder of energy research and consulting firm ADI Analytics.
"Without China, there are no immediate alternative markets for vast U.S. ethane exports, directly impacting prices and profit for major U.S. producers due to specialized trade contracts," he said.
The letters from the Bureau of Industry and Security, an agency of the U.S. Commerce Department, said exports of ethane pose an unacceptable risk of military end-use in China, according to both companies' filings.
Chinese petrochemical firms use ethane as a feedstock because it is a cheaper alternative than naphtha, while U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand.
(Reporting by Arathy Somasekhar and Georgina McCartney in Houston, Siyi Liu and Trixie Yap in Singapore; Editing by Nick Zieminski)
(([email protected]; +1 832 610 7346; X: @ArathySom;))
At least 7 ships are anchored or hovering in US Gulf waters
One vessel docks near Houston after heading away from Gulf Coast
No immediate alternative markets for US ethane exports, consultant says
By Arathy Somasekhar, Georgina McCartney and Trixie Yap
HOUSTON/SINGAPORE, June 6 (Reuters) - Over half a dozen U.S.-loaded ethane vessels, originally bound for China, have stalled around the U.S. Gulf Coast after Washington requested U.S. exporters seek licenses to ship the shale gas to the top buyer, according to trade sources and ship tracking data on Friday.
Around half of all U.S. ethane exports head to China, and the halt in flows has pushed ethane prices lower on worries of domestic oversupply and is likely to cut into profits of top ethane producers.
Energy Transfer ET.N and Enterprise Products Partners EPD.N, two of the largest ethane producers and exporters, have warned the disruptions could impact their exports. The U.S. Commerce Department has also denied some vessels emergency authorization requests to export to China.
Liberia-flagged STL Qianjiang, which loaded at Energy Transfer's Nederland terminal for China's Satellite Chemical 002648.SZ, was anchored off the coast on Friday in the Gulf, according to LSEG and Kpler ship tracking data.
Energy Transfer, which produces ethane by extracting it from natural gas and then exports it from terminals along the Gulf Coast, said it received a letter from the U.S. Commerce Department on June 3 requiring the company to apply for a license to ship ethane to China.
The company and Satellite Chemical did not reply to requests for comments on the vessel.
Three other vessels, which were set to load in early June, were anchored in the U.S. Gulf near Houston and Port Arthur, Texas, while three others hovered further south in the water after having slowed down.
Meanwhile, Liberia-flagged very large ethane carrier (VLEC) Pacific Ineos Grenadier, which loaded at Enterprise Products Partners' EPD.N terminal in Morgan's Point, Texas, and had been originally destined for China, was anchored at an Enterprise dock along the Houston Ship Channel on Friday after heading away from the Gulf Coast on Thursday.
The ship had not discharged on Friday afternoon and it was not immediately clear if it would. Enterprise has natural gas liquids storage facilities along the ship channel.
The vessel, a part of British petrochemical firm Ineos' fleet, has been used by the company exclusively for transit between the United States and China since August 2023, according to Kpler data.
Enterprise Products Partners EPD.N received the license requirement letter in late May, and on Wednesday said it received a notice from the U.S. government of its intent to deny emergency requests for three proposed export cargoes of ethane totaling around 2.2 million barrels to China.
Enterprise has 20 days to respond to the denial, it said on Wednesday. Unless otherwise notified by the government by the 45th day after receiving the notification, the denials will become final.
Enterprise and Ineos declined to comment.
"With the curbs on U.S. ethane (exports), these ships are now struggling to move any cargo. So they are either just drifting out at sea or in a neutral direction hoping things resolve themselves with the recent meeting between U.S. and China," an executive at a ship brokering firm said.
'NO IMMEDIATE ALTERNATIVE MARKETS'
U.S. ethane production touched a record 2.8 million barrels per day (bpd) in 2024, according to the Energy Information Administration, and was expected to rise to 3.1 million bpd by next year. Most of the output growth was expected to be exported to meet international demand as domestic consumption will likely hold steady.
Exports also climbed to a record 492,000 bpd last year, of which about 227,000 bpd, or 46%, headed to China.
"These are distressed cargoes at this point. I would expect these to have been sold at significant discounts," said Uday Turaga, founder of energy research and consulting firm ADI Analytics.
"Without China, there are no immediate alternative markets for vast U.S. ethane exports, directly impacting prices and profit for major U.S. producers due to specialized trade contracts," he said.
The letters from the Bureau of Industry and Security, an agency of the U.S. Commerce Department, said exports of ethane pose an unacceptable risk of military end-use in China, according to both companies' filings.
Chinese petrochemical firms use ethane as a feedstock because it is a cheaper alternative than naphtha, while U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand.
(Reporting by Arathy Somasekhar and Georgina McCartney in Houston, Siyi Liu and Trixie Yap in Singapore; Editing by Nick Zieminski)
(([email protected]; +1 832 610 7346; X: @ArathySom;))
INDIA STOCKS-India's equity benchmarks rise, led by gains in pharma, Reliance Industries
Updates for morning trade
By Vivek Kumar M and Bharath Rajeswaran
June 5 (Reuters) - India's benchmark indexes climbed in early trade on Thursday, led by gains in pharmaceutical stocks and heavyweight Reliance Industries, while lower U.S. Treasury yields and a weaker dollar lent support.
The Nifty 50 .NSEI and the BSE Sensex .BSESN both climbed 0.5% each to 24,733.8 and 81,379.72 points, respectively, as of 10:25 a.m. IST.
Barring the state-run banks, all major sectors were in the green. The broader, more domestically focussed smallcap .NIFSMCP100 and midcap .NIFMDCP100 stocks rose 0.8% and 0.5%, respectively.
Dr Reddy's Laboratories REDY.NS jumped about 3% on collaboration with biotech company Alvotech ALVO.O to develop cancer drug Keytruda's biosimilar for global markets.
The stock pushed the pharma index .NIPHARM higher by about 1%, making it the biggest sectoral gainer so far on the day.
Separately, Zydus ZYDU.NS gained 2.7% after its cancer drug partnership with Agenus and Glenmark GLEN.NS added 2.3% after its myeloma drug delivered a high response in the phase 1 trial, boosting the sub-index further.
Reliance Industries RELI.NS added 1.3%, marking the second consecutive session of gains for the oil-to-telecom conglomerate.
Brokerage firm JP Morgan said Reliance Industries' earnings for the next two years would be better compared with the last two due to growth expected in retail and telecom businesses.
The market's overall positive momentum was bolstered by its Asian peers, which crept higher while the U.S. dollar and Treasury yields languished. MKTS/GLOB
The drop in yields will turn out to be good for emerging markets like India in the medium term, but the spike in trade and geopolitical uncertainty will keep the market within a range for the near term, said VK Vijayakumar, chief investment strategist at Geojit Investments.
Yields move inversely to prices, and lower yields lead investors to seek higher returns in equities, boosting emerging markets like India.
Investors in India are waiting for the Reserve Bank of India's (RBI) policy decision on Friday, when the domestic central bank is widely expected to cut key lending rates by 25 basis points for the third straight meeting.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy and Janane Venkatraman)
(([email protected];))
Updates for morning trade
By Vivek Kumar M and Bharath Rajeswaran
June 5 (Reuters) - India's benchmark indexes climbed in early trade on Thursday, led by gains in pharmaceutical stocks and heavyweight Reliance Industries, while lower U.S. Treasury yields and a weaker dollar lent support.
The Nifty 50 .NSEI and the BSE Sensex .BSESN both climbed 0.5% each to 24,733.8 and 81,379.72 points, respectively, as of 10:25 a.m. IST.
Barring the state-run banks, all major sectors were in the green. The broader, more domestically focussed smallcap .NIFSMCP100 and midcap .NIFMDCP100 stocks rose 0.8% and 0.5%, respectively.
Dr Reddy's Laboratories REDY.NS jumped about 3% on collaboration with biotech company Alvotech ALVO.O to develop cancer drug Keytruda's biosimilar for global markets.
The stock pushed the pharma index .NIPHARM higher by about 1%, making it the biggest sectoral gainer so far on the day.
Separately, Zydus ZYDU.NS gained 2.7% after its cancer drug partnership with Agenus and Glenmark GLEN.NS added 2.3% after its myeloma drug delivered a high response in the phase 1 trial, boosting the sub-index further.
Reliance Industries RELI.NS added 1.3%, marking the second consecutive session of gains for the oil-to-telecom conglomerate.
Brokerage firm JP Morgan said Reliance Industries' earnings for the next two years would be better compared with the last two due to growth expected in retail and telecom businesses.
The market's overall positive momentum was bolstered by its Asian peers, which crept higher while the U.S. dollar and Treasury yields languished. MKTS/GLOB
The drop in yields will turn out to be good for emerging markets like India in the medium term, but the spike in trade and geopolitical uncertainty will keep the market within a range for the near term, said VK Vijayakumar, chief investment strategist at Geojit Investments.
Yields move inversely to prices, and lower yields lead investors to seek higher returns in equities, boosting emerging markets like India.
Investors in India are waiting for the Reserve Bank of India's (RBI) policy decision on Friday, when the domestic central bank is widely expected to cut key lending rates by 25 basis points for the third straight meeting.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy and Janane Venkatraman)
(([email protected];))
UK Stocks-Factors to watch on May 29
May 29 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up on Thursday, with futures FFIc1 up 0.82%.
* BP: BP's BP.L Castrol lubricants business is attracting interest from companies such as India's Reliance Industries RELI.NS, Bloomberg News reported on Wednesday, citing people familiar with the matter.
* SHEIN IPO: This time last year Britain was mounting a charm offensive on online retailer Shein, with ministers saying they had conversations with the seller of $5 t-shirts about the benefits of a London listing.
* BRITISH PENSION SCHEMES: Some British pension schemes will be told to merge to become 'megafunds' with at least 25 billion pounds ($34 billion) of assets by 2030, the government said on Thursday, part of its wider drive to channel more investment into the UK economy.
* OIL: Oil prices rose after a U.S. court blocked most of President Donald Trump's tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.
* GOLD: Gold touched a more than one-week low.
* METALS: London copper prices edged higher on Thursday.
* EX-DIVS: Severn Trent SVT.L, National Grid NG.L , Marks & Spencer MKS.L, Hilton Foods HFG.L, Renold RNO.L , Fuller Smith FSTA.L, Informa INF.L , and Hill & Smith HILS.L will trade without entitlement to its latest dividend pay-out on Thursday.
* FTSE 100: The UK blue-chip index .FTSE closed down 0.6% on Wednesday as investors parsed a mixed bag of corporate earnings.
* UK CORPORATE DIARY:
Auto Trader | AUTOA.L | FY results |
SMMT car production data | April |
* For more on the factors affecting European stocks, please click on: LIVE/
TODAY'S UK PAPERS
> Financial Times PRESS/FT
> Other business headlines PRESS/GB
(Reporting by Ankita Bora in Bengaluru)
May 29 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up on Thursday, with futures FFIc1 up 0.82%.
* BP: BP's BP.L Castrol lubricants business is attracting interest from companies such as India's Reliance Industries RELI.NS, Bloomberg News reported on Wednesday, citing people familiar with the matter.
* SHEIN IPO: This time last year Britain was mounting a charm offensive on online retailer Shein, with ministers saying they had conversations with the seller of $5 t-shirts about the benefits of a London listing.
* BRITISH PENSION SCHEMES: Some British pension schemes will be told to merge to become 'megafunds' with at least 25 billion pounds ($34 billion) of assets by 2030, the government said on Thursday, part of its wider drive to channel more investment into the UK economy.
* OIL: Oil prices rose after a U.S. court blocked most of President Donald Trump's tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.
* GOLD: Gold touched a more than one-week low.
* METALS: London copper prices edged higher on Thursday.
* EX-DIVS: Severn Trent SVT.L, National Grid NG.L , Marks & Spencer MKS.L, Hilton Foods HFG.L, Renold RNO.L , Fuller Smith FSTA.L, Informa INF.L , and Hill & Smith HILS.L will trade without entitlement to its latest dividend pay-out on Thursday.
* FTSE 100: The UK blue-chip index .FTSE closed down 0.6% on Wednesday as investors parsed a mixed bag of corporate earnings.
* UK CORPORATE DIARY:
Auto Trader | AUTOA.L | FY results |
SMMT car production data | April |
* For more on the factors affecting European stocks, please click on: LIVE/
TODAY'S UK PAPERS
> Financial Times PRESS/FT
> Other business headlines PRESS/GB
(Reporting by Ankita Bora in Bengaluru)
BP's Castrol unit draws interest from Apollo, India's Reliance, Bloomberg News reports
Adds Lone Star's response in paragraph 4
May 28 (Reuters) - BP's BP.L Castrol lubricants business is attracting interest from companies such as India's Reliance Industries RELI.NS, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The business has also attracted interest from buyout firms Apollo Global Management APO.N and Lone Star Funds, the report said, adding that a deal could fetch between $8 billion and $10 billion.
BP has sent out initial information to other potential bidders for the unit, including Brookfield Asset Management BAM.TO and Stonepeak Partners, it added.
BP, Apollo Global and Lone Star declined to comment, while Reliance Industries did not immediately respond outside business hours in India.
The bidders would join Saudi Aramco 2222.SE in considering bids for all or part of the business. Reuters reported last week that BP is seeking buyers for its Castrol unit, citing sources.
(Reporting by Unnamalai L in Bengaluru; Editing by Leroy Leo)
Adds Lone Star's response in paragraph 4
May 28 (Reuters) - BP's BP.L Castrol lubricants business is attracting interest from companies such as India's Reliance Industries RELI.NS, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The business has also attracted interest from buyout firms Apollo Global Management APO.N and Lone Star Funds, the report said, adding that a deal could fetch between $8 billion and $10 billion.
BP has sent out initial information to other potential bidders for the unit, including Brookfield Asset Management BAM.TO and Stonepeak Partners, it added.
BP, Apollo Global and Lone Star declined to comment, while Reliance Industries did not immediately respond outside business hours in India.
The bidders would join Saudi Aramco 2222.SE in considering bids for all or part of the business. Reuters reported last week that BP is seeking buyers for its Castrol unit, citing sources.
(Reporting by Unnamalai L in Bengaluru; Editing by Leroy Leo)
JioBlackRock Asset Management Receives SEBI Approval For Mutual Funds Business -Statement
May 27 (Reuters) - Reliance Industries Ltd RELI.NS:
JIOBLACKROCK ASSET MANAGEMENT RECEIVES SEBI APPROVAL FOR MUTUAL FUNDS BUSINESS -STATEMENT
SID SWAMINATHAN NAMED AS MD, CEO OF NEW ASSET MANAGEMENT CO OF JIOBLACKROCK ASSET MANAGEMENT-STATEMENT
Source text: [ID:]
Further company coverage: RELI.NS
(([email protected];))
May 27 (Reuters) - Reliance Industries Ltd RELI.NS:
JIOBLACKROCK ASSET MANAGEMENT RECEIVES SEBI APPROVAL FOR MUTUAL FUNDS BUSINESS -STATEMENT
SID SWAMINATHAN NAMED AS MD, CEO OF NEW ASSET MANAGEMENT CO OF JIOBLACKROCK ASSET MANAGEMENT-STATEMENT
Source text: [ID:]
Further company coverage: RELI.NS
(([email protected];))
India New Issue-Jio Credit to issue 3-year bonds, bankers say
MUMBAI, May 26 (Reuters) - India's Jio Credit's plans to raise 15 billion rupees ($176.5 million), which includes a greenshoe option of 5 billion rupees, through sale of bonds maturing in three years, bankers said on Monday.
The company has invited bids from bankers and investors for the issue on Tuesday, they said.
Jio Credit, formerly know known as Jio Finance, is a wholly-owned subsidiary of Indian billionaire Mukesh Ambani's Jio Financial Services.
This would be the second bond issue by the company within a span of two weeks. It raised 10 billion rupees through bonds maturing in 2 years and 10 months at 7.19% coupon earlier this month.
Jio Credit did not immediately reply to a Reuters email for comment.
Here is the list of deals reported so far on May 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Jio Credit | 3 years | To be decided | 10+5 | May 27 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 84.9950 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, May 26 (Reuters) - India's Jio Credit's plans to raise 15 billion rupees ($176.5 million), which includes a greenshoe option of 5 billion rupees, through sale of bonds maturing in three years, bankers said on Monday.
The company has invited bids from bankers and investors for the issue on Tuesday, they said.
Jio Credit, formerly know known as Jio Finance, is a wholly-owned subsidiary of Indian billionaire Mukesh Ambani's Jio Financial Services.
This would be the second bond issue by the company within a span of two weeks. It raised 10 billion rupees through bonds maturing in 2 years and 10 months at 7.19% coupon earlier this month.
Jio Credit did not immediately reply to a Reuters email for comment.
Here is the list of deals reported so far on May 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Jio Credit | 3 years | To be decided | 10+5 | May 27 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 84.9950 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
Adani Group, Reliance pledge more investments in north-eastern India
Changes media packaging code, recasts first paragraph, adds investment targets for Reliance Industries in paragraphs 4-5
May 23 (Reuters) - Indian conglomerates led by billionaires Gautam Adani and Mukesh Ambani said in separate statements on Friday that they will invest more money to develop their projects in the country's northeast region.
The Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop infrastructure, including roads and highways, as well as green energy projects such as hydro and pumped storage, chairman Gautam Adani said at an industry event in New Delhi.
Earlier this year, he announced his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.
Reliance Industries, which has invested 300 billion rupees in the region so far, is aiming to increase it to as much as 750 billion rupees in the next five years, chairman Mukesh Ambani said at the same event.
The oil-to-retail group will set up 350 biogas plants in the region and will build factories to produce fast-moving consumer goods, he added.
($1 = 85.6880 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee)
(([email protected]; X: @MukherjeeHritam;))
Changes media packaging code, recasts first paragraph, adds investment targets for Reliance Industries in paragraphs 4-5
May 23 (Reuters) - Indian conglomerates led by billionaires Gautam Adani and Mukesh Ambani said in separate statements on Friday that they will invest more money to develop their projects in the country's northeast region.
The Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop infrastructure, including roads and highways, as well as green energy projects such as hydro and pumped storage, chairman Gautam Adani said at an industry event in New Delhi.
Earlier this year, he announced his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.
Reliance Industries, which has invested 300 billion rupees in the region so far, is aiming to increase it to as much as 750 billion rupees in the next five years, chairman Mukesh Ambani said at the same event.
The oil-to-retail group will set up 350 biogas plants in the region and will build factories to produce fast-moving consumer goods, he added.
($1 = 85.6880 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee)
(([email protected]; X: @MukherjeeHritam;))
Indian billionaire Ambani to meet Trump, Qatar emir in Doha, sources say
By Sarita Chaganti Singh and Aditya Kalra
NEW DELHI, May 14 (Reuters) - Indian billionaire Mukesh Ambani will meet U.S. President Donald Trump and the emir of Qatar in Doha on Wednesday, two sources told Reuters, as his company Reliance Industries RELI.NS looks to foster ties with authorities in both nations.
Qatar's sovereign wealth fund, QIA, has invested in Reliance businesses over the years, and Ambani, who is Asia's richest man, has many business partnerships with the likes of U.S. tech giants such as Google GOOGL.O and Meta META.O.
Ambani will attend a state dinner for Trump at the Lusail Palace in Doha, but did not plan to hold any investment or business discussions, said the first source, who had direct knowledge of the matter.
Another London-based Indian business leader close to the Trump and Qatar administrations will also attend, said both the sources, without identifying the individual.
Further details of Ambani's agenda were not clear. Reliance did not immediately respond to Reuters' queries.
In February, Qatar's Emir Sheikh Tamim bin Hamad Al-Thani visited India, where his country has committed to invest $10 billion across various industries.
Trump will travel to the United Arab Emirates from Qatar on Thursday in a trip that is focused on investment rather than security matters in the Middle East.
(Reporting by Aditya Kalra; Editing by Clarence Fernandez)
((Email: [email protected]; X: @adityakalra;))
By Sarita Chaganti Singh and Aditya Kalra
NEW DELHI, May 14 (Reuters) - Indian billionaire Mukesh Ambani will meet U.S. President Donald Trump and the emir of Qatar in Doha on Wednesday, two sources told Reuters, as his company Reliance Industries RELI.NS looks to foster ties with authorities in both nations.
Qatar's sovereign wealth fund, QIA, has invested in Reliance businesses over the years, and Ambani, who is Asia's richest man, has many business partnerships with the likes of U.S. tech giants such as Google GOOGL.O and Meta META.O.
Ambani will attend a state dinner for Trump at the Lusail Palace in Doha, but did not plan to hold any investment or business discussions, said the first source, who had direct knowledge of the matter.
Another London-based Indian business leader close to the Trump and Qatar administrations will also attend, said both the sources, without identifying the individual.
Further details of Ambani's agenda were not clear. Reliance did not immediately respond to Reuters' queries.
In February, Qatar's Emir Sheikh Tamim bin Hamad Al-Thani visited India, where his country has committed to invest $10 billion across various industries.
Trump will travel to the United Arab Emirates from Qatar on Thursday in a trip that is focused on investment rather than security matters in the Middle East.
(Reporting by Aditya Kalra; Editing by Clarence Fernandez)
((Email: [email protected]; X: @adityakalra;))
India watchdog recommends 5-year satellite spectrum allocation as Starlink nears entry
Adds details on pricing for satellite spectrum in paragraph 3-5, background throughout
May 9 (Reuters) - India's telecom regulator has recommended allotting satellite spectrum for commercial communication services for five years, it said on Friday, at a time when Elon Musk is getting closer to launching his Starlink high-speed internet in the country.
The recommendation also includes a possibility to extend an initial five-year spectrum allocation by a further two years depending on market conditions, the Telecom Regulatory Authority of India (TRAI)said.
The telecom watchdog also recommended charging telecom operators 4% of their adjusted gross revenue for geostationary orbit-based fixed satellite services and for mobile satellite services.
This is subject to a minimum annual spectrum charge of 3,500 rupees ($41) per megahertz (MHz), according to TRAI.
For non-geostationary orbit-based fixed satellite services, an additional 500 rupees per subscriber per annum in urban areas should be charged, exempting rural and remote areas, it said.
The recommendations come as Elon Musk is working towards launching Starlink in India. Musk has urged New Delhi to allot spectrum for 20 years to focus on "affordable pricing and longer-term business plans," according to Starlink's public submissions.
TRAI had agreed to demands for a lower licence time-frame to see how the sector grows, Reuters had reported in March, citing a government source.
Musk and Indian billionaire Mukesh Ambani signed a partnership in March that would allow Starlink devices to be sold in Ambani's Reliance RELI.NS stores, giving it access to a large distributor.
Ambani and Musk had previously been rivals - Ambani's telco subsidiary had unsuccessfully lobbied New Delhi for months to auction spectrum rather than allot it administratively, as Musk wanted.
Bharti Airtel BRTI.NS, India's No. 2 telco, has also pushed for a three-to-five year period for the licence. Bharti Airtel and Musk have also signed a distribution deal for Starlink.
($1 = 85.3610 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru. Editing by Aidan Lewis, Mark Potter and Susan Fenton)
(([email protected]; 8800437922;))
Adds details on pricing for satellite spectrum in paragraph 3-5, background throughout
May 9 (Reuters) - India's telecom regulator has recommended allotting satellite spectrum for commercial communication services for five years, it said on Friday, at a time when Elon Musk is getting closer to launching his Starlink high-speed internet in the country.
The recommendation also includes a possibility to extend an initial five-year spectrum allocation by a further two years depending on market conditions, the Telecom Regulatory Authority of India (TRAI)said.
The telecom watchdog also recommended charging telecom operators 4% of their adjusted gross revenue for geostationary orbit-based fixed satellite services and for mobile satellite services.
This is subject to a minimum annual spectrum charge of 3,500 rupees ($41) per megahertz (MHz), according to TRAI.
For non-geostationary orbit-based fixed satellite services, an additional 500 rupees per subscriber per annum in urban areas should be charged, exempting rural and remote areas, it said.
The recommendations come as Elon Musk is working towards launching Starlink in India. Musk has urged New Delhi to allot spectrum for 20 years to focus on "affordable pricing and longer-term business plans," according to Starlink's public submissions.
TRAI had agreed to demands for a lower licence time-frame to see how the sector grows, Reuters had reported in March, citing a government source.
Musk and Indian billionaire Mukesh Ambani signed a partnership in March that would allow Starlink devices to be sold in Ambani's Reliance RELI.NS stores, giving it access to a large distributor.
Ambani and Musk had previously been rivals - Ambani's telco subsidiary had unsuccessfully lobbied New Delhi for months to auction spectrum rather than allot it administratively, as Musk wanted.
Bharti Airtel BRTI.NS, India's No. 2 telco, has also pushed for a three-to-five year period for the licence. Bharti Airtel and Musk have also signed a distribution deal for Starlink.
($1 = 85.3610 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru. Editing by Aidan Lewis, Mark Potter and Susan Fenton)
(([email protected]; 8800437922;))
India agrees on conditional nod for Starlink operations in country, CNBC-TV18 reports
Updates with background paragraph 2 onwards
May 8 (Reuters) - The Indian government has agreed to a conditional nod for SpaceX's Starlink to start offering satellite-based internet services in the country, television news channel CNBC-TV18 reported on Thursday.
Starlink and the Indian Department of Telecommunications did not immediately respond to Reuters emails asking for comment.
Starlink in March signed agreements with Indian telecom operators Bharti Airtel BRTI.NS, Vodafone Idea VODA.NS and Reliance Industries RELI.NS Jio, in moves that would give the U.S. firm greater access to the world's most populous nation.
Elon Musk and Mukesh Ambani, who chairs the Reliance conglomerate, were at loggerheads over how airwaves should be assigned for satellite internet, with New Delhi finally siding with the allocation approach the U.S. billionaire lobbied for.
Starlink has been waiting since 2022 for licenses to operate commercially in India. New Delhi had long-delayed clearances for reasons including national security concerns.
(Reporting by Mrinmay Dey and Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 7362903319;))
Updates with background paragraph 2 onwards
May 8 (Reuters) - The Indian government has agreed to a conditional nod for SpaceX's Starlink to start offering satellite-based internet services in the country, television news channel CNBC-TV18 reported on Thursday.
Starlink and the Indian Department of Telecommunications did not immediately respond to Reuters emails asking for comment.
Starlink in March signed agreements with Indian telecom operators Bharti Airtel BRTI.NS, Vodafone Idea VODA.NS and Reliance Industries RELI.NS Jio, in moves that would give the U.S. firm greater access to the world's most populous nation.
Elon Musk and Mukesh Ambani, who chairs the Reliance conglomerate, were at loggerheads over how airwaves should be assigned for satellite internet, with New Delhi finally siding with the allocation approach the U.S. billionaire lobbied for.
Starlink has been waiting since 2022 for licenses to operate commercially in India. New Delhi had long-delayed clearances for reasons including national security concerns.
(Reporting by Mrinmay Dey and Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 7362903319;))
Shell, Reliance, And ONGC Complete Offshore Facilities Decommissioning Project
May 5 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:
SHELL, RELIANCE, AND ONGC COMPLETE OFFSHORE FACILITIES DECOMMISSIONING PROJECT - STATEMENT
Source text: [ID:]
Further company coverage: ONGC.NS
(([email protected];;))
May 5 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:
SHELL, RELIANCE, AND ONGC COMPLETE OFFSHORE FACILITIES DECOMMISSIONING PROJECT - STATEMENT
Source text: [ID:]
Further company coverage: ONGC.NS
(([email protected];;))
India's Reliance Industries set for best week in three years on post-results rally
** Shares of Reliance Industries RELI.NS rise 1%, among top gainers on Nifty 50 .NSEI, which is up 0.4%
** Stock has risen 8.04% this week, on course for biggest weekly gains since May 2022
** RELI reported Q4 profit above estimates on April 25; stock has risen for the four sessions since
** Retail growth, likely listing of Jio, improvement in O2C profitability are key triggers for RELI's shares in FY26, multiple brokerages say
** Average rating of 33 analysts is "buy"; median target price is 1,546.5 rupees, 9% above current levels - data compiled by LSEG
** After falling 6% last year, RELI shares have gained 15.6% in 2025 so far
** Nifty rose 8.8% in 2024 and is up 3.1% in 2025 so far
India's Reliance eyes best weekly performance in nearly three years https://reut.rs/42SYaq8
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of Reliance Industries RELI.NS rise 1%, among top gainers on Nifty 50 .NSEI, which is up 0.4%
** Stock has risen 8.04% this week, on course for biggest weekly gains since May 2022
** RELI reported Q4 profit above estimates on April 25; stock has risen for the four sessions since
** Retail growth, likely listing of Jio, improvement in O2C profitability are key triggers for RELI's shares in FY26, multiple brokerages say
** Average rating of 33 analysts is "buy"; median target price is 1,546.5 rupees, 9% above current levels - data compiled by LSEG
** After falling 6% last year, RELI shares have gained 15.6% in 2025 so far
** Nifty rose 8.8% in 2024 and is up 3.1% in 2025 so far
India's Reliance eyes best weekly performance in nearly three years https://reut.rs/42SYaq8
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Last Chevron-chartered vessel starts to return oil cargo in Venezuela, data and source say
Adds details on the vessel in paragraph 2, background on cancellations
HOUSTON, May 1 (Reuters) - A vessel chartered by Chevron CVX.N carrying some 300,000 barrels of Venezuelan oil was set to start discharging at a Venezuelan port on Thursday, according to shipping data and a source.
It would be the last tanker to return its cargo following state company PDVSA's order to return the crude amid payment uncertainty related to U.S. sanctions.
The Marshall Islands-flagged vessel, Dubai Attraction, on Thursday entered a berth in Amuay terminal, Venezuela, to start discharging the cargo it originally intended to export, LSEG shipping data showed.
Chevron and PDVSA did not immediately reply to requests for comment.
Venezuela's Vice President Delcy Rodriguez, who is also the OPEC country's oil minister, has blamed the U.S. measures for the issue, saying they prevented Chevron from paying for the oil.
Venezuela's oil exports fell almost 20% in April to 700,000 barrels per day, the lowest in nine months, due to the cargo cancellations. Chevron's exports of Venezuelan crude to the U.S. plummeted 69% to some 66,000 bpd due to PDVSA's measures.
Some tankers Chevron had chartered to move crude from Venezuela to the U.S. were marketed for spot contracts elsewhere, sources said last week. This signaled that Chevron does not expect to load all the cargoes it typically ships from Venezuela even if it eventually finds a way to resolve the disagreement with PDVSA.
In March, President Donald Trump's administration revoked a license issued in 2022 by the U.S. Treasury Department for Chevron to operate in Venezuela. The May deadline was granted to wind down operations and oil exports.
The same deadline was granted to other partners of PDVSA, including Eni ENI.MI, Repsol REP.MC, Maurel & Prom MAUP.PA and Reliance Industries RELI.NS, to wind down oil cargoes bound for Europe and Asia.
Tankers chartered by trading house Vitol VITOLV.UL were loading and discharging normally at Venezuelan ports, according to the data and documents, while vessels chartered by Reliance Industries for India delivery and Maurel & Prom for Europe departed on schedule last week, ahead of the May 27 deadline to wind down cargoes and operations.
(Reporting by Arathy Somasekhar in Houston; Editing by Chris Reese and David Gregorio)
(([email protected]; +1 832 610 7346; Twitter: @ArathySom;))
Adds details on the vessel in paragraph 2, background on cancellations
HOUSTON, May 1 (Reuters) - A vessel chartered by Chevron CVX.N carrying some 300,000 barrels of Venezuelan oil was set to start discharging at a Venezuelan port on Thursday, according to shipping data and a source.
It would be the last tanker to return its cargo following state company PDVSA's order to return the crude amid payment uncertainty related to U.S. sanctions.
The Marshall Islands-flagged vessel, Dubai Attraction, on Thursday entered a berth in Amuay terminal, Venezuela, to start discharging the cargo it originally intended to export, LSEG shipping data showed.
Chevron and PDVSA did not immediately reply to requests for comment.
Venezuela's Vice President Delcy Rodriguez, who is also the OPEC country's oil minister, has blamed the U.S. measures for the issue, saying they prevented Chevron from paying for the oil.
Venezuela's oil exports fell almost 20% in April to 700,000 barrels per day, the lowest in nine months, due to the cargo cancellations. Chevron's exports of Venezuelan crude to the U.S. plummeted 69% to some 66,000 bpd due to PDVSA's measures.
Some tankers Chevron had chartered to move crude from Venezuela to the U.S. were marketed for spot contracts elsewhere, sources said last week. This signaled that Chevron does not expect to load all the cargoes it typically ships from Venezuela even if it eventually finds a way to resolve the disagreement with PDVSA.
In March, President Donald Trump's administration revoked a license issued in 2022 by the U.S. Treasury Department for Chevron to operate in Venezuela. The May deadline was granted to wind down operations and oil exports.
The same deadline was granted to other partners of PDVSA, including Eni ENI.MI, Repsol REP.MC, Maurel & Prom MAUP.PA and Reliance Industries RELI.NS, to wind down oil cargoes bound for Europe and Asia.
Tankers chartered by trading house Vitol VITOLV.UL were loading and discharging normally at Venezuelan ports, according to the data and documents, while vessels chartered by Reliance Industries for India delivery and Maurel & Prom for Europe departed on schedule last week, ahead of the May 27 deadline to wind down cargoes and operations.
(Reporting by Arathy Somasekhar in Houston; Editing by Chris Reese and David Gregorio)
(([email protected]; +1 832 610 7346; Twitter: @ArathySom;))
Indian benchmarks muted; HDFC Bank, Reliance cushion geopolitical jitters
** Indian benchmark indexes traded flat on Wednesday, with gains in index heavyweights HDFC Bank HDBK.NS and Reliance Industries RELI.NS offsetting broader losses
** HDBK, RELI up about 1% each
** Indian Prime Minister Narendra Modi grants military chiefs freedom to respond to last week's deadly militant attack in Kashmir
** India has identified three attackers, including two Pakistani nationals, as "terrorists" waging a violent revolt in Kashmir; Islamabad has denied any role and says intelligence suggests Indian military action likely soon
** While anxiety may persist in the near term due to tensions with Pakistan, markets tend to stabilise going by history, says ICICI Securities
** Bajaj Finance BJFN.NS falls 5.5% despite higher Q4 profits; brokerages flag weak pre-provision profit and high credit costs as key negatives
** Automaker Tata Motors TAMO.NS drops 3% following multiple block deals executed at a discount
** Broader markets underperform, with small-cap .NIFSMCP100 and mid-cap indexes .NIFMDCP100 down 0.9% and 0.2%, respectively
** Nifty up 3.6% in April so far, set for second straight monthly rise
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Indian benchmark indexes traded flat on Wednesday, with gains in index heavyweights HDFC Bank HDBK.NS and Reliance Industries RELI.NS offsetting broader losses
** HDBK, RELI up about 1% each
** Indian Prime Minister Narendra Modi grants military chiefs freedom to respond to last week's deadly militant attack in Kashmir
** India has identified three attackers, including two Pakistani nationals, as "terrorists" waging a violent revolt in Kashmir; Islamabad has denied any role and says intelligence suggests Indian military action likely soon
** While anxiety may persist in the near term due to tensions with Pakistan, markets tend to stabilise going by history, says ICICI Securities
** Bajaj Finance BJFN.NS falls 5.5% despite higher Q4 profits; brokerages flag weak pre-provision profit and high credit costs as key negatives
** Automaker Tata Motors TAMO.NS drops 3% following multiple block deals executed at a discount
** Broader markets underperform, with small-cap .NIFSMCP100 and mid-cap indexes .NIFMDCP100 down 0.9% and 0.2%, respectively
** Nifty up 3.6% in April so far, set for second straight monthly rise
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
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What does Reliance Industries do?
Reliance Industries Limited is a leading player in India's private sector, engaged in hydrocarbon exploration, refining, petrochemicals, renewable energy, retail, and digital services with a diverse product portfolio ranging from oil and gas to textiles.
Who are the competitors of Reliance Industries?
Reliance Industries major competitors are Indian Oil Corp., Bharti Airtel, BPCL, HPCL, MRPL, Chennai Petrol. Corp. Market Cap of Reliance Industries is ₹20,53,147 Crs. While the median market cap of its peers are ₹1,23,015 Crs.
Is Reliance Industries financially stable compared to its competitors?
Reliance Industries seems to be less financially stable compared to its competitors. Altman Z score of Reliance Industries is 2.65 and is ranked 6 out of its 7 competitors.
Does Reliance Industries pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Reliance Industries latest dividend payout ratio is 9.72% and 3yr average dividend payout ratio is 9.25%
How has Reliance Industries allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress
How strong is Reliance Industries balance sheet?
Balance sheet of Reliance Industries is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Reliance Industries improving?
Yes, profit is increasing. The profit of Reliance Industries is ₹80,787 Crs for TTM, ₹69,621 Crs for Mar 2024 and ₹66,702 Crs for Mar 2023.
Is the debt of Reliance Industries increasing or decreasing?
Yes, The net debt of Reliance Industries is increasing. Latest net debt of Reliance Industries is ₹2,41,028 Crs as of Mar-25. This is greater than Mar-24 when it was ₹1,30,401 Crs.
Is Reliance Industries stock expensive?
Reliance Industries is expensive when considering the PE ratio, however latest EV/EBIDTA is < 3 yr avg EV/EBIDTA. Latest PE of Reliance Industries is 29.48, while 3 year average PE is 27.71. Also latest EV/EBITDA of Reliance Industries is 13.87 while 3yr average is 15.24.
Has the share price of Reliance Industries grown faster than its competition?
Reliance Industries has given better returns compared to its competitors. Reliance Industries has grown at ~19.79% over the last 10yrs while peers have grown at a median rate of 11.0%
Is the promoter bullish about Reliance Industries?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Reliance Industries is 50.11% and last quarter promoter holding is 50.13%
Are mutual funds buying/selling Reliance Industries?
The mutual fund holding of Reliance Industries is increasing. The current mutual fund holding in Reliance Industries is 9.21% while previous quarter holding is 9.14%.