Reliance Industries

** Reliance Industries RELI.NS jumps 4.4% in two days to 1,219.1 rupees

** Rises ahead of likely listing of Jio Platforms later this month

** Billionaire Mukesh Ambani's firm may launch India's biggest IPO on October 21, Reuters reported citing sources on Monday

** Reliance did not respond to a Reuters request for comment

** Stock fell 11.7% in last four weeks ahead of this week's gains

** Jefferies increases RELI weight in its model portfolio; says stock at attractive valuations and upgrade possible on higher gross refining margins

** Stock rated "Strong Buy" on average by 24 brokerage firms, median PT at 1,690 rupees, per data compiled by LSEG

** YTD, RELI down 22.7% vs benchmark Nifty 50's .NSEI 13% drop

(Reporting by Vivek Kumar M)

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MUMBAI, Oct 5 (Reuters) - Indian billionaire Mukesh Ambani's Jio Platforms plans to launch its initial public offering on October 21, seeking to raise about $3.8 billion in what is set to be India's biggest listing, two sources familiar with the matter said.

The shares are expected to list on October 28.

The country's biggest listing to date is Hyundai Motor India's HYUN.NS $2.9 billion listing in 2024, while the National Stock Exchange of India NSEI.BO made its market debut last month after a $2.3 billion IPO.

The sources were not authorised to speak to media and declined to comment. Reliance did not respond to a Reuters request for comment.

Proceeds from the offering will largely be used to repay debt owed by its telecoms division. Jio Platforms, which counts Meta META.O and Google among its major foreign investors, also runs AI, cloud and enterprise network businesses.

India has seen a rush of companies coming to market, with proceeds raised during April to September this year marking a record for the period.

Furthermore, almost 250 companies are in the pipeline to raise a combined 4.65 trillion rupees ($48 billion) through IPOs, according to information provider PRIME Database. This includes Danish brewer Carlsberg's India business, and hotel aggregator Oyo's parent Prism.

($1 = 96.2850 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru and Vibhuti Sharma in Mumbai; Editing by Edwina Gibbs)

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MUMBAI, Oct 1 (Reuters) - India's Jio Credit plans to raise up to 26.1650 billion rupees ($271.92 million) through the sale of bonds maturing in four and five years, three bankers said on Wednesday.

The four-year note is a zero-coupon bond, while the five-year note will pay a coupon of 8.59%, the bankers said. The company had invited commitment bids for the issue earlier in the day, they said.

Jio Credit did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on October 1

*Size includes base plus greenshoe for some issues

($1 = 96.2225 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Harikrishnan Nair)

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By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, Sept 30 (Reuters) - State Bank of India SBI.NS, the country's largest lender, led the demand for Reliance Industries' RELI.NS 130-billion-rupee ($1.35 billion) 10-year debt sale completed on Wednesday, according to five sources familiar with the transaction.

The state-run bank is estimated to have bought bonds worth nearly 50 billion rupees, or about 40% of the offering, they said. The bonds were rated "AAA" by rating agencies Crisil and CareEdge, and carried an annual coupon of 7.90%.

An AAA rating is the highest credit rating, indicating an exceptionally strong capacity to meet debt obligations and a very low risk of default.

Indian companies have accelerated domestic borrowing to secure funding costs before a potentially tighter monetary-policy stance from the Reserve Bank of India in the wake of high energy prices stoking inflation.

The sources requested anonymity as they are not authorised to speak to the media.

ICICI Prudential Mutual Fund, SBI Pension Fund, and ICICI Prudential Life Insurance were among the largest investors in the issue, a source said.

None of the companies responded immediately to Reuters emails seeking comment.

Since long-dated high-quality papers are always in scarce supply, banks and insurers lapped it up even at a marginal premium, one of the investors said.

The transaction follows the oil-to-telecom conglomerate's 120-billion-rupee five-year bond sale two weeks ago, priced at a 7.47% coupon.

It was the group's first rupee debt issuance since November 2023, when it raised 200 billion rupees in what was then the largest local-currency bond sale by an Indian non-financial company.

Delhi International Airport and miner Vedanta are among the companies that have already issued rupee-denominated notes this week, while Sun Pharmaceutical Industries is considering a bond sale of about 100 billion rupees.

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Harikrishnan Nair)

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MUMBAI, Sept 29 (Reuters) - India's Reliance Industries RELI.NS plans to raise up to 130 billion rupees ($1.35 billion), including a greenshoe option of 10 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Tuesday.

The company will pay an annual coupon of 7.90% and has invited commitment bids for the issue on Wednesday, they said.

Reliance did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 29:

*Size includes base plus greenshoe for some issues

($1 = 96.1000 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Jochelle Mendonca)

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By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, Sept 28 (Reuters) - Indian companies are rushing to lock in borrowing costs ahead of a potential rate hike by the central bank, with about $3 billion of rupee debt issuances lined up over the next few days.

Large Indian conglomerates, state-run firms, infrastructure investment trusts and non-bank finance companies are preparing at least 290 billion rupees ($3.02 billion) of short- to long-duration bond sales ahead of the central bank's October 7 monetary policy decision.

Some of the prominent corporate borrowers issuing debt include Reliance Industries RELI.NS, Vedanta VDAN.NS, Delhi International Airport, Adani Airport Holdings and JSW Energy JSWE.NS, seeking an aggregate 185 billion rupees, while infrastructure-related firms Cube Highways Trust CUBH.NS, Interise Trust ITES.NS and India Infradebt are eyeing 60 billion rupees.

"Issuers who have a view that rupee interest rates will go even higher are locking in rates," said Akshay Naik, India head of debt capital markets at Citibank.

"We expect issuances, particularly from large, frequent and high-rated issuers to be absorbed by investors."

LIKELY RATE HIKE

A large majority of market participants expect the Reserve Bank of India to raise interest rates, with further liquidity-draining measures on the cards. If they're right, it would mark the RBI's first rate hike since February 2023.

"With the October policy approaching, there is some uncertainty around the direction of interest rates and liquidity conditions," said Harish Reddy, co-founder, Stable Money, a fixed income investment platform.

The policy decision has as its backdrop signs of broadening inflation in India and hikes by major central banks globally, including by the US Federal Reserve. Expectations for RBI policy have shifted over the past month amid a pickup in inflation and stubbornly higher oil prices, bringing prospects of an October rate hike into focus.

Several foreign banks, including Citi and Deutsche Bank, have brought forward their rate-hike calls from December to October, while market pricing reflects a higher likelihood of a longer tightening cycle.

While a rate hike hanging over the market's head is pushing up corporate issuance, there is also "a lot of liquidity in the (banking) system to absorb this supply," said Ankit Gupta, founder and MD, Digifinn, an online bond trading platform.

($1 = 95.9775 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; editing by Nimesh Vora and Ronojoy Mazumdar)

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By Sarita Chaganti Singh and Sethuraman N R

NEW DELHI, Sept 26 (Reuters) - India has ordered more than 100 captive coal-fired power plants to operate at maximum capacity from October 1 through year-end to meet what it expects will be a rise in electricity demand.

• The federal power ministry's order, invoked under emergency provisions of the Electricity Act, applies to plants with installed capacity of at least 50 megawatts

• The aim is to meet an "expected rise in electricity demand in the coming months," showed the order dated September 25 and seen by Reuters

• Nearly 40% of coal-fired plants are operating with critically low fuel stock due to a surge in power demand as the El Niño climate phenomenon raises temperatures more than usual

• The plants primarily serve industrial facilities such as aluminium smelters, steel manufacturers, cement factories and oil refineries

• The power ministry has directed generators to sell surplus electricity through power exchanges

• The order covers 112 plants belonging to companies including Vedanta VDAN.NS, Tata Steel TISC.NS, Hindalco Industries HALC.NS, JSW Steel JSTL.NS, UltraTech Cement ULTC.NS, Reliance Industries RELI.NS, Indian Oil IOC.NS, Bharat Aluminium BHLNO.UL, Hindustan Zinc HZNC.NS and Nayara Energy

• The ministry has ordered plants to report weekly to the Central Electricity Authority detailing generation, captive consumption, power sales, available capacity and coal stocks

• Separately, the ministry has extended an earlier emergency order requiring Tata Power's TTPW.NS imported coal-fired plant in Mundra, Gujarat, to operate at full capacity until December 31, citing the demand situation

• Section 11 of the Electricity Act allows the government, under extraordinary circumstances, to direct generators to operate power stations in accordance with its instructions

(Reporting by Sethuraman NR and Sarita Chaganti Singh; Editing by Christopher Cushing)

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By Dharamraj Dhutia

MUMBAI, Sept 24 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS is set to launch the second tranche of its planned mega fundraising through the sale of rupee-denominated bonds just a couple of weeks after it raised shorter-tenor debt, four merchant bankers told Reuters on Thursday.

The oil-to-telecom conglomerate plans to raise around 100 billion rupees ($1.04 billion) through a sale of 10-year notes at an annual coupon of 7.90%. The company is set to invite bids from investors next week or the week after, according to bankers.

The bankers requested anonymity as they are not authorised to speak to the media, while Reliance Industries did not immediately reply to a Reuters email seeking comment.

"Ideally, the company would want to finish the borrowing before the central bank monetary policy decision on October 7," one of the bankers said.

Two weeks ago, Reliance Industries raised 120 billion rupees through a sale of five-year papers at an annual coupon of 7.47%. The raise marked the conglomerate's first rupee bond offering since November 2023, when it had raised 200 billion rupees in the largest local-currency debt sale by an Indian non-financial company at the time.

Large private-sector banks are likely acting as arrangers for the new deal as well, and would be partly subscribing to these bonds, the bankers said.

Relatively benign local bond yields have made such funding through this route cheaper compared to US dollar debt, as Treasury yields have witnessed a massive spike, the bankers added.

The latest issuance would take the company's outstanding bonds to 540 billion rupees.

($1 = 95.8925 Indian rupees)

(Reporting by Dharamraj Dhutia; Edting by Ronojoy Mazumdar)

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MUMBAI, Sept 16 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS accepted bids worth 125 billion rupees ($1.30 billion) for its sale of five-year bonds, three bankers said on Wednesday.

The oil-to-telecom conglomerate will pay an annual coupon of 7.47% and invited bids from investors on Tuesday, they said. The issue would be RIL's first rupee bond offering since November 2023.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on September 16:

*Size includes base plus greenshoe for some issues

($1 = 95.9500 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Eileen Soreng)

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MUMBAI, Sept 11 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS returns to rupee bond market after nearly three years, aiming to raise 125 billion Indian rupees ($1.31 billion) through five-year bonds, five bankers said on Friday.

The oil-to-telecom conglomerate will pay an annual coupon of 7.47%, and has invited bids from investors on Tuesday, they said.

The issue would be RIL's first rupee bond offering since November 2023,

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on September 11:

*Size includes base plus greenshoe for some issues

($1 = 95.7100 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)

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By Khushi Malhotra

MUMBAI, Sept 8 (Reuters) - Billionaire Mukesh Ambani's Reliance Industries RELI.NS is set to return to India's rupee bond market after nearly three years, five merchant bankers told Reuters late on Monday, with what would be the largest single-tranche fundraising by a rated firm since November 2023.

The oil-to-telecom conglomerate plans to raise 125 billion rupees ($1.32 billion) through a sale of five-year notes, at an annual coupon of 7.47%, and is set to invite bids from investors in the week ending September 18, according to bankers.

The issue would be RIL's first rupee bond offering since November 2023, when it raised 200 billion rupees in what was the largest local-currency debt sale by an Indian non-financial company.

The bankers requested anonymity as they are not authorised to speak to the media, while the company did not immediately reply to a Reuters email seeking comment outside normal business hours.

A sharp decline in yields on up to five-year bonds locally has made such funding cheaper than dollar debt sales, the bankers added.

The five-year government bond yield has plunged 33 basis points since the start of June, mainly backed by mammoth dollar inflows under the central bank's subsidised schemes.

Flows led by those in the non-resident dollar deposit scheme pulled down local yields, while higher US Treasury rates lifted the cost of dollar funding for Indian borrowers.

Large private banks are acting as arrangers for the deal, and are also set to partly subscribe to these bonds, the bankers added.

Meanwhile, the company is also mulling a 10-year bond issue and is in discussions with bankers and investors.

($1 = 94.4850 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Rashmi Aich)

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** Reliance Industries' RELI.NS shares fall 0.3% to 1,309.2 rupees

** J.P. Morgan lowers PT to 1,625 rupees from 1,660 rupees, representing a 23.8% upside to the stock's last close; maintains "Overweight" rating

** Brokerage says stock has not responded to the continued strength in refining/petchem margins, with the stock largely range-bound since end-May

** Says RELI should have net volume upside in the September quarter and lower fuel retail losses

** "Retail growth should look better in the December-quarter, O2C should do well," - JPM

** Stock trades at forward 12 month PE of 19.70 vs industry median of 8.93 - data compiled by LSEG

** 28 of 29 brokerages rate the stock "buy" or higher; their median PT is 1,690 rupees

** YTD, stock down 16.4%

(Reporting by Abhinav Parmar in Bengaluru)

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Sept 2 (Reuters) - JioStar:

• JIOHOTSTAR LAUNCHES GLOBALLY, TAKING A NEW STREAMING EXPERIENCE TO AUDIENCES ACROSS THE UK, CANADA AND SINGAPORE

• JIOSTAR: INTRODUCES QUARTERLY SUBSCRIPTION PLANS FOR JIOHOTSTAR IN UK, CANADA, SINGAPORE

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Sept 1 (Reuters) - Reliance Industries Ltd RELI.NS:

• AXIS TRUSTEE SERVICES: RELIANCE INDUSTRIES SUFFERED LOSS INCURRED DUE TO DAMAGES UNDER SMD MEGA RISK POLICY DUE TO FLOOD

Source text: [ID:]

Further company coverage: RELI.NS

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Reliance Industries' subsidiary Jio Platforms received an observation letter from SEBI on August 28, 2026, regarding its Draft Red Herring Prospectus for a proposed initial public offering. The proposed offering's issue size, valuation, price band and listing date were not provided. Digital Services contributed about 12% of Reliance Industries' consolidated revenue in FY26. Reliance Industries reported consolidated revenue of about ₹11.8 lakh crore for FY26.

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By Sarita Chaganti Singh

NEW DELHI, Aug 27 (Reuters) - A new draft framework risks diluting India's most substantial nuclear reform in decades by imposing additional approval requirements on foreign reactors, which threatens to steer companies toward domestic technology over imports and limit the flow of new capital and expertise, experts said.

The draft framework follows New Delhi's new nuclear law, passed last year, which opened the country's tightly controlled nuclear sector to private companies and seeks to attract foreign technology and investment.

India is counting on nearly $210 billion in investments that the industry expects to require to raise its nuclear power capacity almost tenfold to 100 gigawatts (GW) over the next two decades, a cornerstone of its attempt to reduce dependence on coal, which still supplies most of the country's electricity.

NPCIL, the country's sole nuclear power plant operator and technology holder, is already executing a 14-GW expansion programme through 2032, making private capital and new reactor technologies critical to meeting the government's 100-GW nuclear target.

Indian conglomerates including Tata Power TTPW.NS, Adani Power ADAN.NS and Reliance Industries RELI.NS, as well as foreign firms like Russia's Rosatom, France's EDF and U.S.-based GE Hitachi, have held talks with the government.

But industry sources, who requested anonymity because the consultation process is ongoing, said they were waiting to see the final rulebook before making investment commitments.

Queries sent to Tata Power, Adani Power, Reliance Industries, Rosatom, EDF and GE Hitachi were not answered. Companies have until September 4 to provide feedback to the government on the draft rules and regulations.

Under the proposed framework, companies seeking to deploy imported reactors need operational and licensing certifications from the country of origin as well as separate design approval from India's atomic energy regulator before construction can begin.

"We are taking a step back from the promise of the new nuclear act that can transform India into a leader of the global nuclear renaissance if the rules discriminate between indigenous technology and technology from outside India and where foreign technology can only be considered if there is an operating plant," said Suhaan Mukerji, a managing partner at law firm PLR Chambers. He serves as an adviser to domestic and foreign firms evaluating opportunities in India's nuclear expansion plans, including the implications of the draft rules.

In particular, small modular reactor (SMR) technology will be "dead" in the water, he said.

India has identified SMRs as a promising technology because their smaller size and lower upfront costs could make nuclear projects easier to deploy. But most designs are only beginning commercial deployment globally, potentially limiting their eligibility under India's proposed rules.

The country's Department of Atomic Energy did not respond to Reuters queries.

A senior government official involved in the framework's drafting said it prioritises safety and is aligned with international nuclear regulatory practices.

Industry executives, however, said New Delhi risks losing access to newer technologies if it adopts an approach that is suited to more mature nuclear markets.

Processes outlined in the draft document also risk long approval timelines.

"Earlier, when the sector was entirely state-run, site approvals, excavation and construction approvals could proceed concurrently while the final design approval was awaited," Mukerji said.

Now, developers may submit an application, but it will not be processed until design approval is obtained, he said.

"This will hamper reaching the target set by government," he said.

The absence of a binding timeline for design approvals could delay project development, said Shri Venkatesh, a partner at law firm SKV, which advises Indian energy companies.

MISSING COMMERCIAL DETAILS

The draft nuclear rules also leave several investment-related questions unresolved, including how tariffs will be determined, what returns investors can expect and the minimum financial and technical qualifications that prospective operators must meet, industry executives said.

In at least a dozen interactions with the federal atomic energy department over the last eight months, Indian and foreign companies sought clarity on the issues, along with details on fuel tie-ups, fuel reprocessing, and exclusion-zone requirements, four company executives and two government officials, who were not authorised to speak to the media, said.

The two government officials said earlier draft rules circulated within government departments contained more detailed provisions on a number of issues, including qualification and tariff fixation with review provisions every five years.

The version released for public consultation omits many of those specifics, they said, raising concerns that investment decisions could be delayed.

"The numbers that appear in the drafts are largely operational ones, governing how a licensee conducts itself once inside the system," Venkatesh said.

"What is harder to find are the figures that determine whether a project is worth financing in the first place. Several of those numbers are left to future notifications."

The nuclear rules and regulations will be finalised in about three months after the public consultation.

($1 = 95.4125 Indian rupees)

(Reporting by Sarita Chaganti Singh; Editing by Thomas Derpinghaus)

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Updates for market close

By Bharath Rajeswaran and Vivek Kumar M

Aug 26 (Reuters) - Indian shares fell on Wednesday, as losses in information technology stocks and Reliance Industries RELI.NS countered gains in heavyweight financials and optimism from a dip in oil prices.

The decline deepened in the closing auction, with the Nifty 50's indicative close down by as much as 1.4%.

At the close, the Nifty 50 .NSEI was 0.52% lower at 24,207.75 and the BSE Sensex .BSESN 0.24% lower at 77,472.94.

They were marginally down at 0.24% and 0.05%, ahead of the CAS.

Ten of the 16 major sectors fell. IT stocks .NIFTYIT led losses with a 1.5% drop, with analysts attributing the slide to concerns over higher costs from U.S. visa curbs and caution ahead of Nvidia NVDA.O earnings.

The Trump administration on Monday proposed formalising an unprecedented $103,265 fee on new H-1B visas. Nvidia's earnings, later in the day, are likely to test whether AI spending can sustain lofty expectations, which have fuelled AI-linked stocks and left Indian IT shares out of favour.

"Indian IT fortunes continue to be linked to business traction and news-flow of AI companies," said analysts led by Yogesh Aggarwal, head of research, India of HSBC Securities and Capital Markets.

"We expect Indian IT to see the worst impact of AI deflation in FY2027, with backdrop improving from FY2028 onwards."

Oil-to-telecom conglomerate Reliance Industries fell 1.4%, adding to the pressure on benchmark indexes.

While a drop in oil prices LCOc1 below $86 levels is a positive for India's economy and markets, "the inability of the benchmarks to capitalise on the favourable trigger indicates a cautious undertone," said Sudeep Shah, head of technical and derivatives research at SBI Securities.

Heavyweight financials .NIFTYFIN and private banks .NIFPVTBNK climbed between 0.5% and 1.1%. The broader small-caps .NIFSMCP100 added 0.8%, while mid-caps .NIFMDCP100 closed flat.

Investors were likely rotating their positions based on earnings expectations for fiscal 2027, according to analysts.

Among other stocks, Varun Beverages VARB.NS fell 3.8% as analysts flagged execution risks to its foray into the alcohol segment.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich, Ronojoy Mazumdar and Janane Venkatraman)

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Aug 25 (Reuters) - HYUNDAI MOTOR COMPANY 005380.KS:

• HYUNDAI MOTOR INDIA AND JIO-BP JOIN HANDS TO INTEGRATE EV CHARGING NETWORK - STATEMENT

Further company coverage: 005380.KS HYUN.NS

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Aug 18 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE INDUSTRIES - CLARIFIES ON REPORT "SC SLAPS 1 MILLION RUPEES FINE ON RELIANCE INDUSTRIES FOR DELAYING NTPC GAS SUPPLY SUIT"

• RELIANCE INDUSTRIES - NO FINE OR PENALTY LEVIED ON THE COMPANY BY THE SUPREME COURT OF INDIA

Source text: [ID:]

Further company coverage: RELI.NS

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By Trixie Yap

SINGAPORE, Aug 17 (Reuters) - Vietnam received its first direct diesel shipment from India's Reliance Industries refinery via traders in eight years, according to data from shiptrackers and trade sources, after the removal of import taxes for fuels facilitated the trade.

Vietnam removed import taxes for all fuels from March, a policy aimed at widening its supply pool as shipping risks in the Middle East arising from the U.S.-Iran conflict forced buyers to seek fuel beyond their regular suppliers.

Around 70,000 metric tons of the transport and industrial fuel were loaded onto the Panamax-sized tanker Magic Victoria at Reliance's refinery in Jamnagar, according to the shipping data and one of the two trade sources, with the cargo discharged at the Van Phong terminal in Khanh Hoa province operated by Petrolimex on August 14-16.

It was not immediately clear who sold the cargo to Petrolimex. A Petrolimex spokesperson declined to comment while Reliance did not immediately respond to a request for comment.

Earlier in March, some India-origin barrels were also transported to Vietnam via ship-to-ship transfer off the Strait of Singapore and Malacca, Kpler and Vortexa shiptracking data showed.

By opening up its market to other supplies, Vietnam has enabled India to step up fuel exports and capitalise on its position as a swing supplier to markets in the east and west of Suez, analysts said.

India's supply has also helped cap cash premiums for 10-ppm gasoil at $5 to $6 a barrel in Asia, despite concerns on tightening supplies in west of Suez markets. GO10-SIN-DIF

Vietnam mostly imported its diesel from South Korea and the rest of southeast Asia last year, LSEG and Kpler shiptracking data showed.

For now, it is still more profitable for India-origin cargoes to head to west of Suez markets instead of southeast Asia, another trade source said.

(Reporting by Trixie Yap in Singapore, additional reporting by Khanh Vu in Hanoi; editing by Alexandra Hudson)

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