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EXCLUSIVE-India's $23 bln plan to rival China factories to lapse after it disappoints
Updates March 21 story with statement from India commerce ministry
India issued less than 8% of funds allocated for manufacturing incentives as of Oct. 2024 - govt document
Delhi will not expand plan or extend deadlines for participating companies
Mobile-phone and pharmaceuticals production bright spots while other sectors disappoint
Delhi mulls new plan to help firms recover investment costs faster
By Sarita Chaganti Singh, Shivangi Acharya
NEW DELHI, March 24 (Reuters) - Indian Prime Minister Narendra Modi's government has decided to let lapse a $23 billion program to incentivize domestic manufacturing, just four years after it launched the effort to woo firms away from China, according to four government officials.
The scheme will not be expanded beyond the 14 pilot sectors and production deadlines will not be extended despite requests from some participating firms, two of the officials said.
Some 750 companies, including Apple supplier Foxconn and Indian conglomerate Reliance Industries, signed up to the Production-Linked Initiative scheme, public records show.
Firms were promised cash payouts if they met individual production targets and deadlines. The hope was to raise the share of manufacturing in the economy to 25% by 2025.
Instead, many firms that participated in the program failed to kickstart production, while others that met manufacturing targets found India slow to pay out subsidies, according to government documents and correspondence seen by Reuters.
As of October 2024, participating firms had produced $151.93 billion worth of goods under the program, or 37% of the target that Delhi had set, according to an undated analysis of the program compiled by the commerce ministry. India had issued just $1.73 billion in incentives - or under 8% of the allocated funds, the document said.
News of the government's decision to not extend the plan and specifics about the lag in payouts are being reported by Reuters for the first time.
Modi's office and the commerce ministry, which oversees the program, did not respond to requests for comment. Since the plan's introduction, manufacturing's share of the economy has decreased from 15.4% to 14.3%.
In a separate statement on Saturday, the commerce ministry said participating firms had produced $163 billion worth of goods as of November 2024. The ministry did not say if the program would be allowed to expire but said PLIs have "incentivized domestic manufacturing, leading to increased production, job creation, and a boost in exports."
Foxconn, which now employs thousands of contract workers in India, and Reliance didn't return requests for comment.
Two of the government officials told Reuters the end of the program did not mean Delhi had abandoned its manufacturing ambitions and that alternatives were being planned.
The government last year defended the program's impact, particularly in pharmaceuticals and mobile-phone manufacturing, which have seen explosive growth. Some 94% of the nearly $620 million in incentives disbursed between April and October 2024 were directed to those two sectors.
In some instances, some food-sector companies that applied for subsidies weren't issued them due to factors such as "non compliance of investment thresholds" and companies "not achieving stipulated minimum growth," according to the analysis. The document did not provide specifics, though it found production in the sector had exceeded targets. Reuters could not determine which companies the analysis referred to.
But Delhi had previously acknowledged problems and agreed to extend some deadlines and increase payment frequency after complaints from PLI participants. One of the Indian officials, who spoke on condition of anonymity to discuss confidential matters, said that excessive red tape and bureaucratic caution continued to stymie the scheme's effectiveness.
As an alternative, India is considering supporting certain sectors by partially reimbursing investments made to set up plants, which would allow firms to recover costs faster than having to wait for production and sale, another official said.
Trade expert Biswajit Dhar at the Delhi-based Council for Social Development think-tank, who has said Modi's government needs to do more to attract foreign investment, said the country might have missed its moment.
The incentives program was "possibly the last chance we had to revive our manufacturing sector," he said. "If this kind of mega-scheme fails, do you have any expectation that anything is going to succeed?"
The stalling of manufacturing comes as India tries to circumvent the trade war unleashed by U.S. President Donald Trump, who has criticised Delhi's protectionist policies.
Trump's threat of reciprocal tariffs on countries like India that have a trade surplus with the U.S. means the export sector is increasingly challenged, said Dhar. "There was some amount of tariff protection ... and all that is going to be slashed."
HITS AND MISSES
The program was introduced at an opportune time for India: China, which for decades had been the world's factory floor, was struggling to maintain production amid Beijing's zero-COVID policy.
The U.S. was also seeking to reduce its economic reliance on an increasingly assertive Beijing, prompting many multinationals to pursue a "China plus one" policy of diversifying production lines.
With its large youthful population, lower costs and a government regarded as relatively friendly to the West, India seemed set to benefit.
India has become a global leader in pharmaceutical and mobile-phone production in recent years.
The country produced $49 billion worth of mobiles in the 2023-24 fiscal year, up 63% from 2020-21, government data show. Industry leaders like Apple now manufacture their newest and most sophisticated cellphones in India, after having started with low-cost models.
Similarly, pharmaceutical exports nearly doubled to $27.85 billion in 2023-24 from a decade ago.
But the success was not repeated in the other sectors, which include steel, textiles and solar panel manufacturing. India faces fierce competition from cheaper rivals like China in many of those fields.
In the solar industry, for instance, eight of the 12 companies that signed up to PLI are unlikely to meet their targets, according to a December 2024 analysis of the sector prepared by the renewable energy ministry and seen by Reuters. The eight firms included units of Reliance, Adani Group and the Indian conglomerate JSW.
The analysis found that the Reliance entity would only meet 50% of the production target it had been set for the end of the 2027 fiscal year, when the solar PLI scheme will expire. It also said that the Adani business had not ordered equipment it needed to manufacture the solar panels and that JSW had not "done anything yet."
JSW declined to comment, while Adani did not respond to questions.
The commerce ministry said in a January letter to the renewables ministry seen by Reuters that it would not agree to its counterpart's request to extend the scheme beyond 2027 as doing so "will result in unfair benefit for non-performers."
The renewables ministry said in response to Reuters' questions that it was committed to "fairness and accountability," as well as "ensuring that only those who meet their targets are rewarded."
In the steel sector, investment and production also lag targets. Fourteen of the 58 projects approved for PLIs have been withdrawn or removed due to lack of progress, according to the undated program-wide analysis.
($1 = 86.4425 Indian rupees)
(Reporting by Shivangi Acharya and Sarita Chaganti Singh; Editing by Aftab Ahmed and Katerina Ang)
(([email protected];))
Updates March 21 story with statement from India commerce ministry
India issued less than 8% of funds allocated for manufacturing incentives as of Oct. 2024 - govt document
Delhi will not expand plan or extend deadlines for participating companies
Mobile-phone and pharmaceuticals production bright spots while other sectors disappoint
Delhi mulls new plan to help firms recover investment costs faster
By Sarita Chaganti Singh, Shivangi Acharya
NEW DELHI, March 24 (Reuters) - Indian Prime Minister Narendra Modi's government has decided to let lapse a $23 billion program to incentivize domestic manufacturing, just four years after it launched the effort to woo firms away from China, according to four government officials.
The scheme will not be expanded beyond the 14 pilot sectors and production deadlines will not be extended despite requests from some participating firms, two of the officials said.
Some 750 companies, including Apple supplier Foxconn and Indian conglomerate Reliance Industries, signed up to the Production-Linked Initiative scheme, public records show.
Firms were promised cash payouts if they met individual production targets and deadlines. The hope was to raise the share of manufacturing in the economy to 25% by 2025.
Instead, many firms that participated in the program failed to kickstart production, while others that met manufacturing targets found India slow to pay out subsidies, according to government documents and correspondence seen by Reuters.
As of October 2024, participating firms had produced $151.93 billion worth of goods under the program, or 37% of the target that Delhi had set, according to an undated analysis of the program compiled by the commerce ministry. India had issued just $1.73 billion in incentives - or under 8% of the allocated funds, the document said.
News of the government's decision to not extend the plan and specifics about the lag in payouts are being reported by Reuters for the first time.
Modi's office and the commerce ministry, which oversees the program, did not respond to requests for comment. Since the plan's introduction, manufacturing's share of the economy has decreased from 15.4% to 14.3%.
In a separate statement on Saturday, the commerce ministry said participating firms had produced $163 billion worth of goods as of November 2024. The ministry did not say if the program would be allowed to expire but said PLIs have "incentivized domestic manufacturing, leading to increased production, job creation, and a boost in exports."
Foxconn, which now employs thousands of contract workers in India, and Reliance didn't return requests for comment.
Two of the government officials told Reuters the end of the program did not mean Delhi had abandoned its manufacturing ambitions and that alternatives were being planned.
The government last year defended the program's impact, particularly in pharmaceuticals and mobile-phone manufacturing, which have seen explosive growth. Some 94% of the nearly $620 million in incentives disbursed between April and October 2024 were directed to those two sectors.
In some instances, some food-sector companies that applied for subsidies weren't issued them due to factors such as "non compliance of investment thresholds" and companies "not achieving stipulated minimum growth," according to the analysis. The document did not provide specifics, though it found production in the sector had exceeded targets. Reuters could not determine which companies the analysis referred to.
But Delhi had previously acknowledged problems and agreed to extend some deadlines and increase payment frequency after complaints from PLI participants. One of the Indian officials, who spoke on condition of anonymity to discuss confidential matters, said that excessive red tape and bureaucratic caution continued to stymie the scheme's effectiveness.
As an alternative, India is considering supporting certain sectors by partially reimbursing investments made to set up plants, which would allow firms to recover costs faster than having to wait for production and sale, another official said.
Trade expert Biswajit Dhar at the Delhi-based Council for Social Development think-tank, who has said Modi's government needs to do more to attract foreign investment, said the country might have missed its moment.
The incentives program was "possibly the last chance we had to revive our manufacturing sector," he said. "If this kind of mega-scheme fails, do you have any expectation that anything is going to succeed?"
The stalling of manufacturing comes as India tries to circumvent the trade war unleashed by U.S. President Donald Trump, who has criticised Delhi's protectionist policies.
Trump's threat of reciprocal tariffs on countries like India that have a trade surplus with the U.S. means the export sector is increasingly challenged, said Dhar. "There was some amount of tariff protection ... and all that is going to be slashed."
HITS AND MISSES
The program was introduced at an opportune time for India: China, which for decades had been the world's factory floor, was struggling to maintain production amid Beijing's zero-COVID policy.
The U.S. was also seeking to reduce its economic reliance on an increasingly assertive Beijing, prompting many multinationals to pursue a "China plus one" policy of diversifying production lines.
With its large youthful population, lower costs and a government regarded as relatively friendly to the West, India seemed set to benefit.
India has become a global leader in pharmaceutical and mobile-phone production in recent years.
The country produced $49 billion worth of mobiles in the 2023-24 fiscal year, up 63% from 2020-21, government data show. Industry leaders like Apple now manufacture their newest and most sophisticated cellphones in India, after having started with low-cost models.
Similarly, pharmaceutical exports nearly doubled to $27.85 billion in 2023-24 from a decade ago.
But the success was not repeated in the other sectors, which include steel, textiles and solar panel manufacturing. India faces fierce competition from cheaper rivals like China in many of those fields.
In the solar industry, for instance, eight of the 12 companies that signed up to PLI are unlikely to meet their targets, according to a December 2024 analysis of the sector prepared by the renewable energy ministry and seen by Reuters. The eight firms included units of Reliance, Adani Group and the Indian conglomerate JSW.
The analysis found that the Reliance entity would only meet 50% of the production target it had been set for the end of the 2027 fiscal year, when the solar PLI scheme will expire. It also said that the Adani business had not ordered equipment it needed to manufacture the solar panels and that JSW had not "done anything yet."
JSW declined to comment, while Adani did not respond to questions.
The commerce ministry said in a January letter to the renewables ministry seen by Reuters that it would not agree to its counterpart's request to extend the scheme beyond 2027 as doing so "will result in unfair benefit for non-performers."
The renewables ministry said in response to Reuters' questions that it was committed to "fairness and accountability," as well as "ensuring that only those who meet their targets are rewarded."
In the steel sector, investment and production also lag targets. Fourteen of the 58 projects approved for PLIs have been withdrawn or removed due to lack of progress, according to the undated program-wide analysis.
($1 = 86.4425 Indian rupees)
(Reporting by Shivangi Acharya and Sarita Chaganti Singh; Editing by Aftab Ahmed and Katerina Ang)
(([email protected];))
OpenAI And Meta Seek AI Alliance With India's Reliance - The Information
March 22 (Reuters) -
OPENAI AND META SEEK AI ALLIANCE WITH INDIA’S RELIANCE - THE INFORMATION
OPENAI DISCUSSED CUTTING CHATGPT SUBSCRIPTION PRICE BETWEEN 75% AND 85% IN INDIA - THE INFORMATION
RELIANCE DISCUSSED SELLING DATA CENTER CAPACITY TO OPENAI AND META - THE INFORMATION
Source https://tinyurl.com/ysjb57wp
(([email protected];))
March 22 (Reuters) -
OPENAI AND META SEEK AI ALLIANCE WITH INDIA’S RELIANCE - THE INFORMATION
OPENAI DISCUSSED CUTTING CHATGPT SUBSCRIPTION PRICE BETWEEN 75% AND 85% IN INDIA - THE INFORMATION
RELIANCE DISCUSSED SELLING DATA CENTER CAPACITY TO OPENAI AND META - THE INFORMATION
Source https://tinyurl.com/ysjb57wp
(([email protected];))
India's Jio Finance postpones debt offering amid elevated yields, sources say
By Dharamraj Dhutia
MUMBAI, March 21 (Reuters) - India's Jio Finance has postponed its plan to tap the corporate debt market to the next financial year starting April 1 due to elevated yields, two sources aware of the matter said on Friday.
The company, a wholly-owned unit of Jio Financial Services JIOF.NS, had issued its maiden commercial paper (CP) last week, and had plans to issue its first bond before the end of March.
Jio Finance's move comes days after Reuters reported that State Bank of India SBI.NS, the country's biggest lender by assets, shelved its own plan to raise 150 billion rupees ($1.74 billion) through a sale of bonds this fiscal year.
Jio Finance had plans to raise around 30 billion rupees through five-year bonds, and had floated an offer for a coupon of 7.75%, according to the bankers.
"Investors were not willing to bid at anything below 7.90%, but the company is not comfortable with these levels, and since there is no urgent need of money, they have decided to approach the market after April monetary policy," one source said.
The Reserve Bank of India's monetary policy decision is due on April 9, and the central bank is widely expected to cut its key interest rate by 25 basis points.
"Rates will correct once the new financial year starts, with the RBI set to reduce repo rate one more time, and with major focus on liquidity infusion, we should see some decent correction in short-term yields," the source said.
The sources requested anonymity as they are not authorised to speak to the media. Jio Finance did not immediately reply to a Reuters email for comment.
The non-banking financial company had raised 10 billion rupees through a three-month CP at a yield of 7.80%. Its bonds are rated 'AAA' and the CP is rated 'A1+' by Crisil and Care, both being the highest for the respective instruments.
Yields on corporate bonds rated 'AAA' are up by around 10 basis points since early February, despite the central bank's rate cut and cash infusion amid high supply of debt including from states.
($1 = 86.2250 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, March 21 (Reuters) - India's Jio Finance has postponed its plan to tap the corporate debt market to the next financial year starting April 1 due to elevated yields, two sources aware of the matter said on Friday.
The company, a wholly-owned unit of Jio Financial Services JIOF.NS, had issued its maiden commercial paper (CP) last week, and had plans to issue its first bond before the end of March.
Jio Finance's move comes days after Reuters reported that State Bank of India SBI.NS, the country's biggest lender by assets, shelved its own plan to raise 150 billion rupees ($1.74 billion) through a sale of bonds this fiscal year.
Jio Finance had plans to raise around 30 billion rupees through five-year bonds, and had floated an offer for a coupon of 7.75%, according to the bankers.
"Investors were not willing to bid at anything below 7.90%, but the company is not comfortable with these levels, and since there is no urgent need of money, they have decided to approach the market after April monetary policy," one source said.
The Reserve Bank of India's monetary policy decision is due on April 9, and the central bank is widely expected to cut its key interest rate by 25 basis points.
"Rates will correct once the new financial year starts, with the RBI set to reduce repo rate one more time, and with major focus on liquidity infusion, we should see some decent correction in short-term yields," the source said.
The sources requested anonymity as they are not authorised to speak to the media. Jio Finance did not immediately reply to a Reuters email for comment.
The non-banking financial company had raised 10 billion rupees through a three-month CP at a yield of 7.80%. Its bonds are rated 'AAA' and the CP is rated 'A1+' by Crisil and Care, both being the highest for the respective instruments.
Yields on corporate bonds rated 'AAA' are up by around 10 basis points since early February, despite the central bank's rate cut and cash infusion amid high supply of debt including from states.
($1 = 86.2250 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K)
(([email protected];))
Allianz and Jio Financial reach initial deal for India insurance business, Bloomberg News reports
March 20 (Reuters) - Reliance group-owned Jio Financial Services JIOF.NS has reached a preliminary agreement with Germany's Allianz SE ALVG.DE to form an insurance business in India, Bloomberg News reported on Thursday, citing people familiar with the matter.
This comes after Allianz earlier this week agreed to sell its 26% stake in its non-life and life insurance joint ventures with Bajaj Finserv BJFS.NS to the Bajaj Group for around 2.6 billion euros ($2.82 billion).
Bloomberg said that billionaire Mukesh Ambani's Jio and Allianz were in the process of finalising the ownership structure.
Allianz is aiming for a majority stake in the venture but is also open to securing governance rights with a path to taking control in the future, the report said.
Allianz and Jio Financial did not immediately respond to Reuters' request for comments.
The German insurer has said that India remains an important growth market and that it would explore new opportunities that strengthen its position in the country's insurance market.
($1 = 0.9227 euros)
(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
March 20 (Reuters) - Reliance group-owned Jio Financial Services JIOF.NS has reached a preliminary agreement with Germany's Allianz SE ALVG.DE to form an insurance business in India, Bloomberg News reported on Thursday, citing people familiar with the matter.
This comes after Allianz earlier this week agreed to sell its 26% stake in its non-life and life insurance joint ventures with Bajaj Finserv BJFS.NS to the Bajaj Group for around 2.6 billion euros ($2.82 billion).
Bloomberg said that billionaire Mukesh Ambani's Jio and Allianz were in the process of finalising the ownership structure.
Allianz is aiming for a majority stake in the venture but is also open to securing governance rights with a path to taking control in the future, the report said.
Allianz and Jio Financial did not immediately respond to Reuters' request for comments.
The German insurer has said that India remains an important growth market and that it would explore new opportunities that strengthen its position in the country's insurance market.
($1 = 0.9227 euros)
(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
Reliance Industries Says Reliance Eagleford Upstream Has Been Dissolved
March 19 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE EAGLEFORD UPSTREAM HAS BEEN DISSOLVED
Source text: [ID:]
Further company coverage: RELI.NS
(([email protected];;))
March 19 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE EAGLEFORD UPSTREAM HAS BEEN DISSOLVED
Source text: [ID:]
Further company coverage: RELI.NS
(([email protected];;))
BREAKINGVIEWS-Musk’s three-way India call is not a star link
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, March 18 (Reuters Breakingviews) - Elon Musk's businesses are breaking into India's orbit at interstellar speed. Weeks after the U.S. presidential advisor's electric-vehicle maker Tesla TSLA.O signed a lease for a store in Mumbai, firms backed by South Asian tycoons Mukesh Ambani and Sunil Bharti Mittal announced a deal to market Musk's Starlink internet services. The latest alliances may look like a win-win for all sides but they will complicate the SpaceX boss' ambition to conquer the world's second-largest telecoms market.
Bharti Airtel BRTI.NS and Reliance Industries' RELI.NS digital services unit Jio Platforms last week said they would sell Starlink devices in their retail stores and offer its broadband service to businesses. Strong domestic partners might help Musk get the official clearances Starlink is waiting for faster. Its presence would add satellite communications to the Indian operators' suite of offerings and make it easier to bring the country's geographically remote regions onto the grid.
For now, it poses no serious challenge to the incumbent duo which boasts a combined $305 billion market capitalisation and 766 million data customers. Unless the government subsidises satellite-based providers, Starlink’s pricing could be up to 14 times that of India’s major broadband networks, analysts at Bernstein reckon.
In the medium-term, though, Airtel and Jio have little incentive to push Starlink's services to their own customers, given the newcomer's potential to eventually disrupt parts of their core business: most Indians depend on mobile data for internet, meaning there’s a gap in the market for home broadband providers like Starlink. Indeed, Jio earlier disagreed with Musk on the manner in which New Delhi should distribute spectrum for satellite broadband. Both incumbents want airwaves to be allotted for just a fraction of the 20-year period that Musk prefers. Meanwhile, Airtel's parent, Bharti Enterprises, is a big investor in Starlink's Anglo-French rival Eutelsat ETL.PA.
Ultimately, U.S. President Donald Trump's tariff threats give the Indian government and its leading industrialists a strong incentive to make accommodating gestures in Washington's direction. India has seen its fair share of joint ventures with foreign companies rupture, New Delhi retains protectionist instincts, and tycoons are not easy partners. In the fast-evolving communications sector, it is easy to see how the goals of Musk and his new partners may quickly diverge.
Follow @ShritamaBose on X
CONTEXT NEWS
India's telecom regulator plans to recommend that satellite broadband spectrum be allotted for around five years to assess initial market adoption, defying Elon Musk's Starlink, which is seeking a 20-year permit, Reuters reported on March 13, citing an unnamed senior government source.
Reliance Industries' telecom unit signed a deal with Elon Musk's SpaceX to bring Starlink satellite internet services to India, the company said on March 12, a day after Bharti Airtel announced a similar arrangement with the U.S. company.
Starlink's data tariffs are much higher than average India rates https://www.reuters.com/graphics/BRV-BRV/byvrxkzggve/chart.png
(Editing by Una Galani and Ujjaini Dutta)
((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. Updates to add graphic.
By Shritama Bose
MUMBAI, March 18 (Reuters Breakingviews) - Elon Musk's businesses are breaking into India's orbit at interstellar speed. Weeks after the U.S. presidential advisor's electric-vehicle maker Tesla TSLA.O signed a lease for a store in Mumbai, firms backed by South Asian tycoons Mukesh Ambani and Sunil Bharti Mittal announced a deal to market Musk's Starlink internet services. The latest alliances may look like a win-win for all sides but they will complicate the SpaceX boss' ambition to conquer the world's second-largest telecoms market.
Bharti Airtel BRTI.NS and Reliance Industries' RELI.NS digital services unit Jio Platforms last week said they would sell Starlink devices in their retail stores and offer its broadband service to businesses. Strong domestic partners might help Musk get the official clearances Starlink is waiting for faster. Its presence would add satellite communications to the Indian operators' suite of offerings and make it easier to bring the country's geographically remote regions onto the grid.
For now, it poses no serious challenge to the incumbent duo which boasts a combined $305 billion market capitalisation and 766 million data customers. Unless the government subsidises satellite-based providers, Starlink’s pricing could be up to 14 times that of India’s major broadband networks, analysts at Bernstein reckon.
In the medium-term, though, Airtel and Jio have little incentive to push Starlink's services to their own customers, given the newcomer's potential to eventually disrupt parts of their core business: most Indians depend on mobile data for internet, meaning there’s a gap in the market for home broadband providers like Starlink. Indeed, Jio earlier disagreed with Musk on the manner in which New Delhi should distribute spectrum for satellite broadband. Both incumbents want airwaves to be allotted for just a fraction of the 20-year period that Musk prefers. Meanwhile, Airtel's parent, Bharti Enterprises, is a big investor in Starlink's Anglo-French rival Eutelsat ETL.PA.
Ultimately, U.S. President Donald Trump's tariff threats give the Indian government and its leading industrialists a strong incentive to make accommodating gestures in Washington's direction. India has seen its fair share of joint ventures with foreign companies rupture, New Delhi retains protectionist instincts, and tycoons are not easy partners. In the fast-evolving communications sector, it is easy to see how the goals of Musk and his new partners may quickly diverge.
Follow @ShritamaBose on X
CONTEXT NEWS
India's telecom regulator plans to recommend that satellite broadband spectrum be allotted for around five years to assess initial market adoption, defying Elon Musk's Starlink, which is seeking a 20-year permit, Reuters reported on March 13, citing an unnamed senior government source.
Reliance Industries' telecom unit signed a deal with Elon Musk's SpaceX to bring Starlink satellite internet services to India, the company said on March 12, a day after Bharti Airtel announced a similar arrangement with the U.S. company.
Starlink's data tariffs are much higher than average India rates https://www.reuters.com/graphics/BRV-BRV/byvrxkzggve/chart.png
(Editing by Una Galani and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Reliance Jio to offer free IPL cricket streaming on certain telecom plans
Corrects headline and paragraph one to clarify that Reliance Jio is offering free cricket streaming on certain plans
March 17 (Reuters) - Reliance Jio, India's largest telecom firm by users, said on Monday certain tariff plans will continue to give subscribers free streaming access to Indian Premier League (IPL) cricket matches, among the country's most-watched sporting events.
The plan is applicable to users recharging their accounts with 299 rupees ($3.44) or more and will enable them to watch matches on Reliance-Disney's newly merged JioHotstar streaming platform, the Reliance Group-owned firm said.
IPL, a money spinner and among the country's most-streamed content, is scheduled to be held between March 22 and May 25.
The move comes a month after Reuters reported that the Reliance-Disney JV will no longer offer completely free streaming for IPL cricket matches, as was the case in 2023 and 2024 in the old JioCinema platform, and will adopt a hybrid model where subscription kicks in after content consumption reaches a threshold.
The new plan also includes a 50-day trial of Reliance Jio's RELJ.NS, broadband internet services, to help boost home internet dominance with high-speed sports streaming.
Billionaire Mukesh Ambani's pricing strategy for the IPL and other cricketing events are closely watched - media rights for those have cost the merged group, India's biggest entertainment giant, nearly $10 billion in recent years.
The JV runs more than 100 TV channels and streaming apps in India's $28-billion media and entertainment market.
($1 = 86.8440 Indian rupees)
(Reporting by Indranil Sarkar and Aleef Jahan in Bengaluru; Editing by Sonia Cheema)
Corrects headline and paragraph one to clarify that Reliance Jio is offering free cricket streaming on certain plans
March 17 (Reuters) - Reliance Jio, India's largest telecom firm by users, said on Monday certain tariff plans will continue to give subscribers free streaming access to Indian Premier League (IPL) cricket matches, among the country's most-watched sporting events.
The plan is applicable to users recharging their accounts with 299 rupees ($3.44) or more and will enable them to watch matches on Reliance-Disney's newly merged JioHotstar streaming platform, the Reliance Group-owned firm said.
IPL, a money spinner and among the country's most-streamed content, is scheduled to be held between March 22 and May 25.
The move comes a month after Reuters reported that the Reliance-Disney JV will no longer offer completely free streaming for IPL cricket matches, as was the case in 2023 and 2024 in the old JioCinema platform, and will adopt a hybrid model where subscription kicks in after content consumption reaches a threshold.
The new plan also includes a 50-day trial of Reliance Jio's RELJ.NS, broadband internet services, to help boost home internet dominance with high-speed sports streaming.
Billionaire Mukesh Ambani's pricing strategy for the IPL and other cricketing events are closely watched - media rights for those have cost the merged group, India's biggest entertainment giant, nearly $10 billion in recent years.
The JV runs more than 100 TV channels and streaming apps in India's $28-billion media and entertainment market.
($1 = 86.8440 Indian rupees)
(Reporting by Indranil Sarkar and Aleef Jahan in Bengaluru; Editing by Sonia Cheema)
India watchdog plans to limit satellite permits to five years, defying Musk's Starlink
Musk keen to launch India services, signed distribution deals
Starlink has sought 20 year satellite spectrum broadband licence
India wants to test market, give shorter licences, official says
Starlink to compete with Ambani's Reliance in India market
By Aditya Kalra and Munsif Vengattil
NEW DELHI, March 13 (Reuters) - India's telecom regulator plans to recommend that satellite broadband spectrum be allotted for around five years to assess initial market adoption, defying Elon Musk's Starlink, which is seeking a 20-year permit, said a senior government source.
The Telecom Regulatory Authority of India (TRAI) is currently working on key recommendations to the federal government, including a time frame and pricing of satellite spectrum, which will be administratively allotted.
Musk and Indian billionaire Mukesh Ambani forged a partnership this week that will allow Starlink devices to be sold in Ambani's Reliance RELI.NS stores, giving it large distribution access. They were rivals earlier - Ambani's telco subsidiary had unsuccessfully lobbied New Delhi for months to auction spectrum, and not allot it administratively as Musk wanted.
Starlink has pushed New Delhi to allot spectrum for 20 years to focus on "affordable pricing and longer-term business plans", while Reliance sought it for three years, after which it wants India to reassess the market, according to their public submissions.
Another Indian telco, Bharti Airtel, has also pushed for a 3-5 year period for the licence. Airtel and Musk have also signed a distribution deal for Starlink, like Ambani's Reliance.
TRAI plans to agree to demands for a lower licence time-frame "of around 5 years and then see how the sector grows," said the senior government source, who declined to be named as the decision-making process is confidential.
"This will help understand how the market stabilises, so there's no point going beyond five years," said the official.
An industry source familiar with licensing processes said the shorter time-frame will allow New Delhi to revise spectrum prices after five years as the market develops.
TRAI did not respond to Reuters queries. Airtel, Reliance and Starlink also did not immediately respond.
The government source added it will take about a month for the TRAI to finalise its recommendations on the licence time- frame and a per megahertz spectrum pricing, which will then be submitted to India's telecoms ministry for further action.
Musk's deals with Reliance and Airtel are subject to Starlink winning pending regulatory clearances in India, but came weeks after Indian Prime Minister Narendra Modi met Musk in Washington, where they discussed issues including space, mobility, technology and innovation.
Ambani has been worried that his telecom company, which spent $19 billion in airwave auctions, risks losing broadband customers to Starlink and potentially even data and voice clients later.
The satellite spectrum pricing "will be substantially lower" than traditional telecom licences, which are granted via auction for 20 years, the government official added.
KPMG estimates India’s satellite communication sector will grow more than 10 times in size to touch $25 billion by 2028.
(Reporting by Aditya Kalra; Editing by Raju Gopalakrishnan)
((Email: [email protected]; X: @adityakalra;))
Musk keen to launch India services, signed distribution deals
Starlink has sought 20 year satellite spectrum broadband licence
India wants to test market, give shorter licences, official says
Starlink to compete with Ambani's Reliance in India market
By Aditya Kalra and Munsif Vengattil
NEW DELHI, March 13 (Reuters) - India's telecom regulator plans to recommend that satellite broadband spectrum be allotted for around five years to assess initial market adoption, defying Elon Musk's Starlink, which is seeking a 20-year permit, said a senior government source.
The Telecom Regulatory Authority of India (TRAI) is currently working on key recommendations to the federal government, including a time frame and pricing of satellite spectrum, which will be administratively allotted.
Musk and Indian billionaire Mukesh Ambani forged a partnership this week that will allow Starlink devices to be sold in Ambani's Reliance RELI.NS stores, giving it large distribution access. They were rivals earlier - Ambani's telco subsidiary had unsuccessfully lobbied New Delhi for months to auction spectrum, and not allot it administratively as Musk wanted.
Starlink has pushed New Delhi to allot spectrum for 20 years to focus on "affordable pricing and longer-term business plans", while Reliance sought it for three years, after which it wants India to reassess the market, according to their public submissions.
Another Indian telco, Bharti Airtel, has also pushed for a 3-5 year period for the licence. Airtel and Musk have also signed a distribution deal for Starlink, like Ambani's Reliance.
TRAI plans to agree to demands for a lower licence time-frame "of around 5 years and then see how the sector grows," said the senior government source, who declined to be named as the decision-making process is confidential.
"This will help understand how the market stabilises, so there's no point going beyond five years," said the official.
An industry source familiar with licensing processes said the shorter time-frame will allow New Delhi to revise spectrum prices after five years as the market develops.
TRAI did not respond to Reuters queries. Airtel, Reliance and Starlink also did not immediately respond.
The government source added it will take about a month for the TRAI to finalise its recommendations on the licence time- frame and a per megahertz spectrum pricing, which will then be submitted to India's telecoms ministry for further action.
Musk's deals with Reliance and Airtel are subject to Starlink winning pending regulatory clearances in India, but came weeks after Indian Prime Minister Narendra Modi met Musk in Washington, where they discussed issues including space, mobility, technology and innovation.
Ambani has been worried that his telecom company, which spent $19 billion in airwave auctions, risks losing broadband customers to Starlink and potentially even data and voice clients later.
The satellite spectrum pricing "will be substantially lower" than traditional telecom licences, which are granted via auction for 20 years, the government official added.
KPMG estimates India’s satellite communication sector will grow more than 10 times in size to touch $25 billion by 2028.
(Reporting by Aditya Kalra; Editing by Raju Gopalakrishnan)
((Email: [email protected]; X: @adityakalra;))
Musk, Ambani join hands in surprise Starlink India internet deal
Reliance Jio to stock Starlink equipment in retail stores
Deal follows similar Starlink partnership with Bharti Airtel
India's satellite service sector to grow 36% annually to $1.9 bln by 2030
Starlink still awaiting India licenses
Adds background, context in paragraph 3-4, shares paragraph 7
By Aditya Kalra, Munsif Vengattil and Nivedita Bhattacharjee
NEW DELHI, March 12 (Reuters) - Mukesh Ambani's Reliance Jio signed a deal with Elon Musk's SpaceX to bring Starlink satellite internet services to India, a surprise move from the billionaires after being at odds for months over how the country should grant them spectrum.
India's largest telecom operator will stock Starlink equipment in its retail stores, giving Starlink a direct distribution point in thousands of such outlets across the country.
Musk and Ambani had fought intensely over how airwaves should be assigned for satellite internet, with New Delhi finally siding with the allocation approach the U.S. billionaire lobbied for .
Ambani's Reliance had been concerned that Musk could dominate the telecom space once he launches his products, but the distribution deal will eventually see the Indian billionaire offering his rival's products in the fast-growing market, while also competing with them.
"While it has been surprising, it's a prudent strategy for Starlink to enter the India market and a win-win for all the parties involved earlier competing for the pie and now cooperating and sharing," said Neil Shah, co-founder of research firm Counterpoint.
The Reliance deal follows a similar partnership announcement between Starlink and India's No. 2 telecom player Bharti Airtel BRTI.NS a day before. Both the Airtel and Jio deals are conditional upon Starlink obtaining government approval to begin operations in the country.
Airtel shares lost as much as 1% in Mumbai trade on Wednesday after the Jio deal was announced, while Reliance Industries RELI.NS was trading marginally higher.
The agreements come weeks after Indian Prime Minister Narendra Modi met with Musk in Washington, where they discussed issues including space, mobility, technology and innovation.
India's satellite service sector is set to grow 36% a year to $1.9 billion by 2030, according to Deloitte.
Starlink has been waiting since 2022 for licenses to operate commercially in India, with no clear timeline yet on a decision. It has been delayed for reasons including national security concerns.
The Jio-SpaceX deal is tied to certain financial terms and will help Reliance offer Starlink products in areas where the Indian company doesn't have offerings, a source with direct knowledge of the matter said, without disclosing details.
"This is a low-cost entry model" for Starlink in India, the person added.
Jio Platforms, which runs Reliance Jio, will also provide installation and activation support for the Starlink devices.
Reliance said in a statement that Jio and SpaceX are also evaluating other areas of cooperation to leverage their respective infrastructure, without elaborating.
MUSK AND INDIA
Starlink provides coverage to over 125 markets around the world.
As it awaits a license, it has faced some challenges in India, where authorities seized two of the company's devices, one in an armed conflict zone and another in a drug smuggling bust, prompting Musk to say that its satellite internet service is inactive in India.
The stakes are high for Musk in India, where he also recently signed a deal for first Tesla showroom to sell its imported electric cars.
Yet, tariffs of over 100% weigh on the carmaker, with Musk repeatedly complaining that they are among the steepest in the world.
"The (Starlink-Jio) deal creates a business modality for Starlink to make government approvals easier," said Chaitanya Giri, Space Fellow at the Observer Research Foundation.
"The advantage with Starlink is that it is a larger constellation, it benefits from SpaceX's high rocket launch frequency, and the geopolitical heft thanks to the Trump-Musk relationship," Giri added.
Jio Platforms, which already operates a satellite internet joint venture with Luxembourg-based SES SESFg.LU, has secured approvals from India's space regulator to launch commercial satellite broadband services in the country.
In previous stand-offs with Starlink, Ambani's Reliance had urged an auction but the Indian government sided with Musk, who wanted it to be allocated administratively, in line with global trends.
Ambani had lobbied New Delhi that he wanted a level playing field. His executives have been worried his telecom company, which spent $19 billion in airwave auctions, risks losing broadband customers to Starlink and potentially data and voice clients as technology advances.
Reliance Jio to stock Starlink equipment in retail stores
Deal follows similar Starlink partnership with Bharti Airtel
India's satellite service sector to grow 36% annually to $1.9 bln by 2030
Starlink still awaiting India licenses
Adds background, context in paragraph 3-4, shares paragraph 7
By Aditya Kalra, Munsif Vengattil and Nivedita Bhattacharjee
NEW DELHI, March 12 (Reuters) - Mukesh Ambani's Reliance Jio signed a deal with Elon Musk's SpaceX to bring Starlink satellite internet services to India, a surprise move from the billionaires after being at odds for months over how the country should grant them spectrum.
India's largest telecom operator will stock Starlink equipment in its retail stores, giving Starlink a direct distribution point in thousands of such outlets across the country.
Musk and Ambani had fought intensely over how airwaves should be assigned for satellite internet, with New Delhi finally siding with the allocation approach the U.S. billionaire lobbied for .
Ambani's Reliance had been concerned that Musk could dominate the telecom space once he launches his products, but the distribution deal will eventually see the Indian billionaire offering his rival's products in the fast-growing market, while also competing with them.
"While it has been surprising, it's a prudent strategy for Starlink to enter the India market and a win-win for all the parties involved earlier competing for the pie and now cooperating and sharing," said Neil Shah, co-founder of research firm Counterpoint.
The Reliance deal follows a similar partnership announcement between Starlink and India's No. 2 telecom player Bharti Airtel BRTI.NS a day before. Both the Airtel and Jio deals are conditional upon Starlink obtaining government approval to begin operations in the country.
Airtel shares lost as much as 1% in Mumbai trade on Wednesday after the Jio deal was announced, while Reliance Industries RELI.NS was trading marginally higher.
The agreements come weeks after Indian Prime Minister Narendra Modi met with Musk in Washington, where they discussed issues including space, mobility, technology and innovation.
India's satellite service sector is set to grow 36% a year to $1.9 billion by 2030, according to Deloitte.
Starlink has been waiting since 2022 for licenses to operate commercially in India, with no clear timeline yet on a decision. It has been delayed for reasons including national security concerns.
The Jio-SpaceX deal is tied to certain financial terms and will help Reliance offer Starlink products in areas where the Indian company doesn't have offerings, a source with direct knowledge of the matter said, without disclosing details.
"This is a low-cost entry model" for Starlink in India, the person added.
Jio Platforms, which runs Reliance Jio, will also provide installation and activation support for the Starlink devices.
Reliance said in a statement that Jio and SpaceX are also evaluating other areas of cooperation to leverage their respective infrastructure, without elaborating.
MUSK AND INDIA
Starlink provides coverage to over 125 markets around the world.
As it awaits a license, it has faced some challenges in India, where authorities seized two of the company's devices, one in an armed conflict zone and another in a drug smuggling bust, prompting Musk to say that its satellite internet service is inactive in India.
The stakes are high for Musk in India, where he also recently signed a deal for first Tesla showroom to sell its imported electric cars.
Yet, tariffs of over 100% weigh on the carmaker, with Musk repeatedly complaining that they are among the steepest in the world.
"The (Starlink-Jio) deal creates a business modality for Starlink to make government approvals easier," said Chaitanya Giri, Space Fellow at the Observer Research Foundation.
"The advantage with Starlink is that it is a larger constellation, it benefits from SpaceX's high rocket launch frequency, and the geopolitical heft thanks to the Trump-Musk relationship," Giri added.
Jio Platforms, which already operates a satellite internet joint venture with Luxembourg-based SES SESFg.LU, has secured approvals from India's space regulator to launch commercial satellite broadband services in the country.
In previous stand-offs with Starlink, Ambani's Reliance had urged an auction but the Indian government sided with Musk, who wanted it to be allocated administratively, in line with global trends.
Ambani had lobbied New Delhi that he wanted a level playing field. His executives have been worried his telecom company, which spent $19 billion in airwave auctions, risks losing broadband customers to Starlink and potentially data and voice clients as technology advances.
India's benchmarks flat as Reliance offsets IT losses
** India's benchmark indexes NSE Nifty 50 .NSEI and BSE Sensex .BSESN trade flat as a rise in heavyweight Reliance offsets drop in IT
** Reliance Industries RELI.NS, second-heaviest stock in benchmarks, gains 3% after Macquarie upgrades to "outperform" from "neutral", citing improving earnings momentum
** IT stocks .NIFTYIT fall 1.3%
** Broader focussed small-caps .NIFSMCP100 rise 0.4% while mid-caps .NIFMDCP100 drop 0.4%
** Other Asian markets decline, besieged by U.S. trade policy confusion after President Donald Trump suspends 25% tariffs on most goods from Canada and Mexico until April 2 MKTS/GLOB
** Nifty rose 2% in prior two sessions after dropping 4% in 10 sessions, its longest daily losing streak on record
** It is premature to confirm a bottom formation for benchmarks, with rising uncertainty on U.S. tariff front, analysts say
** Fast-delivery firms Zomato ZOMT.NS and Swiggy SWIG.NS lose 3.2% and 0.8% after Indian consumer products distributors file antitrust case
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** India's benchmark indexes NSE Nifty 50 .NSEI and BSE Sensex .BSESN trade flat as a rise in heavyweight Reliance offsets drop in IT
** Reliance Industries RELI.NS, second-heaviest stock in benchmarks, gains 3% after Macquarie upgrades to "outperform" from "neutral", citing improving earnings momentum
** IT stocks .NIFTYIT fall 1.3%
** Broader focussed small-caps .NIFSMCP100 rise 0.4% while mid-caps .NIFMDCP100 drop 0.4%
** Other Asian markets decline, besieged by U.S. trade policy confusion after President Donald Trump suspends 25% tariffs on most goods from Canada and Mexico until April 2 MKTS/GLOB
** Nifty rose 2% in prior two sessions after dropping 4% in 10 sessions, its longest daily losing streak on record
** It is premature to confirm a bottom formation for benchmarks, with rising uncertainty on U.S. tariff front, analysts say
** Fast-delivery firms Zomato ZOMT.NS and Swiggy SWIG.NS lose 3.2% and 0.8% after Indian consumer products distributors file antitrust case
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
India's Reliance Industries gains; brokerages flag attractive valuation
** Reliance Industries RELI.NS climbs 1.5%
** Nifty 50's .NSEI second-heaviest stock lends biggest boost to index, which is up 0.1%
** Stock hit more than 15-month low this week, down over 25% since hitting all-time high in July 2024
** Jefferies says RELI at cheapest valuation in post-COVID period; reiterates "buy", retains PT at 1,660 rupees
** Adds concerns over retail slowdown, subdued energy division growth weighed on shares, but retail segment poised for growth
** Kotak Institutional Equities upgrades RELI to "buy" from "neutral"
** Expects retail business to improve in coming quarters
** RELI rated "buy" on avg; median PT is 1,559 rupees - data compiled by LSEG
** Stock down 2% YTD
(Reporting by Kashish Tandon in Bengaluru)
** Reliance Industries RELI.NS climbs 1.5%
** Nifty 50's .NSEI second-heaviest stock lends biggest boost to index, which is up 0.1%
** Stock hit more than 15-month low this week, down over 25% since hitting all-time high in July 2024
** Jefferies says RELI at cheapest valuation in post-COVID period; reiterates "buy", retains PT at 1,660 rupees
** Adds concerns over retail slowdown, subdued energy division growth weighed on shares, but retail segment poised for growth
** Kotak Institutional Equities upgrades RELI to "buy" from "neutral"
** Expects retail business to improve in coming quarters
** RELI rated "buy" on avg; median PT is 1,559 rupees - data compiled by LSEG
** Stock down 2% YTD
(Reporting by Kashish Tandon in Bengaluru)
India's Reliance Industries seeks extension for EV battery plant setup
March 4 (Reuters) - Reliance Industries RELI.NS electric vehicle battery-making unit has asked the federal government for more time to set up its manufacturing plant as part of a production-linked incentive scheme, the Mukesh Ambani-led conglomerate said on Tuesday.
The conglomerate did not specify the length of the extension sought or the reason for the delay.
In March 2022, Reliance secured incentives under the government's production-linked incentive (PLI) scheme to establish 5 gigawatts (GW) of local manufacturing capacity for advanced chemistry cells (ACCs).
The 181-billion-rupee ($2.07 billion) scheme required companies to set up manufacturing facilities within two years.
Reliance also said that the unit has received a letter from the Ministry of Heavy Industries imposing a penalty due to the delay. The penalty stood at 31 million rupees ($355,293) as of March 3.
The Indian government launched the incentive scheme to boost local production of batteries as the country aims to increase EV sales in India to 30% of total car sales. Electric models comprised about 2% of total car sales in India last year.
($1 = 87.2520 Indian rupees)
(Reporting by Sethuraman NR; Editing by Tasim Zahid)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
March 4 (Reuters) - Reliance Industries RELI.NS electric vehicle battery-making unit has asked the federal government for more time to set up its manufacturing plant as part of a production-linked incentive scheme, the Mukesh Ambani-led conglomerate said on Tuesday.
The conglomerate did not specify the length of the extension sought or the reason for the delay.
In March 2022, Reliance secured incentives under the government's production-linked incentive (PLI) scheme to establish 5 gigawatts (GW) of local manufacturing capacity for advanced chemistry cells (ACCs).
The 181-billion-rupee ($2.07 billion) scheme required companies to set up manufacturing facilities within two years.
Reliance also said that the unit has received a letter from the Ministry of Heavy Industries imposing a penalty due to the delay. The penalty stood at 31 million rupees ($355,293) as of March 3.
The Indian government launched the incentive scheme to boost local production of batteries as the country aims to increase EV sales in India to 30% of total car sales. Electric models comprised about 2% of total car sales in India last year.
($1 = 87.2520 Indian rupees)
(Reporting by Sethuraman NR; Editing by Tasim Zahid)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
INDIA STOCKS-Indian shares reverse early gains, dragged by Reliance
Updates for morning trade
By Bharath Rajeswaran and Vivek Kumar M
March 3 (Reuters) - India's benchmark indexes reversed early gains on Monday, as global trade concerns kept investor sentiment on edge, while index heavyweight Reliance Industries fell the most in five months.
The Nifty 50 .NSEI was down 0.32% at 22,057.45 by 10:34 a.m. IST, while the BSE Sensex .BSESN lost 0.36% to 72,903.31.
The indexes rose as much as 0.6% at the open after data showed India's economy expanded by 6.2% in the October-December quarter, picking up on increased government and consumer spending.
Cautious sentiment prevails in the markets, influenced by U.S. tariff uncertainty in the absence of any significant positive domestic trigger, said Hardik Matalia, analyst at Choice Broking.
Other Asian peers were muted, as investors waited anxiously to see if imminent tariffs would go ahead. MKTS/GLOB
U.S. Commerce secretary Howard Lutnick said tariffs on Canada and Mexico and an additional 10% levy on Chinese imports will come into effect this week.
"Markets will continue to be affected by (U.S. President Donald) Trump's policies," said Venugopal Garre and Nikhil Arela of Bernstein.
Reliance Industries RELI.NS, the second-heaviest stock on the benchmarks, lost 3.7% to its lowest in nearly 16 months and was set for its worst session in five months.
A unit of Reliance Industries, Reliance New Energy, risks fine after delay in setting up a battery cell plant, reported Bloomberg News.
Barring auto .NIFTYAUTO and information technology .NIFTYIT, all the other major sectors fell.
Automaker Mahindra & Mahindra MAHM.NS added 2.1%, while Eicher Motors EICH.NS gained 2.5% after reporting better than expected monthly sales for February. Hyundai Motor India HYUN.NS fell 2.1% after posting lower than expected sales.
The IT index .NIFTYIT rose 0.8%, and was on course to snap a seven-day losing streak, on brokerages positive commentary after Salesforce CRM.N guided for a 7%-to-8% growth in fiscal year 2026.
The broader, more domestically focussed small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lost 1.6% and 1.2%, respectively.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)
(([email protected]; +91 9769003463;))
Updates for morning trade
By Bharath Rajeswaran and Vivek Kumar M
March 3 (Reuters) - India's benchmark indexes reversed early gains on Monday, as global trade concerns kept investor sentiment on edge, while index heavyweight Reliance Industries fell the most in five months.
The Nifty 50 .NSEI was down 0.32% at 22,057.45 by 10:34 a.m. IST, while the BSE Sensex .BSESN lost 0.36% to 72,903.31.
The indexes rose as much as 0.6% at the open after data showed India's economy expanded by 6.2% in the October-December quarter, picking up on increased government and consumer spending.
Cautious sentiment prevails in the markets, influenced by U.S. tariff uncertainty in the absence of any significant positive domestic trigger, said Hardik Matalia, analyst at Choice Broking.
Other Asian peers were muted, as investors waited anxiously to see if imminent tariffs would go ahead. MKTS/GLOB
U.S. Commerce secretary Howard Lutnick said tariffs on Canada and Mexico and an additional 10% levy on Chinese imports will come into effect this week.
"Markets will continue to be affected by (U.S. President Donald) Trump's policies," said Venugopal Garre and Nikhil Arela of Bernstein.
Reliance Industries RELI.NS, the second-heaviest stock on the benchmarks, lost 3.7% to its lowest in nearly 16 months and was set for its worst session in five months.
A unit of Reliance Industries, Reliance New Energy, risks fine after delay in setting up a battery cell plant, reported Bloomberg News.
Barring auto .NIFTYAUTO and information technology .NIFTYIT, all the other major sectors fell.
Automaker Mahindra & Mahindra MAHM.NS added 2.1%, while Eicher Motors EICH.NS gained 2.5% after reporting better than expected monthly sales for February. Hyundai Motor India HYUN.NS fell 2.1% after posting lower than expected sales.
The IT index .NIFTYIT rose 0.8%, and was on course to snap a seven-day losing streak, on brokerages positive commentary after Salesforce CRM.N guided for a 7%-to-8% growth in fiscal year 2026.
The broader, more domestically focussed small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lost 1.6% and 1.2%, respectively.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)
(([email protected]; +91 9769003463;))
Reliance Industries Gets Tax Penalty Order Of 8.8 Mln Rupees
Feb 28 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE INDUSTRIES LTD - RECEIVES TAX PENALTY ORDER OF 8.8 MILLION RUPEES
Source text: ID:nBSE9X2gBr
Further company coverage: RELI.NS
(([email protected];))
Feb 28 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE INDUSTRIES LTD - RECEIVES TAX PENALTY ORDER OF 8.8 MILLION RUPEES
Source text: ID:nBSE9X2gBr
Further company coverage: RELI.NS
(([email protected];))
FACTBOX-US licenses and authorizations to Venezuela's oil sector
By Marianna Parraga
HOUSTON, Feb 26 (Reuters) - Since it first imposed sanctions on Venezuela's energy sector in 2019, the United States has granted individual licenses to some oil companies that allow them to export the South American country's oil to specific destinations.
Washington had imposed the sanctions over reports by international observers of irregularities in elections that have repeatedly kept President Nicolas Maduro in power.
U.S. President Donald Trump on Wednesday announced he was reversing a key license to U.S. producer Chevron Corp CVX.N, accusing Maduro of failing to make progress on electoral reforms and migrant returns.
In January, crude exports through active U.S. licenses averaged 450,000 barrels per day (bpd), accounting for 52% of the country's total exports, according to vessel monitoring data. But despite the authorizations, China has remained the main destination of Venezuela's oil.
The following is a list of licenses and authorizations linked to Venezuela's energy sector granted by the U.S. Treasury Department and State Department in recent years:
U.S. COMPANIES
When the U.S. imposed sanctions in 2019 through executive orders targeting the country's oil and gas sector, all U.S. imports of Venezuelan crude were immediately suspended, hitting U.S. producers with operations in Venezuela such as Chevron. U.S. service firms including SLB SLB.N, Halliburton HAL.N, Baker Hughes BKR.O and Weatherford WFRD.O were also affected.
However, the U.S. Treasury Department allowed most foreign partners of state oil company PDVSA PDVSA.UL to continue producing oil in Venezuela and exporting to destinations other than the U.S.
Under Trump's 'maximum pressure' campaign against Maduro, some firms trading and shipping Venezuela oil, including units of Russia's Rosneft ROSN.MM, also were sanctioned in 2020.
Many PDVSA partners including Chevron ceased exports of Venezuelan oil as a result, which led to a rapid accumulation of debt and dividends, and the state company began using little known intermediaries to allocate its crude to China.
In late 2022, however, President Joe Biden's administration granted an automatically renewable license to Chevron to expand operations in Venezuela and resume exports to the U.S. with the goal of recovering up to $3 billion in debt.
Trump said on Wednesday that deal was being terminated.
EUROPEAN COMPANIES
Since 2019, the U.S. State Department has issued individual authorizations to European companies including Spain's Repsol REP.MC, Italy's Eni ENI.MI and France's Maurel & Prom MAUP.PA to operate in Venezuela and export Venezuelan oil.
Most authorizations include options for the European companies to swap PDVSA's Venezuelan crude for refined products, which has eased scarcity of motor fuels and diluents for extra-heavy oil output in the OPEC country.
The permits granted during Biden's administration limited the destinations of Venezuelan crude cargoes sent by PDVSA's European partners, which has ultimately lead to an increase in imports of Venezuelan crude by authorized countries such as Spain.
INDIAN COMPANIES
Indian refiner Reliance Industries RELI.NS has also received U.S. authorizations intermittently in recent years, with the most recent in effect since 2024.
The permit has allowed small volumes of Venezuela's oil to flow to India, which was its third-largest market before sanctions were imposed.
TRINIDAD
Biden's government issued two licenses for natural gas developments between Venezuela and Trinidad and Tobago, one including Shell SHEL.L and Trinidad's National Gas Company NGCTT.UL for the Dragon offshore gas project, and another to BP BP.L for the Cocuina-Manakin project.
Both authorizations are current, with Trinidad aiming for extensions so the projects can secure first gas output to be supplied to Trinidad in coming years.
(Reporting by Marianna Parraga; Editing by Lincoln Feast.)
(([email protected]; +1 713 371 7559; Reuters Messaging: @mariannaparraga))
By Marianna Parraga
HOUSTON, Feb 26 (Reuters) - Since it first imposed sanctions on Venezuela's energy sector in 2019, the United States has granted individual licenses to some oil companies that allow them to export the South American country's oil to specific destinations.
Washington had imposed the sanctions over reports by international observers of irregularities in elections that have repeatedly kept President Nicolas Maduro in power.
U.S. President Donald Trump on Wednesday announced he was reversing a key license to U.S. producer Chevron Corp CVX.N, accusing Maduro of failing to make progress on electoral reforms and migrant returns.
In January, crude exports through active U.S. licenses averaged 450,000 barrels per day (bpd), accounting for 52% of the country's total exports, according to vessel monitoring data. But despite the authorizations, China has remained the main destination of Venezuela's oil.
The following is a list of licenses and authorizations linked to Venezuela's energy sector granted by the U.S. Treasury Department and State Department in recent years:
U.S. COMPANIES
When the U.S. imposed sanctions in 2019 through executive orders targeting the country's oil and gas sector, all U.S. imports of Venezuelan crude were immediately suspended, hitting U.S. producers with operations in Venezuela such as Chevron. U.S. service firms including SLB SLB.N, Halliburton HAL.N, Baker Hughes BKR.O and Weatherford WFRD.O were also affected.
However, the U.S. Treasury Department allowed most foreign partners of state oil company PDVSA PDVSA.UL to continue producing oil in Venezuela and exporting to destinations other than the U.S.
Under Trump's 'maximum pressure' campaign against Maduro, some firms trading and shipping Venezuela oil, including units of Russia's Rosneft ROSN.MM, also were sanctioned in 2020.
Many PDVSA partners including Chevron ceased exports of Venezuelan oil as a result, which led to a rapid accumulation of debt and dividends, and the state company began using little known intermediaries to allocate its crude to China.
In late 2022, however, President Joe Biden's administration granted an automatically renewable license to Chevron to expand operations in Venezuela and resume exports to the U.S. with the goal of recovering up to $3 billion in debt.
Trump said on Wednesday that deal was being terminated.
EUROPEAN COMPANIES
Since 2019, the U.S. State Department has issued individual authorizations to European companies including Spain's Repsol REP.MC, Italy's Eni ENI.MI and France's Maurel & Prom MAUP.PA to operate in Venezuela and export Venezuelan oil.
Most authorizations include options for the European companies to swap PDVSA's Venezuelan crude for refined products, which has eased scarcity of motor fuels and diluents for extra-heavy oil output in the OPEC country.
The permits granted during Biden's administration limited the destinations of Venezuelan crude cargoes sent by PDVSA's European partners, which has ultimately lead to an increase in imports of Venezuelan crude by authorized countries such as Spain.
INDIAN COMPANIES
Indian refiner Reliance Industries RELI.NS has also received U.S. authorizations intermittently in recent years, with the most recent in effect since 2024.
The permit has allowed small volumes of Venezuela's oil to flow to India, which was its third-largest market before sanctions were imposed.
TRINIDAD
Biden's government issued two licenses for natural gas developments between Venezuela and Trinidad and Tobago, one including Shell SHEL.L and Trinidad's National Gas Company NGCTT.UL for the Dragon offshore gas project, and another to BP BP.L for the Cocuina-Manakin project.
Both authorizations are current, with Trinidad aiming for extensions so the projects can secure first gas output to be supplied to Trinidad in coming years.
(Reporting by Marianna Parraga; Editing by Lincoln Feast.)
(([email protected]; +1 713 371 7559; Reuters Messaging: @mariannaparraga))
ONGC Clarifies Report "Did ONGC Hide Major Legal Victory Against Reliance Industries"
Feb 26 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:
ONGC - CLARIFIES REPORT "DID ONGC HIDE MAJOR LEGAL VICTORY AGAINST RELIANCE INDUSTRIES"
ONGC LTD - CO IS NOT A PARTY IN ABOVE REFERRED COURT CASE
ONGC - REPORTED CASE IS BETWEEN GOVERNMENT OF INDIA, RELIANCE INDUSTRIES
Source text: ID:nBSE48R0lh
Further company coverage: ONGC.NS
(([email protected];))
Feb 26 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:
ONGC - CLARIFIES REPORT "DID ONGC HIDE MAJOR LEGAL VICTORY AGAINST RELIANCE INDUSTRIES"
ONGC LTD - CO IS NOT A PARTY IN ABOVE REFERRED COURT CASE
ONGC - REPORTED CASE IS BETWEEN GOVERNMENT OF INDIA, RELIANCE INDUSTRIES
Source text: ID:nBSE48R0lh
Further company coverage: ONGC.NS
(([email protected];))
India's Tata Play, Airtel Digital TV near merger, ET reports
Adds more merger information, context, share price movement
Feb 25 (Reuters) - India's Tata Group and Bharti Group are close to merging their satellite TV businesses, creating a nearly $1.6 billion entity with the aim of tiding over the sustained migration of subscribers to digital streaming, Economic Times reported on Tuesday.
The merged entity is expected to be run by Bharti Airtel BRTI.NS, which will likely hold between 52%-55% with the remaining held by Tata Play TATK.BO shareholders, including Walt Disney DIS.N, the report said, citing sources.
Bharti Airtel, Tata Play and Disney did not immediately respond to Reuters requests for comments.
Tata Play, a 70:30 venture between Tata Sons and Disney, and Airtel had a combined 35 million paid subscribers as of last September, more than half the 60 million subscribers industry-wide at the time, according to a government report.
The two businesses are being approximately valued between 60 billion ($690.76 million)-70 billion rupees ($805.89 million) each, with their revenue exceeding 70 billion rupees in fiscal 2024, ET reported.
The deal is the second major one in the sector since Dish TV DSTV.NS merged with Videocon d2h in 2016 and follows the $8.5 billion-merger of Reliance Industries RELI.NS streaming media assets with Disney's Indian media assets last year.
Bharti Airtel shares were last up 1.7% on the day.
($1 = 86.8610 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Sumana Nandy)
Adds more merger information, context, share price movement
Feb 25 (Reuters) - India's Tata Group and Bharti Group are close to merging their satellite TV businesses, creating a nearly $1.6 billion entity with the aim of tiding over the sustained migration of subscribers to digital streaming, Economic Times reported on Tuesday.
The merged entity is expected to be run by Bharti Airtel BRTI.NS, which will likely hold between 52%-55% with the remaining held by Tata Play TATK.BO shareholders, including Walt Disney DIS.N, the report said, citing sources.
Bharti Airtel, Tata Play and Disney did not immediately respond to Reuters requests for comments.
Tata Play, a 70:30 venture between Tata Sons and Disney, and Airtel had a combined 35 million paid subscribers as of last September, more than half the 60 million subscribers industry-wide at the time, according to a government report.
The two businesses are being approximately valued between 60 billion ($690.76 million)-70 billion rupees ($805.89 million) each, with their revenue exceeding 70 billion rupees in fiscal 2024, ET reported.
The deal is the second major one in the sector since Dish TV DSTV.NS merged with Videocon d2h in 2016 and follows the $8.5 billion-merger of Reliance Industries RELI.NS streaming media assets with Disney's Indian media assets last year.
Bharti Airtel shares were last up 1.7% on the day.
($1 = 86.8610 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Sumana Nandy)
MEDIA-BlackRock veteran Swaminathan to lead its India venture with Jio - Bloomberg News
-- Source link: https://tinyurl.com/ynajmfz8
-- Note: Reuters has not verified this story and does not vouch for its accuracy
((Bengaluru newsroom, [email protected]))
-- Source link: https://tinyurl.com/ynajmfz8
-- Note: Reuters has not verified this story and does not vouch for its accuracy
((Bengaluru newsroom, [email protected]))
BREAKINGVIEWS-India’s banks will struggle to keep equities crown
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.
A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.
It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.
The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.
The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.
But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.
Kotak and its peers may find their dealmaking crown was easier to earn than to hold.
Follow @ShritamaBose on X
CONTEXT NEWS
Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.
Graphic: India equity fundraising edged past Hong Kong in 2024 https://reut.rs/3WDLcu6
(Editing by Antony Currie and 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, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.
A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.
It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.
The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.
The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.
But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.
Kotak and its peers may find their dealmaking crown was easier to earn than to hold.
Follow @ShritamaBose on X
CONTEXT NEWS
Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.
Graphic: India equity fundraising edged past Hong Kong in 2024 https://reut.rs/3WDLcu6
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
India's Reliance Consumer Products Enters The UAE With The Launch Of Brand Campa
Feb 18 (Reuters) - Reliance Industries Ltd RELI.NS:
INDIA'S RELIANCE CONSUMER PRODUCTS ENTERS THE UAE WITH THE LAUNCH OF BRAND CAMPA
Source text: [ID:]
Further company coverage: RELI.NS
(([email protected];;))
Feb 18 (Reuters) - Reliance Industries Ltd RELI.NS:
INDIA'S RELIANCE CONSUMER PRODUCTS ENTERS THE UAE WITH THE LAUNCH OF BRAND CAMPA
Source text: [ID:]
Further company coverage: RELI.NS
(([email protected];;))
INDIA STOCKS-Indian benchmarks end flat as Reliance, HDFC offset weakness in earnings, trade worries
Updates for markets close
By Bharath Rajeswaran and Chris Thomas
Feb 17 (Reuters) - India's benchmark indexes settled flat on Monday after eight sessions of declines, as gains in heavyweights HDFC Bank and Reliance Industries offset weakness due to muted corporate earnings and global trade uncertainty.
The Nifty 50 .NSEI added 0.13% to 22,959.5, while the BSE Sensex .BSESN was up 0.08% at 75,996.86.
Both the benchmarks logged their longest losing streak in two years on Friday.
They had dropped 0.8% each during Monday's session before erasing losses in the final hour. The volatility index .NIFVIX spiked for the sixth session in a row to 15.72, a two-week closing high.
Markets could continue to remain muted due to a combination of factors such as slowing earnings, elevated corporate valuations and concerns over U.S. tariffs, said Seshadri Sen, head of research at Emkay Global.
HDFC Bank HDBK.NS and Reliance Industries RELI.NS, the heaviest stocks on the Nifty 50, rose 1.33% and 0.63% on the day, helping the benchmarks recover from intraday losses.
Large caps are likely to remain resilient due to their valuations falling below the 10-year average after the recent drop in markets, analysts said.
The broader smallcaps .NIFSMCP100 closed flat, while midcaps .NIFMDCP100 gained 0.4%.
On Friday, the small-cap index ended more than 20% below its record closing high on December 11, confirming a bear market.
Even with the sharp decline, small and midcaps are still trading above their historical average valuations, making them vulnerable to further selling pressure, said Rohit Murarka, business head of Kotak Cherry at Kotak Alternate Asset Managers.
Information technology .NIFTYIT, the second heaviest sub-index on the benchmarks, fell 0.6%, with eight of its 10 constituents in the red.
The auto index .NIFTYAUTO lost 0.5%, dragged down by a 3.8% drop in Mahindra & Mahindra MAHM.NS. The stock has fallen 13.4% since a record peak on Feb. 10.
UBS on Monday said the booking numbers for the firm's new electric vehicles fell short of expectations.
(Reporting by Bharath Rajeswaran and Chris Thomas in Bengaluru; Editing by Sumana Nandy, Savio D'Souza, Mrigank Dhaniwala and Sonia Cheema)
(([email protected]; +91 9769003463;))
Updates for markets close
By Bharath Rajeswaran and Chris Thomas
Feb 17 (Reuters) - India's benchmark indexes settled flat on Monday after eight sessions of declines, as gains in heavyweights HDFC Bank and Reliance Industries offset weakness due to muted corporate earnings and global trade uncertainty.
The Nifty 50 .NSEI added 0.13% to 22,959.5, while the BSE Sensex .BSESN was up 0.08% at 75,996.86.
Both the benchmarks logged their longest losing streak in two years on Friday.
They had dropped 0.8% each during Monday's session before erasing losses in the final hour. The volatility index .NIFVIX spiked for the sixth session in a row to 15.72, a two-week closing high.
Markets could continue to remain muted due to a combination of factors such as slowing earnings, elevated corporate valuations and concerns over U.S. tariffs, said Seshadri Sen, head of research at Emkay Global.
HDFC Bank HDBK.NS and Reliance Industries RELI.NS, the heaviest stocks on the Nifty 50, rose 1.33% and 0.63% on the day, helping the benchmarks recover from intraday losses.
Large caps are likely to remain resilient due to their valuations falling below the 10-year average after the recent drop in markets, analysts said.
The broader smallcaps .NIFSMCP100 closed flat, while midcaps .NIFMDCP100 gained 0.4%.
On Friday, the small-cap index ended more than 20% below its record closing high on December 11, confirming a bear market.
Even with the sharp decline, small and midcaps are still trading above their historical average valuations, making them vulnerable to further selling pressure, said Rohit Murarka, business head of Kotak Cherry at Kotak Alternate Asset Managers.
Information technology .NIFTYIT, the second heaviest sub-index on the benchmarks, fell 0.6%, with eight of its 10 constituents in the red.
The auto index .NIFTYAUTO lost 0.5%, dragged down by a 3.8% drop in Mahindra & Mahindra MAHM.NS. The stock has fallen 13.4% since a record peak on Feb. 10.
UBS on Monday said the booking numbers for the firm's new electric vehicles fell short of expectations.
(Reporting by Bharath Rajeswaran and Chris Thomas in Bengaluru; Editing by Sumana Nandy, Savio D'Souza, Mrigank Dhaniwala and Sonia Cheema)
(([email protected]; +91 9769003463;))
Reliance Industries Buys Lakadia B Power Transmission For 67.3 Million Rupees
Feb 14 (Reuters) - Reliance Industries Ltd RELI.NS:
ACQUIRED LAKADIA B POWER TRANSMISSION FOR 67.3 MILLION RUPEES
Source text: ID:nBSE7SJ7kW
Further company coverage: RELI.NS
(([email protected];))
Feb 14 (Reuters) - Reliance Industries Ltd RELI.NS:
ACQUIRED LAKADIA B POWER TRANSMISSION FOR 67.3 MILLION RUPEES
Source text: ID:nBSE7SJ7kW
Further company coverage: RELI.NS
(([email protected];))
Reliance-Disney to stop completely free IPL cricket streaming in India, sources say
By Aditya Kalra
NEW DELHI, Feb 13 (Reuters) - The Reliance-Disney joint venture will no longer offer completely free streaming for IPL cricket matches and will adopt a hybrid model where subscription kicks in after content consumption reaches a threshold, three sources told Reuters on Thursday.
The entity will also launch a new rebranded streaming app, with plans starting at 149 rupees, said the first source.
The decision to change the terms of streaming the Indian Premier League (IPL), the world's richest cricket league, comes after Indian billionaire Mukesh Ambani's Reliance and Walt Disney combined their India media assets in an $8.5 billion merger last year.
JioCinema has allowed free IPL streaming since securing the rights for the popular tournament for five years, beginning in 2023 for $3 billion.
Now, all streaming content, including IPL, will shift to a hybrid model where free viewing will be offered for a while, and then users will need to take subscriptions depending on their consumption patterns, said two of the sources with direct knowledge.
"Once a user develops affinity to the platform, start watching free, becomes loyal ... the subscription will kick in then," said the first source, adding that each user's subscription could start at a different point of time.
The sources declined to be named as the plans are confidential.
Reliance, which controls the joint venture, did not respond to requests for comment.
The joint venture entity's streaming offering will be available on a new rebranded app, which will offer a basic plan starting 149 rupees ($1.72) and an ad-free version for 499 rupees ($5.75) for three months, said the first source.
The Reliance-Disney venture runs more than 100 TV channels and streaming apps in India's $28-billion media and entertainment market, where it also competes with Netflix and Amazon Prime, among others.
JioCinema had the rights to IPL cricket, a money-spinner and among the most-streamed content, as well as to the Winter Olympics and Indian Super League football. Disney's Hotstar app had the rights to the International Cricket Council's tournaments in India and English Premier League soccer.
Key decisions at the entity are being taken by Vice Chairman Uday Shankar, a media industry veteran who in his previous roles was instrumental in the rise of Disney's Hotstar streaming app.
(Reporting by Aditya Kalra; additional reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)
((Email: [email protected]; X: @adityakalra;))
By Aditya Kalra
NEW DELHI, Feb 13 (Reuters) - The Reliance-Disney joint venture will no longer offer completely free streaming for IPL cricket matches and will adopt a hybrid model where subscription kicks in after content consumption reaches a threshold, three sources told Reuters on Thursday.
The entity will also launch a new rebranded streaming app, with plans starting at 149 rupees, said the first source.
The decision to change the terms of streaming the Indian Premier League (IPL), the world's richest cricket league, comes after Indian billionaire Mukesh Ambani's Reliance and Walt Disney combined their India media assets in an $8.5 billion merger last year.
JioCinema has allowed free IPL streaming since securing the rights for the popular tournament for five years, beginning in 2023 for $3 billion.
Now, all streaming content, including IPL, will shift to a hybrid model where free viewing will be offered for a while, and then users will need to take subscriptions depending on their consumption patterns, said two of the sources with direct knowledge.
"Once a user develops affinity to the platform, start watching free, becomes loyal ... the subscription will kick in then," said the first source, adding that each user's subscription could start at a different point of time.
The sources declined to be named as the plans are confidential.
Reliance, which controls the joint venture, did not respond to requests for comment.
The joint venture entity's streaming offering will be available on a new rebranded app, which will offer a basic plan starting 149 rupees ($1.72) and an ad-free version for 499 rupees ($5.75) for three months, said the first source.
The Reliance-Disney venture runs more than 100 TV channels and streaming apps in India's $28-billion media and entertainment market, where it also competes with Netflix and Amazon Prime, among others.
JioCinema had the rights to IPL cricket, a money-spinner and among the most-streamed content, as well as to the Winter Olympics and Indian Super League football. Disney's Hotstar app had the rights to the International Cricket Council's tournaments in India and English Premier League soccer.
Key decisions at the entity are being taken by Vice Chairman Uday Shankar, a media industry veteran who in his previous roles was instrumental in the rise of Disney's Hotstar streaming app.
(Reporting by Aditya Kalra; additional reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)
((Email: [email protected]; X: @adityakalra;))
Reliance Industries Says Incorporation Of Wholly Owned Subsidiary In Singapore
Feb 12 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE INDUSTRIES - INCORPORATION OF A WHOLLY OWNED SUBSIDIARY IN SINGAPORE
RELIANCE INDUSTRIES - UNIT TO SET UP GLOBAL CAPABILITY CENTRE FOR CONSOLIDATING RESEARCH AND DEVELOPMENT ACTIVITIES
RELIANCE INDUSTRIES - COMPANY WILL INVEST USD 100,000 TOWARDS
Source text: ID:nBSEbtJtD6
Further company coverage: RELI.NS
(([email protected];))
Feb 12 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE INDUSTRIES - INCORPORATION OF A WHOLLY OWNED SUBSIDIARY IN SINGAPORE
RELIANCE INDUSTRIES - UNIT TO SET UP GLOBAL CAPABILITY CENTRE FOR CONSOLIDATING RESEARCH AND DEVELOPMENT ACTIVITIES
RELIANCE INDUSTRIES - COMPANY WILL INVEST USD 100,000 TOWARDS
Source text: ID:nBSEbtJtD6
Further company coverage: RELI.NS
(([email protected];))
BREAKINGVIEWS-Migration jeopardises Modi's US charm offensive
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 11 (Reuters Breakingviews) - India is pulling out all the stops to be on Donald Trump's good side. The country has already made tariff concessions and fielded a planeload of deported immigrants ahead of Prime Minister Narendra Modi's visit to meet the U.S. President at the White House. But it is migration, not trade, that will be the sticking point in bilateral relations.
Narrowing India's $35 billion trade surplus with the United States should be manageable. Earlier this month, New Delhi undertook wide-ranging cuts to duties on American imports from Harley Davidson HOG.N motorcycles to components used by Apple AAPL.O to build smartphones. The country can also pledge to buy more American weapons and oil. Shipments of the latter amounted to $5 billion, or just 4% of bilateral trade, in the year to March 2024.
What Modi can offer on migration is far less straightforward. Trump has vowed to deport millions of illegal workers in the country and as of 2022, India was the third-largest source of undocumented immigrants in the U.S. behind Mexico and El Salvador, per data from Pew Research Center.
The country also supplies a huge chunk of legal skilled workers: India accounts for 72% of so-called H-1B visas, which allow companies from Amazon AMZN.O to Alphabet GOOGL.O, as well as Indian giants like Tata Consultancy Services TCS.NS, to hire specialised overseas workers such as software engineers. The programme benefits both sides: Big Tech gets access to lower-cost talent while India's skilled labour can find employment. But visa issuances have shrunk in recent years and the programme is getting an intense backlash from some of Trump's supporters.
A possible deal could see Modi agree to accept deported Indians back into the country without fuss in exchange for U.S. officials to speed up H-1B visas. But a repeat of the spectacle this month of hundreds of handcuffed people alighting from a U.S. military plane would be politically embarrassing, and shines an ugly spotlight on India's lack of high-quality jobs.
The problem for Modi, though, is that he has a weak hand with Trump with the fortunes of India's top tycoons hanging in the balance. Infrastructure magnate Gautam Adani is battling fraud charges levelled by U.S. federal investigators and the Securities and Exchange Commission, which his Adani group denies. The White House can also squeeze access to cheap Russian oil that helps India to keep inflation low, and which its largest company, Mukesh Ambani's Reliance Industries RELI.NS, is processing, or punish India with tariffs for pushing trade transactions in non-dollar currencies. A lot rides on Modi's U.S. charm offensive.
Follow @ShritamaBose on X.
CONTEXT NEWS
U.S. President Donald Trump has invited Indian Prime Minister Narendra Modi to visit the White House during February 12-14, Reuters reported on February 4, citing an unnamed White House official.
Separately, India slashed custom duties on motorcycles, such as those from Harley Davidson, with engine capacity of 1,600 cc or more, to 30% from 50% on fully built imports in the government’s annual budget announced on February 1. New Delhi also cut average tariffs to 11% from 13%, Finance Secretary Tuhin Kanta Pandey told Reuters in an interview after the budget.
Graphic: India is the third largest source of unauthorised immigrants in the U.S. https://reut.rs/4jPWplj
(Editing by Robyn Mak and Ujjaini Dutta)
((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, Feb 11 (Reuters Breakingviews) - India is pulling out all the stops to be on Donald Trump's good side. The country has already made tariff concessions and fielded a planeload of deported immigrants ahead of Prime Minister Narendra Modi's visit to meet the U.S. President at the White House. But it is migration, not trade, that will be the sticking point in bilateral relations.
Narrowing India's $35 billion trade surplus with the United States should be manageable. Earlier this month, New Delhi undertook wide-ranging cuts to duties on American imports from Harley Davidson HOG.N motorcycles to components used by Apple AAPL.O to build smartphones. The country can also pledge to buy more American weapons and oil. Shipments of the latter amounted to $5 billion, or just 4% of bilateral trade, in the year to March 2024.
What Modi can offer on migration is far less straightforward. Trump has vowed to deport millions of illegal workers in the country and as of 2022, India was the third-largest source of undocumented immigrants in the U.S. behind Mexico and El Salvador, per data from Pew Research Center.
The country also supplies a huge chunk of legal skilled workers: India accounts for 72% of so-called H-1B visas, which allow companies from Amazon AMZN.O to Alphabet GOOGL.O, as well as Indian giants like Tata Consultancy Services TCS.NS, to hire specialised overseas workers such as software engineers. The programme benefits both sides: Big Tech gets access to lower-cost talent while India's skilled labour can find employment. But visa issuances have shrunk in recent years and the programme is getting an intense backlash from some of Trump's supporters.
A possible deal could see Modi agree to accept deported Indians back into the country without fuss in exchange for U.S. officials to speed up H-1B visas. But a repeat of the spectacle this month of hundreds of handcuffed people alighting from a U.S. military plane would be politically embarrassing, and shines an ugly spotlight on India's lack of high-quality jobs.
The problem for Modi, though, is that he has a weak hand with Trump with the fortunes of India's top tycoons hanging in the balance. Infrastructure magnate Gautam Adani is battling fraud charges levelled by U.S. federal investigators and the Securities and Exchange Commission, which his Adani group denies. The White House can also squeeze access to cheap Russian oil that helps India to keep inflation low, and which its largest company, Mukesh Ambani's Reliance Industries RELI.NS, is processing, or punish India with tariffs for pushing trade transactions in non-dollar currencies. A lot rides on Modi's U.S. charm offensive.
Follow @ShritamaBose on X.
CONTEXT NEWS
U.S. President Donald Trump has invited Indian Prime Minister Narendra Modi to visit the White House during February 12-14, Reuters reported on February 4, citing an unnamed White House official.
Separately, India slashed custom duties on motorcycles, such as those from Harley Davidson, with engine capacity of 1,600 cc or more, to 30% from 50% on fully built imports in the government’s annual budget announced on February 1. New Delhi also cut average tariffs to 11% from 13%, Finance Secretary Tuhin Kanta Pandey told Reuters in an interview after the budget.
Graphic: India is the third largest source of unauthorised immigrants in the U.S. https://reut.rs/4jPWplj
(Editing by Robyn Mak and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Walt Disney beats earnings estimates with help from 'Moana 2'
Q1 adjusted EPS up 44% to $1.76, tops analyst estimates
Disney reaffirms forecast of high single-digit earnings growth in fiscal 2025
Disney+ streaming service sheds about 1 million subscribers following price increase
Updates with remarks from investor call, stock movement
By Dawn Chmielewski and Lisa Richwine
Feb 5 (Reuters) - Walt Disney DIS.N sharply outperformed Wall Street's quarterly earnings estimates on Wednesday, with results buoyed by the strong holiday box office performance of animated sequel "Moana 2," though the company warned of a modest decline in Disney+ streaming subscribers in the coming quarter.
The strength in entertainment helped offset a decline at Disney's domestic theme parks, which were impacted by hurricanes Helene and Milton in Florida. The parks-led Experiences group also incurred about $75 million in expenses associated with the December launch of the Disney Treasure cruise ship.
Disney reported a 44% jump in adjusted per-share earnings of $1.76 for the October-December quarter, exceeding the $1.45 per-share earnings consensus estimate of 24 analysts surveyed by LSEG.
Revenue for the fiscal first quarter rose 5% to $24.69 billion, slightly ahead of analysts' projections of $24.62 billion. Operating income rose 31% from a year earlier to $5.1 billion.
Shares fell more than 1% in early trading, as investors appeared to react to Disney's guidance that its flagship Disney+ streaming service would shed a modest number of subscribers in the coming quarter following its recent price increase. That stands in sharp contrast to rival Netflix's record gains of 19 million subscribers.
"Clearly, Netflix won last quarter's battle in the overall streaming war," said Forrester research director Mike Proulx. "While Disney’s (streaming) business posted a modest revenue increase, it was largely driven by price hikes. Price pinching consumers isn’t a long-term growth strategy."
Disney forecast "high single digit" adjusted earnings-per-share growth in fiscal 2025 compared with 2024, and an increase of approximately $875 million in operating income at the streaming entertainment unit.
The company also said it would incur $50 million in costs associated with exiting its Venu Sports joint venture with Warner Bros Discovery WBD.O and Fox FOXA.O. The media companies abandoned their plans for a sports streaming service in January, after it ran into substantial legal opposition.
Operating income at Disney's Entertainment unit, which includes film, television and streaming, increased to $1.7 billion, nearly double the results from a year earlier, thanks in part to the strong performance of "Moana 2."
The animated sequel topped $1 billion in box office in January, becoming the fourth Walt Disney Animation film to reach that milestone.
"Disney has turned in the fairytale performance investors had been hoping for ... It shows that Disney is still a powerful force to be reckoned with when it comes to delivering blockbuster hits," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
TELEVISION BUSINESS
Disney's traditional television business continued to erode. Operating income at so-called linear networks fell 11% to $1.1 billion. Iger called the company's venerable TV networks "an asset" that enhances its overall television business, including streaming.
"While I won't rule out the possibility some of the smaller networks, in some form or another, being configured differently in terms of how we bring them to market, maybe even ownership," said Iger. "But right now, we actually feel good about the hand that we have."
The remarks come as Comcast CMCSA.O prepares to spin off its some cable networks into a separately traded company.
Subscribers for the flagship streaming video service, Disney+, slipped 1% from the prior quarter to 124.6 million. The company had warned of a modest drop because of a price increase that took effect in October. It also forecast a modest decline in Disney+ subscribers in the second quarter compared to the first.
Disney+ and Hulu produced an operating profit of $293 million, marking the third straight quarter of profitability and a turnaround from the year-ago loss of $138 million.
Disney said its addition of ESPN to Disney+ has encouraged subscribers to sample sports programming, increasing time spent on the app, a trend it hopes to capitalize on with the addition of a daily "SportsCenter" studio show called "SC+" this year. All of this sets the stage for the launch of its flagship ESPN offering within the app this fall.
In the Experiences segment, which includes consumer products and the cruise line, as well as parks, operating income was roughly flat at $3.1 billion. Profit declined 5% at domestic parks because the hurricanes and cruise ship costs, while operating income at international parks rose 28% from a year ago.
"Parks has always been Disney's ace-in-the-hole, a massively profitable division that helped to subsidize the immense cost required to prop up a cash-burning streaming operation," said Brandon Katz, senior entertainment industry strategist at Parrot Analytics.
"It's concerning that Parks has now reported softer-than-expected results in back-to-back quarters."
At the Sports unit, which includes the ESPN network and Star India business, operating income was $247 million, compared with a year-ago loss, in part reflecting improvement in Star India's operating results ahead of Disney and Reliance Industries completing a deal to combine their Indian media assets.
Iger appeared to reference rival Netflix's entry into live sports during the investor call, and its Jake Paul-Mike Tyson boxing match and its Christmas Day NFL games, saying ESPN provides sports fans with programming "365 days a year, 24 hours a day."
"So if you're a sports fan, it's not about one day of one boxing event or one day of football," said Iger. "It's about sports every single day of the year and every hour of the day. And that's a pretty compelling ... consumer proposition."
(Reporting by Dawn Chmielewski in Los Angeles; Additional reporting by Deborah Sophia in Bengaluru; Editing by Saumyadeb Chakrabarty and Nick Zieminski)
(([email protected];))
Q1 adjusted EPS up 44% to $1.76, tops analyst estimates
Disney reaffirms forecast of high single-digit earnings growth in fiscal 2025
Disney+ streaming service sheds about 1 million subscribers following price increase
Updates with remarks from investor call, stock movement
By Dawn Chmielewski and Lisa Richwine
Feb 5 (Reuters) - Walt Disney DIS.N sharply outperformed Wall Street's quarterly earnings estimates on Wednesday, with results buoyed by the strong holiday box office performance of animated sequel "Moana 2," though the company warned of a modest decline in Disney+ streaming subscribers in the coming quarter.
The strength in entertainment helped offset a decline at Disney's domestic theme parks, which were impacted by hurricanes Helene and Milton in Florida. The parks-led Experiences group also incurred about $75 million in expenses associated with the December launch of the Disney Treasure cruise ship.
Disney reported a 44% jump in adjusted per-share earnings of $1.76 for the October-December quarter, exceeding the $1.45 per-share earnings consensus estimate of 24 analysts surveyed by LSEG.
Revenue for the fiscal first quarter rose 5% to $24.69 billion, slightly ahead of analysts' projections of $24.62 billion. Operating income rose 31% from a year earlier to $5.1 billion.
Shares fell more than 1% in early trading, as investors appeared to react to Disney's guidance that its flagship Disney+ streaming service would shed a modest number of subscribers in the coming quarter following its recent price increase. That stands in sharp contrast to rival Netflix's record gains of 19 million subscribers.
"Clearly, Netflix won last quarter's battle in the overall streaming war," said Forrester research director Mike Proulx. "While Disney’s (streaming) business posted a modest revenue increase, it was largely driven by price hikes. Price pinching consumers isn’t a long-term growth strategy."
Disney forecast "high single digit" adjusted earnings-per-share growth in fiscal 2025 compared with 2024, and an increase of approximately $875 million in operating income at the streaming entertainment unit.
The company also said it would incur $50 million in costs associated with exiting its Venu Sports joint venture with Warner Bros Discovery WBD.O and Fox FOXA.O. The media companies abandoned their plans for a sports streaming service in January, after it ran into substantial legal opposition.
Operating income at Disney's Entertainment unit, which includes film, television and streaming, increased to $1.7 billion, nearly double the results from a year earlier, thanks in part to the strong performance of "Moana 2."
The animated sequel topped $1 billion in box office in January, becoming the fourth Walt Disney Animation film to reach that milestone.
"Disney has turned in the fairytale performance investors had been hoping for ... It shows that Disney is still a powerful force to be reckoned with when it comes to delivering blockbuster hits," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
TELEVISION BUSINESS
Disney's traditional television business continued to erode. Operating income at so-called linear networks fell 11% to $1.1 billion. Iger called the company's venerable TV networks "an asset" that enhances its overall television business, including streaming.
"While I won't rule out the possibility some of the smaller networks, in some form or another, being configured differently in terms of how we bring them to market, maybe even ownership," said Iger. "But right now, we actually feel good about the hand that we have."
The remarks come as Comcast CMCSA.O prepares to spin off its some cable networks into a separately traded company.
Subscribers for the flagship streaming video service, Disney+, slipped 1% from the prior quarter to 124.6 million. The company had warned of a modest drop because of a price increase that took effect in October. It also forecast a modest decline in Disney+ subscribers in the second quarter compared to the first.
Disney+ and Hulu produced an operating profit of $293 million, marking the third straight quarter of profitability and a turnaround from the year-ago loss of $138 million.
Disney said its addition of ESPN to Disney+ has encouraged subscribers to sample sports programming, increasing time spent on the app, a trend it hopes to capitalize on with the addition of a daily "SportsCenter" studio show called "SC+" this year. All of this sets the stage for the launch of its flagship ESPN offering within the app this fall.
In the Experiences segment, which includes consumer products and the cruise line, as well as parks, operating income was roughly flat at $3.1 billion. Profit declined 5% at domestic parks because the hurricanes and cruise ship costs, while operating income at international parks rose 28% from a year ago.
"Parks has always been Disney's ace-in-the-hole, a massively profitable division that helped to subsidize the immense cost required to prop up a cash-burning streaming operation," said Brandon Katz, senior entertainment industry strategist at Parrot Analytics.
"It's concerning that Parks has now reported softer-than-expected results in back-to-back quarters."
At the Sports unit, which includes the ESPN network and Star India business, operating income was $247 million, compared with a year-ago loss, in part reflecting improvement in Star India's operating results ahead of Disney and Reliance Industries completing a deal to combine their Indian media assets.
Iger appeared to reference rival Netflix's entry into live sports during the investor call, and its Jake Paul-Mike Tyson boxing match and its Christmas Day NFL games, saying ESPN provides sports fans with programming "365 days a year, 24 hours a day."
"So if you're a sports fan, it's not about one day of one boxing event or one day of football," said Iger. "It's about sports every single day of the year and every hour of the day. And that's a pretty compelling ... consumer proposition."
(Reporting by Dawn Chmielewski in Los Angeles; Additional reporting by Deborah Sophia in Bengaluru; Editing by Saumyadeb Chakrabarty and Nick Zieminski)
(([email protected];))
Billionaire Ambani's Reliance brings Shein back to India after 2020 app ban
Repeats item first published on Sunday
By Dhwani Pandya
MUMBAI, Feb 2 (Reuters) - Reliance Retail has launched an app in India to sell fashionwear from China's Shein under a licensing deal, almost five years since Shein's app was banned in the country after getting caught up in a diplomatic tussle.
Reliance, owned by billionaire Mukesh Ambani, launched the app on Saturday morning, said a person with direct knowledge of Reliance's launch plans. The firm did not announce the launch.
Neither parent Reliance Industries RELI.NS nor Shein responded to requests for comment outside of business hours.
The Shein India Fast Fashion app represents a departure from Reliance's strategy of adding brands to its flagship fashion app Ajio - whose offering includes Superdry and Gap - as it competes with rivals such as Myntra from Walmart's WMT.N Flipkart.
Shein, founded in China in 2012 and later headquartered in Singapore, offers a vast selection of low-priced Western clothes. Its app was banned in India in 2020 alongside other Chinese apps such as ByteDance's TikTok due to data security concerns, after a border dispute soured Indo-Chinese relations.
Last year, India's government disclosed to parliament that Reliance had entered an agreement with Shein under which Indian manufacturers would supply products under the Shein brand. It did not make any other details public.
"The fashion OG (original) is back," said a message displayed upon opening the app. Deliveries will initially be limited to a few cities including New Delhi and Mumbai and expanded nationwide soon, it said.
Offerings include dresses priced as low as 350 rupees ($4).
Reliance will pay a licence fee for using Shein's brand name, said the person with direct knowledge of the matter. There is no equity investment in the partnership, the person said, without elaborating on financial arrangements.
All Shein-branded products sold through the app are designed and made in India, said a second person with direct knowledge of the matter. The clothing will later be made available on Ajio, the person said, without providing a time frame.
Shein aims to list in London in the first half of the year. It ended its attempt to list in the U.S. following objections from lawmakers who questioned China's requirement for businesses to seek approval to list abroad, Reuters has reported.
(Reporting by Dhwani Pandya; Editing by Aditya Kalra and Christopher Cushing)
(([email protected];))
Repeats item first published on Sunday
By Dhwani Pandya
MUMBAI, Feb 2 (Reuters) - Reliance Retail has launched an app in India to sell fashionwear from China's Shein under a licensing deal, almost five years since Shein's app was banned in the country after getting caught up in a diplomatic tussle.
Reliance, owned by billionaire Mukesh Ambani, launched the app on Saturday morning, said a person with direct knowledge of Reliance's launch plans. The firm did not announce the launch.
Neither parent Reliance Industries RELI.NS nor Shein responded to requests for comment outside of business hours.
The Shein India Fast Fashion app represents a departure from Reliance's strategy of adding brands to its flagship fashion app Ajio - whose offering includes Superdry and Gap - as it competes with rivals such as Myntra from Walmart's WMT.N Flipkart.
Shein, founded in China in 2012 and later headquartered in Singapore, offers a vast selection of low-priced Western clothes. Its app was banned in India in 2020 alongside other Chinese apps such as ByteDance's TikTok due to data security concerns, after a border dispute soured Indo-Chinese relations.
Last year, India's government disclosed to parliament that Reliance had entered an agreement with Shein under which Indian manufacturers would supply products under the Shein brand. It did not make any other details public.
"The fashion OG (original) is back," said a message displayed upon opening the app. Deliveries will initially be limited to a few cities including New Delhi and Mumbai and expanded nationwide soon, it said.
Offerings include dresses priced as low as 350 rupees ($4).
Reliance will pay a licence fee for using Shein's brand name, said the person with direct knowledge of the matter. There is no equity investment in the partnership, the person said, without elaborating on financial arrangements.
All Shein-branded products sold through the app are designed and made in India, said a second person with direct knowledge of the matter. The clothing will later be made available on Ajio, the person said, without providing a time frame.
Shein aims to list in London in the first half of the year. It ended its attempt to list in the U.S. following objections from lawmakers who questioned China's requirement for businesses to seek approval to list abroad, Reuters has reported.
(Reporting by Dhwani Pandya; Editing by Aditya Kalra and Christopher Cushing)
(([email protected];))
Billionaire Ambani's Reliance brings Shein back to India after 2020 app ban
By Dhwani Pandya
MUMBAI, Feb 2 (Reuters) - Reliance Retail has launched an app in India to sell fashionwear from China's Shein under a licensing deal, almost five years since Shein's app was banned in the country after getting caught up in a diplomatic tussle.
Reliance, owned by billionaire Mukesh Ambani, launched the app on Saturday morning, said a person with direct knowledge of Reliance's launch plans. The firm did not announce the launch.
Neither parent Reliance Industries RELI.NS nor Shein responded to requests for comment outside of business hours.
The Shein India Fast Fashion app represents a departure from Reliance's strategy of adding brands to its flagship fashion app Ajio - whose offering includes Superdry and Gap - as it competes with rivals such as Myntra from Walmart's WMT.N Flipkart.
Shein, founded in China in 2012 and later headquartered in Singapore, offers a vast selection of low-priced Western clothes. Its app was banned in India in 2020 alongside other Chinese apps such as ByteDance's TikTok due to data security concerns, after a border dispute soured Indo-Chinese relations.
Last year, India's government disclosed to parliament that Reliance had entered an agreement with Shein under which Indian manufacturers would supply products under the Shein brand. It did not make any other details public.
"The fashion OG (original) is back," said a message displayed upon opening the app. Deliveries will initially be limited to a few cities including New Delhi and Mumbai and expanded nationwide soon, it said.
Offerings include dresses priced as low as 350 rupees ($4).
Reliance will pay a licence fee for using Shein's brand name, said the person with direct knowledge of the matter. There is no equity investment in the partnership, the person said, without elaborating on financial arrangements.
All Shein-branded products sold through the app are designed and made in India, said a second person with direct knowledge of the matter. The clothing will later be made available on Ajio, the person said, without providing a time frame.
Shein aims to list in London in the first half of the year. It ended its attempt to list in the U.S. following objections from lawmakers who questioned China's requirement for businesses to seek approval to list abroad, Reuters has reported.
(Reporting by Dhwani Pandya; Editing by Aditya Kalra and Christopher Cushing)
(([email protected];))
By Dhwani Pandya
MUMBAI, Feb 2 (Reuters) - Reliance Retail has launched an app in India to sell fashionwear from China's Shein under a licensing deal, almost five years since Shein's app was banned in the country after getting caught up in a diplomatic tussle.
Reliance, owned by billionaire Mukesh Ambani, launched the app on Saturday morning, said a person with direct knowledge of Reliance's launch plans. The firm did not announce the launch.
Neither parent Reliance Industries RELI.NS nor Shein responded to requests for comment outside of business hours.
The Shein India Fast Fashion app represents a departure from Reliance's strategy of adding brands to its flagship fashion app Ajio - whose offering includes Superdry and Gap - as it competes with rivals such as Myntra from Walmart's WMT.N Flipkart.
Shein, founded in China in 2012 and later headquartered in Singapore, offers a vast selection of low-priced Western clothes. Its app was banned in India in 2020 alongside other Chinese apps such as ByteDance's TikTok due to data security concerns, after a border dispute soured Indo-Chinese relations.
Last year, India's government disclosed to parliament that Reliance had entered an agreement with Shein under which Indian manufacturers would supply products under the Shein brand. It did not make any other details public.
"The fashion OG (original) is back," said a message displayed upon opening the app. Deliveries will initially be limited to a few cities including New Delhi and Mumbai and expanded nationwide soon, it said.
Offerings include dresses priced as low as 350 rupees ($4).
Reliance will pay a licence fee for using Shein's brand name, said the person with direct knowledge of the matter. There is no equity investment in the partnership, the person said, without elaborating on financial arrangements.
All Shein-branded products sold through the app are designed and made in India, said a second person with direct knowledge of the matter. The clothing will later be made available on Ajio, the person said, without providing a time frame.
Shein aims to list in London in the first half of the year. It ended its attempt to list in the U.S. following objections from lawmakers who questioned China's requirement for businesses to seek approval to list abroad, Reuters has reported.
(Reporting by Dhwani Pandya; Editing by Aditya Kalra and Christopher Cushing)
(([email protected];))
Indian refiners' December crude processing up 5.2% y/y
Jan 27 (Reuters) - Indian refiners' throughput in December rose 5.2% year-on-year to 5.64 million barrels per day (23.87 million metric tons), provisional government data showed on Monday.
REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):
December-24 | December-2023 | April-December 2024-25 | |
Actual | Actual | Actual | |
IOCL, Barauni | 599 | 598 | 5,063 |
IOCL, Bongaigaon | 260 | 256 | 2,021 |
IOCL, Digboi | 63 | 69 | 581 |
IOCL, Gujarat | 1,318 | 1,330 | 11,920 |
IOCL, Guwahati | 42 | 97 | 863 |
IOCL, Haldia | 747 | 727 | 4,821 |
IOCL, Mathura | 874 | 815 | 5,647 |
IOCL, Panipat | 1,390 | 1,246 | 11,590 |
IOCL, Paradip | 1,403 | 1,387 | 10,509 |
BPCL, Bina | 687 | 666 | 5,740 |
BPCL, Kochi | 1,567 | 1,563 | 12,377 |
BPCL, Mumbai | 1,244 | 1,390 | 11,460 |
HPCL, Mumbai | 902 | 843 | 7,355 |
HPCL, Visakh | 1,357 | 908 | 11,180 |
CPCL, Manali | 945 | 821 | 7,480 |
NRL, Numaligarh | 275 | 287 | 2,242 |
MRPL, Mangalore | 1,548 | 1,558 | 13,360 |
ONGC, Tatipaka | 7 | 6 | 52 |
HMEL, Bhatinda | 1,110 | 1,110 | 9,823 |
RIL, Jamnagar | 3,059 | 2,785 | 26,241 |
RIL, SEZ | 2,724 | 2,494 | 23,191 |
Nayara, Vadinar | 1,748 | 1,730 | 15,407 |
TOTAL | 23,869 | 22,687 | 198,925 |
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 Rahul Paswan in Bengaluru; Editing by Rashmi Aich)
(([email protected] ; If within U.S. +1 646 223 8780;;))
Jan 27 (Reuters) - Indian refiners' throughput in December rose 5.2% year-on-year to 5.64 million barrels per day (23.87 million metric tons), provisional government data showed on Monday.
REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):
December-24 | December-2023 | April-December 2024-25 | |
Actual | Actual | Actual | |
IOCL, Barauni | 599 | 598 | 5,063 |
IOCL, Bongaigaon | 260 | 256 | 2,021 |
IOCL, Digboi | 63 | 69 | 581 |
IOCL, Gujarat | 1,318 | 1,330 | 11,920 |
IOCL, Guwahati | 42 | 97 | 863 |
IOCL, Haldia | 747 | 727 | 4,821 |
IOCL, Mathura | 874 | 815 | 5,647 |
IOCL, Panipat | 1,390 | 1,246 | 11,590 |
IOCL, Paradip | 1,403 | 1,387 | 10,509 |
BPCL, Bina | 687 | 666 | 5,740 |
BPCL, Kochi | 1,567 | 1,563 | 12,377 |
BPCL, Mumbai | 1,244 | 1,390 | 11,460 |
HPCL, Mumbai | 902 | 843 | 7,355 |
HPCL, Visakh | 1,357 | 908 | 11,180 |
CPCL, Manali | 945 | 821 | 7,480 |
NRL, Numaligarh | 275 | 287 | 2,242 |
MRPL, Mangalore | 1,548 | 1,558 | 13,360 |
ONGC, Tatipaka | 7 | 6 | 52 |
HMEL, Bhatinda | 1,110 | 1,110 | 9,823 |
RIL, Jamnagar | 3,059 | 2,785 | 26,241 |
RIL, SEZ | 2,724 | 2,494 | 23,191 |
Nayara, Vadinar | 1,748 | 1,730 | 15,407 |
TOTAL | 23,869 | 22,687 | 198,925 |
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 Rahul Paswan in Bengaluru; Editing by Rashmi Aich)
(([email protected] ; If within U.S. +1 646 223 8780;;))
Reliance Industries' Unit Sells M Entertainments
Jan 23 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE INDUSTRIES - SALE OF 100% STAKE IN M ENTERTAINMENTS PRIVATE LIMITED
RELIANCE INDUSTRIES - DEAL FOR CONSIDERATION OF 1.2 MILLION RUPEES
Source text: ID:nBSEbwP9dc
Further company coverage: RELI.NS
(([email protected];))
Jan 23 (Reuters) - Reliance Industries Ltd RELI.NS:
RELIANCE INDUSTRIES - SALE OF 100% STAKE IN M ENTERTAINMENTS PRIVATE LIMITED
RELIANCE INDUSTRIES - DEAL FOR CONSIDERATION OF 1.2 MILLION RUPEES
Source text: ID:nBSEbwP9dc
Further company coverage: RELI.NS
(([email protected];))
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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 ₹16,76,187 Crs. While the median market cap of its peers are ₹1,06,298 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 2.42 and is ranked 7 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 ₹79,496 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 debt of Reliance Industries is increasing. Latest debt of Reliance Industries is ₹2,45,984 Crs as of Sep-24. This is greater than Mar-24 when it was ₹1,30,401 Crs.
Is Reliance Industries stock expensive?
Reliance Industries is not expensive. Latest PE of Reliance Industries is 24.23, while 3 year average PE is 27.75. Also latest EV/EBITDA of Reliance Industries is 11.71 while 3yr average is 15.59.
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 ~18.37% 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 50.13% and last quarter promoter holding is 50.24%
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 9.14% while previous quarter holding is 8.03%.