Mumbai, May 16 : Reliance Capital Thursday said its net profit surged by 77 percent to Rs. 812 crore ($149 million) in the financial year ended March 31, 2013.
The company, a part of Anil Ambani-led Reliance Group, said its consolidated total income jumped by 13 percent to Rs. 7,519 crore ($1.4 billion), largely due to a sharp increase in "topline of general insurance, commercial finance and asset management businesses, and sale of stake in Reliance Capital Asset Management."
Reliance Capital's earning per share increased by 77 percent to Rs. 33.1.
Reliance Industries Ltd (RIL) on Tuesday posted lower-than-expected top-line performance for the quarter ended March 31; but on the profitability front, the result was better-than-expected.
The Group's net revenues slipped 1.2 per cent to Rs 84,198 crore in the three months ended March 31 year-on-year, considerably lower than analysts' average projection of Rs 93,058 crore. Quarter-on-quarter, turnover slipped by nearly 10 per cent.
The decline was mainly because of lower oil & gas sales. The Jamnagar-based plant of the company remained closed for two weeks for maintenance.
After hitting Rs 1,200-crore telecom deal with Anil Ambani's Reliance Communications, Mukesh Ambai-led Reliance Industries Ltd (RIL) has invested Rs 800 crore in Anil-led Reliance Mutual Fund's various mutual funds schemes.
The investments by RIL have been made in Reliance Mutual Fund's Fixed Maturity Plans (FMPs) and some debt schemes.
RIL invests a considerable portion of its surplus funds in mutual funds, but made no investment in Reliance Mutual fund's schemes since the division of the conglomerate in the year 2005. The recently made Rs
Mumbai, April 2 : Companies run by brothers Mukesh and Anil Ambani Tuesday announced a Rs. 1,200 crore deal for cooperation in telecom business.
As per the deal, Mukesh Ambani-led Reliance Jio Infocomm will utilise Anil Ambani-led Reliance Communications' optical fibre network for fourth generation (4G) telecom services.
Reliance Communications in turn will have reciprocal access to optic fibre infrastructure to be built by Reliance Jio in future.
Reliance Jio is a subsidiary of Reliance Industries.
Anil Ambani-promoted Reliance Group has signed a memorandum of understanding (MoU) with Chinese property developer Dalian Wanda Group to develop lands owned by Reliance in Mumbai and Hyderabad.
Reliance will provide the land parcels, while Dalian Wanda will provide its expertise to construct and develop the land parcels.
Reliance Money, a subsidiary of Anil Ambani-led Reliance Group, on Thursday announced the launch of a new daily gold accumulation plan called Reliance My Gold Plan.
Under the Reliance My Gold plan, customers can invest a minimum of Rs 1,000 per month, and the company would buy gold for the customer on daily basis. At the end of the investment tenure, customers will be able to ask the company to redeem the total accumulated funds for gold coins or jewellery.
Reliance Group chairman Anil Ambani has said that Reliance Power would soon be counted among the world's biggest coal companies.
Speaking at the company's 18th Annual General Meeting (AGM), Mr. Ambani said that Reliance Power's projects would benefit from the captive coal availability in India as well as overseas.
India's second-biggest telecoms carrier by customers, Reliance Communications (RCOM) might consider selling a stake in its cellular tower division next year in order to replay some of its debt, according to chairman Anil Ambani.
The billionaire businessman also said that the company will also try to get its undersea cable unit listed in Singapore after the market conditions improve over the coming months. The company had to delay a planned Initial Public offering (IPO) of a unit on the Singapore stock exchange due to weak market response.
India's telecom service provider, Reliance Communications (RCom) has recorded a lower than expected 3.2 per cent rise in profits during the first quarter of the financial year till June 2012.
The company's consolidated net profit rose 3.2 per cent to Rs 162 crore during the quarter then its revenues rose 8 percent to Rs 5319 crore compared to the same quarter of 2011. . The operating (EBITDA) margin for the quarter was at 31 percent, compared to 32.4 percent in first quarter of the previous financial year.
Netherland’s energy major, Shell and Anil Ambani's Reliance Power have announced that the two companies will jointly develop a floating facility for importing gas from ships off the coast of Kakinada in Andhra Pradesh by the year 2014.
Anil Ambani-led Reliance Infrastructure is looking at several road and construction projects, which are under various stages of development in the country, in order to boost its portfolio.
RInfra is holding discussions with several players who are unable to execute projects they started due to lack of funds of other constrains, for taking over the project. Lalit Jalan, chief executive officer, RInfra has said that the company is looking to acquire secondary assets, mainly in the build-own-operate (BOT) space.
Reliance Power led by Anil Ambani has entered into an agreement with Germany’s RWE Power International for technical assistance in extracting coal from its captive mines of the Tilaiya ultra-mega power project in Jharkhand.
RWE Power is the biggest coal miner in Germany and is among the biggest energy utility companies in the whole of Europe. RWE will assist the Indian company in designing and planning engineering aspects for its captive mine and will also help in acquiring equipment.
The cable unit of the Reliance Communications Ltd is aiming to raise about $1.5 billion through an initial public offering (IPO) in Singapore, according to reports.
Anil Ambani's Reliance plans to sell 75 percent of FLAG Telecom through the IPO and get a valuation of up to $2 billion within the first half of the year, according to a report citing persons close to the matter. FLAG Telecom will be listed as a business trust in the stock market in Singapore.
Businessmen and brothers, Mukesh and Anil Ambani as well as their mother Kokilaben will get together for the first time in 15 years to celebrate Dhirubhai Ambani's 80th birth anniversary at their ancestral village of Chorwad.
Late Dhirubhai Ambani's wife, Kokilaben said that this shows that the brothers are still together. She was first to arrive at the village to manage the preparations for the event. Anil Ambani is expected to arrive on Tuesday morning while Mukesh will reach at noon on the day.
Anil Ambani-led Reliance Group has been named by the lawyer representing UK's financial sector regulator in a case involving two former UBS wealth management executives.
The lawyers allege that the UBS private banker allowed creation of an illegal offshore investment vehicle for the Indian group, believing that the powerful business group among its clients would allow it to bend rules.
Mumbai, Sep 27 - Reliance Capital could consider a bonus issue and make an entry into the banking sector even as it hopes to conclude soon a 26-percent stake sale in its life insurance arm to Japan's Nippon Life Insurance, chairman Anil Ambani said Tuesday.
"Banking is a new growth opportunity. We will evaluate opportunities to enter this high growth sector and are keeping track of all regulatory developments on this front," the group chairman told the annual general meeting of Reliance Capital here.
Mumbai, Sep 14 : Reliance Capital, part of the Anil Ambani-led Reliance Group, Wednesday said it had received approval from the insurance regulator to sell a 26 percent stake in its life insurance arm to Japan's Nippon Life Insurance.
Nippon Life Insurance will acquire the stake at an aggregate value of Rs. 3,062 crore ($680 million).
New Delhi, Sep 1 - Reliance Capital, part of the Anil Ambani-led Reliance Group, Thursday said it had signed an agreement with Japan's Nippon Life Insurance to pursue further partnerships to provide a host of financial services in India.
Nippon Life Insurance, has already agreed to acquire a 26 percent strategic stake in Reliance's life insurance arm at an aggregate value of Rs. 3,062 crore ($680 million) -- a transaction which is expected to conclude soon.
Fresh news are coming out every day about the billionaire Anil Ambani’s Reliance Infrastructure Ltd. (RELI), which is a wholly-owner of Reliance Power Transmission Ltd, as revealed by company’s website. But, according to some sources, RELI is planning to sell its stake in its power transmission business, road and subway projects.
Though no conformity regarding the issue has been given yet, it is being said that the Mumbai-based company’s board will be taking a final decision on the sale soon.