Latest news with #RIL
The Hindu
37 minutes ago
- Business
- The Hindu
RIL sets up JV with ONGC, BP for exploration off western coast
Reliance Industries Ltd. (RIL) has entered into a Joint Operating Agreement with Oil and Natural Gas Corporation Ltd. (ONGC) and BP Exploration (Alpha) Ltd. (BP) for the exploration Block GS-OSHP-2022/2 (Block). This Block located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy. The parties will pursue exploration operation in the Block pursuant to the terms of award of the Block, RIL said in a statement.
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Business Standard
an hour ago
- Business
- Business Standard
RIL holds 88th position in Fortune Global 500, maintains top spot in India
Reliance Industries Ltd. (RIL) has maintained its position as India's highest-ranked company in the Fortune Global 500 list for 2025, securing the 88th spot globally. While the rank is marginally lower than last year's 86th, the company has climbed 67 places since 2021, when it stood at 155. This marks the 22nd consecutive year that RIL has featured on the prestigious list—longer than any other private-sector Indian firm. The Fortune Global 500 list ranks companies by total revenues for the fiscal year ended on or before 31 March 2025. India is represented by nine companies this year—five from the public sector and four from the private sector. Apart from RIL, the other Indian companies on the list include LIC (#95), Indian Oil Corporation (#127), State Bank of India (#163), ONGC (#181), HDFC Bank (#258), Tata Motors (#283), BPCL (#285), and ICICI Bank (#464). Reliance closed FY25 with record-high consolidated gross revenues of ₹1,071,174 crore, marking a 7.1% year-on-year increase. EBITDA rose 2.9% to ₹183,422 crore, with all major segments—O2C, Oil & Gas, Retail, and Digital Services—posting healthy growth. However, the depreciation of the Indian rupee from 83.35 per dollar in March 2024 to 85.45 in March 2025 weighed on RIL's dollar-denominated revenues.
Fibre2Fashion
an hour ago
- Business
- Fibre2Fashion
RIL, ONGC & BP sign pact for offshore Saurashtra block
Pic: Pexels/Zukiman Mohamad Reliance Industries Limited ('RIL') has entered into a Joint Operating Agreement with Oil and Natural Gas Corporation Limited ('ONGC') and BP Exploration (Alpha) Limited ('BP') for the exploration Block GS-OSHP-2022/2 ('Block'). This Block in located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy. Parties will pursue exploration operation in the Block pursuant to the terms of award of the Block. Reliance Industries, Oil and Natural Gas Corporation Limited, and BP Exploration have signed a Joint Operating Agreement for Block GS-OSHP-2022/2 in the Saurashtra basin, off India's western coast. The Block was awarded under the Hydrocarbon Exploration and Licensing Policy, and the partners will jointly pursue exploration operations as per the terms of the award. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. ALCHEMPro News Desk (HU)
Arabian Post
18 hours ago
- Business
- Arabian Post
EU Can't Ban Non-Member India From Buying Russian Oil
By Nantoo Banerjee The European Union seems to have arrogated itself with extrajudicial power to prevent outside nations from purchasing Russian oil. It has no locus standi to impose its will on countries which are not members of EU. Thus, the latest expansion of the EU sanctions targeting Russian energy exports can legally cover only its 27 member countries and entities operating within the EU and not beyond. It is free to implement such decisions as fixing price caps and restrictions on shipping and insurance for Russian oil sold to EU countries, it cannot legally prohibit non-EU countries from buying Russian oil on the global market using non-EU flag carriers and insurers. The EU has no jurisdiction over countries such as India and China. Together, the two countries accounted for around 85 percent of Russia's crude oil exports in the month of June, last. It is also illegal if the EU tries to shut down the Gujarat-based Nayara Energy (formerly Essar Oil), in which Rosneft, the Russian oil giant, holds a 49.13 percent stake, or tries to prevent Indian oil refineries from importing crude oil from Russia. Reliance Industries (RIL) is India's largest importer of Russian crude oil for processing and exporting refined products. RIL shipped an average of 2.83 million barrels of diesel and 1.5 million barrels of jet fuel per month to Europe in the first seven months of this year, according to London Stock Exchange Group (LSEG) ship tracking data. Rosneft is present in Singapore through its subsidiary, Rosneft Singapore Pte. Ltd., to manage regional projects and develop international trade in oil and petroleum products as part of Rosneft's strategic focus on the Asia-Pacific region, which is expected to see significant growth in energy consumption. It also has a joint venture with PetroChina to build a refinery and petrochemical complex in Tianjin, China. The EU, in its 18th package of sanctions against Russia, approved on July 18, has banned imports of refined petroleum products made from Russian crude coming from third countries although it excluded a handful of Western nations, including Norway, the UK, Switzerland, Canada and the US. It banned vessels from accessing EU ports and docks, or undertaking ship-to-ship transfers of oil in a bid to shut down the so-called 'shadow fleet' of older oil tankers which are reportedly used to transport Russian oil and circumvent sanctions. It may be noted that the US has somewhat resisted the action, leaving the EU to move forward on its own, with limited power to enforce the measure because oil is largely traded in dollars, for which payment clearing is controlled by US banks. The EU's new package of sanctions is most unlikely to hit Russia's oil and gas exports. India and China are expected to continue buying discounted Russian crude although some Indian refineries, such as RIL, will find it difficult to re-export processed Russian crude to EU member countries. RIL may have to find new ways or new destinations to re-export processed Russian crude which may be further discounted after the fresh EU sanctions or face a big financial blow. As a whole, the Indian refinery industry will have to find ways to re-export refined Russian crude oil if they desire. This may not be an easy task. India was a supplier of refined petroleum products worth $15 billion annually to Europe. India imported crude oil worth US$50.3 billion from Russia in 2024-25. The share of Russian oil in India's crude oil basket is more than 44 percent. Several non-EU countries import processed crude oil, particularly refined petroleum products derived from Russian crude. India, China, and Turkey are significant buyers of Russian crude oil and refined products. Other notable processed crude oil importers include South Korea and Taiwan. The latest EU package of sanctions will make Russian crude oil even cheaper. It lowers the price on Russian crude to $47.60 a barrel from $60. The new cap, which takes effect on September 3, also includes a mechanism to ensure it is always 15 percent below average Russian crude prices. According to the International Energy Agency (IEA), Russia earned around $192 billion last year from selling oil. Cutting a part of that may mean a loss to the country's export revenue, but it could also be at the cost of the rest of the world with spiking oil prices globally if the export of Russia's more than seven million barrels of oil per day abruptly disappears. Anyway, India and China, the two top importers of Russian oil, are most unlikely to go by so-called universal ban on import of Russian oil imposed by the EU or the US threat to order such a ban in due course to force a truce in the Russia-Ukraine war. Incidentally, both India and China continue to have good relations with Ukraine. Last year, India's imports from Ukraine were valued at $1.036 billion, while India's exports to Ukraine were $0.187 billion. The total trade turnover between the two countries for the same period was $1.224 billion. China's imports from Ukraine totalled US$2.68 billion, according to the UN COMTRADE database. So far, both India and China appear to be unfazed by the EU ban on Russia's oil and gas exports. India's Petroleum Minister Hardeep Singh Puri thinks the market would more or less continue to operate as usual. The EU lens on Rosneft is a concern. Rosneft was believed to be in talks with some potential Indian buyers, including RIL, to sell off its majority stake in Nayara Energy, even before the EU contemplated further tightening the ban on Russian oil exports. The Indian petroleum minister seems to be generally happy that oil markets have not hardened following the announcement of fresh EU sanctions on Russia. Although India's $15-billion refined petroproducts export to the EU will take a hit, the country is already exploring new markets for the export of refined petroleum. The export earning, last year, was worth as much as $85 billion. Given the current geopolitical situation, import-based India needs to work out a strong strategy to protect its energy security as well as export trade. (IPA Service)
Economic Times
a day ago
- Business
- Economic Times
RIL shares down over 7% in 1 year, Macquarie gives Rs 1,580 target price
Despite Mukesh Ambani's Reliance Industries Ltd (RIL) stock declining 7.5% over the past year, global brokerage firm Macquarie remains bullish on the stock and has assigned a target price of Rs 1,580. ADVERTISEMENT The firm has maintained an 'Outperform' rating, citing multiple growth levers, a reset in earnings expectations post-June quarter, and potential reinvigoration in the company's retail segment. Macquarie now forecasts a 10–12% compound annual growth in earnings per share (EPSg) for FY25–28e, with earnings estimates trimmed post the Q1 results. The revised estimates are 5–8% below Visible Alpha (VA) consensus for FY26–28e. Nonetheless, the brokerage remains positive on RIL's prospects, calling it one of its "Super 6" best ideas and expects improving fundamentals to support a re-rating in the projects Reliance's EBITDA for FY27–28 at $10–11.5 billion, supported by 200–300 basis points in margin improvement. However, it notes that EBIT may still lag due to higher depreciation and amortization. ADVERTISEMENT In the Jio segment, subscriber growth is estimated at 2% with ARPU growth of 8–10% annually, slightly above consensus, though EBIT is expected to be weighed down by elevated Retail, revenue forecasts have been trimmed, with Macquarie now expecting a 13% CAGR in FY25–28. EBIT margins, however, are seen improving by around 100 basis points, assuming no losses from Jiomart, as the business leverages its existing footprint. The firm sees only modest growth in retail due to limited visibility but notes that improved productivity per square foot and store additions remain key upside triggers. ADVERTISEMENT In Oil to Chemicals (O2C), Macquarie has made no material changes, maintaining its existing recovery outlook. For Exploration & Production (E&P), EBIT forecasts have been sharply cut, particularly for KGD6, due to higher opex and revised volume assumptions. Also read: NSDL IPO: What GMP signals ahead of launch and what it means for investors The brokerage has also increased its capex forecasts, anticipating higher spend in the New Energy segment, which is one of the company's long-term focus areas. ADVERTISEMENT Macquarie's target price is based on a scenario-weighted sum-of-the-parts (SOTP) valuation model, with adjustments made in Retail, Media, and New Energy segment weightings. Key catalysts for RIL's stock performance include: Strategic direction and growth targets at the upcoming AGM, Recovery in retail revenue, Commissioning of new energy capacities, Progress toward the listing of Jio. Despite the lowered earnings estimates relative to consensus, Macquarie believes the current environment provides a tactical opportunity to accumulate the stock ahead of a potential improvement in earnings momentum and positive triggers from upcoming corporate events. ADVERTISEMENT The key downside risks highlighted by Macquarie include a failure in earnings delivery, slower-than-expected retail revenue growth, and delayed or muted impact of Jio tariff adjustments. However, the firm remains constructive on the long-term outlook, banking on multiple growth levers across segments. Around 1:30 pm today, the shares of Reliance Industries were trading flat at Rs 1,395.95 on the BSE. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
