Reliance to invest Rs. 1.5 lakh cr in three years, tight-lipped on 4G plans
RIL Chairman Mukesh Ambani while addressing the company’s 39th Annual General Meeting (AGM) said the company will invest Rs. 1.5 lakh crore in the next three years.
Reliance is the highest tax payer in the country and most of the company’s expansion plans will depend on global recovery.
On share buy-back, RIL Chairman said the company returned Rs 33.60 billion to shareholders. Reliance accounts for 14 percent of India’s exports and enjoys highest rating for domestic rating and continues to remain debt free on a net basis.
Following is an extract of the speech delivered by Mukesh Ambani:
Shri Dhirubhai Ambani, our Founder Chairman, was inspired by the tremendous potential of India's people, India's markets and India's enterprise. Consequently, he ensured that Reliance singularly focused on several sectors of national importance. This simple tenet has enabled Reliance conceptualize initiatives on an expansive format, implement them aggressively and grow from strength to strength, year on year. Even today, the same vision of believing in India drives all of us at Reliance. Presently manufacturing growth in India is at a decadal low. Agricultural growth is at a multi-decadal low. The most important need for India today is employment creation through investments in manufacturing, infrastructure, energy, services sector, agriculture and the rural economy. Based on our strong faith in the potential of India, we are currently making investments in excess of INR 150,000 crore over the next three years. Your company is investing the largest capital in India by any enterprise – public or private, Indian or foreign. This is an expression of the faith of Reliance in India and in her potential. These investments will lead to both higher levels of employment and self-employment opportunities and productivity gains and is your company's humble contribution to get our country back on a sustainable growth path.
Global Economy and Reliance
We are making these investments at a time when the global economy is facing one of its most challenging periods in modern times. Most of the economies are faced with slowdown, high unemployment and lack of visible growth triggers. We have the conviction to look through the cycle and make investments at this time. It is our belief that our new projects will come on stream as the global economy recovers and margins in our core businesses are on the upswing. Energy markets are, however, transitioning to a new world order. This brings opportunities for Reliance. Opportunities to participate in oil and gas exploration and production projects in other parts of the world. Opportunities in sourcing competitively priced liquid and gaseous hydrocarbon feedstock...Read More
Narayana Murthy back in Infosys as Executive Chairman; son too will join
Infosys Ltd. announced that the N R Narayana Murthy was appointed into the board and executive leadership of the Company. In a meeting , the board approved appointing Murthy as the Executive Chairman and Additional Director with effect from June 1, 2013. Murthy’s election would be placed for the consideration of the Company’s shareholders in the Annual General Meeting (AGM) on June 15, 2013. Subject to his election as a director at the AGM, the Board will take up in its meeting on June 15, 2013, the resolutions for convening an extraordinary general meeting within the requisite period, in order to seek approval from the shareholders for appointing him as the Executive Chairman and Whole-time Director for a period of five years commencing on June 1, 2013. K V Kamath would step down from his position as Chairman of the Board and take up the position of Lead Independent Director effective June 1, 2013...Read More
Rel Jio, RComm ink Rs. 12,000cr tower sharing pact
Reliance Jio Infocomm Ltd. and Reliance Communications Ltd. announced the signing of a agreement for sharing of RCOM’s nationwide telecom towers infrastructure. Under the deal, Reliance Jio Infocomm will utilise upto 45,000 ground and rooftop based towers across RCOM’s nationwide network for roll-out of its state-of-the-art 4G services. The agreement provides for joint working arrangements to configure the scope of additional towers to be built at new locations to ensure deep penetration and seamless delivery of next generation services. This agreement follows the inter-city optic fiber sharing agreement already signed in April 2013 as part of a comprehensive framework of business co-operation between Reliance Jio Infocomm and Reliance Communications.
Real estate regulator a reality: A quick glance
The Union Cabinet in its meeting on Tuesday cleared the bill to install a real estate regulatory body for the sector. All Builders and brokers will need to register with the regulatory body. The bill includes a jail term for builders for misleading advertising. Some of the provisions in the bill seeking to regulate the industry are as follows:
- The Real Estate (Regulations and Development), bill 2013 will require the builders to get all necessary clearances before launching the project.
- The bill requires builders to publish all relevant clearances on a website after submitting the same to the regulator...Read More
May HSBC Manufacturing PMI at 50-month low of 50.1
Operating conditions in the Indian manufacturing economy stagnated during May. The seasonally adjusted HSBC Purchasing Managers’ Index (PMI) – an indicator derived from individual diffusion indices measuring changes in output, new orders, employment, suppliers’ delivery times and stocks of purchases – fell from 51.0 in April to 50.1 and was at a 50-month low. Reflective of weaker gains in incoming new work and persistent power outages, output decreased in May, the first decline registered since March 2009. That said, production fell only slightly. Order book volumes rose for the fiftieth consecutive month. The rate of expansion was, however, marginal and the slowest in that sequence. Panellists suggested that demand was maintained, but commented on increased competition for new work and tough market conditions overall, particularly at home...Read More
Govt hikes gold import duty to 8% to cut current a/c deficit
Jewellery stocks are up on Thursday after finance ministry hiked import duty on gold to 8% from 6% to restrict import of gold and help control the widening current account deficit. At 10:42, Titan Industries is up 0.4% and is trading at Rs. 280.50, Gitanjali Gems Ltd added Rs. 9.70 or 1.7% and is trading at Rs. 571.90, PC Jeweller Ltd too is up by 0.3% while Shree Ganesh Jewellery house Ltd surged 4.4%. The government had raised the basic customs duty on gold and platinum from 6% to 8% and the changes come into effect immediately, the finance ministry said in a statement on Wednesday. This is the second time that the government has increased the import duty on gold in an attempt to curb imports. In January, the government had raised the duty to 6% from 4%. The government and the Reserve Bank of India (RBI) have taken several measures in the past few months to tame gold imports, which is partly responsible for the widening of the current account deficit (CAD). The CAD widened to a record 6.7% of gross domestic product in the December quarter. For the full fiscal, it is expected to ease to 5%. Gold for immediate delivery traded at $1,399.20 an ounce at 6:43 a.m. in Mumbai, down 16% in dollar terms this year compared with a 13% in rupees. The dollar price reached a two-year low of $1,321.95 on April 16 after rallying for the past 12 years in the longest bull run in at least nine decades.
ECB keeps key policy rates unchanged
European Central Bank (ECB) in its monetary policy review on Thursday kept key policy rates unchanged today. Deposit rate was kept unchanged at 0 per cent. Marginal lending rates too remained unchanged at 1 per cent. Benchmark Interest rates were also remained untouched at 0.5%. ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50%, 1.00% and 0.00% respectively. ECB President Mario Draghi will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today.
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