kumar_tarak Posted November 2, 2020 Share Posted November 2, 2020 Reliance’s oil refining unit has suffered a plunge in demand for transportation fuels, with Covid-19 forcing people to stay home. The conglomerate is in the midst of a transformation led by Ambani, 63, as he looks to turn the oil-and-petrochemicals giant into a technology and digital services company. Mukesh Ambani, Asia’s richest man, lost as much as $5 billion from his net worth as Reliance Industries Ltd.’s shares tumbled to the lowest price in more than three months following a drop in quarterly profit. The stock of India’s most-valuable company fell as much as 6.8% in Mumbai on Monday as of 12:21 p.m., slipping the most since May 12 and touching the lowest since July 20. The benchmark S&P BSE Sensex only declined as much as 0.7%. The slide also shaved down Ambani’s wealth to about $73 billion to mark his worst day since March, according to the Bloomberg Billionaires Index. The refining-to-retail conglomerate reported a 15% decline in quarterly profit to 95.7 billion rupees ($1.3 billion) late on Friday, as the coronavirus pandemic hit fuel demand. Revenue fell 24% to 1.16 trillion rupees. Reliance’s oil refining unit has suffered a plunge in demand for transportation fuels, with Covid-19 forcing people to stay home. The conglomerate is in the midst of a transformation led by Ambani, 63, as he looks to turn the oil-and-petrochemicals giant into a technology and digital services company by bolstering its telecom and e-commerce businesses. Reduce Dependence The slip in earnings backs Ambani’s strategy and highlights the increasing need for Reliance to reduce its dependence on the energy sector and boost businesses that seek to leverage India’s billion-plus consumers. Reliance’s gross refining margin -- or profit from refining a barrel of crude oil into fuels -- fell to $5.7 per barrel in the latest quarter compared with $9.4 a year earlier, the company said. Meanwhile, the profit at its telecom business under Reliance Jio Infocomm Ltd. nearly tripled over the same period. Reliance shares have rallied about 29% this year, while Sensex has slipped 4%, as investors cheered Ambani’s fundraising spree that saw Reliance mop over $25 billion by selling stakes in its digital and retail units. The jump also triggered one of the biggest wealth surges as Ambani amassed $19.1 billion in 2020 through Friday, becoming the world’s sixth-richest person, according to the Bloomberg Billionaires Index. “The stock is correcting a part of its sharp gains registered over the last few months,” said Arun Kejriwal, founder at KRIS, an investment advisory firm in Mumbai. “Now, the market is booking its profits.” Link to comment Share on other sites More sharing options...
Nfdbno1 Posted November 2, 2020 Share Posted November 2, 2020 india lo electric vehicle long overdue.. no wonder these people are blocking it Link to comment Share on other sites More sharing options...
sskmaestro Posted November 2, 2020 Share Posted November 2, 2020 Modi petrol price incense cheyyakapothey eediki entha löss ochedo! Link to comment Share on other sites More sharing options...
vk_hyd Posted November 3, 2020 Share Posted November 3, 2020 Aithe next yemi ammuthado Ambani kosam Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 Govt tax increase chesindi 12 hours ago, sskmaestro said: Modi petrol price incense cheyyakapothey eediki entha löss ochedo! That will go directly to government not ambani. Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 12 hours ago, Nfdbno1 said: india lo electric vehicle long overdue.. no wonder these people are blocking it No one is blocking it. Infact BJP increased taxes on petrol and diesel so much that it is affecting demand. Actual cost of petrol is around Rs 30. Rest is all taxes. GST on petrol and diesel vehicles is 28% while on electric vehicles it is 5%. Fact is EVs should be cost competitive and they need a major breakthrough. Link to comment Share on other sites More sharing options...
sskmaestro Posted November 3, 2020 Share Posted November 3, 2020 5 minutes ago, Sunny@CBN said: Govt tax increase chesindi That will go directly to government not ambani. He he.... telusu babu..... govt petrol and gas evari daggara kontondi ? that “person” unturn crude oil per barrel enthaki kontadu? Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 Govt petrol and gas konadu kada. Link to comment Share on other sites More sharing options...
sskmaestro Posted November 3, 2020 Share Posted November 3, 2020 4 minutes ago, Sunny@CBN said: Govt petrol and gas konadu kada. Nee logic prakaaram.... petrol prices taggali.... why they didn’t reduce ? Enduku inkaaa natistaaaru ? Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 Petrol prices taggali kani baffas and jaffas taxes penchute enduku taggutadi. Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 200% tax undi almost. Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 Congress time lo subsidized undedi..everyyear gas and fuel subsidy ki refining companies ki money ichedi. modi vachaka luckily crude oil prices taggayi. He removed all subsidies. Secondly taxes bhayankaram ga pencharu. Two factors valla prices perigayi. Ambani chesindi em ledu. Vadiki oil business ki future ledu ani telecom and retail side ki diversify ayyadu. Link to comment Share on other sites More sharing options...
kanagalakiran Posted November 3, 2020 Share Posted November 3, 2020 Ante janalu new taxes ki ready avvala Link to comment Share on other sites More sharing options...
sskmaestro Posted November 3, 2020 Share Posted November 3, 2020 47 minutes ago, Sunny@CBN said: Petrol prices taggali kani baffas and jaffas taxes penchute enduku taggutadi. You are not getting my point..... the price that Ambani sells to our supply chain didn’t reduce..... Link to comment Share on other sites More sharing options...
sskmaestro Posted November 3, 2020 Share Posted November 3, 2020 Ambani gadu Crude oil price taggaganey mana supply chain ki relative low prices ki istaadu ani nenaithe anukonu....... Link to comment Share on other sites More sharing options...
Sunny@CBN Posted November 3, 2020 Share Posted November 3, 2020 He should sell at market rate. There are other players as well. IOC, HPCL and BPCL. Mostly reliance exports refined products. They have weak marketing. Do you ever buy petrol at reliance bunks? They also sell sometimes to PSUs. Anta manipulate chese scene ledu ee segment lo. Link to comment Share on other sites More sharing options...
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