Reliance Jio Infratel is set to get Rs 25,215 crore as investment from Brookfield and a clutch of investors who will pick up about 49% stake in the company currently owned by Reliance Industries, subject to government and regulatory approvals.
Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited, said Friday that it has entered into an agreement with an affiliate of Brookfield Asset Management Inc. for the investment by Brookfield along with co-investors, the company said in a statement while issuing its results for the quarter ending June 2019.
“Proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of RJIPL and acquiring the balance 49% of equity share capital of Reliance Jio lnfratel Private Limited (RJIPL), currently held by RIL,” the company added.
The units are proposed to be issued by the Tower Infrastructure Trust in accordance with the Securities and Exchange Board of ..
Reliance Jio Infocomm (Jio) reported its seventh straight profitable quarter, with a 46% on year expansion in the bottom line for the April-June period on the back of strong user additions and increased data usage, though the company average revenue per user (ARPU) fell on quarter as the company added mostly lower revenue generating subscribers.
The Mukesh Ambani-controlled company, which has upended the market since its entry in September 2016 with cheap mobile Internet services, posted a net profit of Rs891 crore for the fiscal first quarter, compared with Rs840 crore in the January-March period.
Quarterly ARPU fell for the sixth straight quarter to Rs122 from Rs126.2 in the January-March period.
“Strong momentum continuing in subscriber additions with gross adds of 33.8 million in 1Q FY20,” the company said in a statement Friday.
It added that despite a larger consumer base across tariff plans, customer engagement improved with higher data usage of 11.4 GB per user per month, wh..
NEW DELHI: Mukesh Ambani-led Reliance Industries on Friday reported 6.82 per cent yearly rise in profit at Rs 10,104 crore for the June quarter thanks to robust growth in telecom and retail businesses. Analysts in an ET NOW poll had projected a profit of Rs 9,550 crore.
Reliance’s telecom unit Jio reported 45.60 per cent rise in profit at Rs 891 crore while sales of retail unit grew 47.5 per cent to Rs 38,196 crore.
The company’s overall revenue increased by 21.25 per cent to Rs 1.61 lakh crore in the June quarter from Rs 1.33 lakh crore in the year-ago period.
The Gross refining margin (GRM) for June quarter stood $8.1 per barrel, premium of $4.6 per barrel over Singapore complex margin.
Basic earnings per share (EPS) of the overall group stood at Rs 17.1 as against Rs 16 in the corresponding period of the previous year.
Ahead of Q1 earnings, shares of the company settled 1 per cent down at Rs 1,249, while the BSE Sensex closed 560 points, or 1.44 per cent down at 38,337.
New Delhi: Regulator Sebi Friday tweaked the formats for limited review and audit report of listed entities in order to align them with the revised auditing standards.
Providing new formats for audit report and limited review report in the circular, Sebi said that in view of revision in auditing standards (SA 700) by the Institute of Chartered Accountants of India (ICAI), "audit report formats need to be aligned with SA 700 (revised)".
This would also be applicable to entities whose accounts are to be consolidated with the listed entity.
"This circular shall be applicable with respect to the financial results for the quarter ending September 30, 2019 and after," Sebi said.
In March this year, Sebi came out with procedure and formats to be followed for limited review and audit report of listed entities after a new sub-regulation was inserted in the LODR (Listing Obligation and Disclosures Requirements) norms which requires the statutory auditor of a listed entity to undertake a limi..
There is an extremely good opportunity to buy in the next 10-12 weeks through SIP in select midcaps and large caps, says Sanjiv Bhasin, Executive Vice President, IIFL Securities. Excerpts from an interview with ETNOW.
What should one do with the midcaps that are cracking?
The fear is overdone. Market is very despondent and that has more to do with some of the FIIs exiting because of the tax. A large part of the imponderables are on the positive side and we are calling it the 12-week factor, from here till middle of October. October onwards we are very bullish on the market and we think that in this fear, you should do a SIP for the next 10-12 weeks in select midcaps and select largecaps, because we think midcaps maybe on the way to the bottom. This is a very good selloff in the broader market and the largecaps.
It tells you that inherently over ownership or the exit of some of the FIIs are giving you an opportunity. The cement numbers are a clear indicator for an economy and it says ..
Companies are moving their supply chains out of China instead of waiting for a resolution of the trade war between Washington and Beijing, BlackRock Chairman and CEO Larry Fink told CNBC on Friday.
"We're hearing from CEOs that more and more supply chains are moving out of China right now, " Fink said on "Squawk Box." "People are not waiting, companies are not waiting to see what the outcome is."
The trade fight between the world's two largest economies has been going on for about a year, and businesses are starting to feel the repercussions.
President Donald Trump has slapped 25% tariffs on $200 billion worth of Chinese goods and continues to threaten duties on an additional $325 billion of goods as trade negotiations continue.
More than 50 multinational companies are moving production out of China, including Apple, Nintendo and Dell, CNBC previously reported. Companies began announcing in May that they would move from China to Vietnam, as China and the U.S. stepped up tit-..
Here are the biggest calls on Wall Street on Friday:
Nomura raised its price target but said it had "low" expectations for Apple's upcoming iPhone cycle.
"Our F3Q work indicates a slow finish to the iPhone Xs cycle and steady App Store growth. We have low expectations for the impending iPhone cycle (and the one beyond) and do not expect Apple's new services to add materially to earnings. The ecosystem and buyback program remain strong. We nudge our target to $180 on higher market multiples."
KeyBanc said the online real estate brokerage has a "competitive advantage."
"We are initiating coverage of Z at Overweight and recommend buying the shares. Zillow's traffic should allow it to remain the leading marketplace for connecting home buyers/sellers with agents. Further, we believe its traffic, capital, and data provide competitive advantages that position Zillow to become the leading market maker for residential real estate in the U.S. We believe can drive substantial pro..
Tesla got a boost Friday from one of its biggest Wall Street skeptics, who now sees Elon Musk's electric car company headed to a nearly profitable second-quarter earnings report.
Barclays, which has an underweight rating and a $150 price target on Tesla shares, raised its forecast for the company's second-quarter report to a loss of 16 cents a share — a jump from the firm's previous estimate of a loss of 71 cents a share. Tesla reports its quarterly earnings Wednesday.
"Increasing 2Q estimates as TSLA did indeed 'move the metal,'" Barclays analyst Brian Johnson said in a note to investors.
Tesla shares rose 0.6% in Friday's premarket from its previous close of $253.54.
Its stock surged in early July after Tesla reported a record second-quarter deliveries number. At the time, Johnson called the number "impressive" but said Tesla would have to show that it's improving profitability, urging investors to focus on the second-quarter earnings report. But t..