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India.com
a few seconds ago
- India.com
Reliance Industries Gross Debt Rises 7 pc At Rs 3.47 Lakh Crore In FY25, Net Debt Hits Rs 1.17 Lakh Crore
New Delhi: Reliance Industries Limited's (RIL) gross debt and net debt for the financial year 2024-25 stood at Rs 3.47 lakh crore (USD 40.7 billion) and Rs 1.17 lakh crore (USD 13.7 billion) respectively, according to the company's integrated Annual Report 2024-25. The company had registered Rs 3.24 lakh crore in gross debt in FY24. Despite a strong internal cash flow generation, India's biggest private sector conglomerate's leverage remains noteworthy, underscoring the capital-intensive nature of its operations. "Robust internal cashflow generation supported investments in growth opportunities across business, while maintaining a conservative balance sheet and investment grade credit ratings," the company said in its Annual Report. Meanwhile, the Mukesh Ambani-led company reported capital expenditure for the financial year at Rs 1,31,107 crore ($15.3 billion). In FY 2023-24, capex stood at Rs 1,31,769 crore. According to the company's annual report, in FY25, investments were largely directed towards new O2C projects, Retail store expansion, augmenting Digital Services infrastructure and building manufacturing assets in New Energy. Meanwhile, RIL's standalone revenue was at Rs 5,57,163 crore ($65.2 billion), lower by 3.1 per cent as compared to Rs 5,74,956 crore in FY24. EBITDA for the standalone entity fell 14.2 per cent to Rs 74,163 crore ($8.7 billion) from Rs 86,393 crore for the year-ago period, the company said. Despite strong coverage from leading brokerages after the Indian conglomerate reported better-than-expected earnings in the first quarter of the current fiscal year (Q1 FY26), RIL shares fell more than 7% over the past 30 days. According to market analysts, the stock is currently in a corrective phase because the Mukesh Ambani-led company has suffered a significant setback as a result of US President Donald Trump's crackdown on India's imports of Russian oil. In order to process the cheap crude at its massive oil refinery in Jamnagar, Gujarat, RIL was a major importer. However, the shares may start attracting investors from next week as the US hinted at not imposing additional 25 per cent tariffs on the import of Russian oil. Brokerages like Morgan Stanley, Motilal Oswal, Novuma, and Macquarie have either maintained or increased their rating for RIL's stock after the company reported a strong 78 per cent year-over-year increase in its net profit at Rs 26,994 crore in Q1.
The Wire
a few seconds ago
- The Wire
Explainer: The Trump–Putin Summit and its Immediate Consequences For New Delhi
New Delhi: For India, the Trump–Putin summit in Anchorage was more than a geopolitical spectacle in the frozen north. Rather, it carried immediate consequences for New Delhi's economic future. With the US having slapped punitive tariffs on Indian goods for Russian oil purchases, New Delhi watched the meeting closely, weighing whether Trump's diplomacy might ease the pressure or deepen its bind. Here is The Wire's explainer on what unfolded in Alaska on Saturday (August 16), and what it could mean for India. What exactly happened at the Trump–Putin summit in Anchorage? The day began with a carefully staged welcome at Joint Base Elmendorf-Richardson in Anchorage. US President Donald Trump's plane landed shortly after 10:20 a.m., and Russian President Vladimir Putin followed about half an hour later. Just after 11 a.m., the two leaders walked out onto a red-carpeted platform marked 'Alaska 2025,' framed by four F-22 fighter jets and a flyover that included a B-2 stealth bomber. After the handshake and photo op, Trump invited Putin into his presidential limousine. The pair spoke privately for a few minutes on the short ride to the venue, a break from protocol that underscored Trump's preference for unscripted encounters. Formal talks began around 11:30 a.m. in a 'three-on-three' format. Trump sat with Secretary of State Marco Rubio and envoy Steve Witkoff, while Putin was flanked by Foreign Minister Sergey Lavrov and adviser Yuri Ushakov. The discussions ran for nearly three hours before concluding in the mid-afternoon. At about 3 p.m., the two leaders appeared before the press to deliver short statements, but they took no questions and announced no breakthrough. Putin departed soon afterwards, while Trump left Anchorage in the early evening for his return flight to Washington. In total, Putin's first visit to US in ten years, lasted less than six hours. Did Trump manage to secure a ceasefire, or did the talks end without progress? While flying to Anchorage, Trump told a Fox News anchor on Air Force One that he 'won't be happy' if he did not get a ceasefire deal at the summit. That set expectations for the meeting, which ran for nearly three hours behind closed doors. Yet when the two leaders appeared before the press, it was clear no such agreement had been reached. Trump nonetheless struck an upbeat note. 'We really made some great progress today,' he said, stressing that negotiations were ongoing and that more meetings would follow. He did not provide details of what that progress involved. 'There were many, many points that we agreed on, most of them, I would say, a couple of big ones that we haven't quite gotten there, but we've made some headway. So there's no deal until there is a deal,' he said. Later in an interview with Sean Hannity of Fox News, he said that the onus was now on Ukrainian President Volodymyr Zelensky to get a cease-fire deal. Putin also kept up the optimistic narrative. 'We held our talks in a constructive and mutually respectful atmosphere, and they have proved substantive and productive.' The Russian President flattered Trump by stating that the Ukraine war would not have started if Trump had been president. He also restated Moscow's demands for a 'long-term and lasting' settlement on Ukraine war – addressing the 'root causes' of the conflict, ensuring 'all of Russia's legitimate concerns' are met, and restoring a 'fair security balance in Europe and the rest of the world.' He signalled, standing next to the US President, that the roadblock lay across the Atlantic. 'We hope that Kiev and the European capitals will take the current developments constructively and will neither try to put up obstacles nor attempt to disrupt the emerging progress with provocative acts or behind-the-scenes plots.' Does the outcome make Putin the real winner of the meeting? For Vladimir Putin, the Alaska summit represented a clear diplomatic victory, one achieved without compromise. Back in Moscow, the tone was jubilant. 'The very fact of the meeting in Alaska, its tone, and its outcome represent a significant and joint success for both presidents, each of whom made a tremendous personal contribution to achieving the best possible result at this time," Konstantin Kosachyov, a chair of the foreign affairs committee of Russia's upper house of parliament, wrote on Telegram, according to Reuters. Others were more blunt. As one senior Russian policymaker told The Guardian, 'Putin gave Trump nothing, but still got everything he wanted.' The absence of new sanctions, Trump's tacit recognition of Moscow's red lines, and the symbolism of being treated as an equal to the US president all fed into the narrative of triumph. Deputy Chairman of the Russian Security Council Dmitry Medvedev also singled out Trump's refusal to escalate pressure on Moscow over Ukraine as one of the most important outcomes. He described the summit as a restoration of top-level dialogue that was 'peaceful, free of ultimatums or threats,' and noted that Putin had 'presented our conditions for ending the conflict in Ukraine … in person and in detail.' In the United States, however, the verdict was also clear that Putin had scored a PR goal. The Washington Post called the summit ' not a disaster, but it was a US defeat.' The New York Times argued that Putin had effectively achieved a major war goal. ' He has gotten out of the box of sanctioned autocrat, and was greeted by the president of the United States as a peacemaker. He has bought time. He has defused all that talk of sanctions on his oil sector. And he gave up nothing'. How did Europe and Ukraine react to the summit? European leaders, led by Germany, France, the UK, Italy and the EU, issued a joint statement reaffirming their unwavering support for Ukraine's sovereignty and insisting that Russia could not dictate Kyiv's future ties with NATO or the EU. They pledged to tighten sanctions and maintain economic pressure on Moscow until what they described as a just and lasting peace is achieved. While leaders such as UK Prime Minister Keir Starmer and French President Emmanuel Macron praised Donald Trump's initiative in meeting Vladimir Putin, they stressed that any talks must be coupled with strong security guarantees for Ukraine. Kyiv's response was more guardedly optimistic. President Volodymyr Zelenskiy welcomed Trump's proposal for a trilateral format with Ukraine included, but said European participation was essential to ensure binding guarantees. He confirmed he would travel to Washington on Monday after a 'long and substantive' phone call with Trump, noting 'positive signals' about the United States taking part in future security arrangements. Trump's post-summit remarks on Fox News, however, fuelled unease in Kyiv and in several European capitals. In an interview with Sean Hannity, he contrasted Russia's status with Ukraine's, saying: 'Russia is a very big power, and they're not' and added that Zelenskiy 'gotta make a deal.' For many European officials, this reinforced fears that Trump might pressure Kyiv into concessions without securing reciprocal guarantees from Moscow. How did New Delhi react, and what drives that stance? India welcomed the Alaska summit between US President Donald Trump and Russian President Vladimir Putin, framing it as a positive step toward dialogue. 'India welcomes the Summit meeting in Alaska between President Trump and President Putin,' Ministry of External Affairs spokesperson Randhir Jaiswal said, adding that New Delhi 'consistently advocates dialogue and diplomacy as the way forward in resolving the Ukraine conflict.' He noted that India 'appreciates the progress made in the Summit'. 'India welcomes the Summit meeting in Alaska between President Trump and President Putin,' Ministry of External Affairs spokesperson Randhir Jaiswal said, adding that New Delhi 'consistently advocates dialogue and diplomacy as the way forward in resolving the Ukraine conflict.' He also noted that India 'appreciates the progress made in the Summit.' New Delhi's response can be read as relief that the focus on dialogue creates a potential opening for India, which has been squeezed between its strategic partnership with Washington and its heavy reliance on Russian energy. That pressure intensified earlier this month when the US raised tariffs on Indian goods to 50 percent, following secondary sanctions of 25 percent on Russian oil purchases. India, the second-largest buyer of Russian crude after China, was singled out by the measures. While Trump told Fox News' Sean Hannity that he would hold off on penalising China for now, the uncertainty over whether India will face continued tariffs remains. Could India gain some relief on US tariffs as a side-effect of Trump's diplomacy? Donald Trump's latest push to nudge Moscow towards a Ukraine deal has raised questions in New Delhi over whether India might see relief from the steep US tariffs imposed on Russian oil imports. The additional 25 percent duty, announced in late August, coincided with signs of Trump's growing frustration with Russian President Vladimir Putin. Indian officials viewed the sanctions partly as an extension of that irritation. En route to Alaska, Trump told Fox News that India had been forced to stop buying Russian oil because of the tariffs. Former Indian ambassador to Pakistan Ajay Bisaria described the Alaska meeting as 'reassuring' for India. 'The first good news is that the meeting took place,' he told The Wire, noting there were 'no shock outcomes of trouble' and no sign of 'a complete breakdown in that relationship.' He said Trump appeared to hint at flexibility. 'There was an indication he will either give more time to India for the 25 percent sanctions… or he will reverse them, or he will give that a bigger timeline,' Bisaria said. While there was brewing backlash in Washington that Putin may have gained an upper hand, Trump may still continue to believe that he is on the right path. 'He may be hearing other voices in his ear,' he said, pointing out that while some in Trump's circle are Russia hawks, 'the MAGA base supports him ending the wars. So, there won't be an issue with them.' Bisaria, however, added that conditions in Ukraine could yet derail any opening. 'If there's a major escalation in battlefield violence, that is a danger to the process, because right now it's the most fragile,' he said. In his view, both Trump and Putin are interested in a deal, with Ukraine and Europe seeking at least the optics of being consulted.
Time of India
a few seconds ago
- Time of India
India Reacts To Trump-Putin Alaska Summit As Tariff Threat Looms Over Russian Oil And Exports
India has welcomed the Trump–Putin summit in Alaska, praising the pursuit of diplomacy, but strongly opposed Washington's new tariff threats. The Modi government faces a 25% duty on exports starting August 27, a move explicitly linked to India's Russian oil imports. While Trump claimed Moscow had already lost India as a client, New Delhi dismissed the assertion, highlighting its reliance on discounted crude to ensure energy security. India condemned the tariffs as 'unfair and unjustified,' warning of severe impact on textiles, marine, and leather exports. With China and India as Moscow's top oil buyers, global energy geopolitics now collides with trade war risks. As India awaits clarity on the summit's next steps, New Delhi is preparing to defend its economic interests while continuing to call for dialogue and peace in Ukraine. Read More
