Latest news with #Reliance Industries
Reuters
4 days ago
- Business
- Reuters
India's Reliance warns tariff uncertainties could hit trade flows
Aug 7 (Reuters) - Reliance Industries ( opens new tab, India's biggest buyer of Russian oil, said in its annual report on Thursday that geopolitical and tariff-related uncertainties could hurt trade flows and the demand-supply balance. The operator of the world's largest refining complex said crude prices remained volatile amid evolving sanctions, shifting tariff policies, and output decisions by the Organization of the Petroleum Exporting Countries and non-OPEC members. The report, which did not elaborate on the tariffs, covered the fiscal year to March 2025, before U.S. President Donald Trump ratcheted up pressure on India, imposing on Wednesday an additional 25% tariff on goods imported from the country over its energy ties with Russia. The new levy, aimed at penalising India for its Russian oil imports, is on top of existing tariffs Washington has levied to fix its trade deficit with New Delhi. Russia continued to be the largest oil supplier to India during the first six months of 2025, accounting for about 35% of New Delhi's overall supplies, followed by Iraq, Saudi Arabia, and the United Arab Emirates, trade data shows. While state refiners have paused imports of Russian oil, private companies Reliance, Nayara Energy, and HPCL Mittal Energy continue to buy it. Late last year, Russia's state oil firm Rosneft ( opens new tab agreed to supply nearly 500,000 barrels per day of crude to Reliance in the biggest ever energy deal between the two countries. "If we cave under pressure, we risk losing access to cheaper Russian crude, which could squeeze refining margins. That's a risk for Reliance and oil marketing companies," Pramod Gubbi, co-founder at portfolio manager Marcellus Investment Managers, said referring to additional U.S. tariffs. Reliance shares fell 1% on Thursday before trimming losses to close 0.2% down. Shares of oil marketing companies including Indian Oil Corp ( opens new tab closed between 0.4% and 2% lower. The European Union has also banned imports of refined petroleum products made from Russian crude processed in third countries, with exceptions for a few Western nations. It has imposed direct sanctions on Russian-backed private refiner Nayara Energy. Reliance, a major exporter of refined products, 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 LSEG shiptracking data.
Reuters
6 days ago
- Business
- Reuters
Indian shares inch lower as investors assess Trump's tariff threat
Aug 5 (Reuters) - India's equity benchmarks inched lower on Tuesday after U.S. President Donald Trump renewed his threat of harsh tariffs on goods from India over the country's purchases of Russian oil. The Nifty 50 (.NSEI), opens new tab fell 0.31% to 24,646.95 points and the BSE Sensex (.BSESN), opens new tab lost 0.36% to 80,737.93 as of 9:38 a.m. IST. Trump on Monday threatened higher tariffs on imports from India, prompting New Delhi to call the move "unjustified" and pledge to safeguard its economic interests, further straining trade ties between the two nations. Analysts said the ongoing trade tensions have dampened market sentiment, keeping benchmarks rangebound until there is clarity on U.S. tariffs. Ten of the 16 major sectors declined, while broader small-cap and mid-cap indexes were little changed. Index heavyweights HDFC Bank ( opens new tab fell 1.1% while Reliance Industries ( opens new tab and ICICI Bank ( opens new tab lost about 0.8% each. "Markets have seen a subdued start as the fresh threat by the U.S. government to substantially raise tariffs on India weighed," said Prashanth Tapse, senior vice president of research at Mehta Equities. Trump's threat to raise tariffs on India over Russian oil is a major risk, which could hit exports harder than expected, dent fiscal year 2026 growth and earnings, said three analysts. "Domestic markets will likely continue to see bouts of intraday volatility and nervousness amongst the investors," Tapse said. Among individual stocks, private lender IndusInd Bank climbed 4.7% after naming industry veteran Rajiv Anand as its chief executive for a three-year term. Siemens Energy ( opens new tab rose 2% after posting a rise in the June quarter profit. Butterfly Gandhimathi Appliances ( opens new tab jumped 8% after its first-quarter profit more than doubled on a year-on-year basis. On the flipside, Triveni Turbine < dropped 7% after reporting a fall in the June quarter profit.
Times of Oman
18-07-2025
- Business
- Times of Oman
Reliance Industries registers 6% rise in Q1 gross revenue; Jio surpasses 200 million 5G subscribers, 20 million home connections
Mumbai: Reliance Industries Limited on Friday reported its April-June quarter gross Revenue increased by 6.0 per cent year on year to Rs 273,252 crore. Coming to Jio Platforms, a subsidiary, the revenue increased by 18.8 per cent due to strong subscriber growth across mobility and homes, increased consumption and sustained positive momentum in digital services. Reliance Retail Ventures reported its revenue has increased by 11.3 per cent. "All segments performed well, with market leading performance in grocery and fashion," a statement from Reliance Industries said. In the statement, it said Oil to Chemicals (O2C) revenue decreased by 1.5 per cent, due to a fall in crude oil prices and lower volumes on account of the planned shutdown. "Segment revenues were supported by increased domestic placement of transportation fuels through Jio-bp," it said. Oil and Gas segment revenue decreased by 1.2 per cent mainly on account of lower sales volume of KGD6 gas with natural decline in production, lower gas price for CBM and lower crude price realisation. "This was partly offset with improved KGD6 gas price realisation," it asserted. Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Reliance has begun FY26 with a robust, all-round operational and financial performance. Consolidated EBITDA for 1Q FY26 improved strongly from a year-ago period, despite significant volatility in global macros." "During the quarter, energy markets encountered heightened uncertainty, with sharp fluctuations in crude prices. Our O2C business delivered strong growth, with thrust on domestic demand fulfillment and offering value-added solutions through Jio-bp network. Performance was supported by improvement in fuel and downstream product margins. Natural decline in KGD6 gas production resulted in marginally lower EBITDA for Oil & Gas segment," Mukesh Ambani said, as per the statement. He further added, "Retail's business performance registered customer base expanded to 358 million, along with significant improvement across operating metrics. We are focusing on strengthening the portfolio of own FMCG brands, which resonate with the tastes of Indian consumers. Our Retail business continues to enhance its ability to fulfill everyday as well as specialized needs of all customer cohorts, through a multi-channel approach." He also shared information that Jio has scaled newer heights during the quarter, including crossing 200 million 5G subscribers and 20 million home connects. "Jio AirFiber is now the largest FWA service provider in the world, with a base of 7.4 million subscribers. Our Digital Services business consolidated its market position with a robust financial and operational performance. Through its differentiated offerings across mobility, broadband, enterprise connectivity, cloud and smart homes, Jio has positioned itself as the technology partner of choice for Indian consumers," Mukesh Ambani added. Reliance's Media business has emerged as a one-stop platform for entertainment, sports and news content from all over the world, said the Chairman and Managing Director. "We will continue to enhance our suite of offerings across genres to cater to the discerning Indian audience." "Reliance is committed to contribute to India's growth this journey through inclusive growth, technological innovation and leading energy transformation. The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4-5 years," Mukesh Ambani further noted.
