Tag: Reliance Industries

Delhi HC restrains Future Retail-Reliance deal on Amazon’s plea – Times of India

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NEW DELHI: In a major setback to Future Group, the Delhi high court on Thursday restrained the company from going ahead with Rs 24,713 crore deal with Reliance Industries.
The court has directed Future Retail not to take any further action the deal. It also held that the company willfully violated Singapore arbitrator’s order.
Future Group and its directors have also been asked to deposit Rs 20 lakh in PM relief fund for providing Covid-19 vaccine to senior citizens of BPL category.
Further, the HC has directed to attach properties of CEO Kishore Biyani and others related to Future Group.
Biyani, along with others, has been asked to appear in court on April 28.
The high court also asked them to show cause as to why they be not detained for 3 months under civil prison for violating emergency arbitrator’s order.
The high court’s order came on Amazon‘s plea seeking direction to order enforcement of the award by Singapore’s EA on October 25, 2020, restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.
The decision is a setback for Future, the country’s second-largest retailer with over 1,700 stores, which agreed to sell its retail businesses to market leader Reliance last year.
However, e-commerce giant Amazon, which had its sights set on ultimately owning part of the retail assets itself, argued a 2019 deal it had with a unit of Future contained clauses prohibiting Future Retail from selling them to anyone on a “restricted persons” list including Reliance.
Amazon had moved the Delhi HC in January to enforce the emergency award (EA) by the Singapore International Arbitration Centre (SIAC), which had asked Future Group not to proceed with the RIL deal till it pronounces a final order.
Previously, Future too had approached the HC to stop Amazon from writing to regulators citing the SIAC order, but the court did not grant the injunction and said Amazon was free to write to regulators.
(With inputs from agencies)

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Reliance Securities Named as India’s 10 Most Promising Share Trading Platforms of 2020

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Reliance Securities (RSEC) has been recognised as India’s top 10 most promising share trading platforms of 2020. Despite the challenges of last year due to the Coronavirus pandemic, RSEC emerged as one of the fastest-growing financial services business in India, enhancing its retail customer base to over 1 million, increasing its financial investment & savings offerings and widening its pan-India presence across 3500+ touch-points and 60+ branches.

Commenting on the honour, Mr. Lav Chaturvedi, ED & CEO, Reliance Securities, said, “Reliance Securities was able to grow transactions by 25-30% at a pan-India level despite the challenges of working remotely during the COVID-19 pandemic. This was possible owing to our single-window Systematic Digital Engagements (SDE) growth model, which is core to our consumer engagements across all categories of our services and offerings, along with our ‘phygital’ presence, which helped us widen our reach across a wider customer base and geography.”

Reliance Securities was chosen as India’s top 10 share trading platform by a team of market experts and journalists at Silicon India, after a 3-month scrutiny and evaluation process. The experts actively tracked all the solutions available for share trading platforms in India. Initially, 30 platforms were shortlisted based on the information collated from market reports, industry news, social media, surveys with potential buyers and industry events.

Reliance Securities has been creating continuous value for customers as part of its SDE initiative. It has been continuously developing analytically driven solutions for digital consumer engagements across advisory, research, transactions, education, training and awareness creation . It has also consciously transited to the ‘Phygital’ business model, which is a balanced growth of brick-and-mortar and digital presence, to cater to a wider category of clients and meet every client need, which includes market knowledge and financial literacy, insights and expert views and finally for ensuring faster, smoother, seamless and educated investment decisions across asset classes.

The trading and investing processes are backed by hi-tech predictive technologies such as data analytics, AI, robotics for predicting possible future events and enabling clients to make well-calculated investment decisions. Application of regulatory technology (Regtech) has also enabled R-Sec to become one of the most compliant brokers in the category by speeding up and making compliance processes seamless.

For more details visit: https://www.reliancesmartmoney.com/ About Reliance Securities: Reliance Securities, the broking and distribution arm of Reliance Capital, is one of India’s leading retail broking and distribution houses, providing customers with access to equities, derivatives, currency, IPOs, wealth management solutions, insurance products, mutual funds, bonds, and corporate FDs amongst others.

The large array of financial offerings helps customers fulfil their investment objectives on one platform called reliancesmartmoney.com. It is a neutral financial services marketplace empowering people to do what’s right for their money. The multi-product digital platform provides access to Mutual Funds, Stocks, Loans and Insurance, PMS, Corporate FDs and Bonds, amongst others, helping customers take informed decisions and transact across asset classes seamlessly.

Reliance Securities has over 1 million+ customers; having strong affiliate network with over 1,000 offices across India.

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Sensex tumbles 585 points; Nifty drops below 14,600

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Extending its losing streak to the fifth consecutive session, equity benchmark Sensex tanked 585 points on Thursday, tracking losses in index majors Infosys, RIL and TCS.

After rallying nearly 500 points earlier in the day, the 30-share BSE index gave up all gains to end 585.10 points or 1.17% lower at 49,216.52. The broader NSE Nifty slumped 163.45 points or 1.11% at 14,557.85.

HCL Tech was the top loser in the Sensex pack, shedding around 4%, followed by Infosys, Dr Reddy’s, TCS, Reliance Industries, Tech Mahindra and NTPC.

On the other hand, ITC, Bajaj Auto, M&M, Maruti and Bharti Airtel were among the gainers.

“Having seen a brisk gap-up opening on positive global cues, domestic equities fell sharply for the fifth consecutive day as sharp rise in coronavirus cases in the country made investors jittery,” said Binod Modi, Head Strategy at Reliance Securities.

A sharp rise in daily COVID-19 cases in India has raised apprehensions about sustainability of ongoing rebound in corporate earnings, he noted, adding that the mounting concerns of possible fresh economic restrictions made enthusiasm of dovish commentary from Federal Reserve short lived for domestic markets.

After its two-day policy meeting, the U.S. Fed reassured investors that it expects to keep its key interest rate near zero through 2023.

Stock exchanges on Wall Street ended with gains in the overnight session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Bourses in Europe were also trading higher in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.40% lower at $67.73 per barrel.

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India’s draft e-commerce policy calls for equal treatment of sellers – Times of India

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NEW DELHI: India will require e-commerce firms to treat sellers equally on their platforms and ensure transparency, according to a draft policy seen by Reuters on Saturday that follows criticism against business practices of big online companies.
India has been deliberating a new e-commerce policy for months amid complaints from brick-and-mortar retailers who allege online giants like Amazon and Walmart’s Flipkart flout federal regulations. The companies have denied the allegations.
A Reuters special report last month revealed that Amazon has for years given preferential treatment to a small group of sellers on its India platform and used them to circumvent the country’s foreign investment rules.
The latest draft of the policy document says operators should be impartial in their dealings with sellers.
“E-commerce operators must ensure equal treatment of all sellers/vendors registered on their platforms and not adopt algorithms which result in prioritizing select vendors/sellers,” it says.
A spokesman for the commerce ministry declined to comment.
The policy will apply to Amazon and Flipkart – two top e-commerce players in India – as well as domestic players like Reliance Industries, which has plans to expand its JioMart online platform. All three firms did not immediately respond to a request for comment.
Separately, India is also considering changes to foreign investment rules that could prompt players including Amazon to restructure their ties with some major sellers, Reuters reported in January.
Government officials are set to hold talks next week with industry executives on such rules, according to people with direct knowledge.
On Saturday, top government officials from various departments, including the commerce ministry, met to discuss the e-commerce policy. The timeline of publication and whether it will be subject to further changes were not immediately clear.
Indian traders have also complained about steep discounts offered by online companies which smaller retailers have not been able to match. Amazon and Flipkart have said they comply with all laws.
E-commerce firms must “bring out clear and transparent policies” on online discounts, the draft document says.
The Reuters special report last month – based on internal Amazon documents dated between 2012 and 2019 – showed the company helped a small number of sellers prosper on its India platform, giving them discounted fees and helping one cut special deals with big tech manufacturers.
Amazon has said it “does not give preferential treatment to any seller on its marketplace,” and that it “treats all sellers in a fair, transparent, and non-discriminatory manner.”

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Sensex Zooms 1,148 Points, Nifty Tops 15,200; Financials Steal the Show

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Continuing their winning run for the third session in a row, the BSE Sensex surged nearly 1,148 points to breach the 51,000-level and the NSE Nifty recaptured the 15,200-mark on Wednesday, propped up by intense buying in financial and energy stocks. At the closing bell, the 30-share Sensex was up 1,147.76 points or 2.28 per cent at 51,444.65 – the biggest single-day rise since February 2. Intra-day, the index swung 1,243 points.

Likewise, the NSE Nifty climbed 326.50 points or 2.19 per cent to end at 15,245.60. The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank. Of the 30 Sensex constituents, 27 closed in the green. Foreign investors had bought equities worth Rs 2,223.16 crore on net basis in Indian capital markets on Tuesday, exchange data showed.

Elsewhere in Asia, stock markets extended gains on Wednesday despite an overnight retreat on Wall Street. Meanwhile, Brent Futures rose by 1.84 per cent to trade at $63.77 per barrel. On the forex market front, the rupee rose by 65 paise to end at 72.72 against the US dollar.



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Sensex Jumps Over 200 Points in Early Trade; Nifty Tops 14,750; Axis Bank Top Gainer

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Equity benchmark Sensex jumped over 200 points in the opening session on Wednesday tracking gains in index majors Reliance Industries, HDFC Bank and Axis Bank, despite weak trend in global markets. The 30-share BSE index was trading 207 points or 0.42 per cent higher at 49,958.41.

Similarly, the broader NSE Nifty was quoting 69.35 points or 0.47 per cent up at 14,777.15. Axis Bank was the top gainer in the Sensex pack, rising around 2 per cent, followed by Bajaj Finance, SBI, Reliance Industries, ONGC and UltraTech Cement.

On the other hand, TCS, PowerGrid, Infosys, HUL and Tech Mahindra were among the laggards. In the previous session, Sensex ended 7.09 points or 0.01 per cent higher at 49,751.41, and Nifty settled 32.10 points or 0.22 per cent up at 14,707.80.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,569.04 crore on Tuesday, as per exchange data. Domestic equities look to be good at the moment despite mixed cues from Asian markets, said Binod Modi Head-Strategy at Reliance Securities.

“FIIs turning net sellers for last two days can be a reason to worry in the near term. However, we continue to believe that FIIs flow should be favourable in the medium to long-term perspective as underlying strength of Indian equities remains intact,” he added. US equities witnessed sharp reversal from initial losses and finished mostly higher as Fed Chairman Jerome Powell continued to sound dovish in his testimony.

Powell vowed to keep monetary policy accommodative and gave no indication that rising bond yields or possibility of higher inflation would make the Federal Reserve begin reining in its efforts to support the economy, Modi noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.56 per cent lower at USD 64.12 per barrel.



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