Name: Reliance rejigs business, gears for Aramco deal
Uploaded: 2021-02-23T02:44:23.fff+05:30
Duration: T00M50S
Channel: editorji

Mukesh Ambani-led Reliance Industries has announced a business rejig as it hives off its Oil-to-Chemicals (O2C) into a subsidiary that will be managed 100% by

Reliance rejigs business, gears for Aramco deal

Mukesh Ambani-led Reliance Industries has announced a business rejig as it hives off its&nbsp;Oil-to-Chemicals (O2C) into a&nbsp;subsidiary that will be managed 100% by RIL. The oil-to-chemicals segment contributed 60% to the company's revenue last fiscal.
The O2C company will be set up with a&nbsp;$25 billion loan from the parent and will house&nbsp;its refining, marketing, and petrochemical assets&nbsp;that amount close to $40 billion.&nbsp;RIL will retain New Energy and New Materials businesses.
Analysts believe hiving off this unit makes it easier for the proposed Aramco deal. Ambani in the&nbsp;annual report had said both RIL and Saudi Aramco were in talks of arriving at a deal that had been paused due to the pandemic.

Mukesh Ambani-led Reliance Industries has announced a business rejig as it hives off its Oil-to-Chemicals (O2C) into a subsidiary that will be managed 100% by RIL. The oil-to-chemicals segment contributed 60% to the company's revenue last fiscal. The O2C company will be set up with a $25 billion loan from the parent and will house its refining, marketing, and petrochemical assets that amount close to $40 billion. RIL will retain New Energy and New Materials businesses. Analysts believe hiving off this unit makes it easier for the proposed Aramco deal. Ambani in the annual report had said both RIL and Saudi Aramco were in talks of arriving at a deal that had been paused due to the pandemic.

CNG, PNG Price in Delhi: With the petrol-diesel and LPG prices already skyrocketing, there is more bad news for common folks.

With the petrol-diesel and LPG prices already skyrocketing, there is more bad news for common folks. The prices of CNG used in vehicles as well as PNG (Piped Natural Gas) which is the domestic cooking fuel, have been hiked.
The new prices came into effect from 6 am on Tuesday. Indraprastha Gas Limited has said that it has increased the price of CNG by 70 paise/kg in Delhi-NCR.
The price of CNG in Delhi has now gone up to Rs 43.40 per kg. At the same time, CNG has reached Rs 49.08 per kg in Noida, Greater Noida and Ghaziabad. IGL has also increased the prices of PNG in Delhi-NCR by 91 paise. The new price of PNG in Delhi was Rs 28.41 per scm.
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Also Read: <a href="https://www.editorji.com/story/govt-looking-at-cutting-taxes-on-petrol-and-diesel-1614647965708" target="_blank" rel="noopener">Govt looking at cutting taxes on petrol and diesel</a>

Walmart backed Flipkart may be looking at a one-way ticket to buying a controlling stake in Cleartrip sources have told moneycontrol.com. F

&nbsp;Walmart backed Flipkart may be looking at a one-way ticket to buying a controlling stake in&nbsp;Cleartrip&nbsp;sources have told moneycontrol.com.&nbsp;&nbsp;
 Flipkart is looking at expanding its services and wants to leverage as a&nbsp;superapp&nbsp;as per reports.&nbsp;Cleartrip&nbsp;has seen pressure on&nbsp;it&rsquo;s&nbsp;books as airline travel continues to be under pressure due to the pandemic.&nbsp;&nbsp; &nbsp; Both Flipkart and&nbsp;Cleartrip&nbsp;have not denied/confirmed the talks.&nbsp;

Finance Ministry is in looking at the possibility of reducing taxes on petrol and diesel as prices as per reports. Taxes and duties account for over 60% of the petrol b

Finance Ministry is looking at the possibility of reducing taxes on petrol and diesel as per reports. Taxes and duties account for over 60% of the petrol bill at this point. Along with soaring crude oil&nbsp;prices ,&nbsp;hefty tax bill has pushed petrol prices to record highs across the country topping the Rs 100/litre&nbsp;mark.&nbsp;&nbsp; &nbsp; Reports quoted unnamed Finance Ministry sources as saying&nbsp;"We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March."&nbsp;&nbsp;
 GST collections have been above Rs 1 lakh crore for the 5th&nbsp;straight month in February has given some room to the govt to&nbsp;lower the fuel bill burden on the consumers.&nbsp;&nbsp;

In good news for Apple fans, all 270 Apple stores in the United States opened for business on Monday. This is the first time that all US stores are open since Apple sta

In good news for Apple fans, all 270 Apple stores in the United States opened for business on Monday. This is the first time that all US stores are open since Apple started closing stores in response to the Covid-19 pandemic last year in April. The reopening of Apple stores marks a milestone, as the United States begins to emerge from lockdowns as new cases fall and vaccines are distributed. However, not all Apple stores in the US are fully open for walk-in customers to go inside and browse; customers have to check Apple&rsquo;s website before heading to their store in case it is appointment-only or service is limited. All Apple Stores will strictly enforce Covid-19 safety guidelines, that include reduced occupancy and a mandatory mask requirement.

Customers of India’s largest bank SBI have been the target with a phishing scam where hackers have flooded them with suspicious text messages askin

Customers of India&rsquo;s largest bank SBI&nbsp;have been the target&nbsp;with a phishing scam where hackers have flooded them with suspicious text messages&nbsp;asking them to redeem their SBI credit points worth Rs 9,870.&nbsp; The link within the text messages redirects the user to a fake website where the user is asked to submit personal information along with sensitive financial details like card number, expiry date, CVV and&nbsp;Mpin&nbsp;in a 'State Bank of India Fill Your Details' form.&nbsp; After the form is submitted, the user is directed to a "thank you" page.&nbsp; CyberPeace&nbsp;Foundation, the think tank and&nbsp;Autobot&nbsp;Infosec Private Ltd carried out an investigation which revealed multiple details to prove that the entire thing is a phishing attack.&nbsp;"The domain name of the website can be traced to India, and the registrant state was found to be Tamil Nadu," the report mentioned&nbsp;

Airlines are all set to pay more for fuel as jet fuel prices were raised by a steep 6.5%. This is the third increase in jet fuel prices since February, prices were

Airlines are all set to pay more for fuel as jet fuel prices were raised by a steep 6.5%.&nbsp;This is the third increase in jet fuel prices since February, prices were hiked by 3.6% last on Feb 16.&nbsp; This could translate to higher ticket prices ahead of the busy summer season.&nbsp;
The move comes on the back of a steep&nbsp;uptick&nbsp;in global oil prices. Crude oil prices have been very volatile ahead of the OPEC meet on March 5, where markets are anticipating some supply easing to be done.&nbsp;&nbsp; &nbsp;

India’s largest pubic sector bank SBI has reduced home loan rate to 6.7 % and also is waving off processing fees. This offer is valid ti

&nbsp; India&rsquo;s largest&nbsp;pubic&nbsp;sector bank SBI has&nbsp;reduced home loan rate to 6.7 % and is also waving off processing fees. This offer is valid&nbsp;till March 31 as per a release from the bank.&nbsp;&nbsp; &nbsp; SBI Home loan interest rates are linked to CIBIL score and start from 6.70 percent for loans up to Rs. 75 lakh and 6.75 percent for loans above Rs. 75 lakhs, the bank said.&nbsp;
 Customers can also apply from the ease of their home via YONO App to get additional interest concession of 5 bps. On the eve of International Women&rsquo;s day, a special 5 bps concession is being made available to the women borrowers, the bank said.&nbsp;

Maruti Suzuki has seen domestic sales rise 11.8% YoY with a total of 1.52 lakh units sold in February. Utility vehicles Utility vehicles like

&nbsp; Maruti Suzuki has seen&nbsp;domestic sales rise&nbsp;11.8% YoY with a total of 1.52 lakh units sold in February. Utility vehicles like&nbsp;Ertiga, XL6 and Vitara&nbsp;Brezza&nbsp;have seen a&nbsp;strong sales&nbsp;in the month gone by leading the growth.&nbsp;
&nbsp; It is not just domestic&nbsp;growth ,&nbsp;Maruti Suzuki India has accomplished the landmark of exporting 20 lakh vehicle from India. In under 8 years Maruti Suzuki&rsquo;s exports have doubled from 10 lakh units to 20 lakh units.&nbsp;&nbsp;

Mukesh Ambani promoted Jio along with Reliance Retail has rolled out the ‘New JioPhone 2021’ offer which provides for a new phone along

Mukesh Ambani promoted&nbsp;Jio&nbsp;along with Reliance Retail has rolled out the &lsquo;New&nbsp;JioPhone&nbsp;2021&rsquo; offer which provides for a new phone along with three new plans. Under this scheme, new users&nbsp;will be provided a&nbsp;JioPhone&nbsp;device along with unlimited voice calls and data&nbsp;for one year at Rs1,499 and for two years at Rs1,999. Existing users can opt for&nbsp;the same unlimited service for one year at Rs749.&nbsp;This marks the return of the&nbsp;JioPhone, which it had&nbsp;it&rsquo;s&nbsp;debut in 2017.&nbsp;
Analysts believe&nbsp;Jio&rsquo;s new&nbsp;JioPhone&nbsp;2021 offer is&nbsp;also&nbsp;targeted to upgrade 2G user&nbsp;base.&nbsp;Jio is now in second place at 33.6% market share in active subscribers compared to the just ahead Airtel at 33.7%. Jio has seen a loss of subscribers in the past month&nbsp;which has strengthened&nbsp;Sunil Mittal backed Bharti Airtel into the&nbsp;numero&nbsp;uno spot.

Monday blues as early as 10 am for India’s largest stock exchange NSE as HDFC Securities alerted investor of a technical error in the system. The brokerage

Monday blues as early as 10 am for India&rsquo;s largest stock exchange NSE as HDFC Securities alerted investor of a technical error in the system.&nbsp;
 The brokerage house tweeted&nbsp;&ldquo; we&nbsp;have blocked trading in NSE cash due to a technical glitch,&nbsp;All&nbsp;other segments are working fine&rdquo; India&rsquo;s largest broker&nbsp;Zerodha&nbsp;also had&nbsp;clients&nbsp;complain at the same time of glitches in placing orders.&nbsp;BSE was quick to&nbsp;respond&nbsp;as&nbsp;Ashish Chauhan, CEO of BSE tweeted: "All market segments are working normal today.
 NSE however responded&nbsp;within&nbsp;half hour reassuring traders that&nbsp;&ldquo; All&nbsp;operations on the NSE platform were running smoothly and normal&rdquo;&nbsp;

LPG cylinder prices have seen a price hike again, this is the second time in just 4 days. LPG cylinder prices increased by Rs 25 effective immediately.

LPG cylinder prices have seen a price hike again, this is the second time in just 4 days.&nbsp;LPG cylinder prices increased by Rs 25 effective immediately.&nbsp;&nbsp; &nbsp; LPG prices have been raised 4 times in that last 4 weeks. Infact&nbsp;prices have soared to Rs 819/cyclinder&nbsp;in Delhi vs Rs&nbsp;Rs&nbsp;594/cylinder on Dec 1.&nbsp;The increase is applicable across all categories including&nbsp;subsidised&nbsp;and non-subsidised&nbsp;users.&nbsp;

AstraZeneca pharmaceutical company has sold its 7.7% stake in Moderna Inc for more than $1 billion after the US biotechnology company's shares soared on the back of its

British&ndash;Swedish&nbsp;pharma&nbsp;giant&nbsp;AstraZeneca&nbsp;has sold its 7.7% stake in drugmaker&nbsp;Moderna Inc for more than $1 billion after the US biotechnology company's shares soared on the back of its coronavirus vaccine breakthrough, The Times reported. However, it isn't clear over what period AstraZeneca sold its holding, the report added. The news of the stake sale comes just after Johnson &amp; Johnson&rsquo;s single-shot coronavirus vaccine received approval as the third vaccine for emergency use in the US.

The push to include petrol and petroleum products under the GST just got stronger. Chief Economic Advisor K.V. Subramanian has also voiced the backing

The push to include petrol and petroleum products under the GST&nbsp;just got stronger.&nbsp;
Chief Economic Advisor K.V. Subramanian has also voiced&nbsp; the backing to bring petroleum products under the ambit of the Goods and Services Tax.
This comes as the FM and Oil Minister both while reacting the rising duties and taxes on fuel said that better coordination&nbsp;is needed between state and centre on the issue and maybe inclusion into GST&nbsp;is a viable option.&nbsp;
The GST&nbsp;council is set to meet this month.
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The deadline to file GST returns for FY'20 has been extended to March 31 by the govt. This is the second extension by the govt, moving the calendar from Dec 2020 t

The deadline to file&nbsp;GST returns for FY'20 has been extended to March 31 by the govt. This is the second extension by the govt, moving the calendar from Dec 2020 to end of February and now to March end.&nbsp;&nbsp;
Members of the industry&nbsp;welcomed this move as&nbsp;many were struggling to meet this statutory deadline and had represented to the government for an extension.
&nbsp;

The Govt has again extended the deadline for filing declaration and making payments under ‘Vivad Se Vishwas’ scheme . The deadline for declaration has been

The Govt has extended the deadline for filing declaration and making payments under &lsquo;Vivad Se Vishwas&rsquo; scheme . The deadline for declaration has been pushed March 31, 2021, and the due date for payment without additional amount under the scheme has been&nbsp;extended to 30th April, 2021.
The Direct Tax Vivad se Vishwas Act, 2020 was implemented in March 2020 and 1.2 lakh cases amounting to&nbsp;Rs 97,000 cr&nbsp;have so far opted for the scheme.

Aviation regulator DGCA has extended the suspension of international commercial flights to and from India till March 31. In a circular posted the regulator also states

Aviation regulator DGCA has extended the suspension of international commercial flights to and from India till March 31.
In a circular posted the regulator also states that scheduled International flights may be allowed to fly in the given period but the decision will be made on a case to case basis. The allowance pertains to the 27 countries where India has bilateral air bubble agreements.
International commercial passenger flights were suspended on March 23, 2020 due to the pandemic.&nbsp;
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Bears took control the equity markets across the globe on the last day of trade. After sparking hope and starting trade positively Wall Street saw volatile moves pushin

Bears took control of the equity markets across the globe on the last day of trade for the week. After sparking hope and starting trade positively Wall Street saw volatile moves pushing the 30 stock Dow Jones end at the day low shedding 460 points.&nbsp;
All three major averages posted weekly losses on Wall Street, the second weekly downtick for the same. The jitters were sparked again as personal expenditure reading was higher&nbsp;than anticipated ,raising inflationary concerns.&nbsp;&nbsp;
 But equities were not the only this suffering. Crypto currency also had a tough week as Bitcoin slid&nbsp;further 5% in Friday&rsquo;s trade extending its losses to 20% for the week. Bitcoin has recorded&nbsp;it&rsquo;s&nbsp;worst weekly decline in&nbsp;atleast&nbsp;a year.&nbsp;&nbsp; &nbsp; Even&nbsp;commodities&nbsp;that have been the shining spot for traders saw profit booking.&nbsp;A gauge tracking&nbsp;23 commodities&nbsp;dropped by the most since April 2020 as&nbsp;the dollar strengthened making the commodity play less attractive&nbsp; &nbsp;

Mukesh Ambani has become Asia’s wealthiest person again after Zhong Shanshan’s bottled-water company tanked a record 20% this week. The Bloomberg Billionair

Mukesh Ambani has become Asia&rsquo;s wealthiest person again after Zhong Shanshan&rsquo;s bottled-water company tanked a record 20% this week. The Bloomberg Billionaires Index said, RIL chairman's net worth is $80 billion and the Chinese tycoon is now worth $76.6 billion, down more than $22 billion from a peak just last week, In September, Shanshan had become Asia&rsquo;s richest person, beating Chinese tech titans like Jack Ma. His company had raised nearly $1.1 billion in its initial public offering. Zhong is also the chairman of Beijing Wantai Biological Pharmacy Co. Ltd., a vaccine manufacturer which surged as much as 3,757% in December. The firm is now developing a Covid-19 vaccine nasal spray in collaboration with a prominent Chinese university.

The National Stock Exchange has released yet another statement explaining events that led to the longest ever shut down of the exchange on Wednesday but this communicat

The National Stock Exchange has released yet another statement explaining events that led to the longest ever shut down of the exchange on Wednesday but this communication still alludes to give an answer to why the&nbsp;backup site was not made active.&nbsp;&nbsp;
After the trading halt rival bourse BSE was&nbsp;accused NSE of&nbsp;not taking a decision in the benefit of the&nbsp;brokers,&nbsp;BSE was quoted to say&nbsp; &ldquo;It was anti-competitive and unethical on the part of NSE Clearing Ltd (NCL) to stop its operations to preserve NSE&rsquo;s monopoly and hold the market to ransom&rdquo;.&nbsp;
NSE&nbsp;has clarified again that even though it was considered to migrate trade to the disaster recovery site it was internally decided to work&nbsp;towards&nbsp;resolving the issues on the primary site and halt trading.&nbsp;NSE is yet to submit a detailed report to&nbsp;SEBI post the technical analysis of the glitch.

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-Decembe

Strong festive sales boosted growth numbers in the final quarter of 2020 as India exited recession after two quarters of growth contraction. GDP for the October-December period is now pegged at 0.4% , the first expansion after the pandemic hit.&nbsp;India is now one of the few economies that saw growth expand in the quarter gone by.&nbsp;&nbsp;
Though technically the recession may be over but it is not all good news the govt has&nbsp;revised&nbsp;&nbsp;the&nbsp;full year GDP to reflect a contraction of 8% vs &ndash;7.7% earlier. Some of the&nbsp;internal indicators&nbsp;are also not very encouraging&nbsp;for example spending from the govt&nbsp;as well private spending have shown a contraction on a&nbsp;year on year&nbsp;basis.&nbsp;&nbsp;
It is&nbsp;definitely&nbsp;too&nbsp;early to celebrate the recovery as International ratings agency Moody&rsquo;s warns that the risk to growth forecast for India is tilted to the downside. Even JPMorgan&nbsp;has raised an alarm that&nbsp;&nbsp;a&nbsp;consumer credit crisis could derail India&rsquo;s economic recovery . For the weekend however economy watchers can enjoy the headline that India has exited recession.&nbsp;

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