Tag: RIL

BHEL commissions 93 MW steam turbine at Hazira for RIL

BHEL commissions 93 MW steam turbine at Hazira for RIL

23/11/2016 16:58

State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) on Wednesday said it has commissioned a 93 MW steam turbine-based Captive Power Plant (CPP) at Hazira in Gujarat for Reliance Industries Ltd (RIL).

“BHEL commissions 93 MW steam turbine based power plant at Hazira for RIL,” the company said in a filing to the Bombay Stock Exchange on November 02, 2016.

Moreover, this is the 2nd unit of the 4×93 MW steam turbine-based CPP, being set up by BHEL for RIL, at Hazira.

Further, for RIL, the company is also setting up a 3×93 MW steam turbine-based CPP at Dahej in Gujarat, it added.

The CPPs are being set up to meet the power requirements of RIL’s refinery projects at Hazira and Dahej, BHEL said in a statement.

With the commissioning of the 2nd unit at Hazira, BHEL has so far commissioned 2 units each at the Hazira and Dahej projects. The remaining 3 units are also planned for commissioning during the current FY.

Moreover, RIL has been sourcing steam turbines as well as gas turbines from BHEL for their Jamnagar, Dahej, Hazira and Patalganga refineries and petrochemical complex.

Meanwhile, shares of company closed at Rs 125.05 apiece, up 0.44 per cent, from previous close on BSE.

Advertisements
RIL raises $573 mn loan for 6 large ethane carriers

RIL raises $573 mn loan for 6 large ethane carriers

26/10/2016 11:46

Reliance Industries today said it has raised a term loan of USD 573 million to part finance construction of a six very large ships for transportation of ethane from the US.

The firm has ordered six very large ethane carriers (VLECs), the largest ethane vessels ever built in the world.

“The facilities (loan) with door to door tenor of 12 year comprise of a Korea Trade Insurance Corp (K-sure) insured tranche of USD 286.5 million and a commercial tranche of USD 286.5 million,” RIL said in a statement.

“The facilities shall be secured by collateral of respective VLECs.”

VLECs would transport ethane from US to Dahej in Gujarat. The gas will be used for feeding RIL’s crackers at Dahej, Hazira and Nagothane “to ensure consistent supply of ethane at competitive prices.”

The VLECs are financed in a debt-to-equity ratio of 80:20.

“Despite global slowdown in the shipping industry, both tranches of the facilities (loan) were oversubscribed by two times and saw participation from seven banks in K-sure covered tranche and six banks in the commercial tranche. This reflects the strong credit standing of RIL in the international financial markets,” it said.

Banks lending to RIL include The Hongkong and Shanghai Banking Corp Ltd, Standard Chartered Bank, Banc of America Leasing & Capital LLC, Australia and New Zealand Banking Group Ltd, Citibank, DBS Bank Ltd, BNP Paribas, Societe Generale, Sumitomo Mitsui Banking Corp, The Bank of Tokyo-Mitsubishi UFJ Ltd, Credit Agricole Corporate and Investment Bank and JP Morgan Chase Bank NA.

RIL Q2 cons net dips 23% at Rs 7,206 cr; net revenue climbs

20/10/2016 17:59

Mukesh Ambani-led Reliance Industries on Thursday reported that its consolidated net profit for the second quarter ended September 30, 2016 declined by 22.89 per cent at Rs 7,206 crore from the same period a year ago.

In Q2 FY 2015-16, the company had posted a consolidated net profit of Rs 9345 crore, Reliance Industries said in a filing to the Bombay Stock Exchange (BSE).

Total income grew by 10.65 per cent at Rs 84,044 crore in Q2 FY 2016-17 from Rs 75,950 crore in the same period a year ago.

On the standalone basis, net profit rose by 17.90 per cent to Rs 7,704 crore during the July-September quarter as compared to Rs 6,534 crore in the same quarter last year.

Other income increased by 63.90 per cent to Rs 2,393 crore in Q2 FY 2016-17 from Rs 1,460 crore in the same period a year ago.

During the quarter under review, the company’s earnings per share (on consolidated basis) stood at Rs 24.4 as compared to Rs 31.7 in the corresponding quarter a year ago. The company’s debt-equity ratio stood at 0.74 per cent in Q2FY17 as against 0.75 per cent in Q2FY16.

Commenting on Q2 earnings, Reliance Industries, chairman and managing director, Mukesh Ambani said, “The company has achieved outstanding second quarter results with strong refining business performance and record petrochemicals segment earnings.”

Ahead of earnings announcement, shares of company ended at Rs 1088.50, up 0.15 per cent, from previous close on BSE.

RIL gets green nod for exploratory drilling proj in TN

RIL gets green nod for exploratory drilling proj in TN

16/05/2016 11:45

The Centre’s green panel has given its nod to RIL for carrying out eight additional exploratory well drilling to ascertain reservoir capacity and commercial viability of hydrocarbons in the block CY-III-D5 in Bay of Bengal off the coast of Tamil Nadu.

Reliance Industries has been awarded exploratory rights for hydrocarbons prospecting in the offshore block DY-III-D5 under the New Exploration Licensing Policy-III. RIL has already been given the environment clearance to drill 11 exploratory wells in this block. As on date, the company has drilled nine wells and discovered hydrocarbons in three wells.

Since seismic data and the drilling campaign shows presence of hydrocarbons in the block, RIL is planning to carry out eight additional exploratory well drilling to establish the reservoir capacity in this block.

“In a recent meeting, the Expert Appraisal Committee of the Environment Ministry examined the proposal. After detailed deliberations, the committee recommended the project for environment clearance,” a senior government official said.

The Committee has recommended the Ministry to give final clearance to RIL’s project subject to certain specific and general conditions, the official added.

Among key conditions specified, the Panel has suggested the company to ensure gas produced during the testing should be flared with appropriate flaring booms. The flare system should be designed as per good oil field practices and oil industry safety directorate guidelines.

Meanwhile, shares of the company were trading at Rs 975.4 apiece, down 0.27 per cent from the previous close at 11:45 hours on BSE.

Market cap of top 8 Sensex firms jumps Rs 21,296 cr

Market cap of top 8 Sensex firms jumps Rs 21,296 cr

14/03/2016 15:33

The overall market capitalisation of eight of the top ten Sensex firms climbed by Rs 21,296 crore last week led by HDFC which emerged as the biggest gainer, while Infosys and CIL were the lone losers.

The market cap of HDFC jumped by Rs 4,777.47 crore to Rs 183,004.82 crore last week when the 30-share Sensex logged a second straight weekly gain, advancing by 72 points to end at 24,717.99 driven by robust foreign fund flows amid hopes that the RBI may cut interest rates as the government stuck to its fiscal prudence commitment, and on strong global cues after ECB’s robust easing measures and an oil price rally.

ITC witnessed an Rs 4,100.76 crore rise in its market value to Rs 258,187.17 crore last week while the market cap of ONGC surged by Rs 3,507.75 crore to Rs 175,473.10 crore.

The market capitalisation of RIL surged by Rs 3,012.13 crore to Rs 329,082.12 crore while that of drug major Sun Pharma climbed by Rs 2,539.03 crore to Rs 208,838.67 crore.

HDFC Bank’s market cap advanced by Rs 1,870.26 crore to Rs 259,928.45 crore last week while that of TCS jumped by Rs 1,369.45 crore to Rs 466,203.25 crore and that of HUL rose by Rs 119.01 crore to Rs 183,745.09 crore.