Connect with us

Businesses

India's oil & gas exploration sector offers $100 billion investment opportunity: Union Minister Puri

Published

on

India's oil & gas exploration sector offers $100 billion investment opportunity: Union Minister Puri

New Delhi, July 11 (IANS) The exploration and production (E&P) segment of India’s oil and gas sector will throw up an investment opportunity of at least $100 billion by 2030, Union Petroleum Minister Hardeep Singh Puri said on Thursday.

Addressing the ‘Urja Varta 2024’ at Bharat Mandapam here, he said, “Despite our progress much of our exploration and production potential still lies untapped within India’s 26 sedimentary basins. Despite the abundant geological resources available to us.”

“Our efforts in the past have been far short of what needs to be done in the E&P sector,” he added.

The minister also highlighted that, as of now, 10 per cent of the country’s sedimentary blocks are under exploration. Following the completion of the 10th Open Acreage Licensing Programme (OALP) round, 16 per cent would come under exploration, he added.

The Union Minister said that the government was able to control oil prices due to neutral policies.

ALSO READ:  In a first, Rajasthan govt initiates e-auction for gold mines

The minister also referred to the increased purchases of oil from Russia that have helped India to keep fuel prices under control.

“There was a global turmoil. We could have followed what the West was advising us to do and not sourced oil from a particular country and then oil prices would have shot up,” the minister said.

–IANS

sps/svn

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

Jio becomes largest operator globally in terms of data traffic

Published

on

By

Jio becomes largest operator globally in terms of data traffic

Jio becomes largest operator globally in terms of data traffic

Mumbai, July 18 (IANS) Jio has become the largest operator globally in terms of data traffic.

Jio is the largest 5G operator outside China with 130 million subscribers accounting for over 31 per cent of Jio’s wireless data traffic.

Jio’s total subscriber base has reached 490 million, including 130 million 5G users.

Jio Platforms Limited’s (JPL) revenue for Q1 FY25 stood at Rs 34,548 crore, up 12.8 per cent Y-o-Y. Its quarterly EBITDA came in at Rs 14,638 crore, up 11.6 per cent Y-o-Y.

Growth in revenue from operations was primarily driven by robust subscriber growth across mobility and homes. The double-digit EBITDA growth was primarily led by healthy revenue growth and operating leverage.

The depreciation increase was led by higher network utilisation and addition to the gross block while an increase in finance cost was driven by higher leverage.

Jio continues to lead the industry and gain subscriber share with 8 million net additions in 1Q FY25. Its monthly churn was 1.7 per cent, ARPU was Rs 181.7 with a better subscriber mix, partially offset by an increasing mix of promotional 5G traffic being offered on an unlimited basis to subscribers and not charged separately.

ALSO READ:  GeM to end FY24 with sales of Rs 4 lakh cr to govt: Piyush Goyal

Akash M. Ambani, Chairman of Reliance Jio Infocomm, said “Ubiquitous, high-quality, affordable internet is the backbone of Digital India and Jio takes pride in contributing to this. Our new prepaid plans would foster industry innovation towards 5G and AI and drive sustainable growth. Jio with its superior network and new service propositions would further build its market leadership with a customer-first approach.”

–IANS

san/arm

Continue Reading

Businesses

Reliance Retail Ventures posts revenue of Rs 75,615 crore in Q1 FY25

Published

on

By

Reliance Retail Ventures posts revenue of Rs 75,615 crore in Q1 FY25

Reliance Retail Ventures posts revenue of Rs 75,615 crore in Q1 FY25

Mumbai, July 18 (IANS) Reliance Retail Ventures Limited (RRVL) delivered steady performance during Q1 FY25 with revenue of Rs 75,615 crore, up 8.1 per cent year-on-year.

The company reported EBITDA at Rs 5,664 crore, which was up by 10.5 per cent Y-o-Y, led by an increase in footfalls and expansion of store footprint, with streamlining of operations driving the margin improvement.

The company’s EBITDA before investment income was at Rs 5,448 crore, a growth of 11.5 per cent Y-o-Y.

Depreciation increased on account of higher asset base due to the addition of new stores. Finance costs declined on account of repayment of borrowings.

The business expanded its store network with 331 new store openings, taking the total store count to 18,918 with an area under operation at 81.3 million sq ft.

The quarter recorded footfalls of over 296 million, a growth of 18.9 per cent Y-o-Y.

The focus on scaling up digital commerce and new commerce continued with these channels contributing to 18 per cent of total revenue.

ALSO READ:  India's services sector clocks robust growth in April, lifts business confidence to 3-month high

The registered customer base grew to 316 million, making Reliance Retail one of the most preferred retailers in the country.

Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “Reliance Retail delivered a resilient performance during the quarter and strengthened its position as India’s foremost retailer. The steady expansion and growth of our retail business not only signifies our commitment to customer centricity, but also mirrors the resilience and vitality of India’s growth narrative.

“We continue to make strides in delivering better retail experiences for our customers as we embrace innovation to improve products, processes, and platforms along with integrating advanced technologies.”

–IANS

san/arm

Continue Reading

Businesses

JSW Steel posts 64 per cent decline in Q1 net profit at Rs 845 crore

Published

on

By

JSW Steel posts 64 per cent decline in Q1 net profit at Rs 845 crore

JSW Steel posts 64 per cent decline in Q1 net profit at Rs 845 crore

Mumbai, July 19 (IANS) JSW Steel on Friday reported a 64 per cent decline in the consolidated net profit to Rs 845 crore for the April-June quarter of 2024-25 on the back of lower sales volume and realisation.

The Sajjan Jindal-led company had made a net profit of Rs 2,338 crore in the same quarter last year.

Consolidated crude steel production for the quarter stood at 6.35 million tonnes (mt), lower by 1 per cent Y-o-Y and 6 per cent Q-o-Q. Capacity utilisation at the Indian operations was 87 per cent during the quarter. Steel realisations have been impacted by imports at lower prices.

The company said that elevated imports, particularly from China and Free Trade Agreement (FTA) countries, pose a challenge to the domestic steel industry. However, the company expects the growth momentum in domestic steel consumption in India, driven by manufacturing, infrastructure development, and optimistic consumer sentiment.

JSW Steel’s exports were 29 per cent lower Y-o-Y and constituted 10 per cent of sales from the Indian operations for Q1 FY25 compared to 15 per cent of sales in Q1 FY24.

ALSO READ:  Global smartphone sales up 7.8 pc, Samsung clinches top spot from Apple

In its statement, the company said that government capital expenditure was expected to recover in the coming quarters, supported by “robust tax revenues and higher Reserve Bank of India (RBI) dividend, providing fiscal flexibility”.

JSW Steel’s net debt as of June 30, 2024, stood at Rs 80,199 crore, higher by Rs 6,283 crore as of March 31, 2024, due to investment in ongoing expansion projects and investment in working capital.

–IANS

sps/vd

Continue Reading

Businesses

Reliance Industries posts gross revenue of Rs 2.57 lakh crore for Q1 FY25

Published

on

By

Reliance Industries posts gross revenue of Rs 2.57 lakh crore for Q1 FY25

Reliance Industries posts gross revenue of Rs 2.57 lakh crore for Q1 FY25

Mumbai, July 18 (IANS) Reliance Industries on Friday reported quarterly gross revenue of Rs 2.57 lakh crore ($30.9 billion) for Q1 FY25, up 11.5 per cent year-on-year, led by order-to-cash (O2C) on higher oil and product prices and oil & gas segment with strong growth in volumes.

Steady growth in consumer businesses also contributed to the increase in revenue.

Its EBITDA increased by 2 per cent to Rs 42,748 crore ($5.1 billion), while strong contributions from oil & gas and consumer business offset weak O2C.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “Consolidated EBITDA for the quarter improved from a year ago period with strong contributions from consumer and upstream businesses offsetting weak O2C operating environment.

“Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services.”

ALSO READ:  EET Hydrogen to proceed into final negotiations with UK Government to develop low-carbon hydrogen plant in Ellesmere

He added that the digital services business registered an impressive financial performance year-on-year, continuing its positive growth momentum.

Jio’s True 5G network, covering 85 per cent of India’s 5G capacity, continues to attract users, while the fixed broadband offerings are witnessing increasing consumer traction both at homes and enterprises.

The attractive value proposition offered by Jio is enabling more Indians to transition to next-gen data networks.

“This is further accelerating the digital revolution which is reshaping communications, analytics and computing, media and entertainment, and commerce in India. Jio is committed to providing the best-quality state-of-the-art network at the most affordable prices globally,” Mukesh Ambani said.

He also said that the company’s retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets.

With the fast-paced expansion of its retail footprint, Reliance Retail continues to cement its position as the preferred retailer for millions of Indians.

ALSO READ:  RBI lists 6 factors powering India’s take-off to become world’s 3rd largest economy

“The digital and new commerce segments are also scaling up rapidly. Reliance Retail is focused not only on providing quality products to the customers, but also on enhancing overall customer experience, both during and after sales.

“The deep integration and flexibility built into our O2C business model helped mitigate the impact of a challenging operating environment. The business was impacted by lower fuel cracks with tepid global demand and ramp-up of new refineries. The oil & gas segment continued its growth trajectory with higher production, offsetting lower year-on-year gas price realisations,” Mukesh Ambani said.

He also said that Reliance has made significant progress on the implementation of new energy Giga factories.

On completion, these projects will provide India with a world-class, integrated green energy ecosystem that can propel the next leg of sustainable growth.

–IANS

san/arm

Continue Reading

Businesses

Banks must be fair in conduct with consumers: RBI chief

Published

on

By

Banks must be fair in conduct with consumers: RBI chief

Banks must be fair in conduct with consumers: RBI chief

Mumbai, July 19 (IANS) RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.

He pointed out that RBI has issued guidelines on Key Facts Statement (KFS), penal charges in loan accounts, reset of floating interest rate in EMI-based personal loans, and release of movable or immovable property documents on repayment or settlement of loan accounts.

“However, we still come across instances of regulatory entities resorting to high-handed recovery practices, framing non-transparent loan contracts with inadequate disclosures of important terms or non-disclosure of charges, levying excessive interest rates, especially in microfinance loans,” he lamented.

“Fair conduct is not just a regulatory requirement, it is a core business requirement. I am emphasising on this issue of fair conduct because conduct risks may arise even when the going is good, as it prevails now. Conduct risk needs to be seen together with risk culture,” he added.

ALSO READ:  Global smartphone sales up 7.8 pc, Samsung clinches top spot from Apple

–IANS

sps/vd

Continue Reading

Trending