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TCS Share Price: Sensex gains 92 pts to end at fresh record high; Nifty nears 14,600; TCS, RIL rally - The Economic Times Video
TCS Share Price: Sensex gains 92 pts to end at fresh record high; Nifty nears 14,600; TCS, RIL rally – The Economic Times Video
Resuming its record-setting streak, equity benchmark Sensex advanced 92 points on Thursday, led by gains in index majors TCS, Reliance Industries and L&T amid a positive trend in global markets. Recovering from a shaky start, the 30-share BSE index ended 91.84 points or 0.19 per cent higher at its new lifetime closing high of 49,584.16. Similarly, the broader NSE Nifty rose 30.75 points or 0.21…
Happy new year, folks!
Even as we ring into 2021 with excitement, hoping that the deadly pandemic finally bids a goodbye, business tycoon Mukesh Ambani and his empire Reliance Industries Limited had a rather shocking start to the year on learning about the hefty-penalty that arose from a 13-yr old case. Let’s find out more.
The gist of the case
On 1st Jan 2021, SEBI declared in its order that RIL and its agents were involved in alleged manipulative trading, which garnered them undue profits. SEBI holds Mukesh Ambani liable for this on the grounds of him being the Chairman and Managing Director of RIL.
Timeline of the case
- March 2007: Ambani-led RIL looked to sell a 4.1% stake in RPL
- Nov 2007: RIL appoints 12 unlisted agents to trade in Futures of RPL on its behalf. RIL itself trades the RPL stock in the cash segment. RPL’s derivatives holdings touched 95% of the permissible limit, attracting SEBI’s probe
- Dec 2010: SEBI alleges RIL and the 12 agents of fraudulent trades by issuing show-cause notices
- Mar 2017: SEBI penalises RIL and associated parties Rs 447 cr. The watchdog also bans RIL from trading in the F&O segment of Indian capital markets. RIL challenges SEBI’s order in Securities Appellate Tribunal (SAT)
- Nov 2020: The SAT dismissed RIL’s appeal against the order
- Jan 2021: RIL, Mukesh Ambani, and two other entities slapped with a hefty penalty. The penalty is in addition to the previous order to disgorge Rs 447 cr
The 13-yr old case in brief
Back in 2007, the RIL’s Board of Directors had passed a resolution that approved the operating plan for 2007–08 and resource requirement for the next 2 yrs, which was ~Rs 87,000 cr. In Nov of the same year, RIL decided to offload 4.1% of its stake in Reliance Petroleum Limited, it’s subsidiary. To undertake transactions thereof, RIL appointed 12 agents between in the 2 months that followed.
Reportedly, RIL and the 12 agents bought stocks of RPL and put their bets against the securities. That way, the trade would be favourable if the price of RPL declined and not increased. Now, SEBI alleges that RIL and the 12 agents had entered a prior agreement to take short positions in RPL and transfer the gains thereon to RIL. A short position means when a trader sells securities with the intention of repurchasing it at a lower price.
Accordingly, the 12 agents took short positions in RPL on behalf of RIL in the F&O Segment and Reliance itself conducted the transactions in the cash segment. By Nov 2007, RIL’s short positions in the derivative segment had exceeded 95%, the permissible limit. Put together, RIL’s outstanding position of 7.97 cr in the F&O Segment was settled for cash at a reduced settlement price, which resulted in undue profits. What’s more, these gains were then transferred to RIL by the agents.
These series of manipulative trades in stocks of Reliance Petroleum Limited in the Cash and the F&O markets triggered SEBI’s probe into the matter. After years of investigation, in 2017, RIL was directed to disgorge Rs 447.27 cr along with interest at 12% p.a. from 29 thNov 2007 to the date of payment. In addition, SEBI had also imposed a 1-yr ban on RIL from trading in India’s F&O segment, either directly or indirectly.
Securities and Exchange Board of India (SEBI) observed that the violation of trade was a well-planned operation:
- To earn undue profits from the sale of RPL stocks in cash and futures markets
- To bring down the settlement price of RPL by dumping a large number of stocks in the cash market during the last 10 min of trading on the settlement day
RIL appealed against the order but SAT dismissed the plea in Nov 2020. But grey days seemed to continue for RIL. In Jan 2021, SEBI imposed a hefty penalty on RIL, Mukesh Ambani, Mumbai SEZ Limited, and Navi Mumbai SEZ Private Limited. The latter two entities had allegedly aided RIL by offering funds to an agent appointed by the company. The agent in question, in turn, offered funds to the other 11 fellow agents to fund the margin required to take short positions in RPL November Futures. As per the latest SEBI order, the parties are fined as follows:
- RIL: Rs 25 cr
- Mukesh Ambani: Rs 15 cr
- Mumbai SEZ Limited: Rs 10 cr
- Navi Mumbai SEZ Private Limited: Rs 20 cr
This penalty is in addition to the earlier disgorgement order. Read how these violations affect shareholders and RIL’s stance on the verdict here.
‘रिलायन्स'च्या शेअरचा तोरा उतरला ; 'ही’ आहेत त्या मागची कारणे
‘रिलायन्स’च्या शेअरचा तोरा उतरला ; ‘ही’ आहेत त्या मागची कारणे
मुंबई : उद्योजक मुकेश अंबानी यांची श्रीमंतांच्या यादीत घसरण झाल्यानंतर रिलायन्स इंडस्ट्रीजच्या शेअरवर देखील परिणाम झाला आहे. भांडवली बाजारात सर्वात महत्वाचा ब्लुचिप शेअर अशी बिरुदावली मिरवणाऱ्या रिलायन्स इंडस्ट्रीजच्या शेअरने (RIL) निफ्टी-५० मधील अव्वल स्थान गमावले आहे.
सुवर्ण झळाळी ; आज पुन्हा सोने महागले, चांदी मात्र स्वस्तनिफ्टी-५० मंचावर रिलायन्स इंडस्ट्रीजच्या शेअरचे weightage मंगळवारी १०.०८…
MARKET LIVE: Sensex off 300 pts from day’s high on losses in HDFC duo, RIL
MARKET LIVE: Sensex off 300 pts from day’s high on losses in HDFC duo, RIL
Stock market LIVE updates: After logging fresh all-time highs in morning session, benchmark indices Sensex and Nifty wiped off gains and were trading flat.
The Sensex was trading 15 points down at 49,501 levels and the Nifty50 index slipped below 14,600 mark. Bharti Airtel surged 5 per cent after the company said it is initiating the process to revise its foreign investment limit to 100 per…
reliance shares: RIL no more king, loses crown of top weighted Nifty50 stock
reliance shares: RIL no more king, loses crown of top weighted Nifty50 stock
MUMBAI: The crown of being the most important blue chip stock in India lasted merely eight months for Mukesh Ambani’s Reliance Industries (RIL), and the bluest of blue chip has ceased to be the highest-weighted stock in Nifty50.
The stock’s weightage in the Nifty pack slipped to as low as 9.82 per cent on Monday and stood at 10.08 per cent on Tuesday, which led to the stock losing its top rank to…
11 Indian companies Hurun Global 500 by value See the list here
11 Indian companies Hurun Global 500 by value See the list here
Hurun global 500: 11 Indian companies are also ranked in the list of the 500 most valuable companies in the world. India ranks 10th on the CountryWise chart. The value of 11 Indian companies ranked Hurun Global 500 rose 14 percent last year. Their value has risen to $ 805 billion. It is about one third of India’s GDP.
According to the Hurun Global 500 report, with the exception of ITC and ICICI…
Stocks in focus: RIL, Burger King, Fortis Healthcare, GAIL, BHEL, Bharti Airtel, Adani Green
Technical analysts see the short term trend of Nifty 50 index to be positive. Image: Reuters
BSE Sensex and Nifty 50 are likely to see a gap-down start on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 19 points or 0.13 per cent down at 14,477 on Singaporean Exchange. In the previous session, headline indices hit record highs in anticipation of strong…
Sale will be normal by January end, deal with Reliance will get approval soon: Kishore Biyani
Sale will be normal by January end, deal with Reliance will get approval soon: Kishore Biyani
Future Group hopes that sales will return to normal in its retail business by the end of January. This is said by the group CEO Kishore Biyani. Nearly a year has come since Future Group’s retail business suffered a setback due to blockages caused by COVID 19. Biyani said that the current sales of Future Group have reached about 60 per cent of the pre-COVID sales and the business has become fairly…
Ril, Dante, and Steve. They’s so cute.
From Plains, Ether, Hearth
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Sebi fined RIL Rs 25 crore and its chairman and managing director Mukesh Ambani Rs 15 crore | सेबी ने मुकेश अंबानी और RIL पर 40 करोड़ का जुर्माना लगाया, 2 और कंपनियों पर भी फाइन
Sebi fined RIL Rs 25 crore and its chairman and managing director Mukesh Ambani Rs 15 crore | सेबी ने मुकेश अंबानी और RIL पर 40 करोड़ का जुर्माना लगाया, 2 और कंपनियों पर भी फाइन
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Business
Sebi Fined RIL Rs 25 Crore And Its Chairman And Managing Director Mukesh Ambani Rs 15 Crore
Ads से है परेशान? बिना Ads खबरों के लिए इनस्टॉल करें दैनिक भास्कर ऐप
मुंबई4 दिन पहले
कॉपी लिंक
शेयर बाजार के रेगुलेटर सेबी ने देश की सबसे बड़ी कंपनी रिलायंस इंडस्ट्रीज और इसके चेयरमैन मुकेश अंबानी पर 40 करोड़ रुपए का जुर्माना लगाया है। रिलायंस इंडस्ट्रीज पर 25 करोड़ और अंबानी पर 15…
Bajaj Auto ने बनाया रिकॉर्ड, 1 लाख करोड़ के पार पहुंचा मार्केट कैप, शेयर में 8.5 फीसदी का उछाल
Bajaj Auto ने बनाया रिकॉर्ड, 1 लाख करोड़ के पार पहुंचा मार्केट कैप, शेयर में 8.5 फीसदी का उछाल
नई दिल्लीः दिग्गज ऑटो कंपनी ने बाजार में एक नया रिकॉर्ड बनाया है. कंपनी का मार्केट कैप एक लाख करोड़ रुपए के पार पहुंच गया है. नेशनल स्टॉक एक्सचेंज (NSE) पर कंपनी का शेयर 1 जनवरी को 3279 रुपए पर बंद हुआ था. इस आंकड़े को पार करने वाली यह चौथी कंपनी है. इससे पहले ऑटोमोबाइल सेक्टर की मारुति सुजुकी इंडिया लिमिटेड, महिंद्रा एंड महिंद्रा लिमिटेड और टाटा मोटर्स ने भी ये मुकाम हासिल किया है.
कैसी रही…
2021 has gotten off to a rocky start for Reliance Industries.
Last week, SEBI fined the conglomerate and its Chairman Mukesh Ambani a total of ₹40cr ($5.48m) for allegedly violating share trading rules in 2007.
According to SEBI’s order, RIL executed a well-planned operation 13 years ago when it sold a 5% stake in Reliance Petroleum (RPL). This involved hiring 12 shell companies to take short positions on RPL future contracts in the derivatives market using inside information and in violation of SEBI guidelines. All to make a killing from the stake sale.
This might seem like a string of enigmatic words, so let’s break it down a little…
Click link for an explanation of the case against RIL: https://transfin.in/sebi-fines-ril-and-chairman-mukesh-ambani-over-allegedly-fraudulent-share-trades-in-2007
Reliance moves court to help stop attacks against its telecom infrastructure
Reliance moves court to help stop attacks against its telecom infrastructure
Amid several cases of vandalisation of mobile towers in Punjab during the ongoing farmers agitation against Centre’s farm laws, Reliance Industries Limited has approached the Punjab and Haryana High Court seeking urgent intervention of government authorities to bring a stop on such acts, said an official statement of RIL on Monday.
The statement said “the miscreants indulging in vandalism have…
Reliance: Sebi order unlikely to impact RIL stock much
Reliance: Sebi order unlikely to impact RIL stock much
It will be a standard news which will be digested and markets will move on with the bullish momentum says Sanjiv Bhasin Director, IIFL Securities. Excerpts from an interview:
What does this Sebi order actually mean for RIL as well as for Mukesh Ambani?
The market-cap of Reliance at that time was less than Rs 50,000 crore and now when you are coming out with an injunction its market cap is Rs 15…
Got tagged by @writingamongthecoloredroses
Heccin excited. I’ve been very quiet over the last little bit cause of work, but here I are.
From Plains, Ether, Hearth
Martha led us back to the camp and set Ril down. The lure was much more aware and was looking around, obviously trying to figure out what was wrong. She tried to sit up, only to fall back. Dante managed to catch her with his lap before her head hit the ground, his hands hovering in the air by his head to keep from burning anyone.
Tagging @thethistlegirlwrites @doubi-ixi @writerfae @danger-writes @writeblrfantasy
RIL-BP consortium invites bidders for gas from KG D6 basin - Times of India
RIL-BP consortium invites bidders for gas from KG D6 basin – Times of India
CHENNAI: Reliance Industries Ltd (RIL) and UK’s BP Plc on Wednesday invited companies to bid for gas produced from the KG D6 basin. They expect to sell the gas from February. “The gas produced for KG D6 will be available for sale at the delivery point at Gadimoga near Kakinada, Andhra Pradesh tentatively from 01 February 2021,” the companies said in a notice in the Times of India newspaper.…
1 लाख बन गए 20 लाख रुपये, देखिए कौन से हैं ये मालामाल करने वाले शेयर
1 लाख बन गए 20 लाख रुपये, देखिए कौन से हैं ये मालामाल करने वाले शेयर
नई दिल्ली: शेयर बाजार (Indian share market) में कुछ ऐसी कंपनियां हैं, जिन्होंने अपने निवेशकों (Investors) को बीते 25 सालों में मालामाल कर दिया. ऐसी ही कुछ चुनिंदा कंपनियों की लिस्ट Motilal Oswal Financial Services ने अपने 25वें एडिशन में जारी की हैं.
मालामाल करने वाली कंपनियों की लिस्ट
Motilal Oswal Financial Services की रिपोर्ट के मुताबिक Reliance Industries की 1995 से लेकर अबतक कंपनी की वेल्थ…
RIL chairman Mukesh Ambani out from world’s top 10 richest billionaires list; check full list here
So far this year, Mukesh Ambani’s Reliance Industries has completed the sale of about 10 per cent stake in its retail unit Reliance Retail Ventures Ltd
Reliance Industries Ltd (RIL) chairman Mukesh Ambani is no longer among top 10 richest billionaires in the world. According to the Bloomberg Billionaire Index, Mukesh Ambani’s current net worth stands at $76.5 billion (Rs 5.63 lakh crore). RIL…
RIL to buy out IMG Worldwide from sports management JV
RIL to buy out IMG Worldwide from sports management JV
Reliance Industries Ltd (RIL) has agreed to buy out IMG Worldwide LLC from their sports management joint venture for ₹52.08 crore.
The nation’’s biggest company by market value, in a stock exchange filing, said it will buy IMG Worldwide’s 50 per cent stake in IMG-Reliance Ltd (IMG-R) for no more than ₹52.08 crore in cash.
RIL will rebrand the company after the closure of the deal.
RIL had formed…
Future Group-Reliance Deal: फ्यूचर-रिलायंस सौदे में अब निगाहें सेबी पर
Future Group-Reliance Deal: फ्यूचर-रिलायंस सौदे में अब निगाहें सेबी पर
देश में खुदरा कारोबार के फ्यूचर ग्रुप और रिलायंस इंडस्ट्रीज के बीच सौदे में अब सबकी निगाहें नियामक संस्था भारतीय प्रतिभूति एवं विनिमय बोर्ड (सेबी) पर लग गई हैं। फ्यूचर ग्रुप की एक याचिका पर निर्णय…
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