Eight of top 10 firms lose Rs 2.28 lakh crore in mcap, HDFC Bank, Reliance biggest laggards
Business | September 24, 2023 12:53 ISTThe market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore.
Bill Gates, who addressed the Reliance Industries 46th AGM, said that the Gates Foundation and Breakthrough Energy are excited to partner with Reliance.
Addressing the Reliance team at the Annual General Meeting of the company, Mukesh Ambani said that the new India is full of self-confidence and is unstoppable.
Meanwhile, the Board recommended to the shareholders for approval of the appointment of Isha Ambani, Akash Ambani and Anant Ambani as non-executive directors of the company.
India is targeting solar capacity of 280GW and 5 million tonne of green H2 production by 2030.
Stock Market: In a volatile trade, the 30-share BSE Sensex edged up 22.71 points or 0.04 per cent to settle at 59,655.06.
Her Circle was founded and launched by Ambani in 2021 to create a safe, inclusive, growth-oriented digital haven for women. On its second anniversary, the platform has become India’s largest digital platform for women with a phenomenal overall reach of 310 million.
In a statement, the firm said Reliance shareholders will be issued one equity share of Jio Financial Services Ltd (JFSL) for every share they hold in the company.
Reliance Industries news: Its proprietary technology enables high-efficiency solar modules that can produce 20 per cent more energy over the 25-year lifetime of a solar project at significantly lower installed cost.
Reliance Industries improved its rank by 51 places to 104 from its previous year's rank of 155. India has nine companies in the Fortune's Global 500 list -- five from the public sector, and four from the private sector.
Earlier this year, Forbes estimated Mukesh Ambani's net worth to be $90.7 billion, landing him at No.10 on this year's Billionaires list.
The stock has been quoting lower for the past many days and further slumped 3 per cent to Rs 2,542.10, amid a weak trend in the broader market.
The BSE benchmark Sensex dived 617.26 points or 1.08 per cent to end at 56,579.89. During the day, it plummeted 840.28 points or 1.46 per cent to 56,356.87. The broader NSE Nifty declined 218 points or 1.27 per cent to 16,953.95.
The oil-to-telecom conglomerate will invest Rs 5 lakh crore in the state to set up 100 gigawatts (GW) renewable energy power plant and green hydrogen ecosystem development, the firm said in a statement.
On the Sensex chart, Maruti, Infosys, Tech Mahindra, ITC, Reliance, L&T, UltraTech Cement and HDFC were the major losers, dropping as much as 2.62 per cent.
Sensex ended 314.04 points or 0.52 per cent lower at 60,008.33, extending losses for the second straight day. Similarly, the Nifty fell by 100.55 points or 0.56 per cent to 17,898.65.
Ambani recently outlined plans to pivot into renewable energy with a $10 billion investment by his Reliance Industries.
The market heavyweight gained 1.70 per cent to close at Rs 2,525.20 on the BSE. During the day, it jumped 1.85 per cent to its record high of Rs 2,529.
Reliance Industries is weighing a bid for Deutsche Telekom AG's Netherlands subsidiary, according to people familiar with the matter, Bloomberg reported.
Consolidated net profit of Rs 12,273 crore in April-June compared with Rs 13,233 crore a year, the company said in stock exchange filing.
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