RELIANCE.NSE

Reliance Industries Ltd.

Anant, who is Executive Director of Reliance Industries Limited, announced Rs 6 crore in donations, Rs 3 crore each, to the two Kerala temples. He also pledged Rs 12 crore for renovation work.

India's oil producers and refiners face a volatile energy market. Disruptions in the Strait of Hormuz are causing crude oil prices to rise sharply. This situation is expected to persist, impacting earnings for companies like ONGC and Oil India. Oil marketing companies are absorbing losses. Reliance Industries also faces challenges. A quick return to pre-conflict prices is unlikely.

A unit of India’s refiner Reliance Industries has begun loading a 2-million-barrel cargo of Venezuelan heavy crude directly bought from state-run energy company PDVSA, according to a company document and shipping data on Monday. Since Caracas signed a flagship oil supply deal with Washington after the U.S. capture of President Nicolas Maduro in January, only a small group of companies have been able to buy cargoes directly from PDVSA. Oil proceeds from any sales remain controlled by the United States through bank accounts administered by the Treasury Department, and commercial terms must follow U.S. guidance, according to U.S. licenses granted for the trade so far. On Monday, the Bahamas-flagged supertanker Helios, chartered by Reliance’s unit RIL USA, docked at PDVSA’s Jose terminal on Venezuela’s eastern coast and began loading its cargo of Merey heavy crude bound for India’s Sikka port, according to the document and ship tracking data from LSEG. Reliance denies purchase of Iranian-origin oil Reliance and PDVSA did not immediately reply to requests for comment.

Indian shares erased early losses to end higher on Monday on hopes of easing Middle East tensions, with bank stocks leading gains after several lenders reported strong March-quarter loan growth. The Nifty 50 rose 1.12% to 22,968.25 and the Sensex added 1.07% to 74,106.85, after falling as much as 0.7% and 0.8%, respectively, during the day. Fifteen of the 16 major sectors rose. The broader small-caps and mid-caps gained 1.3% and 1.5%, respectively. The United States and Iran received the framework of plan to end hostilities but Iran rejected immediately reopening the Strait of Hormuz after President Donald Trump threatened to rain “hell” on Tehran if it did not make a deal the end of Tuesday. Benchmark stock indexes in India reversed course following the report, while Brent Crude oil prices fell from $110 per barrel to $107. “This is purely a headline-driven market as investors remain on edge over the Middle East war. If the report about peace plan solidifies, we could see Nifty rising towards 23,300 level,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities. “The buy-on-dips trend seen in last couple of sessions and encouraging provisional quarterly updates from companies also aided investor sentiment,” Agrawal said.