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Thursday,24-September-2020

Business

Maruti Suzuki launches new S-Cross Petrol

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Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.

As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.

“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”

“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”

According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.

“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.

Business

Gold prices continue to fall, further decline likely

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Gold

The downtrend in the global prices continued on Thursday, with the futures of the yellow metal on the Multi-Commodity Exchange moving southwards towards the 49,000-mark.

The October contract of gold on the MCX is currently trading at Rs 49,365 per 10 gram, lower by Rs 143.00 or 0.29 per cent from its previous close.

The recent fall in domestic gold prices is in line with the global trend, where prices of the precious metal fell amid a strengthening US dollar

“Prices have been falling sharply in the last few sessions as the dollar held on to its recent rally while a lack of additional stimulus to aid the recovery of the Coronavirus-battered global economy further weighed on sentiments,” said a report by ICICI Securities.

It further said that gold prices are likely to remain under pressure for the short-term and fall towards an immediate support of Rs 49,000 per 10 gram.

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Business

Reliance Retail asset monetization picks up pace

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Reliance. (File Photo: IANS)

Retail asset monetization is picking up pace as private equity firm KKR announced a Rs 55.5 billion ($ 0.75 billion) investment in Reliance Retail for a 1.28 per cent stake implying a pre-money equity value of $57 billion.

According to a report by Morgan Stanley, the valuation is in line with the last transaction valuation announced with Silverlake and compares to its retail base case valuation of $45 billion.

“At these valuations, it would add 6 per cent to Morgan Stanley’s base case NAV for RIL. KKR earlier invested $1.51 billion for 2.3 per cent of Reliance Digital platforms. RIL has sold a 3 per cent stake in RIL retail till date for $1.75 billion,” the report said.

“We see capital allocation,execution and de-gearing as key to the next leg of stock outperformance,” the report said.

“With industry consolidation pickingup pace in telecom, retail,and global refining, we expect RIL to emerge stronger post-Covid-19 and margins to surprise as pricing power rises,” it added.

Reliance Industries Limited (RIL) and Reliance Retail Ventures Limited (RRVL) announced today that global investment firm KKR will invest Rs 5,550 crore into RRVL, a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. KKR’s investment will translate into a 1.28 per cent equity stake in RRVL on a fully diluted basis.

This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its 12,000 stores nationwide.

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India tops up strategic reserves with cheaper crude, saves over $685M

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Petrol. (File Photo: IANS)

Taking advantage of low prices in major oil-producing centres in Saudi Arabia and UAE, India has filled up its strategic crude oil reserves to meet its energy needs in times of emergency and saved a neat $685.11 million in the process.

It bought crude oil at an average price of $19 per barrel to fill its reserves in April and May when prices reached an all-time low while the US oil touched negative price levels in futures market.

The state-funded reserves are meant to tide over short-term supply disruptions and will take care of India’s oil needs for 9.5 days.

The country was already holding half of its total 5.33 million tonnes oil reserves capacity when the government decided to take advantage of the low crude prices.

India’s three petroleum reserve caverns at Visakhapatnam (1.33MT), Mangaluru (1.5MT) and Padur (2.5MT), managed by India Strategic Petroleum Reserves Ltd (ISPRL), are now full.

Another 6.5MT facility is coming up at Padur in Karnataka, and Chandikhole in Jajpur.

Work on two more facility at Bikaner in Rajasthan and Rajkot in Gujarat will be initiated soon. When complete, these facilities will hold enough oil to meet domestic requirements for over a month.

The oil ministry has also told the ISPRL to identify new sites so that the storage facility is increased to ensure oil stock of 90-100 days for use in an emergency at all times.

A large strategic oil reserve capacity can benefit even more from lower oil prices as these lead to huge savings for the exchequer.

The ISPRL has signed a memorandum of understanding with Abu Dhabi National Oil Company (ADNOC) for the lease of half of its 2.5 million tonnes Padur facility. Last year, it signed an MoU with Saudi Aramco for the lease of a quarter of Padur SPR.

The ISPRL has already leased half of the 1.5 million tonne capacity in Mangaluru storage to ADNOC. It has also filled its 1.03 million tonne Vizag facility with Basra oil from another OPEC producer, Iraq.

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