Reliance Industries (RIL) today reported a consolidated net profit of Rs 15,296 crore for the year ended March 31, 2009.

The net turnover of the company stood at Rs 1,51,224 crore for the year ended March 31, 2009, whereas it was Rs 1,37,147 crore a year-ago.

RIL has also proposed a dividend of Rs 13 per fully paid-up equity shares of Rs 10 each aggregating to Rs 2,219 crore, including the dividend distribution tax, the filing added.

The board has considered dividend on the shares issued to the shareholders erstwhile RPL as well.

Shares of RIL closed down 1.57 per cent at Rs 2,099 on the Bombay Stock Exchange.

Mukesh Ambani-led Reliance Petroleum Limited (RPL) declared its Fourth quarterly results on Thursday. The company reported a net profit of Rs 84 crore and a net turnover of Rs 3,678 crore for the quarter ended March 31, 2009.

The company started commercial production from March 15. Hence, figures for the Last year were not available.

The total expenditure during the quarter amounted to Rs 3,564 crore, RPL said in a filing to the Bombay Stock Exchange, adding that “the total capital employed by the company is Rs 33,982 crore.”

Shares of the company reacted positively to the news and were trading at Rs 109.60, up 2.72 per cent in the late afternoon trade on the BSE.

A fire broke out at a section of the new 580,000 bpd export refinery of Reliance Petroleum on Wednesday.

The fire was in the coker unit, a spokesperson said. He also said that no casualties had taken place as it was controlled on time.

“The rest of the RPL refinery is operating normally and product dispatch from the RPL refinery is continuing as per schedule,” he said.

The company’s coker unit, which converts residual fuel oil into lighter fuels such as naphtha and diesel, has a capacity of 200,000 bpd.

Reliance Petroleum Ltd (RPL) did not confirm that the coker plant was affected.

“There was a minor fire in a section of the RPL Refinery. The fire was localized, contained and brought under control by the Reliance firefighting team within 30 minutes,” a company spokesman said in a statement.

The company did not give details about the extent of damage caused by the fire.

Initial estimates say exports declined by 13.7% & imports by 18.2%.

Exports and imports in February are estimated at $13.04 billion and $17.02 billion, respectively. Exports had expanded 43.6 per cent in February 2008, while imports grew 47 per cent. The last time when exports declined on a continuous basis was between July 2001 and December 2001.

BSE Sensex: (8446) market regain in the last hour of trade & still trading around major support level of 2650.Market mainly gain because of Metal support. Today market will start on positive note backed by RBI move & Positive global market. But we still believe that shorts will be the best opportunities on gain because market has not shown any strength unless market crosses the mark of 8700.

The support for the Sensex is 8150 and the resistance to the up move is at 8600-8700

Nifty: (2645) the support for the Nifty is at 2600-2550-2500 and the resistance to the up move is at 2700-2730

The Reserve Bank of India has announced the long awaited rate cut. It has reduced the repo rate by 50 basis points to 5% and cut the reverse repo rate by 50 basis points to 3.5% with immediate effect.

This cut is mainly because of lower GDP data & inflation which is likely to go towards southwards. Most of the market analyst believes that this is a much delayed step taken from RBI. Market won’t react much positive Up-side really because of this move as broadly it is in line with expectation.

However, when the RBI Governor D Subbarao had met with leading bankers on February 27 to discuss the prevailing economic and credit condition, they informed him that liquidity was at a comfortable level and any rate cut by the central bank would not translate into a lending rate cut by the banks.

BSE Sensex: (8427) market reached our first target of 8400 & moving towards our second target of 8100.We firmly believe that if 8150 should be held so some trading can be done on that level. But if it broke that level also than 7500 would be the next target for the sensex.

The support for the Sensex is 8150 and the resistance to the up move is at 8600-8700

Nifty: (2622) the support for the Nifty is at 2600-2550-2500 and the resistance to the up move is at 2700-2730

The Sensex closed below the November closing low of 8451 lowest over three years and the Nifty broke crucial support level of 2650.Earlier as we said our market also made new lows today with an Intraday low of 8393.Other global financial markets are also traded at their historical lows.While Europe Stock Index Hits Life Low , Tokyo  Hits 25-Year Low.

BSE Sensex: (8607) as we said market has not shown any sign of up-moves & again we are in the process to see new lows. So stay away from the market and wait till this market broke the resistance level of 8800.Till that it is very weak market.
 

The support for the Sensex is 8390-8150 and the resistance to the up move is at 8700-8800

Nifty: (2675) the support for the Nifty is at 2630-2610 and the resistance to the up move is at 2730

Reliance Industries (RIL) will replace US energy major Chevron Corp to become the 13th largest oil refining company in the world after its board approved plans to absorb its Reliance Petroleum unit.

RIL, the nation’s largest listed private firm, will issue one share for every 16 held in RPL, giving it direct control of the world’s largest refinery complex.

The company’s 33 million tons only-for-export refinery at Jamnagar together with adjacent 29 million tons SEZ refinery of RPL would make it the largest refining company in India. It displaced state-owned Indian Oil Corp (IOC) with 50.7 million tons refining capacity. IOC was ranked 18th on the world list.

The 1.24 million barrels per day refining capacity made the port city of Jamnagar in Gujarat the single largest refining hub in the world.

In the list of world’s largest refining companies, RIL would replace Chevron to become the 13th largest firm. Chevron has refining capacity of just over 61 million tons.

The list is lead by Exxon Mobil with a massive 268 million tons of refining capacity followed by Sinopec of China with 210 million tons of refining capacity. PetroChina with 130 million tons a year capacity is at 7th position. Royal Dutch Shell (199.25 million tons) is ranked third in the world, followed by BP (161.6 million tons) and ConocoPhilips (140 million tons).

Prior to the merger, RIL will also buyout Chevron’s five per cent holding in RPL at Rs 60 a share. Chevron had invested in RPL in April 2006 to have a refining base in South Asia.

Before the merger, RIL did not find a mention in the list of the world’s top 25 companies by refining capacity. IOC was the only Indian firm in the list and after the entry of RIL, the state-run company would drop one position to the 19th.

Iranian national oil firm National Iranian Oil Company is a step ahead of RIL on the world list with 83 million tons a year refining capacity.

Reliance Industries Limited (RIL) and Reliance Petroleum Limited (RPL) boards had a meeting today on mega merger proposal. The merger will make the RIL one of the largest refiners in the world.

The boards have decided the swap ratio (conversion ratio) at 16:1 which implies that RPL shareholders will get one RIL share for every 16 shares held in RPL. RIL has decided to extinguish its treasury stock.

The merger will be effective from April 1, 2008.

Commenting on the merger, Reliance Industries Chairman and Managing Director Mukesh Ambani said, “The merger follows enduring philosophy of creating shareholder value.”

Last Week: Despite dismal GDP data our market recovered sharply and closed on a good support. Market is now showing some strength.

Today: Today it is interesting to show hove RIL share moves in the market most of analyst believe that RIL would be most beneficiary from this and it would surge when it opens on Monday but our team firmly believe that it is not the time to do trading activity in any of the reliance shares specially RPL. If you are investor than it is the good time to buy RIL else it is advisable to stay away even if it climbs today. Market movement will lot depend on RBI rate cut and global financial markets. But still we would like to stick on our point that any up move would be welcomed with a Shorting

BSE Sensex: (8891) The support for the Sensex is 8700 and the resistance to the up move is at 9000.

NSE Nifty: (2763) the support for the Nifty is at 2720 and the resistance to the up move is at 2800.
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Today’s Pick:

- Buy SBI around 996 with an intraday target of 1020-1035 with a tight stop loss of 990.
- Buy HDFC around 1260-1254 with an intraday target of 1280-1300

Profit booked through our yesterday picks:

- Yesterday target for L&T is completely achieved with a profit of 10rs per share.
- Cairn India just reached our first target of 170rs.

Reliance Industries Limited (RIL), India’s largest private sector enterprise, declared merger of Reliance Petroleum Limited (RPL) with RIL. RIL will issue about 34-crore additional equity shares of market value of approximately Rs 11,000 crore. Earlier, RIL had sold 4% stake in RPL taking its stake down to 71%.

The value of RPL’s assets has been put at Rs 21,000 crore by industry consultants and ChemSystems, a firm providing support in the field of petroleum, chemical, and petrochemical industries.

The merger would result in accretion of Rs 1,300 crore to RIL’s net profit. Post-merger, the equity shareholding of the promoters in RIL would come down from the current 44% to 34%.

The merger would increase RIL’s operational synergies and its cost efficiencies would optimise fiscal incentives, enhance financial strength and flexibility. It would also eliminate transfer pricing issues.

RIL’s shareholding pattern:

Promoters:       49%

MF/UTI:             2.53%

FII:                    15.52%

RPL’s shareholding pattern:

Promoters:       75.28%