India’s foreign exchange reserves rose by $835 million last week: RBI

India’s foreign exchange reserves rose by $835 million during the week ended July 16.According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $612.730 billion from $611.895 billion reported for the week ended July 9.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $463 million to $568.748 billion.

Similarly, the value of the country’s gold reserves rose by $377 million to $373.33 billion.

The SDR value rose by $1 million to $1.548 billion.

However, the country’s reserve position with the IMF inched lower by $7 million to $5.100 billion.


Picture used for illustrative purpose.

Meanwhile the conglomerate Reliance Industries reported a 66.7 per cent growth in its year-on-year consolidated net profit for the quarter ended June 30. The net profit before the exceptional item rose to Rs 13,806 crore. In a regulatory filing, the company said that Rs 12,273 crore is the net profit attributable to the owners of the company.

The oil-to-telecom giant reported a 57.4 per cent rise in year-on-year value of consolidated Sales and Services for the quarter at Rs 158,862 crore. Besides, EBITDA for the quarter was Rs 27,550 crore ($3.7 billion), higher by 27.6 per cent.

Moreover, Cash Profit, before exceptional item, for the quarter was Rs 21,828 crore, higher by 56.7 per cent. On a standalone basis, the year-on-year net profit before exceptional item for the quarter grew by 76.3 per cent to Rs 8,595 crore. Similarly, the Value of Sales and Services for the quarter was Rs 94,803 crore, higher by 81.4 per cent.

The EBITDA for the quarter was Rs 15,048 crore, higher by 32.6 per cent.

“I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the Covid pandemic,” RIL Chairman and Managing Director Mukesh D. Ambani said.

“The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket.”

Besides, Ambani said that O2C business generated strong earnings through integrated portfolio and superior product placement capabilities. “Along with our partner BP, we commissioned the satellite cluster in KG D6 and continued to ramp up production, contributing to 20 per cent of gas production in India.”

“This will be a major contribution to our country’s energy security.”

Furthermore, he said Jio has posted yet another record quarterly performance with industry leading operating metrics.

He pointed out that Covid-related restrictions on store operations during the quarter impacted the retail business operations and profitability.

“This is a temporary phenomenon. We remained focused on ensuring supplies of necessities, including food, grocery, health & hygiene products through a combination of online-offline channels.

“We stepped up our efforts in creating partnerships with small merchants and digital engagement with consumers. This is creating a newer and inclusive model of growth. I am confident that the retail business is poised to create exponential value and growth,” he said.

In addition, he said: “I am most excited by the swift start to our new ‘Clean and Green Energy’ business initiative. We have started investment across all verticals to execute our ambitious plans. We are also resolutely implementing our vision of net carbon zero before 2035, which is our highest priority.” “We remain committed to disciplined capital allocation with an emphasis on long-term value creation for our shareholders.”

The oil-to-chemical business of Reliance Industries Ltd (RIL) has registered a massive 75.2 per cent increase in its revenues at Rs 1.03 lakh crore for the April-June quarter.

The company attributed the rise in revenues to the increase in product prices on the back of high crude oil prices.

“Segment Revenues for 1Q FY22 increased by 75.2 per cent Y-o-Y to Rs 103,212 crore ($ 13.9 billion) primarily on account of sharp increase in product prices on the back of higher Crude prices,” said a company statement.

Operational flexibility and responsiveness to market dynamics continue to play a significant role in Reliance’s O2C performance, it said

Further, weakness in domestic demand with onset of second wave of Covid during the quarter resulted in increased export placement, supporting high utilisation rates across manufacturing facilities.

Total throughput increased from 17.8 MMT to 19.0 MMT on Y-o-Y basis. Cracker operating rates was at 95 per cent, marginally lower on scheduled shutdown of ROGC. Downstream margins continued to remain strong with product deltas near or above 5-year averages, it said.