With this upgrade, RIL is now rated higher than some of its global emerging market peers demonstrating the strength and competitive position of Reliance in the refining and petrochemicals sector
Ratings agency Standard & Poor's (S&P) has raised the long-term corporate credit rating on Reliance Industries (RIL) to ‘BBB+’ from ‘BBB’, one of the highest ratings by the agency for an Indian corporate and the highest rating by S&P for an Indian oil & gas company. S&P, howeve, has kept the outlook negative on RIL reflecting the outlook on the soverign credit rating of India.
"We upgraded Reliance because we believe the company's strategy to grow organically will strengthen its competitive position and support its profitability," said Standard & Poor's credit analyst Andrew Wong. "Reliance's articulation of its growth strategy removes the uncertainty regarding the company's use of its high cash balance."
"The new rating which is two notches above the S&P rating for the Indian sovereign is testament to RIL’s strong financial and business profile. Furthermore, Reliance is the only Asian company in the oil & gas sector to be rated two notches above the sovereign by S&P. With this upgrade, RIL is now rated higher than some of its global emerging market peers demonstrating the strength and competitive position of Reliance in the refining and petrochemicals sector," the Mukesh Ambani-led company said in a release.
The ratings agency said, "We now have greater clarity on Reliance's expansion strategy. The company intends to spend more than $30 billion on growth over the next three years, of which at least 75% will be toward its core businesses of refining, petrochemical, and exploration and production (E&P). The company's capital spending in E&P will enable it to grow its shale gas business and reverse the fall in production in KG D6 gas field."
The rating also underpins RIL’s position as a leading large scale, integrated and efficient oil refining and petrochemicals company.
V Srikanth, joint CFO of Reliance Industries, commented, “The upgrade recognizes the value of our focused capital expenditure plan in strengthening our profitability and competitiveness. It reflects the confidence of the rating agency on our execution skills, discipline and financial prudence. I am also delighted that this rating brings us at par with many companies in our international peer group.”
Medical developments from around the world
Foods that Promote Good Sleep
Almonds and walnuts contain a lot of tryptophan, magnesium, and melatonin—a powerful trio that promotes sleep. Oatmeal is generally considered a breakfast fare, but studies have shown that there are actually several benefits from eating oatmeal before going to bed. Cherries are another great food before bedtime. They contain melatonin, the sleep inducer in nature. Bananas are another good source of so many sleep-inducing ingredients. Milk is also good; but, as such, milk is not good for health, although it promotes sleep because of its antigenic properties.
Danger from Lipsticks
Lipsticks are found to contain large amounts of aluminium, cadmium and lead! In addition, they also contain some pro-oestrogens that might provoke breast growth which might lead to breast cancer!
New Findings on Papaya
University of Karachi researchers, Mariam Naseem and her colleagues, have found many new health benefits of the papaya fruit and its seeds. They have shown that papaya fruit is very good for liver and kidneys. In addition, the seeds, taken regularly, are supposed to keep the liver in good health.
Anger and Heart Attacks
According to research published online in The American Journal of Cardiology, outbursts of anger may be linked to an increased risk of heart attack in the following few hours. Researchers looked at data on nearly 3,900 patients who had participated in an earlier study. The investigators found that the more intense the outburst, the higher the risk.
Mushrooms for Health
The maitake, also known in English-speaking countries as the ‘hen-of-the-woods’, is a large, earthy-brown mushroom that grows at the base of trees, especially oaks. It is native to north-eastern Japan (and is a major culinary ingredient) and certain parts of North America. It is useful for health and prevents cancer, heart disease and even obesity. However, further studies are needed before it can be recommended.
Fitness in Middle Age May Reduce Risk of Later Heart Failure
According to American Heart Association’s Quality of Care and Outcomes Research Scientific Sessions 2013, fitness in middle age lowers risks of heart failure, based on a study of 9,050 men and women. “People who weren’t fit at the start of the study were at higher risk for heart failure after age 65,” said Ambarish Pandey, lead author and an internal medicine resident at the University of Texas Southwestern Medical Center in Dallas. “However, those who improved their fitness reduced their heart failure risk, compared to those who continued to have a low fitness level eight years later.”
Angelina Jolie’s Senseless Preventive Mastectomy
The rich and the famous get media attention for every small event. Angelina Jolie’s preventive mastectomy is the best pointer to American medical business. In the first place, the role of genes in transmitting disease is almost negligible as the human genes in our meta-genome are not even 0.00001%. Whereas there are 25,000 human genes, there are three trillions of germ genes. In addition, cancers take decades to show up in adults. Everyday, we get rogue cells that might grow into cancer in a conducive environment. If Angelina Jolie had been living and sharing her mother’s environment the process might have already started and if the breasts are removed, it might have already penetrated another organ.
The surgeons must be laughing their way to their bank.
A complaint has been filed against two persons for allegedly duping Maharashtra State Electricity Distribution Co Ltd of Rs12.95 lakh
A magistrate’s court in Mumbai has asked the police to register a case of criminal offence against two employees of a private agency collecting payment for electricity bills. Smart Detective and Allied Service (India) Pvt Ltd filed a complaint against two of its employees for allegedly duping Maharashtra State Electricity Distribution Co Ltd (MSEDCL) of Rs12.95 lakh.
The agency, which is a sub-contractor for collecting payments from customers of MSEDCL, said its supervisors did not deposit the Rs12.95 lakh collected from 1,526 customers between 12th and 18th March in MSEDCL’s account.
MSEDCL awarded a contract for bill collection service through anytime payment machines (ATP) to ADD Technologies (India) Ltd, which further gave a sub-contract to Smart Detective and Allied Service for collection through cash and cheques. Smart Detective and Allied Service operate nine ATP machines in Pune city to collect bills from customers and depositing them in MSEDCL’s bank account.