Adani Group's market capitalisation on Wednesday regained $200 billion-mark (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 crore as investors reposed faith on the company denying any wrongdoing in supply of coal to Tamil Nadu power company. With Rs 11,300 crore gain on Wednesday, the apples-to-airport conglomerate gained Rs 56,250 crore in market capitalisation in the last two trading sessions, stock exchange data showed.
Oil Ministry is likely to announce the new rates sometime this week.
The ministry has also noted the controversial proposal of opening up the coal sector and restructuring of CIL.
The government on Thursday hiked by 62 per cent the price of natural gas that is used to produce electricity, make fertilisers and turned into CNG to use as fuel in automobiles and cooking gas for household kitchens. This is the first increase in rates since April 2019 and comes on back of firming benchmark international prices but does not reflect the spurt in spot or current price of liquefied natural gas (LNG) witnessed during the last couple of weeks. The oil ministry's Petroleum Planning and Analysis Cell (PPAC) said the rates paid for gas produced from fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be $2.90 per million British thermal unit for the six-month period beginning April 1.
The rates, on net calorific value (NCV) basis, dropped to $ 5.05 per mmBtu for six month period beginning April 1, 2015.
Rising prices of international coal - both coking and thermal - used in the making of ferrous and non-ferrous metals, respectively, are expected to have an impact on margins of metals companies in July-September quarter (Q2) as steel companies may see margins getting eroded, while the base firms could stand to benefit, said brokerages.
The reduction in natural gas prices would mean lower raw material cost for compressed natural gas (CNG) and natural gas piped to households (PNG).
Between 2007-08 and 2017-18, the number of countries they imported steam coal from has increased from six to 12.
An expert panel approved policy for development of gas fields.
The length of the main trunk pipeline is 1,385 km from Kakinada to Bharuch and 75 km is the length of the spur lines.
He added every dollar rise in the gas price will result in Rs 4,000 crore of revenue and Rs 2,300 crore in profit after tax.
After grappling with the issue for two years, the Ministry of Petroleum and Natural Gas had on November 21 ordered that the margin to be charged, over and above the gas sale price, should be fixed between the seller and buyers in all sectors other than urea and LPG.
Reliance Industries has made drastic changes in gas supply contracts that will jack up its KG-D6 gas price by 10 per cent over and above the new rate of $8.3 coming into effect from next month.
RIL has proposed to charge the government- fixed rate for natural gas on a gross calorific value (GCV) basis, instead of net calorific value (NCV).
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While three operational mines in Chhattisgarh had a capacity of 12 million tonnes (mt), six were yet to start production.
The shift to gross calorific value-based grading of coal aligned domestic prices with international benchmarks.
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