According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
Oil prices were poised for a third day of gains following a rise of more than 4 percent last week after Islamic militants seized much of northern Iraq as Baghdad's forces there collapsed.
The Election Commission asked the government to defer announcement of the new price till completion of the polls and so RIL was asked to continue selling the gas at old rates.
SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors.
RIL and its partners BP plc of UK and Canada's Niko Resources plan to produce about 13 million standard cubic metres per day of gas for 13 years from D-34 discovery, known as R-Cluster, in the KG-DWN-98/3 or KG-D6 block by 2017-18.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
RBI would get the comfort of meeting its 8 per cent January Consumer Price Index-based inflation target, BofA-ML said, adding that 'we expect the RBI to cut 75 bp in 2015 from February with inflation on course to 6 per cent in January 2016'.
Suspended IPS officer Amitabh Thakur on Wendesday gave an application to Lucknow police for registering an FIR against SP supremo Mulayam Singh Yadav and moved CAT challenging appointment of inquiry officer against him.
Companies have also managed to find talent created by frequent exits.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion, the Minister informed the Lok Sabha on Tuesday.
RIL and its partners BP Plc of UK and Canada's Niko Resources had last month spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in the Krishna Godavari basin.
RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.
The government had disallowed as much as $1.005 billion of its investment as KG-D6 output lagged targets.
Hike would have led to higher cost of fertiliser, electricity and even CNG.
The move is likely to force the government to take a faster decision.
Food prices are also expected to move up due to the poor monsoons.
RIL has denied knowingly producing any gas from the ONGC block
The NGT directed the Delhi govt not to implement the scheme unless it established that it was not counter-productive.
The company will invest $747 mn to increase production from D1, D3 and MA fields.
The sharp fall in rupee since the beginning of May will make things difficult for the central bank which is on the path of easing the monetary policy to revive growth.
This was the near-unanimous replies of 10 market participants.
TCS kicked-off the Q1FY17 earnings season for information technology companies on Thursday.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
Slow credit off-take to put pressure on margins
Reliance Industries Ltd (RIL) has refuted the allegation in the Supreme Court that it is deliberately reducing production of gas in KG basin in anticipation of a higher gas price and said it has taken all steps for arbitration proceedings with Centre to sort out all disputes.
Santosh Koli, a close aide of Arvind Kejriwal and Aam Aadmi Party candidate for Delhi polls who was critically injured in an accident, died on Wednesday in a Gurgaon hospital after battling for life for 37 days.
A gradual increase works best for the US, as well as global markets, says Nizam Idris managing director, head of strategy (fixed income and currencies), Macquarie Bank.
Reliance Industries would repair a third of the wells shut at its main gas field in the eastern offshore KG-D6 block to boost output in the first quarter of 2014.
RIL may go to arbitration which may lead to further delay in production and extra cost associated with the arbitration.
The government had allowed companies in February last year to launch probe missions to find more oil and gas within already-producing areas.
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The 25-year production sharing contract, however, ends in 2029.
RIL produced a total of 13.58 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the first week of February, which rose to 13.63 mmscmd in the following week.
Any government aid to the airline will ultimately hurt the economy
The Directorate General of Hydrocarbons last month recommended to the Oil Ministry that $792 million of the cost RIL has incurred in KG-D6 fields be disallowed for producing only an average of 26.07 million cubic meters per day of gas as against the target of 86.73 mmcmd in 2012-13.
There's need to address growth, but weak rupee putting pressure on prices.
The Cabinet on Thursday decided to allow Reliance Industries to almost double the price of natural gas from April provided the firm gave a bank guarantee to cover its liability if gas-hoarding charges are proved.
The RIL stock has halved from an all-time high of Rs 1,626 made (intra-day) on January 15, 2008, to on Wednesday's closing figure of Rs 800.55.
The 30-share Sensex ended down by 59 points at 27,027 and the 50-share Nifty slipped 7 points at 8,087.
Sharp swings likely in equity, forex and bond markets.
The arbitration clause is present in almost 95 per cent of corporate agreements, according to tax and audit firm Ernst & Young.
