The development comes at a time when Eveready is on the lookout for strategic investors, including a possible stake sale in its battery business.
Large and small businesses alike have delivered low-key performances.
Growth was primarily pushed by a jump in steel and electricity generation, apart from a sustained rise in natural gas output.
Natural gas and fertiliser output recorded a negative growth of 1.7 per cent and 1 per cent, according to the data of the Commerce and Industry Ministry.
During April-May, growth in the eight core industries slowed to 3.3 per cent as against 4.9 per cent in the year-ago period.
With the price of gas from its fields in the Krishna-Godavari basin expected to be higher than rivals, Reliance Industries is targeting automobiles and domestic users because power and fertiliser plants may not be able to afford it.
It is expected to take a similar stand at the Mumbai and Delhi high courts, where Welspun Maxsteel, Ispat Industries and Essar Steel have challenged the petroleum ministry's decision to divert KG-D6s supply from steel and petrochemicals to power and fertiliser.
Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Even as there is strong public sentiment against reopening Sterlite's copper plant in Tamil Nadu come reports that four farmers groups have come out in support of the factory.
Top companies added employees at 3% CAGR from 2003-04 to 2013-14, while revenues grew at 18%.
Reflecting subdued economic sentiments, the growth slipped to decade's low of 5 per cent in 2012-13, though improvement in fiscal deficit figures provided some relief to the government, which is battling slowdown.
PM Modi on Friday pitched for a BJP govt in UP to promote politics of development but skipped any mention of the raging controversy surrounding Dalits.
The S&P BSE 500 index, which accounts for 94% market capitalisation of BSE listed companies, has gained 45% from its March 24 low. However, out of the BSE 500 index stocks, 225 have underperformed the index by gaining less than the broader index during this period.
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On June 27, the Cabinet approved a new formula that uses weighted average of the price of LNG into India and average price at major gas hubs.
An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
Wholesale Price Index-based inflation declined to 6.62 per cent in January, however, retail inflation remained in double digits at 10.79 per cent during the month.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
Ajit Mishra answers reader queries on the stock market.
Maharashtra Chief Minister Uddhav Thackeray announced a statewide curfew for 15 days from 8 am on April 14 to contain the rapid spread of the coronavirus in its second wave. With Section 144 being imposed across the state, Thackeray essential services have been exempted from the restrictions. The curfew will be in place till 7 am on May 1.
The power and fertiliser companies should be prepared to pay higher prices of natural gas as the petroleum ministry favours economic pricing of the fuel, an official said on Thursday.
This move is expected to benefit 22 lakh cancer patients in the country.
The 1,967 MW plant has not been operating since August because of stoppage of natural gas supplies from domestic fields.
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
Without directly referring to the farmers' agitation, which entered the 17th day on Saturday, Modi said agriculture reforms as part of government efforts are aimed at removing roadblocks, and the new laws will also bring in technology and investment in the sector.
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
Welcoming the latest round of stimulus announced by Finance Minister Nirmala Sitharaman on Thursday, experts said the measures will support the economic recovery boosting demand, job creation and by providing funds to the MSME and stressed sectors. The fiscal impact of the stimulus is likely to be around 0.25-0.6 per cent of GDP in the current fiscal, they said.
Natural Gas production from KG-D6 block has dropped to below 20 million standard cubic metres a day this week, from over 63 mmscmd peak output achieved in August 2010.
A third of FMCG sales and half of motorcycle sales come from the hinterlands
Agrasain Gehlot has been asked to depose before the investigating officer on Wednesday in Delhi under the Prevention of Money Laundering Act, they said.
India will take a decision on freeing the pricing of heavily subsidised gas by July, Petroleum Minister Ram Naik told a gas industry seminar in Mumbai on Wednesday.\n\n\n\n
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
The growth of eight core sectors slowed down to 2.6 per cent in August mainly due to contraction in steel output.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The development comes after a recent notification from the Union home ministry, which has permitted companies to resume manufacturing operations and reopening of shops in red, green and orange zones with certain riders.
ONGC and RIL bill their consumers like fertiliser plants and power stations in US dollar.
