Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
The government has raised the prices of natural gas by more than double to $4.20 per mmBtu, leading to a hike in power and fertiliser production costs. However, a hike in CNG rates will come into effect only from next week.
RIL, which began gas production from KG-D6 fields in April last year, is currently producing 63-64 million standard cubic meters per day or 40 per cent of the nation's output.
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
The growth in May 2015 was driven by healthy output.
He said the farmer's agitation in Punjab against the new farm laws could lead to 'serious consequences' for national security and alleged that China and Pakistan were seeking to disturb peace in the country's border state. Stressing that his intention was not to disturb peace, Singh said he was trying to 'save' his state's farmers as the Centre was 'playing with' their livelihoods.
Apart from cotton, copper, petroleum and industrial machinery, India does not export much to China. This means that India buys six times the merchandise it sells to China, points out Abhishek Waghmare.
India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent.
The Survey lists some of the challenges that might impede India's progress.
He dropped those perceived to be non-performers or whose integrity came into question, and also where it was felt they needed to learn a lesson or two in humility.
Among the panels announced on Thursday is the Appointments Committee of Cabinet (ACC) to be headed by the prime minister with Shah as the other member.
FM is planning on pre-budget cosultations with representatives of various sectors from Jan 7.
The ministry of petroleum and natural gas would be issuing instructions for fresh gas allocation from D6 this week.
The government has asked Reliance Industries to supply natural gas from the company's eastern offshore D6 fields to the beleaguered Dabhol power plant, a segment that gets top preference for gas allocation along with fertiliser units.
Petronet LNG, which operates a recently expanded ten-million-tonne gas regassification plant in Dahej on the west coast, is exploring a swap option with the gas from the Krishna-Godavari field (K-G D6) on the east coast owned by Reliance Industries Ltd.
The Bangladeshi prime minister said that India's sudden decision to stop onion exports has led to a bit of difficulty for her countrymen.
A committee of secretaries is already looking into the issue of pricing, which companies like RIL, British Gas and British Petroleum have said should be market-determined.
BRPSE's new chairman Nitish Sengupta has suggested that at least three ailing companies, which have been referred to the board, hive off some of their land and get into real estate development to become profitable again.
Reliance Industries' eastern offshore KG-D6 natural gas field will have a peak output of 80 million cubic metres per day for six years beginning 2011-12, Minister of State for Petroleum and Natural Gas Jitin Prasada said.
Closure has meant loss of Rs 2,000 crore to the public exchequer; around three per cent of Tamil Nadu's Gross State Domestic Product is from the facility
The high-pitched election speeches skipped corporate issues, unlike during the assembly polls about four months ago.
Last week, RIL and urea companies failed to settle the key terms of gas supply from April 1 upon expiry of the five-year contracts that priced gas from the eastern offshore KG-D6 fields at $4.205 per million British thermal units.
Within days of approving a price formula for gas to be produced by Reliance Industries, the government said on Friday it will ask the Mukesh Ambani company to prioritise fuel sales to fertiliser plants, city gas and existing power plants.
Fertiliser, power plants plan expansion in anticipation
The empowered group of ministers, however, decided to allocate the initial 40 million standard cubic metre per day of gas from KG-D6 basin to the existing power and fertiliser plants and proposed units like the captive power plant at Nagothane did not figure in the scheme of things. A company spokesperson confirmed the scrapping of the project.
Reliance Industries Chairman Mukesh Ambani met top government officials on Tuesday, including Cabinet Secretary and Principal Secretary to the prime minister, to explain his company's approach to pricing of natural gas to be produced from KG basin.
The Australian government has supported a proposal from Indian steel companies for acquiring equity stakes in coking coal companies and coking coal properties in the country.
CPI leader Gurudas Dasgupta on Tuesday welcomed Arvind Kejriwal government's move to file criminal cases against Reliance Industries and Union minister Veerappa Moily, among others, on gas pricing issue.
The derivative contracts in the underlying Essar Oil, IFCI, Rajesh Exports, Adlabs Film, Arvind Mills, Nagarjuna Fertilisers and Bongaigoan Refinery are currently in the ban period, a NSE circular said on Wednesday.
With pricing of natural gas from the KG-D6 block stuck, Mukesh Ambani made the second trip to New Delhi this month to meet top officials.
Finance Minister P Chidambaram's budget announcement to cut the excise duty on drugs from 16 per cent to 8 per cent received a loud applause from many corners. However, the common man is yet to see its impact as there are many loose ends to be tied up and loopholes to be plugged before drug prices show any downward trend.
The farming community expects much more substance from the government, Ajay Vir Jakhar.
A day after Minister for Steel, Chemicals and Fertiliser Ram Vilas Paswan told Parliament that steel prices would come down by Rs 500 a tonne on account of the 2 percentage point reduction in Cenvat, makers of flat and long products quietly raised prices by Rs 1,500 to Rs 3,000 a tonne on March 4.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
Normal monsoon makes FMCG, automobile and consumer durable companies optimistic about growth prospects
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
BSE Midcap and BSE Smallcap indices hit their fresh lifetime highs for the second day in a row
The Duncans Goenka group is in a spot of bother over the death of workers and non-payment of dues to employees.
Launching the auction of mines for commercial mining, that is expected to garner Rs 33,000 crore of capital investment in the country over next five to seven years, Modi said it not only marks the beginning of unlocking of the country's coal sector from the "lockdown of decades", but aims at making India the largest exporter of coal.
