Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
At 1437 hours, RIL commanded a market value of Rs 2,44,232 crore (Rs 2442.32 billion) -- higher than ONGC's Rs 2,40,922 crore (Rs 2,409.22 billion) which slipped to second place in the list of market valuation chart.
Morgan Stanley, the global financial services company, says India's largest private sector company (by market value) might lose 11 per cent of its earnings per share in 2014-15 earnings estimates if gas prices remain at $4.2 a unit.
Reliance Industries, India's most valued company, and state-run gas firm GAIL India have identified 10 countries including Qatar, Australia and Russia for setting up a multi-billion-dollar petrochemical plant.
He also described Moily as Mukesh Ambani's agent.
From the Sensex basket, Tata Consultancy Services, Nestle, Bajaj Finserv, Wipro, Maruti Suzuki India, Reliance Industries, Larsen & Toubro and NTPC were the major laggards. Tata Steel, Bajaj Finance, JSW Steel and Bharti Airtel were among the gainers.
Oil Ministry officials insisted that Defence Ministry cannot withdraw the clearance after 12 years of exploration.
RIL became the first Indian company to hit the Rs 9.5 lakh-crore market capitalisation level. Shares of Bharti Airtel soared 7.36 per cent and Vodafone Idea rallied 34.68 per cent after both the companies announced a hike in mobile phone call and data charges from December.
Commenting on the EGoM decision regarding supply of KG gas to upcoming power projects, RIL counsel Harish Salve said, "Government has no right to allocate gas." He clarified that his client was opposed to this stand of the government.
The Prime Minister's Economic Advisory Council has approved Reliance Industries' 4.33 dollars per mBtu price of gas from KG-D6 fields, saying it was in line with industry practices.
RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasising the trend of continued growth in Asian oil production.
The total capacity of gas-based stations in India is 18,830 MW of which 15,529 MW is fed with gas from RIL.
The purchase is through RIL's wholly-owned subsidiary Reliance Industries Investment and Holding Private Limited, from Oberoi Hotels Private Limited and certain other promoters of EIH Limited, RIL said in a statement.
The Directorate General of Hydrocarbons wants the government to get a share of the $0.135 per million British thermal units marketing margin RIL charges over and above the government approved gas price of $4.205, sources privy to the development said.
NTPC, India's largest thermal power operator, said it will stay away from the ongoing Reliance Industries and Reliance Natural Resources case in the Bombay high court over the supply of KG Basin gas.
Norway-based Aker Solutions, appointed by ONGC to explore the possibility of sharing RIL's infrastructural facilities on the East Coast, is expected to submit its final report next month, sources close to the development said.
Benchmark indices settled lower on Friday, with the Sensex declining 111 points on the back of a sharp fall in index heavyweight Reliance Industries. The BSE benchmark went lower by 111.01 points or 0.21 per cent to settle at 52,907.93. During the day, it tanked 924.69 points or 1.74 per cent to 52,094.25. The NSE Nifty dipped 28.20 points or 0.18 per cent to close at 15,752.05.
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).
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.
Reliance had committed to drill 22 wells in the Dhirubhai-1 and 3 fields or D1, the largest of 18 gas discoveries in the block KG-DWN-98/3 or KG-D6 block in the Bay of Bengal, by April 2011 to produce 53.4 million standard cubic meters of gas per day (mscmd).
Sources close to the development said RIL, which was planning two adjacent economic zones in the coastal district of Raigarh in Maharashtra, is looking to set up three special purpose vehicles (SPVs) to develop the various components of the project.
RIL should wait-and-watch before investing in telecom sector.
Until now, the compensation for non-executive directors was just Rs 21 lakh.
Sebi was probing a complaint by S Gurumurthy of Swadeshi Jagran Manch, alleging that RIL and its investors lost at least Rs 2,700 crore.
The Standard Chartered Bank has struck an on-shore foreign currency option transaction with Reliance Industries Ltd for $30 million, allowing RIL to hedge its dollar exposure.
RIL also reported measures taken to check falling output in the KG-D6 field.
Oil and Natural Gas Corp is in talks to hire Reliance Industries' unutilised production facilities on the east to quickly bring to production its gas finds in the Krishna Godavari basin.
RIL had in February last year submitted a revised field development plan for the MA oilfield, which has been producing crude oil since September 2008.
Justice Markandey Katju recused himself from the matter saying his wife held shares of Reliance Industries.
It is also understood that scope of this audit will far exceed the normal course of audit by CAG and the prime objective may be to detect fraud, if any, by RIL allegedly in collusion with oil regulator DGH and Ministry of Petroleum and Natural Gas.
Reliance Industries Ltd has won government approval for laying six petroleum product pipelines across the country to sell output from its 33 million tonnes per annum Jamnagar refinery in Gujarat.
While a new formula for pricing of all domestically produced natural gas was notified on January 10 and published in Gazettee on January 17, the Election Commission last month asked the government to defer its implementation till general elections are completed.
State-run banking giant SBI has said it temporarily exceeded RBI-prescribed credit exposure limit for the fourth year in a row in 2011-12 with regard to loans given to Mukesh Ambani-led Reliance Industries (RIL).
Jethmalani described the gas row between the Ambani brothers as a saga where the government has kept the public interest at the farthest and huge wealth has been put in private pockets.
The RIL board had last month approved 1:1 issuance of bonus shares after a 12-year hiatus. The last time RIL announced a bonus issue was in October 1997.
Could get $8.4 per mmBtu from April 2014 by furnishing bank guarantee that would be encashed if D1, D3 gas hoarding proved
The company faced severe demand contraction in its principal market segments due to the global financial crisis. Trevira manufactures high-value branded polyester fibers and filament yarns for the automotive industries, home textiles as well as for technical applications.
Reliance Industries' eastern offshore KG-D6 gas field has seen output drop to 29 million units a day, against a planned 80 million units, causing acute shortage in power generation, Oil Minister S Jaipal Reddy said on Tuesday.
The board of directors of Reliance Industries, which met on Saturday, approved a proposal to merge IPCL with the company.
