Mukesh Ambani-led Reliance Industries on Tuesday said it has made the first oil discovery at an exploratory block in the Cambay basin in Gujarat.
Sequel to firm's announcement of cut in K-G gas reserves after long decline in output; agency says it expects decline in cash flows.
Securities and Exchange Board of India is keeping close watch on scrips of Reliance Industries Ltd in the light of allegations made by Anil Ambani about breach of corporate governance norms in RIL.
RIL had in the New Exploration Licensing Policy rounds won 45 blocks and of these it has surrendered 14 blocks back to the government as it could not find commercially recoverable oil and gas, sources close to the company said.
The agreements between the four new companies transferred to Anil Ambani and his elder brother Mukesh's flagship company Reliance Industries may become the bone of contention.
Extending their rally to a third straight day, benchmark indices Sensex and Nifty jumped nearly 2 per cent on Monday on heavy buying in Reliance Industries and Infosys amid a firm trend in global equities. The 30-share BSE Sensex rallied 1,041.08 points or 1.90 per cent to settle at 55,925.74. During the day, it gained 1,197.99 points or 2.18 per cent to 56,082.65. The broader NSE Nifty jumped 308.95 points or 1.89 per cent to settle at 16,661.40.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
Ambani's wealth jumped $3.59 billion in the past 24 hours, while Adani added $2.96 billion to his net worth.
RIL, which has faced numerous delays in getting approvals and shifting goal-posts, said the country did not have a stable policy regime and this was responsible for exit of global energy giants like Royal Dutch Shell, BHP Biliton of Australia, Statoil of Norway and Brazil's Petrobras.
Reliance Industries Ltd announced on Tuesday a big-ticket expansion in retailing business, which would have presence in 1,500 cities across India at an investment of about Rs 25,000 crore (Rs 250 billion) generating over 1000,000 new jobs.
Corporate giant Reliance Industries (RIL) on Tuesday said it has allotted 1.6 lakh shares to its employees under the Employees Stock Option Scheme (ESOP).
According to an official close to the development, in the coming financial audit report, to be tabled in Parliament's Budget session next year, CAG will detail the slide in the government's share in petroleum sector profits due to a drop in gas production.
The sharing agreement will provide more bandwidth for RJIL to provide its high-speed 4G services.
It would be complete by 2012 with a total investment of over Rs 11,300 crore, including an estimated Rs 2,300 crore from RIL and Rs 9,000 crore from GAIL. Analysts say refineries -- Mangalore Refinery and Petrochemicals, Chennai Petroleum Corporation, Essar, Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation -- located in the vicinity of these pipelines would benefit as they would be able to substitute costly fuel oil with cheaper gas.
Winner will construct 300,000 barrels per day refinery.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Reliance Industries Ltd will announce its audited financial results for the year ended 31st March 2003, on Wednesday, April 23.
US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with the Future Group to resolve the dispute over Future Retail's merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over. A bench headed by Chief Justice N V Ramana, on March 3, had acceded to Amazon's request and granted 10 days to it for exploring the possibility of resolving the dispute through dialogue with the Future Group. The bench, also comprising justices A S Bopanna and Hima Kohli, is hearing Amazon's appeal against the January 5 order of the Delhi high court, which stayed the arbitration proceedings before the arbitral tribunal over Future Retail's merger deal with Reliance Retail. "It often happens that sometimes, we hope very positively but in the end, it is not positive at all.
Fitch Ratings on Tuesday said a higher natural gas price will help improve Reliance Industries' profitability in 2014-15 fiscal and would lead it to invest more in raising production.
A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay high court order on gas supply.
Reliance Industries Ltd had sought to settle certain investigations into alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum Ltd, but the application to settle of the matter under Sebi's consent framework was rejected by the regulator.
RIL had earlier decided not to pursue the cash-and-carry model due to a number of reasons, including a growing unrest towards organised retail.
The bench observed that it needs more time to study Sebi's view on the matter.
The Reliance Anil Dhirubhai Ambani Group on Wednesday threatened to sue three top officials of Mukesh Ambani's Reliance Industries for breach of trust and their inability to protect the interest of shareholders of an ADAG company.
.jpg)
RIL with a market cap of Rs 2,98,776 crore (Rs 2,987.76 billion) is the country's second most valued company after Tata Consultancy Services.
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.
The combined market valuation of six of the 10 most valued companies surged by Rs 1,56,247.35 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While RIL, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, HDFC and Bajaj Finance saw gains in their market capitalisation (m-cap) in the holiday-shortened week, Infosys, HUL and LIC suffered losses. Stock markets were closed on Tuesday on account of Muharram.
The Raigad district administration has asked RIL to submit details regarding production and safety measures at the plant.
RIL's Dhirubhai-34, or R-Cluster field, in the flagging KG-D6 block was to produce about 13 million standard cubic metres per day of gas, equivalent to present day output from D1&D3 as well as MA fields, by 2017-18.
In the biggest ever deal in the Indian media sector, RIL will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd.
In its first decision, the Cabinet Committee on Investment (CCI) on Wednesday cleared Reliance Industries' producing KG-D6 block and gas discovery area NEC-25 along with 3 other areas where the Defence Ministry had either barred oil and gas activity or put stringent conditions on that.
Based on a petition filed by Palem Srikanth Reddy, president of the Jana Palana Party, a division bench comprising justices G Rohini and T Sunil Chowdary issued notices and posted the matter on April 2 for further hearing.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
As part of ongoing de-merger of Reliance group companies following settlement of ownership between two Ambani brothers, Mukesh Ambani-owned Reliance Industries Ltd has acquired 37.95 per cent stake in Reliance Energy, owned by the younger brother.
The company should be given a fair chance to be heard in the matter, the judges said and posted the matter for further hearing on December 19.
.jpg)
The Management Committee headed by Director General of Hydrocarbons R N Choubey refused to take a view on appointment of renowned reservoir consultants Ryder Scott, DeGolyer and MacNaughton, Gaffney, Cline & Associates or Netherland, Sewell & Associates to ascertain if RIL's claims of fall in reserves are actually true or the firm was hoarding gas by producing less, official sources said.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances