Market players were cautious over Reliance Industries on Wednesday following reports that Sebi has asked CBI to probe into UTI's subscription to the company's debenture issue.
Reliance Industries has posted good growth in Q1 of the current financial year.
Adani Enterprises' proposed Rs 20,000 crore (Rs 200 billion) fundraising via fresh issue of equity shares through a public offer would be the fourth biggest by Indian companies, excluding banks and non-banking financial companies.
Reliance Industries on Friday said that it has made a sixth oil discovery in the Gujarat block, but did not give the reserves that the latest find may hold.
NTPC is fighting a case in the Bombay high court to get gas from RIL at a committed price of $2.34 per mmBtu.
A number of investment banks in their research reports on Wednesday hailed the deal, saying it was strategic in nature for both cash-rich RIL and debt-laden RCOM.
Reliance Industries on Wednesday decided to double the production capacity at its Jamnagar Refinery to 60 million tonnes at an investment of Rs 25,000 crore (Rs 250 billion).
Market benchmark Sensex tumbled over 323 points after an intense last-hour sell-off on Wednesday, triggered by losses mainly in index heavyweights Infosys, Reliance and HDFC.
Replying to a calling-attention motion in Rajya Sabha, oil minister Murli Deora said the $4.2 per million British thermal unit price fixed for gas produced from KG-D6 fields of RIL was lower than the average of $5.51 per mmBtu charged by UK's BG-led consortium for Panna/Mukta and Tapti gas. It was also lower than the $4.3 per mmBtu price of gas produced from Cairn's Ravva Satellite fields and $4.75 per mmBtu for the UK firm's Lakshmi fields.
The 'failure' to drill the committed 50 wells on the KG-D6 fields led to natural gas output dramatically falling over the past three years.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
Mukesh Ambani-promoted Reliance Industries will lose around $1 billion (Rs 4,300 crore) a year if it sells gas to the Anil Ambani's Reliance Natural Resources at the agreed price of $2.34 per million British thermal unit
RIL, which has 26 oil and gas blocks, including the giant KG-D6 fields, has been applying to the Home Ministry for security clearance of the specialised expatriate technical personnel deployed on its offshore vessels, including seismic survey ships, drill ships, tug boats and supply vessels.
Mukesh Ambani controlled Reliance Industries fears that gas supplied to Reliance Natural Resources, belonging to younger brother Anil Ambani, would be traded to a third party as RNRL does not have a power plant, said Harish Salve, the legal counsel of RIL.
RIL is peeved with the govt for blocking of approvals and non-revision of gas price produced from its underperforming KG-D6 block.
Reliance Industries Ltd -on Saturday authorised its board committee to suggest a 'suitable scheme' of reorganisation in the wake of the settlement of ownership issues between the Ambanis.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
Reflecting the differences with elder brother Mukesh on buyback of shares by flagship company Reliance Industries, Anil Ambani on Wednesday said he had proposed that 12 per cent equity in RIL held by the Petroleum Trust and four companies be distribu
Cash flows from RPL will help Reliance to step up investments on explorations. Reliance Industries, which owns the world's biggest refinery complex, is looking at additional cash flows, tax benefits, continuity of export status and other synergies in its attempt to merge Reliance Petroleum with itself, after a 54 per cent decline in stock prices.
RIL is charging $0.135 per million British thermal unit marketing margin on sale of gas from its eastern offshore KG-D6 fields, a levy which was opposed by state-run NTPC.
The quantities and price of $4.2 per mmBtu for gas under the GSPAs signed for five years are as approved by the government.
Reliance Industries, India's largest company by market capitalisation, and GAIL India, the largest transporter and marketer of gas, have sought licences to sell natural gas to households and vehicles across 60 cities in India.
US energy major Chevron may pick up a stake in the Reliance Industries' upcoming Rs 27,000 crore
RIL, which operates the world's biggest refining complex at Jamnagar in Gujarat, reported a net profit of Rs 5,589 crore (Rs 55.89 billion) in January-March as against Rs 4,236 crore (Rs 42.36 billion) in the same period a year ago.
RIL has complained the to power ministry about NTPC's reluctance to sign an agreement to buy gas from it and said that the power PSU stands to lose Rs 15,000 crore (Rs 150 billion)on buying imported LNG.
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.
Institutional investors have hiked their holding in Reliance Industries Ltd to nearly 29 per cent - highest in about 7 years - as LIC and foreign funds stocked up shares worth Rs 1,000 crore in the last quarter.
A company executive said unlike India, the price of petrol changed on a daily basis in the US. "In India, we don't have a level playing field, since the government gives public sector oil marketing companies subsidies. Since the RIL refineries operate on better refining margins, we could earn more revenue from free markets," he said. "We have better understanding beyond a theoretical knowledge about the US and European markets after our long experience in these markets."
RIL and partner BP plc are carrying out remedial action to stop water ingress from choking wells even as the first production well on the block in more than four years ramped up output by over 15 per cent to 13.7 million standard cubic meters per day.
Reliance Industries (RIL), India's largest company by market capitalisation, will begin producing gas from its Krishna- Godavari (KG) field, which is off the country's east coast, "by December" this year, a senior executive said.
Barclays said the refinery would, however, now need to find new sources for the energy for its internal uses.
Reliance Industries Chairman Mukesh Ambani on Wednesday attributed the three-fold increase in shareholders' wealth at over Rs 1,00,000 crore (Rs 1,000 billion) in three years due.
Cabinet Committee on Economic Affairs had on July 22 cleared the sale of stake by RIL to BP in 21 blocks.
Telecom major Alcatel-Lucent on Wednesday said they are in talks with various service providers, including Reliance Industries and Tikona Digital Networks for deploying infrastructure for mobile broadband services.
State-run NTPC has agreed to buy natural gas from Reliance Industries but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government.
Disagreements over scope of audit cropped up on the very first day the Comptroller and Auditor General of India began to the second round of audit of spendings on eastern offshore KG-D6 fields with RIL alleging that the auditor was not confirming if the accounts scrutiny would be as per the provisions enshrined in the Production Sharing Contact.
The proposed reorganisation plan by Reliance Industries Ltd to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary is a step towards facilitating participation by strategic investors in the unit, Fitch Ratings said on Tuesday. The reorganisation of the business in Reliance O2C Limited (O2C) "will have a neutral impact on RIL's credit metrics and rating," it said in a statement. The transfer will be on a "slump sale basis", subject to attaining the requisite approvals.
The company's staff strength fell by 704 workers during the fiscal year ended March 31, 2011, and stood at 22,661 employees.
Reliance Industries, which has proposed to invest $1.5 billion more in developing satellite gas finds in the prolific KG-D6 block, will drill six wells this year.
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While the Cabinet has approved doubling of gas price from April 1 next year, Oil Ministry is proposing that old rates of $4.2 per million British thermal unit apply to gas from D1/D3 and MA fields in eastern offshore KG-D6 block till it proved that RIL had proved less than targets only because of geological factors.
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