Tata Steel was the biggest gainer in the Sensex chart, rising 2.39 per cent, followed by Tata Motors, Power Grid, Reliance Industries, UltraTech Cement, NTPC, Nestle, HUL, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank and Asian Paints. In contrast, Bajaj Finance, IndusInd Bank, Axis Bank, Bharti Airtel, Bajaj Finserv, ICICI Bank, Infosys and Titan were among the laggards.
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned NTPC, a plea also being used by the Anil Ambani group.
A week after doubling of natural gas prices was approved, the Oil Ministry on Friday rebutted charges of the move resulting in windfall gains to Reliance Industries, saying new gas production from the company's fields will not start before 2017-18.
'We plan to add over 100,000 square kilometres every year, to reach an ambitious target of 500,000 square kilometres by 2025.'
The Reliance juggernaut is back in action with a $20-billion-plus investment plan.
The unit, with a capacity to produce 150 Mw of power, has been shut since March 2009. Prior to its closure due to environmental reasons, the unit was running on liquid fuel. Reliance has already signed gas sales and purchase agreements with nine power sector players for supply of 11 mmscmd of natural gas from the KG-D6 block.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Oil and Natural Gas Corporation said on Tuesday it was making an annual loss of Rs 700 crore (Rs 7 billion) on sale of gas at administered prices even as Reliance Industries stated it followed a transparent process to discover the price of gas.
Responding to comments sought by the Prime Minister's Office on a letter from industrialist Anil Ambani, the ministry last week wrote that the family MoU was clearly against the provisions of the Production Sharing Contract.
In one of the country's biggest energy deals, Reliance Industries on Monday announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to the United Kingdom's BP Plc for $7.2 billion.
RIL said the Anil Ambani group firm "does not have a single power plant since the demerger (of the Reliance empire) and the ADAG owns just one gas-based plant."
Power plants, involving investments of Rs 100,000 crore, facing closure.
The empowered group of ministers (EGoM) on gas headed by External Affairs Minister Pranab Mukherjee on Thursday decided that gas allocation from RIL's D-6 block will be made to power projects subject to availability and without prejudice to court decisions, according to a government release.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
Natural Gas production from KG-D6 block has dropped to 25.35 million standard cubic meters a day this month, from over 63 mmscmd peak output achieved in August 2010.
Dudley, on a stop-over visit on way to Shanghai, along with Ambani drove to Planning Commission Deputy Chairman Montek Singh Ahluwalia's residence for a breakfast meeting this morning and had sought a meeting with Law Minister Ashwani Kumar.
It will be Reliance Industries' gigantic gas find on the east coast versus the imported LNG offered by ONGC and Indian Oil Corporation in the tender for supply of gas to the 1400 MW power plant in Karnataka.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
The fertiliser plant would use natural gas from the company's prolific gas field off in Krishna Godavari basin off the Andhra coast as feedstock.
Reliance Industries edged past Oil and Natural Gas Corporation in morning deals on Thursday to become India's most valuable company with a market capitalisation of Rs 1,60,949 crore (Rs 1609. 49 billion).
Indian oil and petrochemical company Reliance Industries is considering oil sector acquisitions in Europe and the United States and a possible listing in New York or London, a senior executive said on Tuesday.
Cairn India, whose success in Rajasthan may have propelled Reliance to bid for two blocks in the state, has submitted offers for only two blocks -- one onland and one offshore.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerapa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014.
Two weeks ago, RIL chief Mukesh Ambani instructed his senior executives to get ready for production by October, almost two-three months ahead of the earlier planned schedule, as the refinery at Jamnagar, the East-West pipeline and facilities at KG basin are nearing completion, said sources. RIL is developing the largest gas find in the world in KG basin, with estimated gas reserves of 11.5 trillion cubic feet (TCF).
State-owned Oil and Natural Gas Corp (ONGC) plans to invest $4.05 billion in producing natural gas from its ultra deepsea UD-1 discovery in a block that sits next to Reliance Industries' prolific KG-D6 fields.
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.
Reliance Industries has strongly defended its decision to impose a marketing margin over-and-above the government-approved sale price for KG-D6 gas, saying the levy was to cover for the risk and cost associated with marketing of gas.
RIL and ONGC on March 28 agreed to appoint neutral international expert to decide if four wells drilled on boundary of KG-D6 block were drawing gas from neighbouring gas discoveries of the state-owned firm.
Company indicates estimates of reserves needed to be cut.
RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry, including for deep-water oil and gas exploration and production.
RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.
Solicitor General Mohan Parasaran was replying to the charges made by the parliamentarian Gurudas Dasgupta and Common Cause, a public interest organisation
Oil and Natural Gas Corp, India's largest oil producer, bagged eight out of the 18 oil and gas block awarded today while country's largest private sector firm Reliance Industries managed five.
The government on Wednesday more than doubled the price of natural gas produced by state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to $4.20 per mmBtu, at par with the rate at which Reliance sells its gas.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
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