During hearing of the dispute over supply of gas by RIL to RNRL at $2.34 per mmBtu, the bench headed by chief justice K G Balakrishnan said the two parties could arrive at a 'suitable arrangement' through arbitration, as the Bombay high court that approved the Reliance empire's demerger cannot spell what is the ideal arrangement.
In her petition seeking a writ of habeas corpus directing her production before the high court as well as an order to 'set her at liberty', Azad said not allowing her to consult a lawyer of her choice amounted to violation of her fundamental right guaranteed under the Constitution, making the remand order unlawful.
Reliance Industries Chairman and MD Mukesh Ambani, in an address to RIL's shareholders, said RIL would continue to follow its successful strategy and focus on improving its portfolio, increasing efficiency, product innovation and expanding its businesses in order to get closer to key markets.
Since March 2020, when the Nifty50 plummeted to 7,511 following the announcement of a nationwide lockdown, the stock market has been on an upward trajectory. Over the next four years, the major market index has delivered a remarkable compounded annual growth rate (CAGR) of over 31.5 per cent. In the past year alone, the Nifty50 has gained by 27 per cent, hitting a succession of record highs.
Tripura Asset of ONGC has set a target of 60 lakh cubic metres of gas production per day which would be completed by three phases and Rs 1,946.22 crore (Rs 19.46 billion) has already been sanctioned by ONGC board for the first phase to be completed by 2011-12, the officials said.
The company is pursuing the early scheduling of gas with the Centre to restart generation.
The crux of the ongoing court case between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on Monday was pricing of the gas produced from the Krishna-Godavari (KG) basin.
State-run NTPC, Essar Power and Torrent are among the firms identified by the Union power ministry for buying natural gas from Reliance Industries' eastern offshore D6 block.
IOC has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput, while OIL has been forced to shut LPG production and its crude oil production has dropped by 15-20%. Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG from the refineries to different parts of the North East.
Re-instatement of 5% custom duty on crude imports will help.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
Indian Oil Corporation's Raxaul depot resumed supplies after the obstruction by protesters was removed from the main 'Maitreyi' (Friendship) Bridge connecting the two countries.
Last week, RIL moved the apex court challenging the Bombay high court order that asked it to supply 28 mmscmd of gas to RNRL at $2.34 per mmbtu.
'Chinese are going bang, bang, bang building 30-35 reactors.' 'We should announce a programme of 50 new reactors and show that we mean business on the ground and not just announcements.'
The execution of the order dated December 21 stands stayed till the next date of hearing.
An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking later in the day, according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
Policy air bubbles and implementation snags could block plans to connect India's cities to a clean fuel grid.
Anil Ambani Group firm Reliance Infrastructure has agreed to pay the levy, although under protest, and has asked the Mukesh Ambani firm to resume natural gas supplies to its power plant.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
Israeli Prime Minister Benjamin Netanyahu termed it the 'largest cooperation project in our history', one that would 'change the face of the Middle East, Israel, and impact the entire world'.
Both the countries have formed a strategic partnership for setting up joint projects in construction, oil and gas, minerals and metallurgy. Besides, Kazakhstan will supply uranium to India for peaceful purpose.
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.
Farmers from Mormugao, Ponda and Bicholim talukas met revenue officer Anthony D'Souza, on Wednesday expressing their opposition to the Dabhol-Bangalore pipeline, which will be plugged at Gokak to provide supply gas to Goa.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
The medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices. Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption. The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
India's economic growth accelerated to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining & quarrying and construction sectors. The Indian economy recorded a growth of 8.4 per cent in the third quarter of this fiscal (October-December 2023), according to data released by the National Statistical Office (NSO) on Thursday.
Although the credit for acquiring the technological skill must be given to India's outstanding nuclear scientists, the decision to go nuclear was a political one that entailed clarity of vision, courage and resolve, points out Rup Narayan Das.
Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
The PM urged all citizens to light diyas in their houses on January 22 so that the whole country basks in glory.
The law regulating the gas pipeline sector will end up making the public sector incumbents dominant players in the market.
India cannot afford to let lower natural gas price of $2.34 per mmBtu prevail as the rate will hinder development of a natural gas industry in the country, US-based Bernstein Research said in a latest report.
ADAG Chairman Anil Ambani on Friday said his group had no immediate plans to seek review of the Supreme Court verdict that rejected cheap gas to group firm RNRL from Mukesh Ambani-led RIL.
Power Minister Sushilkumar Shinde on Friday said the Supreme Court upholding the government's right to approve price and utilisation of gas was a "fair decision" and it had no bearing on the gas supply dispute between NTPC and Reliance Industries.
Mukesh proposes to undertake piped gas network in AP
The Delhi high court on Wednesday dismissed a petition by Neelam Azad, an accused arrested in the December 13 Parliament security breach case, seeking her release on the grounds that her police remand was illegal.
Mumbai municipal officials on Friday descended on the posh Campa Cola society to cut off essential supplies to the illegal flats, but they are facing stiff resistance from the residents, who have blocked their entry by locking up the gates and forming human barricades.
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The pipeline where the incident occurred was a dedicated line carrying gas to Lanco's 1,466 MW Kondapalli power plant.
The United States on Thursday slapped sanctions against four Iranian nuclear supply companies and one individual for procuring and attempting to procure goods for Iran's nuclear programme.
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