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.
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.
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 execution of the order dated December 21 stands stayed till the next date of hearing.
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'.
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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.
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.
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.
'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 field is drawing major interest after recent discoveries.
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.
Days after the Supreme Court rejected his case for cheap gas for his group company, billionaire Anil Ambani has written a morale boosting letter to group employees saying the judgement though "disappointing" has safeguarded interest of RNRL shareholders.
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."
Reliance Power's plans are to set up a 7,480-Mw project, which will be the largest gas-fired power project at a single location in the world.
The gas market in India is at an inflection point. The increase in gas supplies would also promote setting up of brownfield and greenfield projects
In May 1992, ONGC handed over gas pipelines and marketing functions connected with natural gas to GAIL. However, it continues to be the marketing agency in certain isolated pockets.
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 beleaguered Dabhol power plant in Maharashtra is likely to start generating electricity, using gas as feedstock from the second week of August once promoters sort out payment issues.
Pakistan will work jointly with India while negotiating the gas price with Turkmenistan.
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.
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.
Oil Minister M Veerappa Moily approved continuation of the existing rate of $4.2 per million British thermal units until the new government, which will be in place in May, decides on implementation of the new price formula.
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.
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 PM urged all citizens to light diyas in their houses on January 22 so that the whole country basks in glory.
If the government could create a convincing case for capping gas cylinder numbers, there is no reason why the government cannot build a solid case, using similar methods, for a further increase in diesel price.
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.
Around Rs 40,000 crore (Rs 400 billion) investment in the power sector is in limbo for want of government decision on allocation of natural gas to the proposed electricity stations.
International oil prices surged close to $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine, but petrol and diesel prices in India continue to be on freeze and are expected to rise once assembly elections in states like Uttar Pradesh end. Amid fears of supplies being disrupted because of Russian aggression, the price of futures contract for Brent crude oil with April delivery on London's ICE rose by 4.18 per cent to $99.38 per barrel on Tuesday morning, before paring some gains to settle just above $98. The last time Brent exceeded $99 per barrel was in September 2014. Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production.
Floods in Gujarat continued to disrupt half of India's natural gas production for the second day on Wednesday, threatening power generation in north and CNG supplies to automobiles in the national capital.
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.
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