Bull markets need a a charismatic leader and a fancy destination.
Reliance Industries Ltd (RIL) has refuted the allegation in the Supreme Court that it is deliberately reducing production of gas in KG basin in anticipation of a higher gas price and said it has taken all steps for arbitration proceedings with Centre to sort out all disputes.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
Mukesh Ambani-led RIL, which had a cash chest and marketable securities worth over Rs 90,000 crore (Rs 900 billion) at the end of the last fiscal, is known for very effectively managing its financial resources by placing them in liquid instruments and highly rated securities.
While a 6 million pounds (Rs 56 crore) fine has already been imposed on the Indian businessman, Rameshkumar Goenka, the Financial Conduct Authority took action against three more persons today in the same case by imposing total fines of about Rs 2 crore (Rs 20 million) on them.
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Following adverse media reaction to the June 27 decision of the Cabinet Committee on Economic Affairs, the finance ministry had issued an office memorandum asking the petroleum ministry to see if there was a way to make RIL clear its gas supply backlog at the existing price.
The two companies have approached banks to raise up to Rs 8,000 crore as debt to fund their expansion plans.
The 2016 upstart, called Jio, dislodged rivals and has emerged as the nation's No. 4 carrier by offering call services free for life and data transmission at dirt cheap rates.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
RIL has maintained it had followed the production sharing contract (PSC) in letter and spirit and done no wrong and it has drilled all wells within its boundary.
BP and Reliance Industries Ltd are leading the race to pick up a 25 per cent stake in Gujarat State Petronet Corporation and the Adani group's five million tonnes per annum liquefied natural gas terminal at Mundra.
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The 25-year production sharing contract, however, ends in 2029.
The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Sebi.
RIL's standalone net profit rose one per cent quarter-on-quarter
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
A bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by Civil society members including former Cabinet Secretary T S R Subramanian and ex-Naval chief Admiral L Ramdas seeking probe by the agency in the alleged 'collusion between RIL and the political establishment'.
Govt wants domestic production so as to save foreign currency.
If the deal is indeed being considered, this will be the first time that Ambani will be putting his money in a print media venture since he and his younger brother, Anil Ambani, split businesses to form their own groups
RIL estimates output from KG-D6 could reach up to 60 mscmd in the next five years, when all satellite fields are brought into production.
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
Gujarat, the home state of Prime Minister Narendra Modi and portrayed as 'growth engine' of India has witnessed a steep fall in new investments for the second quarter of 2014-15 compared to the first quarter of the same fiscal.
Dealers are not happy with the company's latest retailing policy and decided not to re-open their pumps.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The pricing and marketing freedom for exploitation would be capped by a ceiling price.
It has suggested OTTs be subject to the same security requirements that a traditional TSP has to adhere to.
There, however, has been an improvement in operating margins.
To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
Govt notification on $8.4 a unit price likely by month-end
Index heavyweight RIL surged 3% to end above Rs 1,000 mark while IT majors were also the top gainers.
In Q3, E&P business accounted for just 1.5% of gross revenue
The agency would probe whether Sibal had shown undue favour to RIL.
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Companies are legally allowed to invest in markets in India, but the practice has seldom stirred central bank concern until recently, when they have become much more active players.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
Business opportunity after phased diesel deregulation the main trigger.
In the 38-page report, across 10 chapters, RIL explained how it entered the exploration and production business; the history of the New Exploration and Licensing Policy and the introduction of production-sharing contracts.
While the two high-profile exits in pharmaceutical and telecom have raised concerns over regulatory hassles in the country, Japanese investors are still keen to tap into India's consumer growth story and many more merger and acquisition deals are in the offing in this space.
