In a boost to firms like ONGC and Reliance Industries, the government plans to raise natural gas price by about 60% for their undeveloped gas discoveries in difficult areas.

While domestically-produced gas is currently priced at an average of rates in gas-surplus countries like the US, Canada and Russia, for deep-sea discoveries yet to be developed, the government plans to price them at an average cost of alternative fuels -- naphtha and fuel oil as well as imported LNG.

With the government allowing Indian companies to avail themselves of investment allowance by one more year in the Budget announced on Monday, companies like Reliance Industries, the Adani Group and Tata Steel, which are currently in investment mode, will be the biggest beneficiary of 15% allowance. It will come into effect with retrospective effect from April 1, 2015.

The Income Tax Act specifies that manufacturing companies can avail themselves of the investment allowance at the rate of 15% on investments made in new assets such as plant and machinery exceeding Rs 25 crore so long as the acquisition and installation of the asset is undertaken in the same year. The Bill proposes to do away with the requirement that the asset should be acquired and installed in the same year.

Reliance Industries is nearing the completion of its largest ever capital expenditure program of $46 billion by FY17, paving the way for a multi-year cycle of strong free cash flow generation averaging US$5 billion, which will double its market capitalisation to $100 billion (Rs 6.8 trillion), Morgan Stanley has said. The free cash flow implies an over 11% yield and is the highest among large cap global oil & gas peers under its coverage, it said.

Morgan Stanley said its analysis of the stock price's history over the last 15 years suggests that RIL has typically outperformed once it starts generating free cash flow after its capex mode and a similar cycle is now likely to play out. “We chalk out a potential roadmap for the stock to double to reach market cap of US$100 billion (Rs 6.8 trillion),” said the report dated March 1.

Reliance Industries has emerged as the top company in terms of corporate social responsibility (CSR), having spend over Rs 760 crore, followed by state-owned ONGC and IT giant Infosys, Parliament was informed today.

In a written reply to Lok Sabha, Corporate Affairs Minister Arun Jaitley said a total of 460 listed firms have so far disclosed spending Rs 6,337.36 crore in 2014-15. This included 51 PSUs that spent Rs 2,386.60 crore.

NEW DELHI: ONGC has alleged that RIL in a "well-planned and deliberate strategy" produced about $1.4 billion worth of its gas over past six years and demanded that the Mukesh Ambani firm pay full compensation with 18 per cent interest.

Reliance Industries had in 2001 and again in 2007 acquired seismic data to study hydrocarbon reservoir lying several hundred meters below the sea-bed not just in its Bay of Bengal KG-D6 block but also of neighbouring blocks of ONGC without the knowledge of the state-owned firm, it alleged.

NEW DELHI (Reuters) - Reliance Industries Ltd , owner of the world's biggest refining complex, is preparing to lift oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two.

The conglomerate, controlled by billionaire Mukesh Ambani, stopped Iranian oil imports in 2010 because it was worried that the threat of U.S. sanctions on companies doing business with the Islamic republic would complicate its efforts to boost market share for its fuels in the United States.

NEW DELHI: Oil and Natural Gas Corporation (ONGC) has told the Justice AP Shah committee that Reliance Industries Ltd (RIL) and regulator Directorate General of Hydrocarbons (DGH) knew gas from the stateowned company's blocks in the Krishna-Godavari basin was flowing into RIL's holdings in the area.

It sought an explanation from the regulator for this along with compensation from the company for the lost gas.

In a significant U-turn in its approach towards the ongoing gas dispute with state-run Oil and Natural Gas Corporation (ONGC), the Mukesh Ambani-controlled Reliance Industries Ltd (RIL) has decided to participate in the proceedings of the government-appointed Shah Committee that is looking into the matter.

“The second meeting of the Shah Committee was held a couple of days ago. RIL attended the meeting and (its representatives) said we would like to participate. Niko Resources also participated,” ONGC Chairman D K Sarraf told a media gathering while announcing the company’s third quarter results. He was responding to a question on the status of the controversial gas dispute.

Reliance Industries' domestic exploration and production segments could see an uptick with the company planning to begin production from its coal-bed methane (CBM) blocks in the next three months. In its financial presentation on the website, RIL stated that phase one development was nearing completion and the first gas was expected shortly. It plans to produce 3.5 million standard cubic meters per day of gas from the two Sohagpur blocks in the state. However, pricing could be an issue.

RIL, along with other private players Essar Oil and Great Eastern Energy Corporation, is seeking freedom to sell gas from their blocks at market price. CBM contracts allow sale of gas at arms-length price. But that freedom was taken away by the earlier government by bringing CBM gas under the purview of the gas utilisation policy, giving the pricing freedom to the government.

Reliance Industries (RIL) has dipped 4% to Rs 999 on the BSE on profit booking after the stock had gained ahead of its third quarter earnings.

The company late Tuesday announced a 39% increase in its consolidated net profit at Rs 7,290 crore for the third quarter of this financial year (Q3FY16).

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.