NEW DELHI: The Narendra Modi government has accused Reliance Industries of armtwisting it into implementing the January 2014 guidelines on natural gas pricing by slapping a notice declaring its intention to pursue international arbitration to break the deadlock on the issue.

In fresh submissions filed in the Supreme Court on Monday, the government suggested that the issue of gas pricing was not subject to international arbitration as it was an economic decision, which could not even be scrutinised by the domestic courts.

To be ahead of Reliance Industries in the 4G battle, Bharti Airtel on Thursday announced the commercial launch of 4G services in 296 towns across India after testing the market in select cities. Reliance Industries plans to start pan-India 4G services in December. Bharti Airtel has exclusively partnered with Samsung to roll out this service.

Airtel customers can enjoy 4G at 3G data prices with packs starting at Rs 25, the company said.

A shift in investment from bank deposits to instruments like mutual funds and government securities has trimmed treasury profit for Reliance Industries to just over 29 per cent of the net income in the June quarter, from 40 per cent for many quarters.

Trading profit, which used to average around 40 per cent in the past years, has narrowed to just about Rs 1,832 crore which is 29.4 per cent of the overall net income of Rs 6,222 crore in the quarter to June of the firm, according to the Q1 numbers released by it.

Riding on six-year high refining margins and strong petrochemicals earnings, Reliance Industries Ltd (RIL) posted a 4.4 per cent increase in consolidated net profit for the June quarter of 2015-16 at Rs 6,222 crore. For the year-ago period, net profit stood at Rs 5,957 crore. The refining and petrochemicals segment contributed 91 per cent to gross sales and 95 per cent to the operating profit, boosting RIL’s overall profitability.

A Bloomberg poll of analysts had expected the firm to post a profit of Rs 6,211 crore, growth of 4.3 per cent.

Mumbai: Pioneer Natural Resources Co., one of the biggest shale gas companies in the US and partner of Mukesh Ambani’s Reliance Industries Ltd (RIL) in the Eagle Ford Shale acreage, has cut the guidance for production of shale gas and oil for the current calendar year from Eagle Ford.

In a note to investors on 23 July, Pioneer said the company had to cut the production guidance in Eagle Ford Shale due to “lower than estimated production” because of technical and weather-related delays in the second quarter of the current calendar year. This led to a drop in the number of wells brought under production in the second quarter.

BSE Sensex ended 258.53 points down at 28,112.31 while NSE Nifty fell 68.25 points to settle at 8,521.55

At 3:10 pm, BSE Sensex trades 264.81 down at 28,106.03. NSE Nifty trades 74.10 points down at 8,515.70.

At 3:00 pm, BSE Sensex trades 219.32 down at 28,151.52. NSE Nifty trades 55.50 points down at 8,534.30.

Seven Indian companies, including Reliance Industries and Tata Motors, are among the world’s 500 largest companies, according to a list compiled by Fortune.

The Indian companies on the 2015 Fortune Global 500 list are Indian Oil ranked 119 on the list, with revenues of about USD 74 billion, Reliance Industries (158) with revenues of USD 62 billion, Tata Motors with revenues of USD 42 billion (254), State Bank of India with revenues of USD 42 billion (260), Bharat Petroleum with revenues of USD 40 billion (280), Hindustan Petroleum with revenues of USD 35 billion (327) and Oil and Natural Gas with revenues of USD 26 billion (449).

Reliance Industrial Infrastructure Ltd (RIIL) has reported a net profit of Rs 4.44 crore for the first quarter of this fiscal, down 20.8% from the year-ago level.

The total revenue, however, rose by 13.9% to Rs 26.54 crore in the quarter, the company said.

Reliance Industries, for a change, has outperformed the broader markets, rebounding from its closing lows of Rs 810 at the end of March 2015 to Rs 1,007 now. Jio’s launch might have helped, but not so much to boost the stock by 24% in less than four months.

While strong gross refining margins (GRM’s) had led to the initial spike despite weak crude prices, investments in core business that will likely boost earnings in another 18 months has given analysts a reason to turn bullish.

Mukesh Ambani’s Reliance Industries Limited (RIL) announced a proposal to sell 32.5 million shares of Network18 Media & Investments Limited (NW18). This is close to 3.1 per cent of the equity capital of NW18. The offer-for-sale will open on Wednesday.

The sale is to bring down the aggregate shareholding of the promoter and promoter group to 75 per cent and increase the public shareholding to 25 per cent, in line with Clause 40A of the listing agreement pursuant to Securities Contract (Regulation) Rules, 1957.

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