Justice AP Shah report: Justice AP Shah Committee submitted a 'comprehensive report' on the compensation Reliance Industries should pay to ONGC for producing state-run firm's gas for the past seven years.
The one-man Committee headed by Ajit Prakash Shah, former Chief Justice of Delhi High Court, submitted to Oil Minister Dharmendra Pradhan a report containing not just the compensation to be paid for ONGC's gas migrating to adjacent KG-D6 block of RIL in the Krishna Godavari basin, but also recommendations for avoiding such disputes in future.
As much as 11.122 billion cubic meters of ONGC gas had migrated from its Godavari-PML and KG-DWN-98/2 blocks to adjoining KG-D6 of RIL between April 1, 2009 and March 31, 2015. At prevailing prices, the gas was worth Rs 11,000 crore.
While ONGC's reservoirs have almost emptied, RIL continues to produce gas from D1&D3 fields in KG-D6 block, some of it being of ONGC.Reliance Industries AGM today: Reliance Industries Chief Mukesh Ambani is likely to give an update today on Jio's 4G launch and signal culmination of the USD 42-billion capex cycle it had earmarked for its other businesses three years ago.
Ambani may devote a large part of his speech at RIL's 42th shareholder meeting in Mumbai tomorrow to the update and a road map for the company's telecom venture in terms of network rollout and the customer base during the test launch.
But he may stop short of announcing a date for commercial launch, industry watchers and sources said.
According to the sources, Ambani is likely to provide a status update on the Rs 2 lakh-crore spending on building telecom network as well as growing subscriber numbers, which at the last count stood at 1.5 million test users.Cement cos in focus: A fine of Rs 1,147.59 crore has been imposed on ACC, while penalties on Jaiprakash Associates Ltd and Ultratech are Rs 1,323.60 crore and Rs 1,175.49 crore, respectively. The fines on other companies are Rs 274.02 crore (Century), Rs 187.48 crore (India Cements), Rs 128.54 crore (JK Cements), Rs 490.01 crore (Lafarge), Rs 258.63 crore (Ramco), ACL (Rs 1,163.91 crore) and Binani (Rs 167.32 crore), according to the release. CMA faces a fine of Rs 0.73 crore. Competition Commission of India today imposed more over Rs 6700 crore penalty on 11 cement companies. A fine of Rs 1,147.59 crore has been imposed on ACC, while penalties on Jaiprakash Associates and Ultratech are Rs 1,323.60 crore and Rs 1,175.49 crore, respectively. The fines on other companies are Rs 274.02 crore (Century), Rs 187.48 crore (India Cements), Rs 128.54 crore (JK Cements), Rs 490.01 crore (Lafarge), Rs 258.63 crore (Ramco), ACL (Rs 1,163.91 crore) and Binani (Rs 167.32 crore), according to the release. Cement Manufacturers Association faces a fine of Rs 0.73 crore. Auto sales expectations: Total Sales seen up by 16 percent at 1.36 lakh units. Hero Motocorp: Total Sales seen up by 21 percent at 5.8 lakh units. Mahindra & Mahindra: Good traction expected in SUVs. New compact SUV launches TUV300 & KUV100 doing well. Total Sales seen up 12 percent at 40,000 units.Eicher Motors: Royal Enfield Sales seen up 28 percent at 54,000 units. KEC International: Infrastructure company KEC International said it has won contracts worth Rs 1,224 crore, including Rs 216 crore international orders.
"KEC International Ltd (KEC)..., an RPG Group company has secured new orders of Rs 1,224 crore," the company said in a statement.
In transmission and distribution business it won Rs 589 crore domestic orders that include orders of Rs 562 crore from Karnataka Power Transmission Corporation under Green Energy Corridors.
In transmission business it had secured international orders of Rs 216 crore that include a turnkey order of Rs 173 crore from Electricity Generating Authority of Thailand for construction of 500 kV transmission line on Thai/Laos border and Rs 43 crore contract from Power Grid Company of Bangladesh for for construction of 132kV transmission lines.MCX India: Commodity exchange MCX reported 55 percent increase in net profit to Rs 32.81 crore for the quarter ended June 30.
It had reported net profit of Rs 21.22 crore in the April- June period of the last fiscal.
Income from operations increased to Rs 62.98 crore in the first quarter of 2016-17 from Rs 56.21 crore in the year-ago period.
Its total income increased by 23 percent to Rs 93.79 crore during April-June quarter of this fiscal from Rs 76.17 crore in the corresponding period of previous year.
During the first quarter, MCX said its market share in commodity derivative space has increased to 88.20 percent from 80.55 percent in the corresponding quarter of last fiscal.Arvind: According to reports Arvind looking out for investors to raise Rs 900 crore. Company looking to raise Rs 900 crore via sale of 15 percent stake in brands business. Arvind has brands like GAP, Calvin Klein, US Polo.KPIT Tech: According to reports KPIT Tech looking to raise USD 150 million. Kpit Tech has drawn the interest of marquee investors like Carlyle, APAX, Temasek. Marquee investor can infuse confidence in the stock. Promoters not looking to pare stake. Chrys Capital and CX partners which together hold 14 percent may offload stake. Avendus is advising the co.(Disclosure: RIL, which owns Reliance Jio, also owns Network18 and moneycontrol.com).
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