The government will seek compensation from the Mukesh Ambani-promoted Reliance Industries (RIL) for producing natural gas that migrated from an adjoining block of Oil and Natural Gas Corporation.

Besides, the petroleum ministry will conduct an internal inquiry into any lapses by the state-owned company.

Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Castrol India from the S&P BSE Oil & Gas index hitting their respective 52-week highs in intra-day trade on Monday.

At 03:07 PM, the S&P BSE Oil & Gas index was up 0.16%, as compared to 1.2% decline in S&P BSE Sensex. The index hit an intra-day high of 11,573, its highest level since September 10, 2014.

Reliance Industries (RIL) was up 2.2% at Rs 1,089, extending its Thursday’s 2% gain on the BSE. The stock is currently trading close to its 52-week high of Rs 1,090 touched on January 15, 2016 in intra-day trade.

In past two-weeks, the stock has outperformed the market by gaining 7.5% as compared to 0.72% rise in the Nifty 50 index.

Reliance Industries Ltd’s (RIL) Hazira manufacturing unit in Gujarat has come under the scanner of central revenue authorities for alleged excise duty evasion of at least Rs 25 crore.

The Directorate General of Central Excise Intelligence (DGCEI) here has started a probe in the case and sought certain clarification from RIL, official sources said.

With one of the largest business conglomerates in India, Reliance Industries Ltd (RIL), parking more than a billion dollars for start-ups in the country, the clogged wheels of the start-up ecosystem might again see motion in India, industry insiders believe.

The Mukesh Ambani-led company on Thursday announced that it is setting up a Rs 5,000 crore fund, under the name of Jio Digital India Startup Fund, to invest in digital businesses. According to analysts, the fresh inflow of funds as and when it happens, might just help in re-igniting investor sentiment in the country.

Reliance Industries (RIL) in its 42nd Annual General Meeting announced the much-awaited launch of Reliance Jio on September 5. Chairman Mukesh Ambani announced the there will be no charges on voice calls and roaming within India will remain free for customers. He further declared cheaper data tariffs for Jio customers.

A P Shah committee, which was looking into the dispute over transportation of natural gas from ONGCKG base’s blocks in KG basin to the neighbouring fields of Reliance Industries Ltd (RIL), is set to submit its final report on Wednesday.

“The report will be submitted to the concerned joint secretary (exploration), Amar Nath, by 2 p.m. on Wednesday. The ministry will examine the recommendations of the panel and will take a decision later,” said a petroleum ministry official.

Benchmark indices staged a recovery in late trades to end higher with Tata Motors leading the gains after brokerages remained bullish on the stock while weakness in IT shares capped further upside.

The S&P BSE Sensex ended up 120 points at 27,903 and the Nifty50 settled 35 points higher at 8,607. In the broader markets the BSE Midcap and Smallcap indices ended up 0.2%-0.3%.

Reliance Industries, India’s largest conglomerate, has asked its 40,000-plus employees to stop using phones connections of existing operators, like Airtel and Vodafone, and instead switch to its own high-speed 4G Jio.

RIL has asked employees to port their existing phone numbers to Jio, a move that may open another front with the existing operators, who have been up in arms against the Mukesh Ambani-led firm’s prolonged beta testing.

Government has slapped an additional penalty of $380 million (around Rs 2,500 crore) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields.

With this, the total penalty, which is in form of disallowing recovery of cost incurred, for missing the target in five financial years beginning April 1, 2010, now stands at a cumulative $2.76 billion.

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