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.

Mukesh Ambani’s Reliance Industries (RIL) has fired a salvo at the government expressing displeasure over the pricing mechanism for domestic natural gas.

In its annual report, the company said, “In RIL’s view, the methodology used for valuation of gas under these guidelines, does not reflect true arms- length market price…as required under the production sharing contract (PSC) signed with the government.

The Comptroller and Auditor General of India (CAG), in its latest report, stated the financials of the Mukesh Ambani-led Reliance Industries (RIL) would be adversely affected if the government accepts a third-party report, effectively bringing to an end the continuity of the company's reservoir, adjacent to the Oil and Natural Gas Corporation fields in the Krishna-Godawari basin.

The CAG report also said the total financial impact of excess cost recovery allowed by the government during 2012-14 - and pointed out by the CAG - was about Rs 9,307 crore.

Reliance Industries (RIL) has blamed government-owned ONGC for ‘not pointing out’ more than a decade back the underground contiguity of their adjacent deepwater blocks in the Krishna Godavari (KG) basin. RIL has argued that the 2003 report, cited by ONGC before the AP Shah panel, was preliminary in nature and carried out just to meet regulatory norms and that it did not offer any scope for joint development of the blocks at that time.

Shares of Reliance Industries on Monday rose by nearly 3% after the company reported a bigger-than-expected 18% jump in June quarter profit.

After a positive opening, shares of the company went up further by 2.61% to Rs 1,039 on BSE.

Reliance Industries has done it again. After reporting a seven-year high gross refining margin (GRM) of $11.5 a barrel in the December 2015 quarter, the company topped this metric in the June 2016 quarter (Q1) as well.

Reliance Industries’ (RIL) GRMs stood at $11.5 a barrel in Q1 and were much ahead of Street expectations of $9-10 a barrel. This metric stood at $10.4 a barrel in the year-ago quarter, and at $10.8 a barrel in March 2016 quarter.

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