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.

Mukesh Ambani, the richest Indian and Reliance Industries (RIL) chairman and MD, has not taken a pay hike for seven years, but his pay package is over 205 times that of the median employee remuneration at RIL. This ratio stands at 439 times in case of ITC Executive Chairman Y C Deveshar.

The ratio stands much lower at 89 times in case of information technology (IT) major Wipro Chairman and Managing Director Azim Premji, and at 19 times for HDFC Chairman Deepak Parekh for 2014-15.

Europe's Airbus Group and the Mahindra Group have struck a deal to build helicopters jointly as they bid to win an expected wave of orders from the country's armed forces, the companies said in a statement on Friday.

The two groups will form a joint venture in the coming months, aiming to become the first private manufacturer of helicopters in India, the statement said. It did not say how much the two will invest.

New Delhi: Indian businessmen scrambled to showcase many of their existing investment plans and allocations as a response to Prime Minister Narendra Modi’s Digital India initiative, which was launched on Wednesday. By the end of the day, they had announced planned investments of Rs.4.5 trillion, and hires of 1.8 million people, over the next 5-10 years.

The numbers sound highly laudable, but are mostly investments in their own businesses, experts said.

Reliance Industries Ltd (RIL), HDFC Bank and Dr Reddy’s Laboratories are the only three Indian firms to figure in Barclays’ top 111 stock picks from across the world for 2015.

In its ‘Global Top Picks’ report, Barclays has said more than six years into the recovery, the key drivers of the market rally u2013 low inflation, moderate growth and unprecedented monetary support u2013 are set to have a reduced impetus.

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