Government on Friday moved the Supreme Court seeking removal of foreign arbitrator appointed by Reliance Industries Ltd (RIL) over its dispute over the Panna, Mukta and Tapti oil and gas fields.

It sought removal of Peter Leaver QC, who was appointed the arbitrator after May 28, 2014, order of the apex court setting aside a Delhi High Court order by which it had agreed to hear the government’s plea against the arbitration proceedings in London.

MUMBAI: Extending the winning run to fourth consecutive session on Thursday, the benchmark BSE Sensex rose by over 190 points to close at a three-week high of 28,707.75 mainly led by gains in RIL, Infosys and Coal India amid sustained foreign capital inflows.

The barometer has garnered 750.26 points in four-day gaining spree.

Reliance Industries’ (RIL) most significant recent gas discovery, MJ-1, in KG-D6 block may hold 1.4 trillion cubic feet (tcf) of gas resources, roughly half of these in the block’s main gas fields.

Located about 2,000 metres below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 might hold contingent resource of between 0.988 tcf (low estimate) and 2 tcf (high estimate) of gas and condensate, according to the firm’s minority partner, Niko Resources of Canada. Niko cited an “independent resources evaluation report for the MJ discovery in the D6 block from Deloitte LLP” to state that the find could hold a best case estimate of 1.4 Tcf of gas and condensate.

Reliance Industries' most significant recent gas discovery MJ-1 in KG-D6 block may hold 1.4 trillion cubic feet of gas resources, roughly half of the reserves in the block's main gas fields.

Located about 2,000 meters below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 may hold contingent resource of between 0.988 Tcf of gas and condensate (low estimate) and 2 Tcf (high estimate), according to the firm's minority partner Niko Resources of Canada.

Upgrade Reliance Industries (RIL) to ‘overweight’ with a price target of R1,062 per share. RIL’s profits stagnated for the last five years, leading to under performance of 80%. FII ownership and valuations are at multi year lows. With 70% of $40 billion capex for F14-18e now behind, profits are finally set for a three-year CAGR of >15%.

Valuations are now compelling and FII under-ownership is at a five-year high. With higher confidence in F17e earnings, P/E is 9x and P/B is 1.x – near 10 year trough. Even relative P/B of 0.4x versus the Sensex is at a ten-year low.

Morgan Stanley has upgraded Reliance Industries to "overweight" from "underweight", citing confidence about the conglomerate's downstream projects and improving outlook for telecoms business.

Morgan Stanley said it expected earnings to grow 50% over the fiscal years 2015 to 2018.

Mumbai: Shares of Reliance Industries Ltd (RIL) rallied as much as 2.6% in early trade on Tuesday after Morgan Stanley upgraded RIL to “overweight” from “underweight”, citing confidence about the conglomerate’s downstream projects and improving outlook for telecom business.

Morgan Stanley said it now expected earnings of Reliance Industries to grow 50% over the fiscal years 2015 to 2018.

Shares of companies engaged in oil exploration and production business have hit 52-week lows after the government lowered the domestic gas price by over 10% to $5.02 mmBtu (metric million British thermal units).

Reliance Industries, Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India have touched their respective 52-week lows on the BSE during the intra-day trade.

New Delhi, March 19: The CBI today told a Delhi court that Reliance Industries vice-president (finance) K.V. Mohanan and the managing partner of Mumbai-based law firm Chitale and Associates, Rajendra Chitale, were "suspects" in the corporate espionage case the agency is probing.

Agency officials began questioning Mohanan and Chitale at the CBI headquarters this afternoon. Mohanan had been questioned for nine hours yesterday too.

Domestic natural gas prices are likely to be slashed by over 10% to $5.02 per unit from April 1, hitting revenues of companies like ONGC and Reliance Industries.

The prices of natural gas are due to be revised from April 1, based on average rates at key international hubs. The new rate will be around $5.02 per million British thermal unit (mmBtu) as compared to the current price of $5.61, sources privy to the development said.

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