Shares of Reliance Industries (RIL) has dipped nearly 3% at Rs 913, its lowest level since March 31 this year on BSE on reports that the company will not get the new gas price for its currently producing Dhirubhai-1 and 3 gas fields in eastern offshore KG-D6 till it makes up for the shortfall in production in the past four years. The stock touched a low of Rs 912 on NSE.

However, the stock recovered from its early morning low and trading lower by 1% at Rs 932 on BSE at 0944 hours. A combined 1.38 million shares changed hands on the counter so far on NSE and BSE.

Gains in bank shares have lifted the Bank Nifty near its 52-week high on expectations of more reforms to push the economy on the growth track after Narendra Modi-led BJP emerged as the largest party in Maharashtra, the country's largest industrial State and is poised to form a government in Haryana after acquiring a majority.

State-owned banks which led the Bank Nifty include PNB, SBI, Bank of India, Bank of Baroda and Canara Bank up 1.8-3.5% each.

The finance ministry has alleged that IT firm Infosys has committed “serious irregularities” at a Special Economic Zone in Chandigarh and also availed undue tax concessions and exemptions.

The revenue department has prepared a detailed report highlighting the alleged irregularities committed by Infosys in its Rajiv Gandhi Chandigarh Technology Park (RGCTP) SEZ in Chandigarh.

Hyderabad-based Majlis-e-Ittehadul Muslimeen (MIM)’s victory in two Assembly seats in Maharashtra has left rival political parties stunned. The Congress, Nationalist Congress Party (NCP), Bharatiya Janata Party (BJP), Shiv Sena, Maharashta Navnirman Sena (MNS) and Samajwadi Party admitted that it is a wake up call for them, as MIM had succeeded in weaning away a section of Muslim and Dalit voters. MIM fielded 24 candidates in the state.

For MIM chief Asaduddin Owaisi, 45, and his younger brother Akbaruddin, known for provocative speeches, the victory is a dream come true. Both the brothers wanted to expand the party’s base outside Andhra Pradesh and had zeroed in on Maharashtra, Bihar, Uttar Pradesh and Gujarat for the purpose.

The Indian e-commerce industry has already witnessed plenty of fireworks much before Diwali crackers have started bursting. As the online festive discount season draws to a close, it seems Flipkart is ahead of the rest in terms of traffic, in spite of the consumer backlash that it had to face on October 6.

The biggest rival for Flipkart, Amazon, which concluded its week-long Diwali Dhamaka on October 16, witnessed a 200 per cent (two-fold) jump in its traffic on the first day of the week long sale, the company said. For Flipkart, the growth in traffic was 10 times that of a normal day on October 6. Incidentally, traffic growth doesn't always translate into higher sales as one might not finally order a product after visiting the site. On actual sales, Flipkart said it had a GMV (gross merchandise value) of $100 million on the Big Billion Day (October 6). Given that Flipkart had achieved sales of $1 billion in annual GMV in 2013-14, its average daily sales last financial year should have been about $2.7 million. So, Flipkart recorded almost 40-times growth in sales on October 6, going by the numbers given by the company. Amazon does not share its GMV.

Tata Motors-owned Jaguar Land Rover (JLR) is working on an ambitious plan to set up a factory in the US, in a first for a British car maker in the world's second-biggest automobile market.

The west Midlands-based luxury carmaker is reportedly talking to several southern states of America, including South Carolina, about building a plant in the US, The Sunday Times claimed on Sunday.

The much-awaited decision on gas prices has finally come. However, production is unlikely to increase in the near term. The decision to raise the price from the current $4.2/mBtu to $5.61/mBtu will impact three of India's upstream companies differently. It is a positive for Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). It is sentimentally negative for Reliance Industries (RIL), as the revised pricing formula is not going to apply to the company till arbitration proceedings are on. Till this is resolved, the difference between the revised and earlier price of $4.2/mBtu will be credited to a gas pool account maintained by GAIL.

The market believes ONGC and OIL would be the biggest beneficiaries of diesel price deregulation and the gas price revision. With underrecoveries disappearing in the case of diesel, ONGC is expected to gain the most, believe oil & gas analysts. Diesel accounts for 55 per cent of total underrecoveries and about half of it is borne by public sector oil and gas producers. Within that, most of it is borne by ONGC.

Despite a spectacular electoral performance in Maharashtra and Haryana, the ultimate prize of forming a government on its own eluded the BJP in Maharashtra where a hung Assembly decreed a coalition government.

With parties such as the Nationalist Congress Party (NCP), that were former enemies, virtually falling over themselves with offers to support the BJP, it seemed that despite overt political instability a firm government might be in place in the next 48 hours.

The Special Court here today issued the order for release of AIADMK supremo J Jayalalithaa from jail here in accordance with the Supreme Court order granting her bail in the disproportionate assets case.

The release order by Special Judge John Michael D'Cunha came after a bond for Rs two crore was furnished and surety of assets offered. Copy of the Supreme Court order was also produced before the court by Jayalalithaa's lawyer.

MUMBAI|BANGALORE: After a few tepid years at college campuses, information technology companies are back to hiring in big numbers as Tata Consultancy Services BSE -8.73 %, Infosys BSE -0.30 % and HCL Technologies BSE -9.09 % ramp up recruitment. This is good news to the over 1.5 million engineers who graduate from the country's colleges every year and are struggling to land a job due to an oversupply of talent. Tata Consultancy Services, India's largest IT services company , said it will hire 35,000 freshers for fiscal 2016, boosting its rate of campus recruitment.The company hired 25,000 from campuses in fiscal 2015. Robust growth prospects led to the company raising the figure, TCS' human resources head Ajoy Mukherjee told ET.

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