Shares in Reliance Industries rallied in trade after the government approved a new gas pricing subject to bank guarantees. The stock was last trading higher by 1.5 per cent at Rs 867 on the National Stock Exchange.
The Union Cabinet has permitted, India's largest private sector company Reliance Industries to charge the new gas price for all its fields against a bank guarantee to be encashed if the company is found guilty of hoarding gas.
The bone of contention between Reliance and the government has been the hoarding of gas, which the company has been time and again accused of.
The bank guarantee to be given by the company will essentially cover the difference between the current gas price of $ 4.2/per million British thermal units (mmBtu) and the new formula rate, which will be encashed in case it is proved later that the company was hoarding gas.
Investors say that there was no large scale rally in the share price of Reliance Industries as the hike in gas was already factored in by the markets.
GoodReturns.in
Notifications
Settings
Clear Notifications
No New Notifications
Notifications
Use the toggle to switch on notifications
Block for 8 hours
Block for 12 hours
Block for 24 hours
Don't block
To start receiving timely alerts, as shown below click on the Green “lock” icon next to the address bar
Click it and Unblock the Notifications
Close X
Close X
To Start receiving timely alerts please follow the below steps:
Click on the Menu icon of the browser, it opens up a list of options.
Click on the “Options ”, it opens up the settings page,
Here click on the “Privacy & Security” options listed on the left hand side of the page.
Scroll down the page to the “Permission” section .
Here click on the “Settings” tab of the Notification option.
A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification.
Once the changes is done, click on the “Save Changes” option to save the changes.
Click it and Unblock the Notifications
Sign in with Google