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New Delhi, India's largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants. "In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure through water borne transportation to India and transport it further through GAIL's pipeline systems to demand centres," the company said in a tender document. It sought quotes to hire a very large ethane carrier (VLEC) for 20 years starting mid-2026 for importing ethane from the US. The ship with capacity of 80,000 to 99,000 cubic metres is targeted to take deliveries from US ports of Marcus Hook, Nederland, Morgan's Point or Beaumont and deliver ethane at Dahej or Hazira in Gujarat or Dabhol in Maharashtra. GAIL has a petrochemical plant at Pata, near Kanpur in Uttar Pradesh, and is also looking to set up another unit at Usar in Maharashtra. The company had to cut down on run rate at Pata after the government diverted gas supplies from the plant to city gas suppliers. This led to its profitability being impacted and so now the company is looking to supplement the feedstock with ethane. Reliance had in 2014 announced ethane plans in 2014 and started importing the feedstock from the US in 2017. It is importing 1.6 million tonnes per annum of ethane and is using six VLECs for transporting it to India. With ethane replacing propane and naphtha used in ethylene production, Reliance is estimated to have saved about USD 450 million annually. Reliance used 2.5 million tonnes a year of naphtha as feedstock in petrochemical crackers and ethane reduced its use by 5,00,000 tonnes, which now could be exported. Ethane is expected to be produced in large volumes in North America due to the shale gas revolution, which has generated an abundance of liquefied natural gas (LNG) and liquefied petroleum gas (LPG). It is primarily used as petrochemical feedstock to produce ethylene by steam cracking. Ethylene is the starting material for making a wide range of products -- from packaging films, wire coatings, and squeeze bottles as well as plastics and synthetic rubber. Reliance uses ethane at its crackers in Dahej and Hazira in Gujarat and Nagothane in Maharashtra. GAIL in the tender said it is looking at co-transportation of ethane and LNG through the same vessel loaded in separate compartments. "Bidders may indicate whether the vessel offered for time-charter is compatible for part loading of ethane and LNG. In case of co-transportation the primary and secondary fuel options may necessarily be indicated," GAIL said. GAIL said the 20 year charter hire agreement can be extended by a further 5 years. Last date for submission of an expression of interest (EoI) for offering VLECs is February 25.

GAIL takes the 'Reliance route' with its US ethane plans

Billionaire <keyword id="3820" type="General" weightage="100" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>'s <keyword id="13923185" type="DOMAIN" weightage="20" keywordseo="reliance-industries-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance industries ltd" meta.entityname="Reliance Chemotex Industries Ltd." meta.entityid="12329" meta.seoname="reliance-chemotex-industries-ltd">Reliance Industries Ltd</keyword> and state-owned <keyword id="64243" type="DOMAIN" weightage="20" keywordseo="oil-and-natural-gas-corporation" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="oil and natural gas corporation" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">Oil and Natural Gas Corporation</keyword> (<keyword id="6354737" type="General" weightage="20" keywordseo="ONGC" source="Orion">ONGC</keyword>) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price. <keyword id="10926" type="DOMAIN" weightage="20" keywordseo="reliance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance" meta.entityname="Reliance Industries Ltd." meta.entityid="13215" meta.seoname="reliance-industries-ltd">Reliance</keyword> is seeking a minimum USD 12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh, while <keyword id="6354737" type="DOMAIN" weightage="20" keywordseo="ongc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ongc" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">ONGC</keyword> wants USD 9.35 for the same kind of fuel from North Karanpura in Jharkhand, according to tender documents. Reliance has sought bids for sale of 0.65 million standard cubic meters per day from CBM block SP(West)-CBM-2001/1 for one year beginning April 1, 2023, the company's tender document showed. It asked bidders to quote a variable 'v' as a percentage of dated Brent crude oil price. Starting bid price has been kept as 15 per cent of Brent ('v' = 15 per cent). At the current Brent price of USD 85 per barrel, this translates into a price of USD 12.75 per mmBtu. e-bidding will happen on February 24. ONGC has offered 0.015 mmscmd of gas from North Karanpura (NK) block in Jharkhand for 3 years. It asked bidders to quote a premium 'p' as a percentage of Brent price. The reserve or bid start price has been kept at 11 per cent of Dated Brent price (USD 9.35 per mmBtu at Brent oil price of USD 85 per barrel). Price of gas "shall be higher of the reserve gas price plus quoted premium (p) or floor price plus quoted premium (p)," ONGC said. The floor price will be USD 1 per mmBtu higher than the domestic gas price (which currently is USD 8.57 per mmBtu). The e-auction of ONGC gas will take place on March 2, it said. CBM is an unconventional form of natural gas found in coal deposits or coal seams. Just like natural gas, it can be used to produce electricity and as feedstock for fertilisers, industrial uses such as in cement production, rolling mills, steel plants, and for methanol production. It can also be compressed into CNG for use as fuel in automobiles or piped to household kitchens for cooking. While the government every six months fixes the price of natural gas produced from conventional fields, the pricing of gas from coal seams, called CBM, is free or market-determined. The minimum price ONGC is seeking in the latest tender is less than what it had sought for CBM from a Bokaro block in Jharkhand last year. In June 2022, ONGC invited bids for the sale of 0.20 mmscmd at a reserve or floor price of 14 per cent of the Dated Brent crude oil price plus USD 1 per million British thermal unit, the sale tender had shown. Bidders will have to quote a premium they are willing to offer over that reserve price. The floor price was the government-mandated price for domestic natural gas plus a USD 1 per mmBtu mark-up. The "Contract Gas price shall be the higher of the 14 per cent of Dated Brent Price plus USD 1 per mmBtu plus 'P' (the biddable parameter); or the floor price," it had said. At the current Brent crude oil price of USD 85 per barrel, the reserve gas price came to USD 12.9 per mmBtu in that tender. In March last year, Reliance sold <keyword id="922877" type="General" weightage="20" keywordseo="CBM-Gas" source="Orion">CBM gas</keyword> from the Madhya Pradesh block at a big premium to firms, including <keyword id="12051518" type="DOMAIN" weightage="20" keywordseo="gail" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="gail" meta.entityname="GAIL (India) Ltd." meta.entityid="4845" meta.seoname="gail-(india)-ltd">GAIL</keyword>, GSPC and Shell. Reliance had sold 0.65 mmscmd of gas from block SP-(West)-CBM-2001/1 at a USD 8.28 premium over prevailing Brent crude oil prices. The firm had sought bids at a premium over the base of 13.2 per cent of Brent crude oil prices. At the then Brent crude oil price of USD 115 per barrel, the base came to USD 15.18 per mmBtu and adding USD 8.28 premium bid by state-owned gas utility GAIL and other firms, the final price was USD 23.46 per mmBtu. 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Reliance seeks $12.75 for CBM gas, ONGC wants $9.35

<ul><li>At 7:49 am, the SGX Nifty was trading 0.98% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global market, the Indian stock market is likely to open higher. At 7:49 am, the SGX Nifty was trading up 0.98%, indicating a green start for Nifty50. The US stocks also ended in the green on Wednesday on the back of further stimulus hopes. The Dow Jones Industrial Average closed 1.20% higher; whereas the S&amp;P 500 was down 28 points on Wednesday. These are the stocks to watch out for during the trading session on October 1: Reliance Industries (RIL) Mukesh Ambani’s owned Reliance Retail Ventures Limited has<a href="https://www.businessinsider.in/business/news/reliance-retail-raises-another-1875-crore-as-silver-lake-comes-back-with-an-additional-investment/articleshow/78412992.cms"> raised ₹1,875 crore </a>from Silver Lake co-investors. The shares of RIL ended 0.49% lower yesterday Oil and Natural Gas Corp, GAIL India, Oil India and other natural gas stocks The stocks of natural gas companies will be in focus today as the Indian government slashed the rate by 25% to $1.79 for the period of October 2020 to March 2021. This is the price at which most of the natural gas produced in India is sold. The shares of Oil and Natural Gas Corp and GAIL Limited ended 2% lower yesterday, whereas Oil India was up nearly 2%. Also watch out for IGL, MGL and Gujarat Gas. Inox Leisure and PVR Limited As part of the unlock 5.0 guidelines, the Ministry of Home Affairs (MHA) has allowed reopening of cinema halls from October 15. The stock of Inox Leisure and PVR Limited will be in focus today during the trade. The shares of Inox Leisure and PVR LImited ended 2% higher yesterday. Lupin The drug major Lupin launched Lapatinib tablets, used in the treatment of advanced or metastatic breast cancer, in the US market. The company has launched Lapatinib tablets in the strength of 250 mg after its alliance partner Natco Pharma received final approval for its abbreviated new drug application (ANDA) from the United States Food and Drug Administration (USFDA), it said in a statement. The shares of Lupin ended 0.8% higher yesterday. Sanofi India Sanofi India on Wednesday launched a booster vaccine for preschoolers to protect against four major diseases - diphtheria, pertussis, tetanus and polio. “Booster vaccines are designed to boost the immunity acquired during prior vaccination,” the company said. The shares of Sanofi India ended 1.4% higher yesterday. Dhanlaxmi Bank Shareholders of Dhanlaxmi Bank ousted chief Sunil Gurbaxani, little over seven months after he assumed charge of the lender. This came a day after the Reserve Bank of India appointed its General Manager D K Kashyap on the board of the bank for two years. The shares of Dhanlaxmi Bank ended 1% lower yesterday. Punjab National Bank The state-run public sector bank Punjab National Bank (PNB) declared its ₹1,203.26 crore exposure to Sintex Industries as a fraud. The shares of Punjab National Bank ended 2% lower yesterday. HDFC Limited The National Housing Bank imposed a monetary penalty of ₹1.5 lakh on HDFC Limited for non-compliance of the housing finance companies directions. The shares of HDFC Limited ended 1.16% higher yesterday. Bank of Baroda The state-run Bank of Baroda has dissolved its wholly-owned arm BOB (UK) in the United Kingdom with effect from September 22. The shares of Bank of Baroda ended 0.85% lower yesterday. Auto stocks in focus today Watch out for the likes of Maruti, Tata Motors and other listed auto stocks as they report their monthly sales for September. The <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms">estimates from brokerages</a> showed that passenger vehicles and farm equipment would report strong growth. However, the situation for the commercial vehicle segment will continue to remain grim. Mazagon Dock, Likhitha Infrastructure and UTI AMC The IPO subscription for Mazagon Dock, Likhitha Infrastructure and UTI AMC will close today. CAMS, Chemcon <a href="https://www.businessinsider.in/stock-market/news/cams-ipo-shares-are-trading-at-over-25-premium-in-the-grey-market/articleshow/78400317.cms">CAMS </a>and <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-for-chemcon-ipo-share-price-trading-at-over-111/articleshow/78404223.cms">Chemcon shares </a>are slated to hit the bourses today. The grey market premium for the companies suggests a bumper listing ahead. SEE ALSO: <a href="https://www.businessinsider.in/india/news/from-income-tax-to-credit-card-payment-here-are-all-the-rules-changing-from-october-1/articleshow/78418580.cms" data-type="tilCustomLink">From income tax to credit card payment - here are all the rules changing from October 1</a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms" data-type="tilCustomLink">All eyes on September auto sales — Cars and tractor sales likely to remain healthy but commercial vehicles may feel the pain</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-expected-to-outperform-bajaj-auto-and-tvs-sales-numbers-in-september-two-wheeler-sales/articleshow/78407559.cms?upcache=2" data-type="tilCustomLink">September two-wheeler sales expectations — Hero MotoCorp expected to outperform Bajaj Auto and TVS Motor</a>

Top stocks to watch— RIL, ONGC, HDFC, GAIL, PVR, Oil India, Lupin, PNB, Dhanlaxmi Bank and others

New Delhi, Feb 4 () The Oil Ministry has moved a cabinet note seeking approval for hiving off state-owned gas utility GAIL (India) Ltd's pipeline business into a separate entity for a possible sale to a strategic investor at a later date, sources privy to the development said.
 GAIL is India's biggest natural gas marketing and trading firm and owns more than 70 per cent of the country's 16,981-km pipeline network, giving it a stranglehold on the market.
 Users of natural gas have often complained about not 'fairly' getting access to GAIL's 12,160-km pipeline network to transport their fuel.
 Sources said to resolve the conflict arising out of the same entity owning the two jobs, bifurcating GAIL is being considered.
 GAIL's core business after the bifurcation would be the marketing of natural gas and petrochemical production. It will have to hire capacity on pipelines from the subsidiary and pay regulator approved traffics for the same.
 It will continue to execute the gas sales agreements it has already signed and will be responsible for the discharge of the obligation under purchase pacts including for import of LNG.
 The Ministry last month floated a note for consideration of the Union Cabinet for transferring the pipeline business into a 100 per cent subsidiary.
 The proposal involves separating the accounts of the pipeline division as well as transferring employees directly connected with the pipeline operations to the new subsidiary, they said adding a suitable name for the subsidiary is being mulled over.
 The Cabinet, they said, is likely to consider the proposal shortly.
 After the Cabinet approval, a consultant will be appointed to transfer the pipeline business into a separate subsidiary. This would take 8-10 months to accomplish.
 Sources said the pipeline subsidiary may be sold off to a strategic investor but the sale is not likely before 2022 as the thinking in the government is that the gas market will not be mature before that and state support would be needed for GAIL to accomplish building a national gas pipeline grid.
 The government had recently approved viability gap funding for a gas pipeline grid in the North-East which a consortium comprising GAIL and other state-owned firms will be executing.
 GAIL will continue to own the marketing business as also the stakes in liquefied natural gas (LNG) terminals after the split, they said.
 Previously, the government was considering transferring marketing business into a separate subsidiary for a sell-off at a later date but now a hive off of the pipeline business is being considered.
 GAIL has multiple long-term contracts to import gas in its liquid form (LNG) from countries such as the US and no strategic buyer would like to take the responsibility of those, particularly when the fuel is available at a cheaper price in the spot or current market, the sources said.
 They said it is now being considered that GAIL continues with the marketing business that would include all the sale contracts as also city gas retailing.
 Post-2022, the pipeline business can be sold to a strategic investor such as Canadian asset management company Brookfield that recently bought a 1,480-km pipeline owned by Mukesh Ambani's Reliance Industries (RIL).
 The sources said the strategic partner will operate the pipelines and give access on a non-discriminatory basis to any entity wanting to transport gas either from a natural gas field or an LNG import terminal to consumers.
 GAIL already keeps separate accounts for its gas pipeline and marketing businesses, making it easier to split them into two entities.
 By unbundling GAIL and opening the sector, the government hopes to increase gas use to 15 per cent of the energy mix by 2030 from current 6.2 per cent.
 When talk of splitting first started in January last year, Oil Minister Dharmendra Pradhan had stated that GAIL should focus on laying pipelines, suggesting hiving off the marketing business.
 Incorporated in August 1984 by spinning off the gas business of ONGC, GAIL owns and operates over 11,500-km of natural gas pipelines in the country. It sells around 60 per cent of natural gas in the country.
 The sources said the oil ministry has not been very happy with GAIL's performance in building the pipeline network. Besides, there is a possible conflict of interest in its role as an infrastructure provider and carrier.
 GAIL did not start executing the Rs 12,940 crore Jagdishpur-Haldia and Bokaro-Dhamra pipeline until the government agreed to give 40 per cent of the project cost as a grant from the budget. The pipeline takes the gas to Prime Minister Narendra Modi's constituency, Varanasi.
 Plans to split the company had been discussed more than a decade back too but these did not materialise.
 The sources said refiners Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) had in 2017 evinced interest in acquiring GAIL to expand their gas marketing business.
 GAIL also owns a petrochemical plant at Pata in Uttar Pradesh.
 The company had in the past resisted the split on grounds that it's gas marketing and transmission businesses operate at arm's length and hence do not need to be separated.
 GAIL's marketing business formed 76 per cent of its 2018-19 total sales and about 30 per cent pre-tax profit.
 The government has a 54.89 per cent stake in GAIL India. ANZ ANZ ANU
ANU

Oil Min moves Cabinet note for splitting GAIL; pipeline business may be sold later

New Delhi, May 3 () Reliance Industries and its partner BP Plc of UK have pushed back the start of production from the second wave of discoveries in their eastern offshore KG-D6 block to end June because of restrictions on movement of people and material the nationwide lockdown has imposed. At current Brent oil price of around USD 26 per barrel, the gas from R-Series field in KG-D6 block will cost about USD 2.2 per million British thermal unit -- lower than even the government mandated rate of USD 2.39 for gas from state-owned ONGC fields. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-industries-q4-net-drops-39-pc-at-rs-6348-cr/articleshow/75474053.cms" data-type="tilCustomLink" target="_blank">Crashing crude oil cracks Reliance Industries fourth-quarter profit by nearly 40%Crashing crude oil cracks Reliance Industries fourth-quarter profit by nearly 40%</a> In an investor presentation post its fourth-quarter earnings, Reliance said it is working on three projects in the KG-D6 block, where production from older fields stopped in February this year. "First Gas from R-Cluster field expected by June 2020 subject to lifting of lockdown," it said. Gas production from R-Cluster was to start by mid-May but the coronavirus lockdown has delayed it. Reliance said it expects to achieve a peak output of around 28 million standard cubic metres per day by FY24 when all three projects are up and running. Reliance and BP are developing three sets of discoveries in KG-D6 block -- R-Cluster, Satellites, and MJ by 2022. R-Cluster will have a peak output of 12 mmscmd while Satellites, which are supposed to begin output from mid-2021, would produce a maximum of 7 mmscmd. MJ field will start production in second half of 2022 and will have a peak output of 12 mmscmd. Reliance in November last year auctioned the first set of 5 mmscmd of gas from the newer discoveries in the KG-D6 block by asking bidders to quote a price (expressed as a percentage of the dated Brent <keyword id="45185" type="ORGANIZATION" weightage="20" keywordseo="Crude-oil">crude oil</keyword> rate), supply period and the volume of gas required. Sources said Reliance had in November set a floor or minimum quote of 8.4 per cent of dated Brent price -- which meant that bidders had to quote 8.4 per cent or a higher percentage for seeking gas supplies. Considering current average Brent price of USD 26 per barrel, the gas will cost around USD 2.2 per mmBtu. Dated Brent means the average of published Brent prices for three calendar months immediately preceding the relevant contract month in which gas supplies are made. In the first round of auction in November 2019, Essar Steel, Adani Group and state-owned GAIL bought a majority of volumes on offer. The price at that time came to USD 5.1-5.16 per unit. But international oil rates have slumped as demand evaporated due to outbreak of coronavirus and lockdowns imposed by countries around the globe. Essar Steel had picked up 2.25 mmscmd in the country's first transparent and dynamic forward auction that lasted about five-and-half-hours on November 15, 2019, sources said. Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group and Mahanagar Gas Ltd bought 0.3 mmscmd, sources said, adding GAIL, acting on behalf of fertiliser companies, bought 0.3 mmscmd of gas. Hindustan Petroleum Corp Ltd (HPCL) had bought 0.35 mmscmd and 0.10 mmscmd went to Gujarat State Fertilizers &amp; Chemicals Ltd (GSFC)/Gujarat Narmada Valley Fertilizers &amp; Chemicals Ltd (GNFC), sources said. In all, 15 customers across sectors such as steel, petrochemicals, city gas, glass and ceramic got gas in the tender, they added. In the November 15 auction, bidders quoted between 8.5 and 8.6 per cent slope to corner all of the 5 mmscmd supplies available. This translated into a price between USD 5.1 per mmBtu and USD 5.16 per mmBtu at the then prevailing Brent oil price of USD 60 per barrel. Initially, Reliance had set a floor quote of 9 per cent of dated Brent price, which translated into a gas price of USD 5.4 per mmBtu at USD 60 oil price. But consumers saw this as a very high price considering that imported LNG in the spot market is available at around USD 4 per mmBtu rate currently. To pacify the consumers, Reliance lowered the floor/minimum quote to 8.4 per cent of dated Brent price. Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3 -- the largest among the lot -- were brought into production from April 2009 and MA, the only oilfield in the block was put to production in September 2008. While the MA field stopped producing last year, the output from D-1 and D-3 ceased in February. Other discoveries have either been surrendered or taken away by the government for not meeting timelines for beginning production. Reliance is the operator of the block with 66.6 per cent interest while BP holds the remaining stake. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-profit-jumps-73-due-to-tariff-hikes/articleshow/75475445.cms" data-type="tilCustomLink" target="_blank">40% tariff hike boosts Reliance Jio’s profit by 73% in just three months ⁠— and there’s a lot more coming from the Mukesh Ambani stable</a> <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a>

RIL and BP cite COVID-19 lockdown for pushing back production from KG-D6⁠— the real reason may the price

<ul><li>The 30-share index was trading 1.17% higher, and the NSE Nifty rose 134.10 points at 10:00 am.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices, Sensex rallied over 400 points in early trade on Monday, led by IT, bank and auto stocks. The 30-share index was trading 1.17% higher, and the NSE Nifty rose 134.10 points at 10:00 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr></tbody></table>*as of October 5, 10:00 am These are the top stocks in news today. TCS rallies 5% The shares of IT major TCS rallied over 5% after the company said it would consider a buyback on October 7. The stock surpassed its previous high of ₹2,554 and was trading at ₹ 2,623 at 9:40 am. ITI gains 5% The central government-owned Indian Telephone Industries Limited, commonly known as ITI Limited, soared 5% after it bagged a ₹7,796 crore deal for the supply of Army Static Switched Communication Network (ASCON). Reliance Industries up 1% RIL shares gained nearly a percent after the Mukesh Ambani-owned company cleared yet another hefty cheque from <a href="https://www.businessinsider.in/business/news/reliance-retail-cashes-yet-another-hefty-cheque-mubadala-to-invest-6247-5-crore/articleshow/78430649.cms">UAE-based Mubadala</a> on Thursday. The Retail arm of RIL has also secured a deal with Singapore’s sovereign wealth fund GIC and global private equity firm TPG Capital. The company said GIC would invest ₹5,512 crore for a 1.22% stake, while TPG Capital Management will invest ₹ 1,838 crore in owning a 0.41% equity stake in the retail arm. Vedanta open 2% higher The shares of Vedanta Limited opened 2% higher as the reverse book building process for buyback of shares began today. The company said the process would remain open for public shareholders until October 9. Hero Motocorp up over 2% The shares of two-wheeler giant Hero Motocorp were trading over 2% higher after robust sales growth in September. The company recorded a 17% growth in its sales compared to the same period last year. Solar Industries gained 6% The shares of Solar Industries has gained over 6% after it secured a ₹409 crore order from the central government for the supply of Multi-Mode Hand Grenade (MMHG). Tata Steel gains 5% The shares of Tata Steel gained over 5% after <a href="https://www.financialexpress.com/industry/chinas-steelmaker-jingye-group-may-takeover-tata-steel-uk-expresses-interest-to-parent-tata-group/2097622/">news reports surfaced</a> that China's steelmaker Jingye Group has expressed interest in acquiring Tata Steel UK. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/angel-broking-share-price-chart-stocks-list-at-10-discount-from-the-ipo-price/articleshow/78486411.cms" data-type="tilCustomLink">Weak debut for Angel Broking — shares list at 10% discount from the IPO price</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-tcs-hcl-tech-hero-motocorp-vedanta-solar-industries-iti-and-others/articleshow/78484703.cms" data-type="tilCustomLink">Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others</a>

Top stock movers — RIL, TCS, Vedanta, Tata Steel, ITI, Hero Motocorp and more

<ul><li>The 30-share BSE index Sensex was down 100 points, and the NSE Nifty was trading 0.25% lower at 9:55 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices opened on a choppy note on Tuesday, tracking losses in index majors Reliance Industries, ICICI Bank and Infosys amid negative cues from global markets. The 30-share BSE index Sensex was down 100 points, and the NSE Nifty was trading 0.25% lower at 9:55 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IOC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Chem </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr></tbody></table>*as of October 27, 10:00 am These are the top stocks in news today. <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> up over 8% The shares of Kotak Mahindra Bank were trading 8% higher. Double boost coming in for this banking stock on back of brokerage upgrades post the second quarter earnings. Also, the announcement of MSCI sectoral cap changes bodes well and could mean an inclusion in the index. NTPC trades 3% higher The shares of National Thermal Power Corporation (NTPC) gained over 3% ahead of the board meeting on November 2 to consider the share buyback plan. <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> zooms over 12% The shares of the recently listed broker, Angel Broking zoomed over 12% after the company posted the highest ever quarterly profit-after-tax at ₹74 crore for the quarter ended September 30. The company in its regulatory filing said its total income grew 29% to ₹317 crore for the quarter under review. <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword> locked in 5% lower circuit The shares of DHFL were locked in a 5% lower circuit in minutes after opening on Tuesday. The downturn came after lenders of debt-ridden DHFL have asked the four bidders to get back with a revised offer by October 31 as part of the on-going resolution process. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. Reliance Industries and <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> trade in red The shares of Reliance Industries and Future Retail were trading in red as the tussle between Amazon, and Future Retail continued for the Reliance Retail deal. Reliance Industries (<keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword>) was trading 0.55% lower, and Future Retail was down 3%. The media <a href="https://www.indiatoday.in/business/story/future-group-liquidiation-reliance-deal-amazon-singapore-arbitrator-1735423-2020-10-27">reports </a>also claimed that if the RIL deal does not materialise, Future Retail may look at liquidation. <keyword id="112668" type="COMPANY" weightage="20" keywordseo="Finolex-Industries">Finolex Industries</keyword> open 6% higher The shares of the manufacturer of PVC water pipes, Finolex Industries gained over 6% after the company reported a 17% year-on-year (YoY) jump in net profit to ₹120 crore in September quarter. Cadila Healthcare trade a percent higher The shares of drugmaker Cadila Healthcare were trading nearly a percent higher after a media <a href="https://www.bloomberg.com/news/articles/2020-10-26/covid-vaccine-developer-in-india-plans-to-boost-capacity-by-70">report claimed</a> that the Indian drugmaker is in talks with potential partners to ramp up its indigenous COVID-19 vaccine development and production capacity. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms" data-type="tilCustomLink"> EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a> <a href="https://www.businessinsider.in/business/news/bezos-vs-ambani-battle-eight-questions-regarding-amazons-disclosures-of-future-deal-will-be-in-the-spotlight/articleshow/78883583.cms" data-type="tilCustomLink">Bezos vs Ambani battle: Eight questions regarding Amazon's disclosures of Future deal will be in the spotlight</a> <a href="https://www.businessinsider.in/education/news/how-to-register-for-neet-counselling-2020-online/articleshow/78884869.cms" data-type="tilCustomLink">NEET counselling 2020 registrations begin today: Here’s all you need to know</a>

Top stock movers — Kotak Mahindra Bank, Future Retail, RIL, Angel Broking, DHFL, Finolex Industries, and others

<ul><li>Indian stock markets trade lower on Wednesday, extending the sell-off seen across global markets.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market began trade on a weak note on Wednesday. This comes on the back of weak global cues and sell-off across global markets. The equity benchmark index Sensex tumbled over 300 points in early trade; while the Nifty was down nearly 80 points as of 10:05 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries Limited </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td></tr></tbody></table>*as of September 9, 9:45 am These are the top stocks that are buzzing in trade today: AstraZeneca India tank 11% The shares of AstraZeneca India were down 10% after the late-stage studies of its COVID-19 vaccine were put on a temporary hold as the company is investigating if the patient who suffered serious side effects had anything to do with their vaccine trial shots. Wipro The IT major Wipro was the top gainer in the Nifty pack. The shares of Wipro were up2% despite the volatility in the market. The company has announced its plans to set up a digital innovation hub at Dusseldorf in Germany, which it said would serve as its major’s flagship centre in Europe. Reliance Industries shares rise after Silver Lake investment The shares of RIL were trading nearly percent higher after the company announced that its subsidiary Reliance Retail had raised a $1 billion investment from Silver Lake. With the investment, <a href="https://www.businessinsider.in/retail/news/reliance-retail-raises-1-billion-from-silver-lake-valuing-the-chain-at-57-billion/articleshow/78009435.cms">Silver Lake takes up 1.75% equity in Mukesh Ambani’s </a>retail venture. Bharat Dynamics shares trade in red for the second day The shares of Bharat Dynamics were trading 4% lower for the second day in a row after the government announced that it is looking to sell over 2.74 crore shares of the company at a floor price of ₹330 apiece. Although its offer for sale received an overwhelming response on day one and was subscribed 1.40 times by non- retail investors. Future Consumer shares down 2% The shares of Kishore Biyani led Future Consumer were down 2% after the company reported ₹68.4 crore loss for the first quarter ended June 30. The overall revenue was down 63.7% to ₹380.5 crore. Other Future Group subsidiaries are also trading lower today - Future Retail down 5%, Future Lifestyle Fashions down 5%, among others. IDBI Bank was down 2% The shares of IDBI Bank were down 2%. The bank sold the remaining 1 million shares amounting to 0.21% stake in the National Stock Exchange of India. Asian Paints among top Nifty gainers The shares of India’s largest paint manufacturer was up 0.75%. This after the brent crude slipped below $40 for the first time since June 30. Brent crude is one of their key ingredients in the manufacturing of oil paints. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/reliance-retail-raises-1-billion-from-silver-lake-valuing-the-chain-at-57-billion/articleshow/78009435.cms" data-type="tilCustomLink">Reliance Retail raises $1 billion from Silver Lake valuing the chain at $57 billion</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-astrazeneca-future-retail-future-consumer-teamlease-spicejet-asian-paints-bharat-dynamics-happiest-minds-ipo-and-route-mobile-ipo/articleshow/78008341.cms" data-type="tilCustomLink">Top stocks to watch— RIL, Astrazeneca, Future Retail, Future Consumer, TeamLease, Spicejet, Asian Paints, Bharat Dynamics and more</a>

Top stock movers — Reliance Industries, Future Retail, Wipro, Asian Paints, IDBI Bank, Bharat Dynamics, Future Consumer and more

Telecom Minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> on Monday hit out at British telco Vodafone for "dictating" terms to India when it threatened of withdrawing from the Indian market following a SC ruling. He also said Mahanagar Telecom Nagar Ltd and Bharat Sanchar Nigam Ltd are strategic assets that should remain in the fray and ensure better competition. After the Supreme Court's ruling on the adjusted gross revenues (AGR) that created a liability of Rs 1.4 lakh crore for telecom firms, Vodafone's global leadership had cast doubts over the future of the company in India.
 "I don't appreciate this kind of statement, firmly and clearly. We have given all the options of doing business but no one should dictate terms to us. India is a sovereign country," Prasad said while speaking at the Times Network's India Economic Conclave.
 "India is a sovereign country, we are open to give all the benefits, all the indulgence, all the help, open to all the suggestions. But, any form of dictation is plainly not acceptable," the minister added.
 Prasad welcomed the explanation given by the company, wherein it had said those remarks were misquoted.
 He said the government has given a potential benefit of up to Rs 42,000 crore by agreeing to defer the spectrum repayment period for the telcos and expressed an inability to do anything beyond that.
 State-owned companies such as GAIL and RailTel Corporation of India have also made representation to the ministry.
 Prasad exhorted the private sector telcos to provide flawless service with enriching customer experience by making the right investments.
 Meanwhile, on the Citizenship Amendment Act-related protests, Prasad said the violence "is regrettable and is also sponsored".
 He also said, "Some people are trying to provoke communal violence. Political parties have to rise beyond petty politics."
 He also decried Rahul Gandhi's statement on Veer Savarkar over the weekend, terming it as "irresponsible and deliberate denigration of a great son of india". See also: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-and-vodafone-idea-face-more-financial-burden/articleshow/72513282.cms">Three reasons why the Indian telecom sector's troubles went from bad to worse in the last 24 hours</a> <a href="https://www.businessinsider.in/business/news/the-telecom-sectors-roller-coaster-over-the-past-four-years/articleshow/71755349.cms">The telecom sector's roller coaster over the past four years</a> <a href="https://www.businessinsider.in/reliance-jio-and-mukesh-ambani-have-unlimited-money-says-airtel-top-boss-sunil-mittal/articleshow/72485785.cms">Mukesh Ambani’s Reliance Jio has ‘unlimited’ access to finance, says Airtel top boss Sunil Mittal in his clarion call for government support</a>

India's telecom minister hits out at Vodafone for 'dictating' terms

<ul><li>The Indian government budgeted for aggregate gross revenue (AGR) dues in the budget document. </li><li>The government expects ₹1,33,027 crore in telecom revenue for 2020-21. </li><li>Telecom industry sources say they are afraid that the government is in no mood to provide any of the relaxations in dues. </li></ul> Bharti Airtel and Vodafone Idea’s game plan of miring the payment of spectrum dues in <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/sc-may-hear-telcos-modification-pleas-on-agr-verdict-on-monday/articleshow/73789612.cms">endless legal wrangles </a>might not bear fruit. The Indian government has already budgeted for aggregate gross revenue (AGR) dues in the budget document, but for the next financial year. In the non-tax revenue receipts, the Indian government recorded ₹1,33,027crore in telecom revenue for 2020-21 against ₹58,989.6 crore in the <a href="https://telecom.economictimes.indiatimes.com/news/govt-sees-125-jump-in-fy21-revenue-mop-up-from-telecom-driven-by-agr-collections-spectrum-sale/73838739">current financial year</a>. Industry experts fear that a big chunk of the 125% jump may be on account of the unpaid dues for licence fees and spectrum usage charge that has fallen on the operators after the recent loss in the case at Supreme Court. This may also include as much as ₹25,000 crore from a proposed spectrum sale this year, according to another expert. However, in the absence of clear communication from the government, it is not clear how much the government plans to extract from the mobile operators. Airtel owes as much as ₹35,000 crore to the government after the Supreme Court allowed them to change the definition of licencing fees to include non-telecom revenues that the licensors make - as well. Vodafone Idea owes a whopping ₹53,000 crore to the government - an amount that has threatened its ability to survive. The Budget column has sent shivers down the spine of both the operators who have been trying every trick in the book -- including requesting extra time, staggering payments or even a relaxation in the interest and penalty amounts. Reliance Jio has made provisions for its dues Mukesh Ambani owned Reliance Jio has already paid up its AGR dues with no complaint, as per the January deadline suggested by the Supreme Court. However, the amount it had paid is a fraction of the other two top players - at ₹195 crore. It has made a provision for it in the third quarter earnings as well. On the other hand, reports have also emerged that Tata Teleservices which owes around ₹14,000 crore is also known to be arranging for funds to pay up for their dues. Airtel has agreed to acquire the company, but the merger has not yet been approved. The fact that other operators have already paid up might have an adverse effect on Vodafone and Airtel’s ability to seek relaxation. According to banking sources, few banks are keen on taking on the burden of providing a large-scale credit line to telecom operators which are in trouble. “Finance ministry officials have called us to ask if we are lending money to telecom companies. They asked us to take permission from them if we are planning to go ahead with loans,” the senior vice president of a top bank told Business Insider. Not just telcos, even state-owned companies like GAIL, Oil India, Power Grid and Gujarat Narmada Valley Fertilisers &amp; Chemicals were also sent demand notices. As per telecom department’s calculations, these companies owe as much as ₹4.39 lakh crore. SEE ALSO <a href="https://www.businessinsider.in/budget/news/startup-esops-to-be-non-taxable-for-five-years/articleshow/73824551.cms?src=hp_ts">Good news for startup employees - your ESOPs won’t be taxed for five years</a> <a href="https://www.businessinsider.in/budget/news/india-moves-to-unlock-value-from-insurance-behemoth-lic-whose-corpus-is-at-31-lakh-crore/articleshow/73836245.cms?src=hp_wh">The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore</a>

Hey Airtel and Vodafone-Idea! Budget 2020 may have accounted for its pound of flesh

India is home to 54 of the world's biggest and most powerful companies, according to a report by <keyword id="6373044" type="CITY" weightage="100" keywordseo="Forbes">Forbes</keyword>. Mukesh Ambani’s <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> tops the list of 54 Indian companies in Forbes' annual list of world's 2,000 largest and most powerful public companies. Interestingly, three Chinese companies occupy the top three slots. 
 
The Forbes 'Global 2000' is a list of the world's “largest, most powerful public companies,” measured on scales of revenues, profits, assets and market value. 
 
The US maintains its supremacy as the country with the maximum number of firms (564) in the Forbes 'Global 2000’ list. It is followed by Japan with 225 companies. 
 Reliance Industries is ranked 135th, having a market value of $50.9 billion and $72.8 billion in sales till May 2014. <keyword id="160270" type="CITY" weightage="80" keywordseo="The-State-Bank-of-India">The State Bank of India</keyword>, ranked 155th, trails Reliance and has a market value of $23.6 billion. 
 Other Indian companies in the list include Oil and Natural Gas Corporation (176), ICICI Bank (304), <keyword id="42747" type="CITY" weightage="80" keywordseo="Tata-Motors">Tata Motors</keyword> (332), Indian Oil (416), HDFC Bank (422), Coal India (428), Larsen &amp; Toubro (500), <keyword id="6357585" type="CITY" weightage="80" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (543), Bharti <keyword id="15491" type="COMPANY" weightage="80" keywordseo="Airtel">Airtel</keyword> (625), Axis Bank (630), Infosys (727), Bank of Baroda (801), Mahindra &amp; Mahindra (803), ITC (830), Wipro (849), Bharat Heavy Electricals (873), GAIL India (955), <keyword id="6357147" type="CITY" weightage="80" keywordseo="Tata-Steel">Tata Steel</keyword> (983), Power Grid Corporation of India (1011), Bharat Petroleum (1045), HCL Technologies (1153), Hindustan Petroleum (1211), Adani Enterprises (1233), Kotak Mahindra Bank (1255), Sun Pharma Industries (1294), Steel Authority of India (1329), Bajaj Auto (1499), Hero Motocorp (1912), Jindal Steel &amp; Power (1955), Grasim Industries (1981) and JSW Steel (1990). 
 
This year's list of ‘Global 2000’ includes companies from 62 countries, up from 46 in the inaugural 2003 rankings.

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