As many as seven of the top-10 firms added more than Rs 81,000 crore to their market capitalisation during the week, while three state-run companies -- NMDC, NTPC and ONGC -- saw erosion in their valuation.
State-run power utility NTPC on Wednesday
accused Mukesh Ambani-led RIL of seeking unilateral changes in
a 2004 gas supply contract and said that gas at the contracted
price would help consumers save Rs 32,000 crore.
State-run power utility NTPC`s petition in Supreme Court against Reliance Industries over a gas dispute has the full backing of a ministerial panel on natural gas, Law Minister Veerappa Moily said on Tuesday.
Reliance Industries has said that
it had in December 2005 signed a contract to sell natural gas
to NTPC at USD 2.34 per mmBtu price for 17 years, but it was
the state-run firm that did not reciprocate.
A day after the govt moved an
application in the Supreme Court with the twin aims of protecting its own and NTPC`s interests in the Ambani gas row, the Power Ministry said the state-run firm will not file
a separate plea.
With improvement in the stock market, the government is looking at divesting another 10 percent stake in the largest power generation company NTPC, which may also raise fresh equity to part finance its expansion programme.
The Supreme Court is likely to
defer the gas dispute between Mukesh Ambani group firm RIL and
Anil Ambani group company RNRL to September four, as the Chief
Justice may lead a Constitutional Bench the same day.
Mukesh Ambani-led RIL on Thursday hit
at state owned NTPC for "misleading" the government by saying
that it was not aware of the condition that the price of gas
to be supplied to it was subject to Centre`s approval.
RNRL on Tuesday welcomed the govt`s move to protect NTPC`s interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm`s "malafide attempts to dishonour" its commitment.
A panel of ministers on Tuesday believed to have decided to incorporate in the government`s petition before Supreme Court, power PSU NTPC`s claim for natural gas from Mukesh Ambani-led RIL at a price committed in 2004.