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ONGC jumps on fuel price hike
The ONGC scrip rose 7 per cent to close at Rs 1,126.45 on fuel price hike. The government raised the price of petrol by Rs 4 a litre and diesel by Rs 2 after market hours on July 1. Following the hike, experts believe that the ONGC"s subsidy burden for the current year would reduce if the crude prices stay at around $70 a barrel. The stock opened at Rs 1,081.1 and made a high of Rs 1,155.7 and a low of Rs 1,076.1. The total traded volumes stood at 1.9 million shares (around 4 times its two-week average).

ONGC Q1 net dips 27% at Rs 4,848 cr
Oil & Natural Gas Corporation (ONGc), the country"s largest public sector undertaking, has posted a decline of 26.95 per cent in its net profit for the quarter ended 30 June, 2009 at Rs 4,847.92 crore as compared to Rs 6,636.33 crore in the corresponding quarter last year. The company"s net sales from operations during the quarter, too, dipped to Rs 14,879.27 crore from Rs 20,052 crore, down 25.8 per cent.

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Mohan Babu to file case against TRS chief K C Rao
A day after alleged TRS activists attacked the shooting unit of a movie produced by his firm, noted Telugu actor M Mohan Babu today said he would file a case against K Chandrasekhar Rao for making "inflammatory speeches" against people of Andhra and Rayalaseema regions.
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ADAG welcomes govt's move to secure NTPC interests

Anil Dhirubhai Ambani Group (ADAG) firm Reliance Natural Resources (RNRL) today welcomed the government"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. - Utilisation of funds under NREGS declined in 2008-09 - "Appoint expert on RIL gas field costs, expedite CAG audit" - Oil India IPO price fixed at Rs 950-1,050 a share - Govt imposes stock limit on bulk sugar consumers - FM has done good job in govt borrowing: Kochhar - Punjab ends MoU with Reliance Ind Commenting on media reports on government preparing to file an interlocutory application, RNRL said in a statement that effective legal steps should be taken "to enforce NTPC"s contractual right to receive 12 mmscmd of gas from Reliance Industries (RIL) for its Kawas and Gandhar projects at a fixed price of $2.34 per mBtu for a period of 17 years." This, it said, would defeat "RIL"s malafide attempts to dishonour its binding legal commitments". A ministerial panel headed by Finance Minister Pranab Mukherjee today decided to clarify through a petition before the apex court that the $4.20 per mBtu price fixed for RIL"s KG-D6 gas was without prejudice to the state-run firm"s case seeking fuel from RIL at $2.34 per mBtu price committed in 2004.


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