RIL (Reliance Industries Limited) and bp p.l.c. have announced the commencement of production from the MJ field. This field completes the trio of significant deep-water developments that the RIL-bp consortium put into operation in block KG D6, located off India’s coast. Once the MJ field reaches its peak production, it is anticipated that these three fields will together produce about 30 million standard cubic metres of gas per day (equivalent to 1 billion cubic feet per day). (Please note that MoneyControl is a division of the Network18 group, governed by the Independent Media Trust and solely owned by Reliance Industries.)
On July 1st, the merger between Housing Development Finance Corporation (HDFC) and HDFC Bank was completed successfully. The 13th of July has been set as the merger’s record date. Following the merger, public shareholders now own all of HDFC Bank. In addition, the current HDFC shareholders will own a 41 per cent stake in the bank.
In June 2023, Royal Enfield, a division of Eicher Motors, reported sales of 77,109 units, representing a substantial growth of 26% compared to the 61,407 units sold in the same month of the previous year. This growth was primarily driven by a noteworthy increase in domestic sales, which rose by 34% to reach 67,495 units. However, exports experienced a decline of 14% with 9,614 units being shipped overseas. Furthermore, Eicher Motors’ VECV (VE Commercial Vehicles) division witnessed a year-on-year sales growth of 6.5%, amounting to 6,715 units in June 2023.
The largest car manufacturer in the country achieved sales of 1.59 lakh units in June 2023, indicating a growth of 2.3% compared to the 1.55 lakh units sold in the same month of the previous year. Notably, domestic sales experienced a notable increase of 5.77% reaching 1.39 lakh units, while exports witnessed a decline of 17% with 19,770 units being shipped overseas.
The Tata Group company has reported sales of 81,673 units for June 2023, reflecting a decline of 1.08% compared to the 82,570 units sold in the same month of the previous year. Specifically, domestic sales experienced a 1 percent decrease, amounting to 80,383 units.
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