India's Reliance shares rally on plans to pursue gas price arbitration
Reliance Industries Ltd gained as much as 4.2% to its highest since April 2011 after the company and its partners in a gas block said on Saturday they were taking the Indian government to arbitration seeking implementation of higher gas prices.
Reliance and its partners BP Plc and Niko Resources issued the notice of arbitration to the government on May 9, the three companies said in a joint statement.
Shares in Reliance also tracked a broad-based rally that sent both the benchmark BSE index and NSE index to record highs.
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- The need for automation became apparent outside the auto industry as workforces were hobbled by coronavirus, making it difficult to keep up with demand. Sales rose in some industries as household income that would have been spent on restaurants and entertainment went instead to consumer goods.