Monday 2 September 2013

Reliance Industries soars on bagging government’s nod to invest $4 billion in D-6 block

Reliance Industries is currently trading at Rs. 859.00, up by 7.45 points or 0.89% from its previous closing of Rs. 851.55 on the BSE.

The scrip opened at Rs. 852.30 and has touched a high and low of Rs. 863.25 and Rs. 852.30 respectively. So far 66,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 954.80 on 21-Jan-2013 and a 52 week low of Rs. 760.10 on 03-Sep-2012.

Last one week high and low of the scrip stood at Rs. 858.35 and Rs. 765.00 respectively. The current market cap of the company is Rs. 2, 77,418 crore.

The promoters holding in the company stood at 45.33% while Institutions and Non-Institutions held 28.94% and 22.25% respectively.  Reliance Industries (RIL) along with its associates in the KG-D6 block - BP Plc and Niko Resources - have got government’s nod in order to invest $4 billion in the R-Series gas-field in the block. It has revised the earlier investment of $3.18 billion to $4 billion as input costs have gone up. This discovery is expected to hold an in-place reserve of 2.2 trillion cubic feet of gas, while recoverable reserves are estimated at 1.191 trillion cubic feet of gas.

RIL is an oil refining, petrochemicals and upstream (mainly natural gas at present) company. It has two highly complex refineries with combined capacity of 1.24 million barrels per day and domestic proved reserves of 660 million barrel of oil equivalent as at end-March 2013

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