Friday, 20 December 2013

RIL surges on getting CCEA’s nod to sell D6 gas at higher price

Reliance Industries is currently trading at Rs. 866.70, up by 12.15 points or 1.42 % from its previous closing of Rs. 854.55 on the BSE.

The scrip opened at Rs. 874.00 and has touched a high and low of Rs. 878.00 and Rs. 864.70 respectively. So far 102529 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. 765.00 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 867.80 and Rs. 836.25 respectively. The current market cap of the company is Rs. 276126.24 crore.

The promoters holding in the company stood at 45.31 % while Institutions and Non-Institutions held 29.53 % and 21.74 % respectively.

Reliance Industries (RIL) has received approval from Cabinet Committee on Economic Affairs (CCEA) to sell D6 gas at higher price. The new rate will come into effect from April 1, 2014. RIL will have to give a bank guarantee, which will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the Dhirubhai-1 and 3 (D1&D3) main gas fields in its eastern offshore KG-D6 block.

Moreover, the bank guarantee will cover the difference between the current gas price of $4.2 per million British thermal unit (mBtu).

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