Reliance Industries strengthens on divesting 30% stake in oil and gas block in Peru

Reliance Industries is currently trading at Rs. 970.55, up by 11.10 points or 1.16 % from its previous closing of Rs. 959.45 on the BSE. The scrip opened at Rs. 960.00 and has touched a high and low of Rs. 988.90 and Rs. 956.90 respectively. So far 440334 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 988.90 on 22-Apr-2014 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. 988.90 and Rs. 936.95 respectively. The current market cap of the company is Rs. 314175.99 crore. The promoters holding in the company stood at 45.30% while Institutions and Non-Institutions held 29.86% and 21.41% respectively. In a bid to trim its overseas properties, Reliance Industries has divested its 30% stake in an oil and gas block in Peru to Australia’s Woodside Petroleum and Pluspetrol of Argentina. The company’s current international portfolio comprises of three blocks - two in Yemen and one in Peru. In addition, RIL last month won two offshore exploration blocks (M17 and M18) in Myanmar. In May that year, the company acquired the 30% stake in Block 108 from Argentine oil and gas firm Pluspetrol, along with Woodside Petroleum, which bought 20%. Pluspetrol, which had picked up the block that lies north of the Camisea gas field in 2005, held 50%.