Reliance Industries up on KG D6 discovery hopes

Shares in Reliance Industries Ltd rise 1.8 percent, adding to Friday's 5.7 percent gain, after KG D6 block partner BP Plc highlighted recent discoveries in two blocks as "potentially commercial" in its annual report out on Thursday, dealers say.

BP did not provide any indication of the size, but CLSA sees potential for "the largest" discovery in KG-D6, noting that another partner in the block, Niko Resources Ltd, had last year also cited a significant gas recovery.

CLSA further predicts Reliance could post a record quarterly net profit of 57.1 billion rupees in the January-March quarter, up 4 percent from the previous quarter, citing improving gasoline spreads, rising gross refining margins and a rise in gas and crude production.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Back from the US of A, Modi will now have to walk the talk

    It would be no overstatement to suggest that prime minister Narendra Modi’s five-day trip to the US was an exercise in PR diplomacy.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Simon J Evenett

Where the mind leads, actions follow

Whether in business, government, non-profits, or elsewhere, what assumptions underpin ...

Zehra Naqvi

Fading empathy in the modern world

The episode of a man being mauled to death by ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture