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E-mail ID will not be published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

  • Tighter disclosure norms will help public shareholders

    The Securities and Exchange Board of India (Sebi) has proposed changes in listing agreements between companies and stock exchanges, laying down manage

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

Arun Nigavekar

Why UGC must focus on quality

In a vast country like India, where there are pressures ...

Rajgopal Nidamboor

The sum total of our conscious experience

All of us epitomise a multiplicity of conscious thoughts. This ...

Gautam Gupta

Don’t let success kill the essence of the concept

In 1999 when my mother started her own label, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture