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03-Dec2012

RIL creep up on proposing to conduct single test to get approval for 3 gas finds

Reliance Industries (RIL) is currently trading at Rs 795.00, up by 1.10 points or 0.14% from its previous closing of Rs 793.90 on the BSE.

The scrip opened at Rs 795.70 and has touched a high and low of Rs 799.95 and Rs 789.60 respectively. So far 76201 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 881.00 on 17-Sep-2012 and a 52 week low of Rs 671.00 on 08-May-2012.

Last one week high and low of the scrip stood at Rs 807.80 and Rs 770.90 respectively. The current market cap of the company is Rs 256021.36 crore.

The promoters holding in the company stood at 45.24% while Institutions and Non-Institutions held 28.55% and 22.78% respectively.

Mukesh Ambani owned Reliance Industries (RIL) and UK's BP Plc have proposed to do a single confirmation test on three natural gas discoveries in KG-D6 block that have so far not recognized as commercial finds by the Oil Ministry. The technical arm of the ministry - Directorate General of Hydrocarbons (DGH) has not recognized the D-29, 30 and 31 discoveries since February 2010 as RIL had not performed its prescribed tests to confirm the finds.

DGH wants three separate DSTs to be done on the three discoveries before approving their Declaration of Commerciality (DoC) but BP India wrote to the Oil Minister saying the proposal to conduct a single DST in one of the three discoveries to physically substantiate flow as forecasted should be enough to establish commerciality of all the three finds. DoC is pre-requisite for any discovery to be development.


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