Reliance Industries (RIL) has surged nearly 4% to Rs 902, extending its Friday’s 6% rally, on reports that the government is coming out with a notification on higher gas price this month.
From April 1, the price of domestic natural gas price may increase to $8.4 a unit from $4.2 a unit at present, the Business Standard report suggests.
The Cabinet Committee on Economic Affairs had decided to allow RIL to avail of a higher price from April 1, provided the company gave a bank guarantee to cover the production shortfall (if the charge of intentional hoarding by it was proved) and signed a supplementary agreement with the government for the new dispensation. A KG-D6 management committee meeting could formalise this supplementary agreement on Monday, added report.
The stock opened at Rs 865 and touched a high of Rs 904 on the NSE. A combined 2.64 million shares changed hands on the counter so far on the NSE and BSE.
From April 1, the price of domestic natural gas price may increase to $8.4 a unit from $4.2 a unit at present, the Business Standard report suggests.
The Cabinet Committee on Economic Affairs had decided to allow RIL to avail of a higher price from April 1, provided the company gave a bank guarantee to cover the production shortfall (if the charge of intentional hoarding by it was proved) and signed a supplementary agreement with the government for the new dispensation. A KG-D6 management committee meeting could formalise this supplementary agreement on Monday, added report.
The stock opened at Rs 865 and touched a high of Rs 904 on the NSE. A combined 2.64 million shares changed hands on the counter so far on the NSE and BSE.