Reliance Industries rose 1.45% to Rs 903.10 at 14:22 IST on BSE after the company said it won two exploration blocks in Myanmar.
The company made the announcement after market hours on Wednesday, 26 March 2014.
Meanwhile, the BSE Sensex was up 147.06 points, or 0.67%, to 22,242.36.
On BSE, so far 5.31 lakh shares were traded in the counter, compared with an average volume of 2.68 lakh shares in the past one quarter.
The stock hit a high of Rs 904.45 and a low of Rs 894.90 so far during the day. The stock hit a 52-week high of Rs 927.90 on 19 July 2013. The stock hit a 52-week low of Rs 765 on 28 March 2013.
The stock had outperformed the market over the past one month till 26 March 2014, rising 9.83% compared with the Sensex's 5.28% rise. The scrip had, however, underperformed the market in past one quarter, rising 0.28% as against Sensex's 4.84% rise.
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The large-cap company has an equity capital of Rs 3231.90 crore. Face value per share is Rs 10.
Reliance Industries (RIL) announced that the Ministry of Energy (MOE) of the Republic of the Union of Myanmar has selected RIL for two offshore blocks (M17 and M18) in Myanmar Offshore Block Bidding Round - 2013. Both the blocks are located offshore in the Moattama basin of Myanmar in water depths upto 3,000 ft and together encompass an area of 27,600 sq. kms.
As per the process, RIL or its affiliates will enter into Production Sharing Contracts (PSC) for these offshore blocks. The PSC allows for an initial preparation and study periods before committing into Phase 1 of Exploration period, RIL said. RIL's participation is in line with its strategy of portfolio rationalization by expanding its international asset base by investing in regimes having attractive internationally competitive terms on offer. The company thus hopes to leverage its organizational capabilities and expertise to create value for the E&P segment, RIL said.
In a separate announcement, RIL after market hours on Wednesday, 26 March 2014, said it has taken a planned maintenance shutdown of one of its three Para Xylene units at Jamnagar. The scheduled shut down period is approximately for a period of six weeks. This shut down will also be utilized to improve reliability and performance of the unit, RIL said. The other two Para Xylene units-will continue to operate normally, RIL said. RIL has a total capacity of 1.8 million MT per annum of Para Xylene at Jamnagar.
In another separate announcement, RIL after market hours on Wednesday, 26 March 2014, said that one allegation that is making rounds is that the Gujarat state government bought cheap land from farmers and gave it to RIL at concessional rates. However, the facts are completely opposite, RIL said. "We would like to make it absolutely clear that more than 90% of land that we acquired for our plants in Gujarat have been bought directly from farmers. The price that we paid to the farmers was more than the market rates. We have not violated any rules in the process of acquiring land and all rules have been followed," RIL said in a statement.
Thousands of farmers of Gujarat are the company's partners in the process of industrialisation, RIL said. RIL said that thousands of families in Gujarat have benefitted from the process of industrialisation. Some politicians have been making unsubstantiated statements against RIL for grabbing attention and instant mileage, RIL said. They tend to make sweeping statements for instant gratification without corroborative evidence, RIL said. "We would, however like to it clear that all these allegations are baseless and without any substance," RIL said.
RIL's net profit rose 0.2% to Rs 5511 crore on 10.3% growth in net sales to Rs 103521 crore in Q3 December 2013 over Q3 December 2012.
RIL's gross refining margin (GRM) declined to $7.6 per barrel from $7.7 per barrel in Q2 September 2013 and $9.6 per barrel in Q3 December 2012.
RIL's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and broadband services.
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