Reliance Industries rose 0.87% to Rs 812.85 at 9:25 IST on BSE after the company announced a new gas condensate discovery off the east coast of India in the Cauvery basin.
The announcement was made before trading hours today, 23 August 2013.
Meanwhile, the BSE Sensex was down 30.76 points, or 0.17%, to 18,282.18.
On BSE, 78,000 shares were traded in the counter compared with average volume of 4.46 lakh shares in the past one quarter.
The stock hit a high of Rs 823.70 and a low of Rs 809.90 so far during the day. The stock hit a 52-week high of Rs 954.80 on 21 January 2013. It hit a 52-week low of Rs 760.10 on 3 September 2012.
The stock had underperformed the market over the past one month till 22 August 2013, sliding 11.30% compared with the Sensex's 9.16% decline. The scrip had, however, outperformed the market in past one quarter, falling 1.46% as against Sensex's 8.72% fall.
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The large-cap company has an equity capital of Rs 3230.54 crore. Face value per share is Rs 10.
Reliance Industries (RIL) and its partner BP announced a new gas condensate discovery off the east coast of India in the Cauvery basin.
The discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62 kilometers from the coast in the Cauvery Basin and is the second gas discovery in the block. RIL is the operator with 70% equity and BP has a 30% share. Well CYIIID5-S1 was drilled in a water depth of 1,743 meters, to a total depth of 5,731 meters, with the primary objective of exploring Mesozoic-aged reservoirs.
Preliminary evaluation of well data and fluid samples indicated presence of gas condensate in the reservoir interval with a gross column of 143 meters. The well reached its total depth in early August and RIL, as operator, has conducted drill stem test (DST) to evaluate the potential of the discovery. The well which had the initial reservoir pressure of 8000 psi flowed gas at the rate of 35.2 million standard cubic feet per day with condensate at the rate of 413 barrels per day through 52/64 choke during DST. Well flow rates during such tests are limited by the rig and well test equipment configuration.
The Government of India (GoI) and Directorate General of Hydrocarbons have been notified of the discovery, named D-56.
RIL's net profit rose 18.9% to Rs 5352 crore on 4.6% decline in revenue to Rs 90589 crore in Q1 June 2013 over Q1 June 2012. Operating profit before other income and depreciation rose 3.9% to Rs 7075 crore in Q1 June 2013 over Q1 June 2012. Other income rose 33.14% to Rs 2535 crore in Q1 June 2013 over Q1 June 2012, mainly on account of profit on sale of investments in the fixed income instruments and higher average liquid investments. RIL's revenue from exports rose 3.2% to Rs 57026 crore in Q1 June 2013 over Q1 June 2012.
RIL's gross refining margin (GRM) edged up to $8.4 per barrel in Q1 June 2013 from $7.6 a barrel in Q1 June 2012. It fell from $10.1 a barrel in Q4 March 2013.
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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