Reliance flares up on new gas find

DALAL STREET SPIKES

Reliance stock was in the limelight gaining nearly one per cent on the back of the news of gas finds off the east coast of India.

Dealing room sources said, a leading foreign fund was active buyer on the counter in yesterday's trading on the back news of discovery of the "thickest net pay gas sections" in the D-6 block and another gas discovery in NEC 25 block, off the east coast of India.

In a rather subdued market where the trading volumes were low, the RIL counter witnessed volumes of more than 31.8 lakh shares on the BSE. The stock closed at Rs 493.15, up 0.76 per cent from its previous close.

The Calgary-based Niko Resources, they said it "is pleased to announce a new major gas discovery in the D-6 Block and another gas discovery in the NEC-25 block off the east coast of India."

Niko has a 10 per cent interest in both the D-6 and NEC-25 blocks with RIL, the operator of the block holds the remaining 90 per cent equity.