Reliance Industries gained 1.76% to Rs 884.30 at 09:46 IST on BSE, with the stock extending recent upmove.
Meanwhile, the BSE Sensex was up 49.98 points, or 0.23%, to 21,969.77
On BSE, so far 94,781 shares were traded in the counter, compared with an average volume of 2.52 lakh shares in the past one quarter.
The stock hit high of Rs 889.05 and low of Rs 863 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 underperformed the market over the past one month till 28 February 2014, rising 6.72% compared with the Sensex's 7.57% rise. The scrip had also underperformed the market in past one quarter, rising 0.2% as against Sensex's 4.4% rise.
The large-cap company has an equity capital of Rs 3231.90 crore. Face value per share is Rs 10.
Shares of Reliance Industries (RIL) advanced 9.59% in three trading days from a recent low of Rs 806.90 on 5 March 2014.
Meanwhile, Aam Admi Party (AAP) leader and activist lawyer Prashant Bhushan sought the Supreme Court's urgent intervention to stop the increase in natural gas prices, saying that the new rates would enrich Reliance Industries (RIL) and hurt the people of the country, on whose behalf the state is a trustee of natural resources, as ruled earlier by the top judicial authority. Bhushan, representing NGO Common Cause, said the government's decision should be stayed at least for a few months so that the new regime after the elections, which will bear the consequences of higher gas prices, can look at the matter afresh. Bhushan had earlier filed a petition challenging higher gas rates. It was listed for 4 March 2014 but it could not be taken up.
The NGO said RIL had written to the directorate general of hydrocarbons on 22 May 2009 giving its cost calculations which show that the cost of production is less than $1 per mmbtu. It had also offered natural gas to NTPC and the Anil Ambani group for $2.34 per unit for 17 years. "Evidently, the demand for an increase in gas price was motivated by RIL's greed and not by any considerations," the NGO said. The government and the oil industry have argued that no company would explore India's deep-water regions if they are not allowed market-linked prices. This would only encourage the import of LNG that costs double the new domestic price, they say.
RIL, its partner BP that holds 30% in Reliance-operated blocks, and ONGC have argued that many fields will be unviable at the current price. RIL has argued in its affidavit that since it produces only 15% of the country's gas, it cannot be said to be the major beneficiary of the price increase. RIL says gas output fell because of geological reasons and has initiated arbitration against the government's decision to penalise the company for the fall in output. RIL and BP say that initial estimates of output are not binding commitments and the actual production has turned out to be different in many fields across the world.
RIL said after market hours on Friday, 7 March 2014, that it is planning to shut down one of its four crude distillation units, for Maintenance & Inspection (M&I) activities from 20 March 2014 for about 3.5 weeks. As a normal practice, opportunity would be utilized to carry out necessary modifications to improve the reliability and performance of the unit.
This planned shutdown period will also be utilized for catalyst replacement of VGO and Naphtha hydrotreater. The rest of the Refinery will continue at normal levels of operations, 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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