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RIL inches up after commissioning ethane plant at Dahej

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Industries was up 0.34% to Rs 1,374.50 at 10:05 on after the company announced successful and flawless completion of its Ethane project at its Dahej facility.

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P Sensex was up 35.35 points or 0.12% at 29,371.92.

On the BSE, 53,000 shares were traded on the counter so far as against the average daily volumes of 2.05 crore shares in the past one quarter. The stock had hit a high of Rs 1,386.90 and a low of Rs 1,370 so far during the day.

The stock had hit a 52-week high of Rs 1,448.50 on 6 April 2017 and a 52-week low of Rs 925.70 on 23 May 2016. It had outperformed the market over the past one month till 19 April 2017, advancing 5.32% compared with the Sensex's 1.05% fall. The scrip had also outperformed the market over the past one quarter, gaining 32.51% as against the Sensex's 7.43% rise.

The large-cap company has equity capital of Rs 3251.33 crore. Face value per share is Rs 10.

Industries (RIL) announced the successful and flawless completion of its Ethane project including commissioning of its ethane receipt & handling facilities and ethane cracking at its Dahej manufacturing facility in Gujarat in a record time of less than 3 years.

The Shale gas industry in North America has grown exponentially in the past 5 years. Consequently ethane has become one of the most competitively priced feedstock for US crackers, said.

The supply of Ethane to RIL's crackers at Dahej, Hazira and Nagothane will provide feedstock security and flexibility enabling it to select the most optimal feed mix based on market conditions, the company said. This will improve the cost competitiveness of its existing crackers and enable it to optimize the portfolio in a volatile market environment, said in a statement.

RIL's consolidated net profit rose 3.6% to Rs 7506 crore on 17.6% growth in net sales to Rs 79408 crore in Q3 December 2016 over Q3 December 2015.

Industries (RIL) is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 10:05 IST