Reliance Industries (RIL) has surged nearly 4% to Rs 902, extending its Friday’s 6% rally, on reports that the government is coming out with a notification on higher gas price this month.
From April 1, the price of domestic natural gas price may increase to $8.4 a unit from $4.2 a unit at present, the Business Standard report suggests.
The Cabinet Committee on Economic Affairs had decided to allow RIL to avail of a higher price from April 1, provided the company gave a bank guarantee to cover the production shortfall (if the charge of intentional hoarding by it was proved) and signed a supplementary agreement with the government for the new dispensation. A KG-D6 management committee meeting could formalise this supplementary agreement on Monday, added report.
The stock opened at Rs 865 and touched a high of Rs 904 on the NSE. A combined 2.64 million shares changed hands on the counter so far on the NSE and BSE.
From April 1, the price of domestic natural gas price may increase to $8.4 a unit from $4.2 a unit at present, the Business Standard report suggests.
The Cabinet Committee on Economic Affairs had decided to allow RIL to avail of a higher price from April 1, provided the company gave a bank guarantee to cover the production shortfall (if the charge of intentional hoarding by it was proved) and signed a supplementary agreement with the government for the new dispensation. A KG-D6 management committee meeting could formalise this supplementary agreement on Monday, added report.
The stock opened at Rs 865 and touched a high of Rs 904 on the NSE. A combined 2.64 million shares changed hands on the counter so far on the NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%