Reliance Industries up on KG-D6 approval report

Shares in Reliance Industries rose as much as 1.6% in early trades on business daily report that the government has approved its $1.5 billion plan to produce over 10 million standard cubic meters of gas per day from four satellite fields in the KG-D6 block.

Shares in Reliance Industries have fallen 10.28% so far in March on fears of falling output from KG-D6 field in eastern coast of India, lower petrochemical margins and a weaker on-quarter Q4 earnings, dealers said.

The investment plan, which will help boost falling output in the Krishna-Godavari Basin KG-D6 block, has been pending with the authorities for two years, the report said.

At 10:32 a.m, the stock was up 1.14% at Rs 745.