RIL surges on gas estimate hike

DALAL STREET SPIKES

Shares of Reliance Industries rose by 3.10 per cent to Rs 1264.20, its lifetime high, after the company said it would produce twice the quantity previously estimated from the Krishna Godawari basin.

The counter attracted huge buying interest following the company's announcement that it would produce 80 million cubic meters a day from the KG-DWN-98/3 field compared with the initial estimate of 40 million cubic meters.

Reliance was the top traded counter on BSE with Rs 292.48 crore worth of shares changing hands on Wednesday.

Over 23.37 lakh shares were traded on the BSE compared with the two-week average of 11.46 lakh shares.

Analysts said the announcement by Reliance, which manages India's biggest refinery, was a positive development that would aid its future growth.