Firmness prevails in RIL counter

The announcement was made after market hours on Friday, 24 May 2013. The stock jumped 5.12% to Rs 828.25 on 27 May 2013.

Meanwhile, the S&P BSE Sensex was up 83 points, or 0.41%, to 20,113.77.

On BSE, 1.06 lakh shares were traded in the counter as against an average daily volume of 4.57 lakh shares in the past one quarter.

The stock hit a high of Rs 836.80 and a low of Rs 827.15 so far during the day. The stock had hit a 52-week high of Rs 954.80 on 21 January 2013. The stock had hit a 52-week low of Rs 673.50 on 4 June 2012.

The stock had outperformed the market over the past one month till 27 May 2013, rising 4.43% compared with the Sensex's 3.86% rise. The scrip had, however, underperformed the market in past one quarter, sliding 0.35% as against Sensex's 4.59% rise.

The large-cap company has an equity capital of Rs 3229.43 crore. Face value per share is Rs 10.

Reliance Industries (RIL) and its partners BP and NIKO, announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India.

The KGD6-MJ1 well was drilled in a water depth of 1,024 metres - and to a total depth of 4,509 metres - to explore the prospectivity of a Mesozoic Synrift Clastic reservoir lying over 2,000 metres below the already producing reservoirs in the D1- D3 gas fields, RIL said in a statement.

The company added that formation evaluation indicates a gross gas and condensate column in the well of about 155 metres in the Mesozoic reservoirs. In the drill stem test, the well flowed 30.6 million standard cubic feet per day (mmscf/d) and liquid rate of 2,121 barrels a day with a choke of 36/64" with a flowing bottom hole pressure of 8,461 psia suggesting good flow potential. Well flow rates during such tests are limited by the rig and well test equipment configuration.

The discovery, named 'D-55', has been notified to the Government of India (GoI) and the management committee of the block. This discovery is expected to add to the hydrocarbon resources in the KG D6 block. Appraisal will now commence to better define the scale and quality of the field, the company said.

RIL is the operator of KG D6 with 60% equity. BP has a 30% share and NIKO the remaining 10%.

RIL's net profit surged 31.9% to Rs 5589 crore on 1.2% decline in net sales to Rs 84198 crore in Q4 March 2013 over Q4 March 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 infotel.

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