RIL gains on planned turnaround at its Nagothane manufacturing site

Reliance Industries (RIL) gained 0.28% to Rs 891.45 at 9:35 IST on BSE after the company said it has scheduled a planned turnaround at its Nagothane manufacturing site.

The company made announcement on Saturday, 27 December 2014.

Meanwhile, the S&P BSE Sensex was up 192.27 points or 0.68% at 27,426.15.

On BSE, so far 14,260 shares were traded in the counter as against average daily volume of 3.64 lakh shares in the past one quarter.

The stock hit a high of Rs 894 and a low of Rs 884.60 so far during the day. The stock hit a 52-week high of Rs 1,142.50 on 16 May 2014. The stock hit a 52-week low of Rs 794 on 28 February 2014.

The stock had underperformed the market over the past one month till 26 December 2014, declining 9.96% compared with Sensex's 4.03% fall. The scrip had also underperformed the market in past one quarter, falling 4.78% as against Sensex's 2.31% rise.

The large-cap company has equity capital of Rs 3235.07 crore. Face value per share is Rs 10.

RIL said the cracker and some of the downstream units will be shut for approximately four weeks, starting around mid-January 2015. This opportunity will be used to carry out routine maintenance activities and for implementing other profit improvement and energy conservation measures. RIL's crackers and other downstream units at other locations will continue at normal levels of operations. With advance planning and inventory management, impact on external sales is likely to be minimal.

Meanwhile, with respect to news titled "RIL to give up KG basin gas block," RIL clarified after market hours on Friday, 26 December 2014, that Reliance and its JV partners had applied for relinquishment of KG-DWN-2003/1 as per the terms of the PSC and under the Government's policy MOP&NG No. O-22013/27/2012-ONG-D-V issued on 10th November, 2014 which the Management Committee has agreed to and recommended to DGH for approval.

RIL's consolidated net profit rose 1.7% to Rs 5972 crore on 5.1% fall in total income to Rs 111806 crore in Q2 September 2014 over Q2 September 2013.

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