Reliance Industries gains on reserves hopes

Reuters Market Eye - Shares in Reliance Industries Ltd gain 1.7 percent after its KG-D6 block partner Niko Resources Ltd said its proved reserves increased by 160 percent, and that a recent gas discovery in the D6 block off the east coast could add significantly to future reserves.

Reliance Industries is the operator of the block with a 60 percent stake. BP Plc holds 30 percent and Niko the rest.

The Canadian oil and natural gas producer said in May it made a significant gas discovery, along with its partners, in the KG-D6 block off the east coast.

Niko shares also rose as much as 13 percent in morning trading on the Toronto Stock Exchange on Thursday.

 

(By Abhishek Vishnoi)