- New gas find fuels Reliance Industries
Hot Pursuit Wednesday, November 07, 2007 12:03 Hrs IST

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New gas find fuels Reliance Industries

Reliance Industries rose 2.49% to Rs 2,717.20 at 12:03 IST on making new gas discovery in a block in the Krishna Godavari offhsore basin.

Meanwhile, the BSE Sensex was down 100.58 points, or 0.52%, to 19,300.11.

On BSE, 2.65 lakh shares changed hands in the counter. The stock had an average daily volume of 11.54 lakh shares on BSE in past one quarter.

The stock hit a high of Rs 2750 and a low of 2,632 so far during the day. The stock hit 52 week high of Rs 2850 on 30 October 2007. The stock hit a 52-week low of Rs 1,181 on 12 December 2006.

The India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) underperformed the market over the past one month till 6 November 2007, gaining 6.91% compared to the Sensex’s return of 9.16%. It, however, outperformed the market in the past one quarter, rising 49.01% compared to Sensex’s rise of 30.18%.

Reliance Industries’ current equity share capital is Rs 1453.65 crore. Face value per share is Rs 10.

The current price of Rs 2,717.20 discounts its Q2 September 2007 annualized EPS of Rs 110.10 by a PE multiple of 24.67.

The company is still evaluating the commerciality of the discovery. A shallow water block, with an area of 1,100 square kilometer, wherein RIL has struck gas, was awarded to RIL under the third round of new exploration licensing policy (NELP) biding. RIL holds 100% participating interest in this block.

Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas.

RIL's net profit rose 27.9% to Rs 3,837 crore on 6.6% rise in sales to Rs 32,043 crore in Q2 September 2007 over Q2 September 2006.

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