Shares of Reliance Industries gained in early trade on Tuesday after the oil conglomerate announced new production from KG D6 project will start by mid-2020.
RIL shares touched an intraday high of Rs 1,423.5 on BSE, rising 3.16% as against the previous close of Rs 1,385.85. The gain in share price was in line with 'Oil Exploration/Refineries' sector that has gained by 2.41% on Tuesday. The RIL stock has risen 2.75% in the last 2 days. Sensex has risen 1.94% today.
Vomule-wise, 2.23 lakh and 64 lakh shares were trading on BSE and NSE counters, respectively. Market depth data on BSE suggested 58% buyers bidding as against 42% sellers offering on the stock.
Currently, Reliance Industries share price trades higher than 200-day moving averages but lower than 5, 20, 50 and 100-day moving averages.
Reliance Industries stock price has fallen 3.11% in one week, 7.27% in one month, although has risen 10.4% in one year.
The RIL-BP joint venture yesterday confirmed that it has completed safe cessation of production in a planned manner from the D1 D3 field in Block KG D6 (KG-DWN-98/3), off the east coast of India. The D1 D3 field was India's first deepwater gas field to be put on production in April 2009.
The company said KG-D6 block so far had produced an overall 3 trillion cubic feet equivalent (TCFe), resulting in energy import savings of over $30 billion.
The first-gas from these fields is expected in mid-2020, while the peak production is expected to reach 1 BCFe per day, which is about 15 per cent of then envisaged India's demand, said the company.