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RIL shares climb 3% on KG D6 block production announcement

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.

twitter-logoBusinessToday.In | February 4, 2020 | Updated 12:40 IST
RIL shares climb 3% on KG D6 block production announcement
The RIL stock has risen 2.75% in the last 2 days. Sensex has risen 1.94% today.

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.

New production from KG D6 project to start by mid-2020: RIL-BP JV

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