Reliance Industries shares have so far this year advanced 34 per cent
Shares of Mukesh Ambani-promoted oil-to-telecom conglomerate - Reliance Industries - rose as much as 1.5 per cent on the BSE after the company post market hours on Friday announced first gas production by its joint venture with bp in Krishna Godavari (KG-D6) basin off the east coast of India. Reliance Industries Limited (RIL) and bp announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India, Reliance Industries said in a press release. Reliance Industries and bp are developing three deepwater gas projects in block KG D6 - R Cluster, Satellites Cluster and MJ - which together are expected to meet 15 per cent of India s gas demand by 2023, Reliance Industries said.
Nifty, Sensex Crash on Fresh Corona Virus Mutant Strain Fears
Moneylife Digital Team / IANS
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We had mentioned in the previous week’s closing report that Nifty, Sensex continue to cruise higher. On Monday, the major indices crashed on concerns over a new strain of the Covid-19 virus in the United Kingdom leading to fresh restrictions in European countries which spooked global investors, plunging India s stock markets deep into the red. India s equity benchmark indices fell the hardest in seven months. On the NSE, there were 254 advances, 1,687 declines and 299 unchanged.
The broad sell offs which come in the wake of fresh lockdowns in the UK to curb the spread of a new strain of coronavirus, hit investor sentiment. Investors lost Rs7 lakh crore and 500 stocks hit lower circuit today as market participants preferred to book profits, amid weak global cues. Market-capitalisation of BSE-listed firms tanked to Rs178 lakh crore from Rs185 lakh crore on Friday.
Gainers & Losers: 10 stocks that moved the most on December 21
All sectoral indices ended in the red. The Nifty PSU bank index shed 7 percent, while metal, infra, bank, auto and energy indices fell 4-5 percent. December 21, 2020 / 04:51 PM IST The market snapped its six-day winning streak as it went into a freefall in the second half, dragging Nifty below 13,350 on fears of a new wave of coronavirus in the UK. Mahindra and Mahindra | CMP: Rs 685.95 | Mahindra and Mahindra share price shed more than 6 percent after the company’s farm equipment sector announced that effective January 1, 2021, it will increase the price of its range of tractors across models. This has been necessitated due to the increase in commodity prices.
Reliance Industries and its partner BP will get only USD 4.06 a unit for the new gas they have started to produce from the eastern offshore KG-D6 field even though they have discovered a higher rate in an open market auction, sources said. Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price. If Brent crude oil stays in the current range of USD 50 to 51 a barrel, the price comes to USD 4.2 to 4.4 per million British thermal unit, two sources at the buyers of R-Series gas said. Even though operators have pricing freedom, they can t sell gas at a rate higher than the cap the government notifies every six months. The cap for six months to March 31, 2021, is USD 4.06 per mmBtu and so Reliance-BP would get only that amount for the remainder of the current fiscal, they said.
Reliance, BP to get government capped price of USD 4.06 for new gas from KG-D6
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Last Updated: Dec 20, 2020, 04:00 PM IST
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If Brent crude oil stays in the current range of USD 50 to 51 a barrel, the price comes to USD 4.2 to 4.4 per million British thermal unit, two sources at the buyers of R-Series gas said.
AP
New Delhi: Reliance Industries and its partner BP will get only USD 4.06 a unit for the new gas they have started to produce from the eastern offshore KG-D6 field even though they have discovered a higher rate in an open market auction, sources said. Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price.