RIL in limelight after CCEA nod
By
Research Desk
about 11 years ago
Reliance Industries is doing well today morning, currently up 1.5% at Rs.867.60, with an intra day high at Rs.878. About 1.3 lakh shares have changed hands today morning.
The stock is in the limelight after the Cabinet Committee on Economic Affairs (CCEA) has given the nod to the company to sell its KG-D6 block gas at a higher price, effective 14th April, 2014. The Cabinet rejected the Finance Ministry’s demand to cap gas prices and has allowed to maintain the gas price formula which had been approved earlier.
The company has to give a bank guarantee for the unmet supply commitment from its KG-D6 block. But this guarantee will come into effect only if RIL deliberately does not produce the natural gas.