RIL firms up on plans of augment refining margins by $3 a barrel

Reliance Industries (RIL) is currently trading at Rs 693.40, up by 6.20 points or 0.90% from its previous closing of Rs 687.20 on the BSE.

The scrip opened at Rs 692.00 and has touched a high and low of Rs 698.35 and Rs 687.50 respectively. So far 202534 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 967.90 on 03-Jun-2011 and a 52 week low of Rs 671.00 on 08-May-2012.

Last one week high and low of the scrip stood at Rs 703.95 and Rs 676.20 respectively. The current market cap of the company is Rs 226063.93 crore.

The promoters holding in the company stood at 44.75% while Institutions and Non-Institutions held 28.26% and 23.54% respectively.

Mukhesh Ambani owned Reliance Industries (RIL), with the aid of its world's largest gasification project, will augment refining margins by $3 a barrel in three to four years. The project, which will entail an investment of $4 billion, would be completed in a time span of three-four years and will start yielding returns in about three years. The project will make use of synthesis gas from petcoke, which will be substitute for costly LNG to cut costs, and also be used as feedstock for other plants.

The gasification project, which will initiate RIL's $12-billion investment in refining and petrochemical business, will also help raise output of high-value products from the refinery.

The company, recently along with its partners BP and Canada's Niko Resources has decided to exit the D4 oil and gas block off India's east coast, on account of production problem in the region.