Reliance Industries Ltd.

Reliance Industries (RIL) is currently trading at Rs 820.90, up by 1.40 points or 0.17%  from its previous closing of Rs 819.50 on the BSE.

The scrip opened at Rs 821.00 and has touched a high and low of Rs 826.20 and Rs 817.00 respectively. So far 250904 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 902.00 on 04-Nov-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 856.00 and Rs 807.25 respectively. The current market cap of the company is Rs 265324.34 crore.

The promoters holding in the company stood at 45.15% while Institutions and Non-Institutions held 28.20% and 23.32% respectively.

Oil ministry has rejected Reliance Industries (RIL)’s request for revising price of gas from the company's Andhra offshore field before the due date of April 1, 2014, as this would push up the government's subsidy burden by $6.3 billion.

RIL, citing rising operational costs and market conditions, has suggested a price of $14.2-$14.5 per unit, up from $4.2 per unit. The company has further argued that the price suggested by it is the same as that of gas being imported in ships by Petronet LNG or piped supplies being proposed from Turkmenistan.

However, the reports suggest that, the hike would fetch the company additional $4.1 billion revenue. While, at current production level of 25 mcmd (million cubic metre per day), the government would get only $0.5 billion more in the time left till a revision is due, while besides the impact on subsidy, higher RIL gas price would also impact power and CNG tariffs.

The ministry's disagreement to a revision before schedule has been a known fact and not a bolt out of the blue. It rejected the idea the very first time RIL raised the issue in January. Further, RIL in June and then again on September 6 reiterated its demand to peg the price at par with the rate India is paying for import of liquefied natural gas (LNG) and gas imports from Turkmenistan, from April 1, 2014 when the current five-year period of $4.2 per mmBtu price expires.