Shares of Reliance Industries rose sharply on Monday after the company and its partners announced a
significant gas discovery in the KG D6 block off the eastern coast of India.
RIL had made the announcement after the market hours on Friday.
RIL shares ended 5.1 per cent higher on BSE at 828.25 while on NSE, it closed at 828.30, up 5.32 per cent.
RIL is the operator of KG D6 with 60 per cent equity. BP has a 30 per cent share while Niko the remaining 10 per cent.
The discovery, named 'D-55', is expected to add to the hydrocarbon resources in the KG D6 block.
RIL's
exploration and gas production business has been a drag on its stock price for a very long time. However, the discovery has led many brokerages to be bullish on RIL's E&P business.
"We believe, this discovery further strengthens our view that RIL's E&P business is turning around," said Goldman Sachs said in a note to its clients.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Special 
