The Reliance Industries-operated KG-D6 gas block, once regarded as capable of transforming India’s energy sector, could cease to produce by 2020, sources privy to the situation say. The existing fields in the block are drying up faster than assumed earlier and the explorer may not spend on development of newer areas in the absence of ‘remunerative’ gas prices, they told FE.

Production from the block — officially called KG-DWN-98/3 — peaked in the last quarter of FY10, when it touched 60 million metric standard cubic metre per day (mmscmd), and has since plummeted to the current level of 9.5 mmscmd.

Reliance Industries (RIL) shares hit new 52-week high on Wednesday after reports that its subsidiary Reliance Jio Infocomm (RJIL) has received approval from the government’s green panel to build the Indian part of the Asia-Africa-Europe One (AAE-1) submarine cable under the Coastal Regulation Zone (CRZ).

At 1.56 pm, shares of RIL were trading 3.59 per cent up at Rs 1082.60. The scrip opened at Rs 1054.80 and had touched a high and low of Rs 1085.40 and Rs 1019.35, respectively, in trade so far. Sensex was up 51.90 points at 24733.93.

Shares of Reliance Industries (RIL) moved higher by 3% to Rs 1,055 on the National Stock Exchange (NSE), is less than 2% away from its 52-week high of Rs 1,068 touched on July 23 last year in intra-day trade.

At 11:03 a.m. the Nifty 50 index was down 1% at 7,549 after hitting a 52-week low of 7,494 in early morning trade on the NSE.

Shares of Reliance Industries (RIL) have moved higher by 2% at Rs 1,032, bouncing back 3% from intra-day low of Rs 1,000 on the BSE, after block deals aggregating over Rs 600 crore executed in the counter.

About 6.06 million equity shares representing 0.19% of total equity of RIL changed hands at 11:15 a.m., the BSE data shows.

NEW DELHI: Reliance Industries(RIL) has challenged the jurisdiction of a panel examining Oil and Natural Gas Corp's (ONGC) allegations that it pumped out gas from the state-run firm's field, and has argued that the dispute should be resolved by arbitration.

It has also challenged the oil ministry's decision to intervene in the dispute by setting up a committee, headed by Justice AP Shah.

Reliance Industries (RIL) have moved higher by 3% at Rs 1,034, its highest level since July 2015 on the National Stock Exchange (NSE), in an otherwise subdued market.

The stock is 3% away from its 52-week high of Rs 1,068 touched on July 23, 2015 in intra-day trade. It outperformed the market by gaining 17% from its recent low of Rs 916 on December 9 as compared to 2.2% rise in Nifty 50 index.

The slide in crude oil prices might push back development of the 98/2 block in the Krishna-Godavari basin, the most ambitious programme of state-run Oil and Natural Gas Corporation (ONGC), by at least two quarters.

ONGC was planning to start gas production here from April 2018. Oil production is slated to begin after that.

Markets have turned range bound and are hovering near the flat line amid thin volumes.

By 11:35 am, the S&P BSE Sensex was trading lower by 6 points at 26,075 and Nifty50 was flat at 7,929.

Reliance Industries Ltd (RIL) chairman Mukesh Ambani on Sunday announced the company’s re-entry into the telecom business by unveiling a fourth generation (4G) service for its employees.

Ambani didn’t disclose when commercial operations will begin.

Benchmark share indices were trading near their day's high in late morning deals after stabilising global crude prices led to buying interest in oil and gas shares.

At 11:35am, the S&P BSE Sensex was up 261 points at 25,852 after hitting an intra-day high of 25,863 and the NIfty50 was up 76 points at 7,862 after touching an intra-day high of 7,865.

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