NEW DELHI: Shares of Reliance Industries rose over 1 per cent in morning trade on Friday ahead of its September quarter earnings, which will be announced post market hours today.

The oil & gas major is expected to report 3.2 per cent year-on-year (YoY) growth in net profit at Rs 5,926 crore for the quarter compared with Rs 5,742 crore reported for the year-ago quarter, said an ET Now Poll.

Private explorer Reliance Industries Ltd (RIL) extracted at least 9 billion cubic metres (BCM) of gas from government-owned explorer ONGC’s block in the Krishna Godavari (KG) basin block off the Andhra Pradesh coast, according to a draft report submitted by US-based international consultant DeGolyer and MacNaughton (D&M).

This means, at an average gas price of $4.2/mBtu and exchange rate of Rs 60 against a dollar, RIL drilled gas costing Rs Rs 8000-9000 crore that belonged to ONGC, say two analysts.

Reliance Industries Ltd (RIL) and Oil and Natural Gas Corporation (ONGC) might have to amicably settle their dispute with regard to gas flow in the Krishna-Godavari basin to prevent a long-drawn legal battle. However, a government official claimed the stage for negotiations is long over.

A draft consultant report prepared by DeGolyer and MacNaughton (D&M), jointly appointed by the firms in July 2014 for a technical evaluation, is likely to establish that the two share a gas reservoir. The firms hold adjoining blocks.

Some natural gas from the fields of Oil and Natural Gas Corp (ONGC) in the Bay of Bengal might have flown out through the adjoining, connected KG-D6 fields of Reliance Industries Ltd (RIL), said a PTI report quoting US consultant DeGolyer and MacNaughton’s (D&M) preliminary observations.

Unconfirmed media reports on the development pulled down the RIL stock 2.7 per cent to Rs 889.15 on BSE on Thursday. The stock hit a low of Rs 886.6 at 3:15 pm, tumbling from its intra-day high of Rs 915.

NEW DELHI: Shares of Reliance Industries (RIL) slipped over 2 per cent in afternoon trade to slip below their crucial level of Rs 900 on Thursday, after draft prospectus from DeGolyer and MacNaughton (D&M) indicated that there was extraction of gas by RIL from ONGC's KG block.

At 02:00 PM, the stock had recouped some of the intraday losses, but was still trading 1.9 per cent lower at Rs 895.30. It hit a low of Rs 892.25, and a high of Rs 915 in trade during the day.

Reliance Industries (RIL) plans to raise $1.5 billion to refinance its old loans. RIL will raise the loan in two tranches - $1.36 billion in US dollars and $140 million in Japanese yen.

The maturity of the bonds would be 43 months from the date of issue. The company will conduct road shows in Singapore on October 5, Taipei on October 7 and in Tokyo on October 9.

WASHINGTON: A venture capital fund backed by Reliance Industries Limited and a US-based technology firm have signed an agreement to bring into India cutting-edge software technologies that analyse complex, dynamic systems through physics-based pattern recognition.

Reliance-backed GenNext Ventures and Ecorithm's partnership was announced on the sidelines of the inaugural India-US Strategic and Commercial Dialogue.

Mumbai: Bond risk for billionaire Mukesh Ambani’s Reliance Industries Ltd is falling for the first time in four quarters as it gets ready to start a fourth-generation (4G) mobile phone network and to make more synthetic materials.

Contracts that protect debt in India’s second-biggest company by value against non-payment have fallen 22 basis points from an eight-month high of 206 on 25 August, according to data provider CMA.

PSU explorer ONGC and private firm Reliance Industries (RIL), which are expected to commence production from coal bed methane (CBM) blocks this fiscal, may get a ‘better price’ than the prevailing domestic gas price. The price of natural gas, based on a formula approved by the Modi government last October, would further reduce to $4.15-$4.20/mBtu from October 1 against $5.18/mBtu now, given the movements in benchmark prices in the relevant period. At this price, commencing CBM production from a new block seems economically unviable, forcing the petroleum ministry to look for better options for monetisation of CBM resources.

Reliance Industries has expressed its readiness to pump in more money to create an ecosystem to build high-value start-ups with an objective to put the country on the global map as a start-up and innovation hub at par with Israel and the Silicon Valley by 2022.

GenNext Innovation Hub, RIL's startup accelerator programme run in partnership with Microsoft Ventures, has inducted its second batch of 10 startups this week, which includes two Israeli companies, with a view to bring global exposure to the fledgling startup ecosystem in the country.

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