RIL declines while ONGC advances on the BSE

Mumbai, June 8 (UNI) Index heavyweight Reliance Industries (RIL) scrip today declined by 0.47 per cent to Rs 1,660.10, on 11.17 lakh shares, recovering from an earlier low of Rs 1,640, while Oil&Natural Gas Corporation (ONGC) advanced 2.38 per cent to Rs 875 on the premier bourse.

Market analysts pointed out that the final countdown has begun and gas from Reliance's KG basin blocks will start gushing out in one year's time. The internal calculations about gas pricing are also complete and reports indicate that RIL is targetting first week of July for the bids to start coming in. The base price for KG gas is likely to be USD 4.6-4.75/mmbtu, they said.

On the other hand, the state-run explorer ONGC has announced five new finds of oil and gas at its blocks in the east coast and the north east of the country and said it would invest Rs 1,285 crore (USD 316 million) to develop gas fields in western India, late yesterday evening after trading hours.

UNI