Reliance May Bank on Gas Production to Boost Profit - Bloomberg

, India’smost valuable company, may bank on increased production ofnatural gas to cut dependence on refining and end four straightquarters of declining profit.

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The explorer and refiner said net income in the threemonths ended Sept. 30 fell 6.6 percent to 38.5 billion rupees($815 million). The median estimate of 15 analysts in aBloomberg survey was a profit of 40 billion rupees. Net salesrose 4.8 percent to 468.5 billion rupees. The recession weakened global demand for fuels, pullingdown crude oil prices from a record and squeezing margins atReliance and rivals Exxon Mobil Corp.

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