August 2010 Archives

NEW DELHI: With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources.

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The Oil Ministry has shown signs of discomfort at a non-oil firm taking control of a company whose main property is the Barmer district oilfields in Rajasthan and has been in a huddle for the past two weeks combing through the deal. The Oil Ministry has shown signs of discomfort at a non-oil firm taking control of a company whose main property is the Barmer district oilfields in Rajasthan and has been in a huddle for the past two weeks combing through the deal. "I think the ministry never had a case against Vedanta. Legally speaking, they cannot stop Cairn Energy from selling up to 51 per cent stake in Cairn India to Vedanta," a source in know of the development said.

Govt may find it difficult to say no to Cairn-Vedanta deal - Times of India

I n most places west of Manitoba, the arrival of yet another oil or gas drilling rig is cause for little notice or concern. In Quebec, a half dozen gas wells and the potential of hundreds more may be about to set off a new kind of identity crisis.

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Quebec has long nurtured an image as a green-energy titan, relying on hydro and sneering at those other energy producers in the West, with their smelly, polluting oil and gas.

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The image is in for a rough reexamination this fall as Environment Minister Pierre Arcand and deputy premier and Natural Resources Minister Nathalie Normandeau announced on Sunday that the government will launch an aggressive schedule of environmental review and legislative overhaul that could pave the way for a new natural-gas industry.

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Exploration for natural gas causes consternation in Quebec - Globe and Mail

Arutz Sheva

Israel's Leviathan Gas Field May Also Contain Oil Wall Street Journal The partners will begin drilling for the gas in October. Noble holds 39.66% of the Leviathan field; Delek subsidiaries Avner Oil and Gas Ltd. Partnership ... Leviathan partners: 4.2b barrels of oil beneath gasGlobes Netanyahu offers natural gas to GreeceHa'aretz Drilling at new Israel natgas site to start in OctReuters Africa all 10 news articles »

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Israel's Leviathan Gas Field May Also Contain Oil - Wall Street Journal

State-run Oil India said today it was eying overseas shale gas assets in a possible consortium with Indian Oil Corporation and GAIL India. The government-controlled exploration company has hired seven banks to facilitate completion of at least one overseas acquisition this financial year.

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The banks — Citigroup, Morgan Stanley, Deutsche Bank, BNP Paribas, Nomura Bank International and Merrill Lynch — were appointed over a month before. The banks would provide the company a status report on the shale gas assets available for potential bidding in the US.

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More “We are looking at acquiring international shale gas assets in the US and Australia. We want to make at least one acquisition in this fiscal,” T K Ananth Kumar, director, finance, Oil India, told reporters on the sidelines of a conference in Mumbai.

Oil India eyes shale gas assets abroad - Business Standard

Edinburgh-based Cairn Energy PLC reported Tuesday that it had discovered "early indications of a working hydrocarbon system" after drilling on the seabed off western Greenland.

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Cairn CEO Bill Gammell added that the finding confirmed the company's "belief in the exploration potential," but didn't say how much oil or gas had been discovered. Cairn CEO Bill Gammell added that the finding confirmed the company's "belief in the exploration potential," but didn't say how much oil or gas had been discovered. "The thing I would stress is the scale. The basin that we're actually drilling in right now — the Baffin Bay Basin — is the same size as the North Sea," deputy CEO Mike Watts added.

Oil or gas found off Greenland - CBC.ca

The stock hit a high of Rs 353.30 and a low of Rs 345.90 so far during the day. The stock had hit a record high of Rs 368 on 16 August 2010 and a 52-week low of Rs 245 on 24 August 2009.

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Cairn India, in which London-based Vedanta Resources recently agreed to pick up a majority stake, has informed the Indian regulator Directorate General of Hydrocarbons (DGH) about the discovery, Cairn India said in a statement. The discovery was made at the Nagayalanka-1z well in the KG-ONN-2003/1 block, which is operated by Cairn with an a 49% participating interest. State-run explorer Oil and Natural Gas Corporation (ONGC) holds a majority 51% in this block. Shares of ONGC were up 0.29% at Rs Rs 1286.60.

Cairn India, ONGC rise after striking oil & gas in KG block - India Infoline.com

KOLKATA: Cairn India has hit yet another large oil and gas reserve. This time in Andhra Pradesh’s Godavari district. With this, Cairn has been involved in at least 40 gas finds across India.

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According to a notice sent to the Bombay Stock Exchange, Cairn Energy India (CEIPL), a wholly- owned subsidiary of Cairn India, has notified the Directorate General of Hydrocarbons (DGH) of an oil and gas discovery in Nagayalanka-LZ located in the onshore block (KG-ONN-2003/1). Based on seismic 2D and 3D findings, the drilling campaign on this block was taken up earlier this year. The first two wells drilled in the region yielded no results. But the third well encountered a 200-metre thick section of tight sandstones with low porosity and permeability — indications of a reserve.

Cairn India discovers oil & gas reserve in KG basin - Economic Times

As the US shale gas revolution enters its third year, companies are making big bets to try to recreate that success with the billions of barrels of oil locked in the sedimentary rock even though geologists doubt the actual production potential.

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New technology has enabled companies to extract gas from previously uneconomic shale plays, triggering a boom in production that has driven down prices in the giant US energy market and triggering a spate of takeovers by oil majors eager to get in on the action.

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The less publicized success story has been booming oil production from shale plays like the Bakken formation in North Dakota. In the course of three years, oil production in the state's Bakken formation has jumped more than 20 fold to 135,000 barrels per day in 2009 from recoverable reserves now estimated at nearly 4 billion barrels.

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Big bets on US oil bonanza after shale gas boom - Moneycontrol.com

China Petroleum & Chemical Corp. , Asia’s biggest refiner, may extend a slump in profit from making gasoline and diesel as government price controls prevent the company from passing on higher crude-oil costs to customers.

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Margins from processing oil fell 45 percent in the first six months as crude costs surged 84 percent, the company known as Sinopec said in its earnings statement yesterday. Net income in the three months ended June 30 dropped 10 percent after rising almost 40 percent in the first quarter. China controls fuel prices to curb inflation in the world’s second-largest economy and the government has raised tariffs once this year compared with five increases in 2009. Sinopec, which gets 80 percent of its revenue from producing and selling fuels, may step up acquisitions of oil and gas fields to reduce the Beijing-based company’s reliance on refining.

Sinopec Margins Set to Extend Slump as Fuel Prices Trail Rising Crude Cost - Bloomberg

Vedanta Resources agreed to buy as much as 60% of oil & gas explorer Cairn India for $9.6 billion, opening a window of profits in an energy-deficient market, but its billionaire head, Anil Agarwal, may have to cross a few hurdles before he creates a mini-BHP Billiton.

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London-listed Vedanta would pay a total of about $8.5-9.6 billion for Cairn India, along with mining unit Sesa Goa, raising concerns that minority holders at Sesa are being dragged into an unrelated venture to fulfil Mr Agarwal’s dream.

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Vedanta proposes to buy as much as 40% of the company from Cairn UK at 405 a share, including Rs 50 a share as non-compete fees. It may raise $6.5 billion in debt, from banks led by Standard Chartered, for the deal. The deal may close by the first quarter of 2011, before which it has to convince many about the benefits, including the oil ministry, partner Oil & Natural Gas Corporation (ONGC) and Sesa shareholders.

Corporate round up - Economic Times

The total of oil and natural-gas rigs operating in the U.S. rose for an 11th consecutive week to the highest level since the end of 2008, according to data published by Baker Hughes Inc.

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The combined rig count gained 11, or 0.7 percent, to 1,651, the highest level since Dec. 26, 2008, Baker Hughes reported on its website . The bulk of the increase came from Oklahoma, making it the third-largest producing state after Texas and Louisiana, based on the number of operating rigs. The U.S. count rose to a 22-year high in 2008, peaking at 2,031. U.S. oil rigs surged by 19 to 655, the highest level since Dec. 14, 1990. Crude for September delivery fell 97 cents, or 1.3 percent, to expire at $73.46 a barrel on the New York Mercantile Exchange. The more-active October contract lost 95 cents, or 1.3 percent, to $73.82 a barrel.

US Oil and Gas Drilling Accelerates, Led by Oklahoma, Baker Hughes Says - Bloomberg

MUMBAI, India - Vedanta Resources Plc has agreed to pay US$8.5 billion to $9.6 billion for a 51 per cent to 60 per cent stake in the India unit of Britain's Cairn Energy Plc, the companies said Monday.

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The transaction is London-listed Vedanta's first foray into oil and gas and would give the mining giant access to India's fast-growing oil and gas sector. For Cairn, the deal frees up resources for further exploration in Greenland, another area of interest for the company. The transaction is London-listed Vedanta's first foray into oil and gas and would give the mining giant access to India's fast-growing oil and gas sector. For Cairn, the deal frees up resources for further exploration in Greenland, another area of interest for the company. "The proposed acquisition significantly enhances Vedanta's position as a natural resources champion in India," Vedanta executive chairman Anil Agarwal said in a statement.

Vedanta forays into oil & gas with $8.5B to $9.6B bid for stake in Cairn India - CanadianBusiness.com

Vedanta Resources Plc’s proposal to buy a stake in Cairn India Ltd has caught investors unawares. Vedanta and Sterlite Industries Ltd’s share prices fell while Cairn’s gained.

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The key concerns appear to be on the logic for diversifying from mining and metals into oil and gas, and funding for the proposed transaction. Cairn India’s market capitalization is around Rs67,000 crore, and a 26-51% stake (51% is what news reports are mentioning) will cost it around Rs17,000-34,000 crore. Why oil and gas? Vedanta’s appetite for acquisitions is no secret. Its strategy, as mentioned in a recent offer document, is to create a world-class metals and mining company, using four approaches: asset optimization and cost reduction, capacity expansion, consolidating its holdings and seeking acquisitions. It will seek opportunities where it can leverage its “transactional, project execution and operational skills and experience”. It will seek complementary businesses too, such as coal mining and oil and gas, which though not really complementary, appear to fit in here.

Vedanta goes down the beaten path - Livemint

NEW DELHI: The government is unlikely to clear London-listed Vedanta Resources' acquisition of majority stake in Cairn India in a hurry, as it sees an opportunity in the deal to settle state-owned ONGC's negative returns from the latter's Rajasthan oil fields.

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Edinburgh-based Cairn Energy is selling the majority of its 62.37 per cent stake in subsidiary Cairn India to Vedanta. But the deal is contingent upon government approval.

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Edinburgh-based Cairn Energy is selling the majority of its 62.37 per cent stake in subsidiary Cairn India to Vedanta. But the deal is contingent upon government approval. "Oil and Natural Gas Corp (ONGC) has invested $1.3 billion in Rajasthan fields (which are Cairn India's biggest assets) and ideally, it is ONGC who should takeover Cairn Energy's interest," a senior government official said.

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Govt unlikely to clear Vedanta-Cairn deal in a hurry - Economic Times

Upstream Online

Repsol Plans Brazil IPO To Finance Oil, Gas Spending Wall Street Journal MC) on Tuesday said it's planning to sell shares in its Brazilian subsidiary to pay for expected heavy investments in local oil and gas production. ... Repsol to issue shares on Brazil exchange - filingReuters Africa all 14 news articles »

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Repsol Plans Brazil IPO To Finance Oil, Gas Spending - Wall Street Journal

NEW DELHI: As the government prepares to launch the 9th round of bidding for oil and gas areas, private operators have demanded that participation by state-run firms like ONGC be curtailed to promote higher private interest.

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The government is likely to launch the New Exploration Licensing Policy (NELP)-IX round in October and in preparation of that upstream nodal authority DGH held an investor meet today to seek comments of the industry on policy regulations.

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ONGC and Oil India have dominated the eight previous rounds of NELP, bagging over two-thirds of the 235 exploration blocks or areas awarded so far. 70 blocks were offered in the NELP-VIII round last year, of which only 32 were awarded, most of which went to ONGC and OIL.

'Restrict state-run explorers to promote private operators - Economic Times

The petroleum ministry has rejected the crude oil matrix-based subsidy-sharing formula for Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), as suggested by the expert committee headed by Kirit Parikh. The ministry, however, wants to keep the share of these companies, along with GAIL India, at a third of total underrecoveries.

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The gross underrecoveries incurred by oil marketing companies (OMCs) on selling auto and cooking fuels below the market price is expected to be around Rs 53,100 crore at a crude oil price level of $75 a barrel. Of this, the total burden on ONGC, GAIL and OIL would come to around Rs 17,700 crore this year, according to the one-third-sharing mechanism. "The upstream companies had been contributing for a third of the underrecoveries. It is the maximum that they will be made to bear this year also, depending on their financial performance," petroleum secretary S Sundareshan told Business Standard. A group of ministers had on June 25 partially accepted the Kirit Parikh committee report on petroleum pricing, when it decontrolled petrol prices and said diesel prices, too, would be decontrolled. It left the issue of upstream sharing open. Sundareshan said discussions on the mechanism for burden-sharing would be worked out after discussions with the finance ministry.

Govt rejects panel's idea on oil subsidy sharing - Sify

Reliance Industries Ltd (RIL) has acquired three shale gas assets in the last five months. Last week, RIL entered into an agreement with Carrizo Oil and Gas Inc. for a Marcellus shale joint venture. The consideration for the deal works out to about $6,260 per acre, much lower than $14,167 per acre Reliance paid for its first shale gas asset in April. What explains the disparity between the two assets in the same basin? Analysts say the recently acquired asset is in a comparatively early stage of development than the first one and hence carries higher risk.

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Shale gas assets not just in the US but also in Europe have been attracting huge investments. Some believe that it could be a game changer in the energy business while others feel that the rush into shale has generated a lot of hype. In the US, shale gas came into vogue in a major way about five years ago when average gas prices were higher. Average Henry Hub natural gas spot price for 2005 stood at $8.89 per mmBtu (million metric British thermal units). Henry Hub prices are a common indicator for gas prices in US. Higher prices made shale gas an attractive space for some US companies to explore the opportunities. Unfortunately for them, gas prices have dropped considerably since then. So far, average Henry Hub natural gas spot price for 2010 stand at $4.70 per mmBtu. Debt-laden independent US companies have therefore been inking deals with cash-rich foreign ones, most of which involve payment of cash upfront with the foreign company paying for a large share of future drilling costs. No wonder Atlas Energy Inc., the firm with which RIL signed its first venture, saw its stock rise over 20% when the deal was announced. What will determine the fate of these shale gas investments is how gas prices and demand pan out eventually. While demand will no doubt recover, the risk is the rush into shale gas may become a victim of its own success, with rapidly rising supply if the fields are as rich as they are claimed to be.

RIL increases its bets on shale gas - Livemint

Apart from strengthening its position in the energy business, the company, riding on a huge cash surplus, has ambitious expansion plans in telecom, power and retail.

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Despite its June quarter results being in line with expectations, the stock of Reliance Industries Ltd (RIL), India's largest private sector company, saw no respite from its weak run. The markets seem to be have been spooked by the temporary cap on gas output from the KG-D6 basin. This, combined with concerns over overcapacity in the petrochemicals business has resulted in RIL's lacklustre run at the bourses. However, the concerns may be overdone. There has been a string of positive recent events — the shale gas interest acquisitions in North America, continuing hydrocarbon discoveries and a favourable outcome in the protracted gas supply dispute with RNRL (which has paved the way for RIL's diversification into telecom and power).

Reliance Industries: Buy - Hindu Business Line

National Fuel Gas Co. executives keep seeing more and more potential in drilling for natural gas on its vast land holdings in northwestern Pennsylvania.

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The Amherst-based energy company is nearly doubling its estimates of how much natural gas lies beneath the nearly 750,000 acres it controls in the Marcellus Shale region in northwestern Pennsylvania. And the company is further ramping up its plans to drill new wells in the region to tap into that pool of gas.

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The company now believes between 8 trillion and 15 trillion cubic feet of gas can be tapped on that land, and National Fuel executives said Friday that the new wells it plans to drill in the Marcellus Shale region will account for all of the projected 31 percent increase in its oil and gas production next year.

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National Fuel doubles estimates of Shale gas - Buffalo News

Billionaire Mukesh Ambani, chairman of India’s Reliance Industries made another acquisition in the Marcellus shale natural gas fields of Pennsylvania today. Reliance is pledging $392 million for nearly 63,000 acres controlled by Carrizo Oil & Gas.

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As discussed in our recent article on the Marcellus the play is in the midst of a consolidation trend. Shell has been the biggest buyer this year, paying $4.7 billion for East Resources. More deals will come. Yet there’s a good reason why the biggest Marcellus acreage holders, like Range Resource, Chesapeake Energy, and Chief Oil & Gas (owned by billionaire Trevor Rees-Jones) won’t be happy about Ambani’s new deal. The price Reliance is paying Carrizo comes out to just $6,300 an acre; that’s well less than the $14,000 paid in the Atlas deal. Why the disparity? Could be Ambani is getting smarter. But a lot of it has to do with the terms of the deal. With Atlas, Reliance paid $340 million cash up front, with the balance of $1.36 billion going to cover future drilling costs. With Carrizo, it’s $340 million upfront and just $52 million to cover drilling. Cash now is always worth more than cash later.

India's Ambani Grabs More US Shale Gas - Forbes (blog)

Mixed results `Poor show for upstream PSU players; strong earnings growth for private upstream players: The upstream oil and gas companies have posted mixed results in Q1FY2011 with the upstream public sector unit (PSU) companies logging in a decline in their net income whereas the private companies registering a strong growth in their earnings. PSU oil and gas upstream companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) saw their quarterly net income fall by 24-32% on year-on-year (y-o-y) basis on account of a higher subsidy burden during the quarter while the earnings of private players like Reliance Industries (RIL) and Cairn India (CIL) were strongly up by 32-35% on y-o-y basis on the back of a strong volume growth.

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Q2FY2011 earnings outlook `Upstream PSUs to benefit from lower subsidy: The Q2FY2011 earnings outlook for PSU upstream companies is however bright and we expect their net income to improve in the coming quarter on the back of: 1) A lower subsidy burden, which will improve the net crude realisation for ONGC by USD13/bbl and for OIL by USD11/bbl on sequential basis; and 2) An improved earnings outlook from gas business as the full impact of a 133% hike in administered gas prices becomes visible from Q2FY2011 onwards.

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Delay in KG D-6 gas production ramp-up a negative: RIL reported a net income of Rs4,851 crore, up 32.3% y-o-y basis, in Q1FY2011, which is 3.3% higher than our estimate. Though the net income was higher than our expectation, the likely delay by 6-12 months in the ramp-up of Krishna Godavari (KG) D-6 gas production to 80mmscmd from its earlier guidance of Q4FY2011 is a negative development. Hence, with the KG D-6 gas production remaining constant at 60mmcmd for the next three quarters and with a marginal decline in the petrochemical margin, we do not expect any kind of positive surprise in the earnings of RIL at least in FY2011.

ONGC, OIL to outperform Oil & Gas space: Sharekhan - Myiris.com

MUMBAI: After holding steady throughout the day, Indian equities gave in to profit booking and ended in the red. This, despite European markets trading in the positive.

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Oil and gas, power, healthcare, metals, consumer durables, banking and capital goods indices ended in the negative, while realty stocks chalked up handsome gains. Other sector gainers were IT, auto and FMCG. The Sensex closed lower by 37.13 points or 0.20 per cent at provisional 18,180.31. The Bombay Stock Exchange 30-share index recorded a high of 18,295.43 versus a low of 18,156.45 during the session.

Sensex eases on profit booking; oil & gas fall - Economic Times

Reliance Industries' (RIL) arm in the US, Reliance Marcellus II has signed definitive transaction agreements to enter into a Marcellus Shale joint venture with United States based Carrizo Oil & Gas.

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Under the proposed transaction, Reliance will acquire a 60% interest in Marcellus Shale acreage in Central and Northeast Pennsylvania that is currently held in a 50:50 joint venture between Carrizo and ACP II Marcellus LLC, an affiliate of Avista Capital Partners. Pursuant to the transaction, Reliance will acquire 100% of Avista's interest and 20% of Carrizo's interests in the joint venture. Upon completion of the transaction, Reliance and Carrizo will own 60% and 40% interests, respectively, in a newly formed joint venture between the companies.

RIL to buy 60% in US shale gas JV for $392 mn - Moneycontrol.com

Aug. 4 (Bloomberg) -- New York moved a step closer to a temporary state ban on drilling for natural gas from shale that would delay companies led by Chesapeake Energy Corp.

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The state Senate approved a measure late yesterday that would suspend drilling until May 15 in the New York portion of the Marcellus Shale formation pending further environmental studies. The moratorium passed 48-9. The Assembly has yet to take up the measure. To extract gas from shale, companies use hydraulic fracturing, or fracking, in which water, sand and chemicals are injected deep underground to break up rock and allow gas to flow. The New York-based Natural Resources Defense Council says greater safeguards are needed to ensure that fracking chemicals don’t contaminate drinking water.

NY Senate Approves Drilling Halt on Natural Gas From Shale - BusinessWeek

BG India Suspends Oil, Gas Production At West India Fields Wall Street Journal MUMBAI (Dow Jones)--BG India, a unit of BG Group PLC (BRGYY), suspended production of oil and gas at the Panna-Mukta fields off India's west ... and more »

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BG India Suspends Oil, Gas Production At West India Fields - Wall Street Journal

MUMBAI: Indian equity benchmarks ended a lacklustre session in the positive territory Tuesday, due to lack of support from European peers and as bulls took a breather after a strong rally in the previous session. Losses in FMCG and capital goods were offset by gains in banks and oil & gas stocks.

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Bombay Stock Exchange’s Sensex closed at 18,114.83, up 33.62 points or 0.19 per cent. The index touched intraday high of 18,167.45 and low of 18,072.38. National Stock Exchange’s Nifty ended at 5439.55, up 7.9 points or 0.15 per cent. The broader index touched a high of 5459.20 and low of 5426.40 in today’s trade.

Sensex ends above 18100; banks, oil & gas gain - Economic Times

Wapiti's purchase includes properties in the Rocky Mountains as well as the Texas Gulf Coast. The acquisition includes producing assets in the Piceance Basin, the DJ Basin and the Texas Gulf Coast. The acquisition also includes all of Delta's acreage position in Laramie County Wyoming in the Niobrara section of the DJ Basin, and Eagle Ford Shale acreage in Atascosa and McMullen Counties, Texas.

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Wapiti Oil & Gas, LLC, a newly formed affiliate of Houston based Wapiti Energy, LLC, is a privately held, growth oriented, North American exploration and production company. In conjunction with the acquisition, Wapiti added a group of strategic equity investors, including Zell Credit Opportunities Master Fund, L.P., and Mantucket Capital.

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Forget worries over double-dip recessions or bank stress tests: When it comes to land-auction time in Hong Kong, everything still looks rosy.

Wapiti Oil & Gas Buys Oil and Gas Properties from Delta Petroleum for $130 Million - MarketWatch (press release)

AFP

Iraq postpones bidding on gas fields till October Tehran Times Iraq has proven reserves of 112 trillion cubic feet of natural gas, but because of the poor infrastructure of the oil and gas industries, the country is ... Iraq Delays Bidding Round for Three Natural Gas Fields, Oil Ministry SaysBloomberg Iraq delays gas bid round until OctoberAFP Iraq Delays Gas Bidding Round Until Oct 1-SourceZawya Wall Street Journal -Reuters -Reuters Africa all 76 news articles »

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Iraq postpones bidding on gas fields till October - Tehran Times

BAGHDAD — Iraq has delayed until October a tender to develop three gas fields with estimated reserves that total about 11 trillion cubic feet (317 billion cubic metres), an oil ministry spokesman said Monday.

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BAGHDAD — Iraq has delayed until October a tender to develop three gas fields with estimated reserves that total about 11 trillion cubic feet (317 billion cubic metres), an oil ministry spokesman said Monday. "A presentation on the gas fields has been taking place in Istanbul on Sunday and Monday to answer the questions of the competing companies, and the tender should now be held at the beginning of October," Assem Jihad told AFP, without giving the new date. BAGHDAD — Iraq has delayed until October a tender to develop three gas fields with estimated reserves that total about 11 trillion cubic feet (317 billion cubic metres), an oil ministry spokesman said Monday. "A presentation on the gas fields has been taking place in Istanbul on Sunday and Monday to answer the questions of the competing companies, and the tender should now be held at the beginning of October," Assem Jihad told AFP, without giving the new date. "This is to give the companies more time to study the contracts," he added.

Iraq delays gas bid round until October - AFP

MUMBAI: Reliance Industries, the biggest private sector company, which is investing in US shale gas assets, said quarterly earnings rose 32% aided by sale of gas from its prolific KG basin and higher refining margins, even as petrochemicals business remained sluggish on supply glut.

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Net profit for the June quarter advanced to Rs 4,851 crore, from Rs 3,666 crore a year ago when global economic slump crimped revenues and profitability. Sales soared 88% to Rs 61,007 crore, from Rs 32,441 crore helped by higher production and improved prices. Net profit for the June quarter advanced to Rs 4,851 crore, from Rs 3,666 crore a year ago when global economic slump crimped revenues and profitability. Sales soared 88% to Rs 61,007 crore, from Rs 32,441 crore helped by higher production and improved prices. “There are no surprises in this result,” said Sandeep Randeery, analyst at BRICS Securities. The stock is fairly valued and new initiatives and investments will be the triggers, he said.

RIL net jumps 32 pc on KG gas, refining biz boost - Economic Times