Reliance Industries rises on seeking USD 12.75 per million thermal unit for CBM gas

Today, the stock opened at Rs 2325.20 and touched a high and low of Rs 2381.00 and Rs 2324.00 respectively.

Auction of Coal Bed Methane (CBM)  

Reliance Industries is seeking a minimum of USD 12.75 per million British thermal units for coal bed methane (CBM) from a block in the Shahdol district of Madhya Pradesh. Reliance has sought bids for the sale of 0.65 million standard cubic meters per day from CBM block SP (West)-CBM-2001/1 for one year beginning April 1, 2023.

In March last year, Reliance sold CBM gas from the Madhya Pradesh block at a big premium to firms, including GAIL, GSPC and Shell. Reliance had sold 0.65 mmscmd of gas from block SP-(West)-CBM-2001/1 at a USD 8.28 premium over prevailing Brent crude oil prices. The firm had sought bids at a premium over the base of 13.2% of Brent crude oil prices.

Stock price movement

On Tuesday, the shares of Reliance Industries closed at Rs 2377.40, up by 54.65 points or 2.35% from its previous closing of Rs 2322.75 on the BSE. The BSE group 'A' stock of face value of Rs 10 has a 52-week high and low of Rs 2855.00 and Rs 2181.00, respectively. Last one week high and low of the scrip stood at Rs 2370.80 and Rs 2293.10, respectively. The current market cap of the company is Rs 16,08,426.25 crore.

The promoter holding in the company stood at 50.49%, while Institutions and Non-Institutions held 38.90% and 10.61%, respectively.

About the Company

Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India. It has evolved from being a textiles and polyester company to an integrated player across energy, materials, retail, entertainment and digital services. Reliance's products and services portfolio touch almost all Indians daily, across economic and social spectrums.