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 Oil Discovery by RIL in Cambay BasinReliance Industries Limited (RIL) is pleased to announce the first oil discovery in the onland exploratory block CB–ONN–2003/1 (CB 10 A&B) awarded under the NELP-V round of exploration bidding. RIL holds 100% participating interest (PI) inthis block which is located at a distance of about 130 kms from Ahmedabad in Gujarat in the Cambay basin. The block covers an area of 635 sq km in two parts viz. RIL becomes 1st private firm to buy Cairn crudeMukesh Ambani's Reliance Industries Ltd is going to be the first private refiner in the country to process domestic crude, with the company entering into an initial agreement to buy oil from Cairn's fields at Barmer in Rajasthan. The deal comes within a week of the UK explorer's Indian arm getting government nod to sell crude to private refiners. 'RIL's pretty close to the bottom of the cycle now'Reliance Industries’ refining margins could pick up to $7-9 a barrel next year and then back up to $11-12 a barrel by 2011, says Neil Beveridge, analyst, Sanford C Bernstein. In an interview to ET NOW, Mr Beveridge says that an adverse ruling in the company’s ongoing legal battle with RNRL could knock off Rs 150-200 off RIL’s stock price. Excerpts: Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects. Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects. Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects. Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects. Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620Goldman Sachs issued BUY rating on RIL with 12 months target stock price of Rs2,620, implying upside of 31% from the current price. According to report, in future RIL revenues are likely to show strong growth going forward from stabilization/ramp-up of the new projects. Full statement By Reliance IndustriesReliance Industries Ltd. (RIL) has noted the comments made by Shri Anil D Ambani with the care and concern they deserve.
RIL welcomes this statement, and hopes that it is a positive change in the negative, calumnious and malafide campaign launched by R-ADAG against RIL. Gas MoU not binding on company, says RILReliance Industries (RIL) on Tuesday told the Supreme Court that its chairman, Mukesh Ambani, had signed a memorandum of understanding (MoU) containing provisions promising supply of natural gas to the Anil Ambani Group in his personal capacity. The company’s board of directors had not seen the MoU and had not approved it, an affidavit filed by RIL claimed, an assertion backed by seven company directors who filed separate written statements.
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