Reliance Industries fell 0.1% to Rs 2,340 at 11:21 IST on BSE after the Bombay High Court once again adjourned the hearing on the gas sale dispute between the company and Reliance Natural Resources till 21 August 2008
Reliance Natural Resources was trading flat at Rs 102.15.
Reliance Industries hit a high of Rs 2,347.80 and a low of Rs 2,310.55 so far during the day. The stock had hit a 52-week high of Rs 3,252.10 on 15 January 2008 and a 52-week low of Rs 1,700 on 17 August 2007.
The company has an equity capital of Rs 1,453.65 crore. Face value per share is Rs 10.
The current price of Rs 2340 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 20.69.
The dispute is about which firm has the rights over gas supplies and at what price. After the government of India set a higher benchmark price of $4.2 metric million british thermal units (mmbtu) or one million British thermal unit for the gas from KG basin, Reliance Industries (RIL) had refused to sell the gas to Reliance Natural Resources (RNRL) at a lower rate.
The court had restrained RIL from entering into contracts to sell the gas from the basin - known as KG-D6 - with companies other than RNRL and the state-run National Thermal Power Corporation (NTPC).
RNRL demands a contract for 17 years while RIL says that it does not have enough confirmed gas reserves in Krishna-Godavari basin to accept the demand.
Reliance Industries net profit rose 13.2% to Rs 4,110 crore on 40.8% rise in sales to Rs 41,579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas. The firm also runs retail outlets.
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