Reliance Industries gets pressure from the US to stop selling gasoline to Iran.

Reliance Industries fell 0.96% to Rs 1338.10 at 13:23 IST on BSE on reports it may face pressure from the US to stop selling gasoline to Iran.
The stock hit a high of Rs 1352.70 and a low of Rs 1325 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 930 on 27 October 2008.
India's largest private sector company by market capitalisation and oil refiner has an equity capital of Rs 1573.79 crore. Face value per share is Rs 10.
The current price of Rs 1338.10 discounts its Q2 September 2008 annualised EPS of Rs 113.40, by a PE multiple of 11.79.
As per reports, eight American lawmakers have asked the Export-Import Bank of United States (Ex-Im US) to immediately suspend all financial assistance to Reliance Industries (RIL) till it agrees to stop selling gasoline to Iran. The Ex-Im bank has provided two separate loan guarantees worth $900 million to RIL, of which a $400 million loan was for the development of the D-6 block in the Krishna Godavari (KG) basin. Another $500 million of loan guarantee was given to construct the 5,80,000 barrels per day refinery in Jamnagar being constructed by Reliance Petroleum (RPL), a company jointly promoted by RIL and Chevron Corp of the US.
In a letter written to Ex-Im Bank president James Lambright, the American lawmakers stated that RIL is a major supplier of gasoline to Iran which is detrimental to the national security interests of the US and the loan is in direct collision with its foreign policy on Iran.
Reliance Industries' net profit rose 7.4% to Rs 4122 crore on 39.8% growth in net sales to Rs 44787 crore in Q2 September 2008 over Q2 September 2007.
On 3 October 2008, RIL said it had allotted 12 crore equity shares of face value Rs 10 each to various promoter group firms upon exercise of rights attached to warrants held by them. These equity shares would be subject to a lock-in for a period of three years from the date of allotment of the warrants. The conversion price for the warrants is Rs 1,402 per share.
RIL manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, Gujarat that produces a wide range of products such as gasoline, superior kerosene oil and liquified petroleum gas.