March 10, 2014 / 6:48 AM / in 4 years

MARKET EYE -India's Reliance Industries up on KG-D6 discovery hopes

* Shares in India's Reliance Industries Ltd rise 1.8
percent, adding to Friday's 5.7 percent gain, after KG-D6 block
partner BP Plc highlighted recent discoveries in two
blocks as "potentially commercial" in its annual report out on
Thursday, dealers say.
* BP did not provide any indication of the size, but CLSA sees
potential for "the largest" discovery in KG-D6, noting that
another partner in the block, Niko Resources Ltd, had
last year also cited a significant gas recovery. 
* CLSA further predicts Reliance could post a record quarterly
net profit of 57.1 billion rupees ($934.6 million) in the
January-March quarter, up 4 percent from the previous quarter,
citing improving gasoline spreads, rising gross refining margins
and a rise in gas and crude production. 
 ($1 = 61.0950 rupees)

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