Reliance Strikes Gas In Cauvery Basin

Despite being India''s largest company Reliance Industries (RIL) rarely calls a press conference. The company held press conference on Tuesday to announce oil and gas findings in Cauvery basin. If one compares the oil and gas find in the Cauvery basin to its last one in KG Basin the indications are that Reliance could have stumbled upon its biggest ever discovery, but still no confirmations on the exact find. In a market which hardly saw any buying strength the RIL stock kept up its move. Reliance''s stock rose by nearly 3 per cent or Rs 50 to its life high of Rs 1,827. Whatever the size, what''s fuelling a lot of interest right now is the prospects of the entire east coast of India. In fact Reliance alone has made discoveries all along the east coast in the Mahanadi basin and then of course the prolific KG basin where it struck the world''s biggest gas find and now further south in the Cauvery basin where again it has found both oil and gas.