RIL shares up nearly 3%

Shares of Reliance Industries on Friday rose by nearly 3 per cent after the Cabinet decided to allow the energy major to double the price of natural gas from April.

RIL’s stock rose by 2.74 per cent to Rs. 878 on the BSE.

On the NSE, the scrip gained 2.92 per cent to Rs. 879.

The Cabinet Committee on Economic Affairs (CCEA) decided that the “contractor (RIL) will be allowed to sell natural gas from D1&D3 fields at revised price from April 1, 2014. The sale will be permitted on the basis of a bank guarantee to be furnished by RIL in favour of the government for the incremental gas rate,” Oil Minister M. Veerappa Moily had said on Thursday.