Reliance Industries posted a 27.8 % increase in quarterly net gain

Reliance Industries net gainReliance Industries posted a 27.8 % increase in quarterly net gain, beating estimations, helped through higher gas production from its area off India’s east coast.

India’s top listed conglomerate, with interests in petrochemicals, refining, oil and gas exploration, as well as retail, mentioned on Saturday net gain increased to $1.1 billion in the fiscal secondquarter finished Sept. 30 from 38.52 billion rupees last year.

A Reuters poll had predict quarterly net gain of 48 bn rupees.

Managed by Mukesh Ambani, the world 4th-richest man based on Forbes magazine, the firm has struck 3 shale-gas joint projects with US companies up to now

Ambani not makes a secret of Reliance abroad goals, and it is wanting to invest in zones like shale gas and also to broaden its businesses beyond refining, petrochemicals, oil and natural gas exploration, and retail.

Stocks in Reliance, valued at around $81 billin, have increased .6 % to date in 2010, lagging a close to 15 percent profit in the BSE index.

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