Reliance comes close to 800 levels again

The company hasspent more than a year nearly at 720-730 levels and refused to move up with expectations belied on Shale, Refining GRMs hich continue to be $5 at their lowest after a $7 Q1 and various negotiations with the government on KG-D6 when its cost escalation was refused and the company had been reducing production over 6-8 months  

RIL finally agreed to auditing of its KG D6 accounts at the start of the  and the ManCom for KGD6 which includes the clouded poffice of Director General of Hydrocarbons looks likely to consider some of the cost increases/investments even as three new gas finds in the adjacent pools (within KGD6) are also considered for commercial viability . The KG D6 and others bid by private companies are run in a Production Sharing contract signed with state oil cos and expenses in E&P are expected to be refunded by the government. Production at KGD6 tapering off to less than 45% of its expected peak was the critical reason for non performance on the RELIANCE stock

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