Reliance Natural Resources soars 38% on gas distribution reports

MUMBAI: Shares of Reliance Natural Resources skyrocketed on Friday on media reports that the Anil Ambani group-owned company has applied for a licence to foray into gas distribution business in the cities of Delhi, Mumbai, Gurgaon and Noida.

According to reports, the company has applied to the Petroleum & Natural Gas Regulatory Board for a license to enter city gas distribution business in these cities.

At 2:29 pm, the share was at Rs 76.60, up 34.86 per cent on the BSE. Over 7.56 crore shares changed hands in the counter compared with two-week average quantity of 98,23,491 shares. The stock has gained over 50.79 per cent in past one week.

If successful, Reliance Natural Resources will face competition from Mahanagar Gas which operates in Mumbai and Indraprastha Gas which has presence in Delhi and the National Capital Region.