Reliance Industries has formed a joint venture with UXA Resources for uranium exploration and drilling, reports CNBC-TV18. A RIL subsidiary called RIL Australia (RILA) Pty has inked the JV with UXA Resources. UXA on its part has secured a drill rig and has acquired all necessary heritage clearances. The joint venture further says that exploration and drilling will commence at Nabarlek in mid August 2011. It specifies that RILA will hold 49% interest in the licences and will contribute 49% of exploration funding.
This is the second positive news that has come up Mukesh-Ambani-led Reliance Industries; the first one being clearance of its deal with British Petroleum. SP Tulsian, who has been tracking the company, told CNBC-TV18 that the two news will add Rs 23 to RIL stock price on Monday.;;; CNBC Report.
The Stage is set for re-entering the Leadership..?
1) High Crude Prices it's G.R.M's are expected to have risen over SIngapore GRM ( Gross Refining Margins )
2) Reliance paid 4 times More in 1st Quarter Income Tax, YoY
3) The Stock is presently stands under owned, due to Recent CAG Report about over charging the ex chequer and the action against Director, Deptt of Hydrocarbon. The Enquiry is in progress. The CAG report was Vehemently refuted by the company and reply is filed. Then Petroleum Minister Mr. Murli Deora is also indicted, finally, loosing the portfolio. The Market pereciption that company having sour relationship with government.
4 ) The stock has been under performing the NIFTY, despite high weight-age and is having Lower Beta over the same.
5 ) It seems the Company shall soon change the corner.
Reliance is all set to take over the Mantle of Leading the Indian stock market, like the Old Days...
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