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Wednesday, February 27, 2008

Reliance Industries Rises on East Coast Natural Gas Discovery

Reliance Industries Ltd., owner of the world's third-biggest oil refinery, gained after saying it discovered natural gas in a field off India's east coast.

The Mumbai-based company said yesterday the discovery was made in the shallow-water area of NEC-Mahanadi field, off the eastern Indian state of Orissa.

Reliance Industries owns 90 percent in the area and Canada's Niko Resources Ltd. holds 10 percent, according to a statement. This is the eighth gas discovery in the field, the company said

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 12
18:00 Producer Price Index (MoM) 2 0.1% 0.2% -0.2% Revised from -0.5%
20:00 EIA Natural Gas Storage Change 1 109B 108B 122B
21:00 4-Week Bill Auction 1 4.08% 4.17%
21:30 USDA WASDE Report 1
22:30 30-Year Bond Auction 1 4.844% 4.819%
Friday, Jun 13
04:00 Business NZ PMI 2 53.9
14:00 Consumer Inflation Expectations 2 3.4%
18:00 Manufacturing Sales (MoM) 1 -2.0% -1.4%
18:00 Capacity Utilization 1 79.8% 79.8%
18:00 Wholesale Sales (MoM) 1 -0.9% 0.2%
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