BW Communities

RIL To Outperform Peers

BW Online Bureau Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[Reliance Industries expects to double its operating profit over the next four to five years, Chairman Mukesh Ambani told shareholders at the company's annual general meeting on Thursday. The company also plans to invest 1 trillion rupees across its businesses in India over the next 4-5 years, he said. The company hopes to produce an additional 30 million cubic metres per day of gas at its KG D6 field off India's east coast, Ambani added. The additional production will be realised through further exploration and development at the field, Ambani told shareholders at the company's annual general meeting on Thursday. So far Reliance Industries has bought back 27 million shares to date, 22.5 per cent of its share buyback target, Ambani said. Reliance announced in January it would buy back up to 120 million shares at a maximum value of Rs 10440 crore, its first share buyback since 2005 and the biggest ever in India. The energy-focused conglomerate reported its second consecutive quarterly drop in profit during the three months to March, its shares are near a three-year low, and its rising cash pile has fuelled investor disquiet. (Reuters)