Reliance Industries tops Nifty on KG-D6 gas discovery

Reliance Industries shares gained the most on the 50-share Nifty benchmark on Monday after its partner Niko Resources announced a significant gas discovery in the KG-D6 block on Friday.

Reliance Industries is the operator of the block with a 60 per cent stake. BP holds 30 percent and Canadian oil and natural gas producer Niko the rest. Niko's shares had surged 26 per cent on Friday.

Reliance Industries shares traded 2.3 per cent higher at Rs 804.75 as of 09.15 a.m. outperforming the broader Sensex, which traded 0.14 per cent higher. (Track stock)

The discovery, named D-55, has come at a time when the companies had been grappling with declining output at the block.

Deven Choksey, managing director of KR Choksey said looking at the potential of the block, 60 per cent share of RIL could mean significant gains for the company.

"May be the market could show a kneejerk reaction and the stock could open gap up," he added.