Reliance Industries has reported discovery of Oil in a new block in the Krishna Godavari (KG) basin. As per the earlier report which came on Friday, Reliance found oil resources in D4 block, also called KG-DWN-98/1.

Reliance Industries informed that the newly found oil reserve had an initial flow rate (IFR) of 596 barrels per day. Reliance had also found oil in Cauvery basin with IFR of 1000 barrels per day in July this year.

Kolkata: An IIFT functionary said that exporters will be hurt with the continuing rupee appreciation as against the USD dollar as they could soak up the exchange shock only upto Rs 42 per dollar.

Indian Institute of Foreign Trade director K T Chacko, said, “To our understanding exporters can absorb exchange shock upto Rs 42 for a dollar while now has breached the Rs 40 mark.”

On the Richie Rich list, Anil Ambani regained the No.2 place, a day after DLF boss

Mumbai: State-owned oil major BPCL has sought an increase in petrol rates by Rs 4 and diesel by Rs 2 per litre in proportion to the climbing crude oil costs in the worldwide markets.

While addressing the news persons after its 54th AGM on Thursday, Ashok Sinha, BPCL Chairman and Managing Director said, “We are hoping the price of petrol and diesel would be raised by Rs 4 and Rs 2 respectively.”

“The three oil companies are losing Rs 150 crore per day and BPCL's share is 25 per cent of that,” Mr. Sinha commented.

Mumbai: The rupee marched near to a fresh nine-year peak today, hiked up by strong capital inflows, but caution the RBI may interfere checked the rupee’s increase.

In early trading, the partially convertible rupee stood at 39.88/89 per dollar, barely changed from its last close of 39.89/90 and in sights of 39.85 its record since May 1998.

A market dealer said, “These are good levels to take some profits as the rupee has rallied quite a lot this week.”