Reliance Industries,
operator of the world's biggest oil refining complex, declined for the ninth
straight day, its longest losing streak since 1997, as profit from turning
crude into fuels declined.
The shares closed down 1.24% to Rs 773.70, the lowest since November 26 after declining as much as 2.4% intra-day. The benchmark S&P BSE Sensex rose 0.7% to 18835.8. The shares have fallen 9.6% since March 14.
Diesel's premium to Dubai crude in Singapore, Asia's oil trading hub, has declined 30% to $15.32 a barrel on Thursday from this year's high of $21.96 a barrel on February 25, according to data from PVM Oil Associates in London.
The difference between Brent crude futures contract and Dubai oil has also declined 30%, according to the data. A wider difference benefits Reliance as it can buy cheaper grades to process into high-quality fuels at its refineries in Gujarat.
But a better-than-estimated profit of Rs 5,500 crore is reported ($1 billion) in the quarter ended December 31. Refining accounted for 58% of operating income in the quarter, more than double from a year earlier, according to data compiled by Bloomberg.
The company and partner BPCL are struggling to reverse a more than two-year decline in gas output from the KG-D6 block. The companies are spending about $1 million a day to look for new reserves more than a mile below its biggest field, a person with direct knowledge of the matter said this month.
Reliance produced an average 28 million cubic meters of gas a day from the KG-D6 block in the nine months ended December 31, 37% lower than a year earlier, according to a January 18 report. The company started output in April 2009 and planned to raise it to a peak daily rate of 80 million cubic meters in a year.
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