Sensex Trades Marginally Lower; Dow Futures Up By 11 Points

It is also the deepest offshore gas field in Asia and it is expected to reach plateau gas production of about 12.9 million standard cubic meters per day (mmscmd) in 2021.

The other two projects are Satellites Cluster and MJ. The next project, the Satellites Cluster, is expected to come onstream in 2021 followed by the MJ project in 2022.

The three projects together are expected to meet nearly 15% of India's gas demand by 2023.

Peak gas production from the three fields is expected to be around 30 mmscmd by 2023 which is expected to be about 25% of India's domestic production and will help reduce the country's dependence on imported gas.

These projects will utilize the existing hub infrastructure in KG D6 block.

RIL is the operator of KG D6 with a 66.7% participating interest and BP holds a 33.3% participating interest.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Reliance's share price was trading up by 0.7% on the BSE.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, talks about how you can make seasonal profits in the stock market, in his latest video for Fast Profits Daily.

In the video below, Brijesh shares the basics of a tool called seasonality analysis and how you can use it to make regular profits without taking too much risk.

Tune in here to find out more:

Moving on to news from the banking sector...

Punjab National Bank and IDBI Bank Close QIP Issue

State-owned Punjab National Bank (PNB) has raised a little over 54% of the targeted fund mop-up through its qualified institutional placement (QIP) with Rs 37.8 billion in the kitty. Private sector IDBI Bank too closed its QIP with Rs 14.4 billion.

PNB said it approved the issuance of 1.1 billion equity shares at an issue price of Rs 35.5 (at a discount of 4.9% from floor price) aggregating to Rs 37.8 billion to be allotted to eligible qualified institutional buyers in the issue. The bank had planned to raise up to Rs 70 billion through the QIP issue.

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