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Reliance Industries gains

April 22, 2010

Shares in Reliance Industries ended 2 percent higher on Thursday at 1075 rupees on reports that it would buy along with Atlas more Marcellus acreage.

Independent oil and gas company Atlas Energy Inc said it would buy 42,344 acres in the gas-rich Marcellus shale along with Reliance, weeks after the two announced a joint venture.

Reliance, valued at $78 billion, is expected to post a second straight increase in quarterly profit, lifted by higher gas output.

For the year, the stock has given a negative return of 1.2 percent, while the BSE Oil & Gas Index has dropped over 4 percent in the same period.

The company has already invested in its own projects and is also looking for overseas opportunities.

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