Shares of Quicksilver Resources jump on report of talks with India’s Reliance Industries

Quicksilver shares jump on reported Reliance deal

NEW YORK — Shares of Quicksilver Resources Inc. surged Monday on a report that the natural gas and oil producer is in talks with Reliance Industries, India’s most valuable company.

THE SPARK: Daily News & Analysis in India reported that the two companies are discussing options including a partnership or acquisition. The publication quoted anonymous sources familiar with the deal. Neither company could be reached for comment Monday afternoon.

THE BIG PICTURE: Reliance Industries Chairman Mukesh Ambani told shareholders last month that he would push into two new sectors, power and telecommunications. Reliance Industries operates and currently produces 60 million metric standard cubic meters a day of natural gas from the KG-D6 basin, India’s largest known deposit. Last month the company agreed to pay $1.3 billion for a stake in the shale gas assets of Texas-based Pioneer Natural Resources Co. in a move to expand its upstream business in North America.

SHARE ACTION: Shares of Quicksilver Resources climbed $1.85, or 16.9 percent, to close at $12.83. The stock has traded between $10.09 and $16.59 over the past year.