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RIL spurts nearly 5% on deal with BP

RIL spurts nearly 5% on deal with BP
PTI
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First Published: Tue, Feb 22 2011. 10 06 AM IST
Updated: Tue, Feb 22 2011. 10 06 AM IST
Mumbai: Shares of the country’s most valued firm, Reliance Industries (RIL), jumped by nearly 5% in early trade on the Bombay Stock Exchange (BSE) on Tuesday as the investors cheered the company’s $7.2 billion deal with UK energy giant BP.
BP Plc will buy a 30% stake in 23 oil and gas blocks held by Reliance Industries, including the giant KG-D6 gas fields off the East Coast, for $7.2 billion, and could further pay $1.8 billion in case of exploratory success that results in development of commercial discoveries.
Bolstered by the development, shares of Reliance Industries climbed by 4.96% to a one-month high of Rs1,004 apiece on the BSE.
Similarly, the scrip surged by 5.06% on the National Stock Exchange (NSE) to Rs1,004.80 in the morning session.
“Strong buying interest in Reliance Industries post-the deal announcement lifted the stock. Besides, the stock has corrected quite a lot in recent sessions and is likely to continue today’s rally in the coming sessions,” Geojit BNP Paribas Financial Services research head Alex Mathews said.
The surge in Reliance Industries, which carries the maximum weight on the BSE benchmark Sensex, however, failed to provide support to the key index, which was trading 91.67 points lower at 18,346.64 at 10:23 am.
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First Published: Tue, Feb 22 2011. 10 06 AM IST
More Topics: RIL | BP | Shares | Stock market | BSE |