RIL stock scales new high of Rs 931 after demerger
Mumbai, Apr 19 (UNI) Reliance Industries Ltd (RIL) was the major mover of the market today recording more than three per cent rise in the stock price since early morning.
Reliance finally settled 3.32 per cent up at Rs 920.85 on expectations of good Q4 results.
Reliance touched an intra-day high of Rs 931.20 which was even higher than the pre-demerger price of Rs 927 and Rs 218 more than the demerged price of Rs 714.
The market capitalisation of the Company reached a new high of Rs 128 lakh crore.
''Reliance has gained 120 per cent on annualised basis from its demerged price of Rs 714,'' said an analyst.
It was the top company in terms of turnover both on the Bombay and National Stock Exchanges (BSE/NSE) with over 34 lakh shares worth Rs 313.48 crore traded on the BSE and 110 lakh shares worth Rs 1016 crore traded on the NSE.
Reliance was on the rise on the back of the Company's diversification in the retail business as well as the news of gas distribution in select cities of Andhra Pradesh and Maharashtra from its gas finds in Godavari basin in AP, the analyst added.
The oversubscription of Reliance Petroleum's initial public offer by over twelve times was another factor for the phenomenal rise of the stock after the demerger.
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