RPL makes debut in stock markets

Mumbai, May 11 (UNI) Reliance Petroleum Limited (RPL) made its debut on the stock markets today opening at Rs 99.95 on the National Stock Exchange (NSE) and touched a high of Rs 105 per share before dipping to a low of Rs 85.05.

The volumes were huge in the NSE with shares worth Rs 1398.22 crore traded till 1057 hrs.

Meanwhile, the RPL scrip opened at Rs 101.95 on the Bombay Stock Exchange (BSE) and touched a low of Rs 81 in the first hour of trade.

The scrip traded at Rs 88 per share at 1130 hrs.

''Listing of RPL today marks the birth of the Company in the capital market,'' BSE Managing Director and CEO Rajnikant Patel remarked.

Earlier at 0954 hours today, RPL was listed on the stock markets opening at Rs 101.95 as against the fixed issue price of Rs 60 for every Rs 10 share.

The grand listing today was marked by Mr Mukesh Ambani striking the gong at 0954 hrs in the central hall of the Bombay Stock Exchange (BSE) here which marked the opening of much-awaited trading in RPL shares on the Bombay Stock Exchange (BSE).

RPL opened at Rs 101.95 with a premium of Rs 41.95 or 70 per cent approximately on the BSE.

''The RPL listing added very close to US dollar 10 billion to the stock markets wealth with the Company's value being estimated at USD 10 billion,'' said J M Morgan Stanley, India, chief Nimesh Kampany but cautioned investors about the risks involved at this high level in stock markets.

''RPL lisiting was being keenly watched in New York and no one had doubts about RPL doing well with Reliance known for executing projects of vast size and scale,'' Citi Group CEO Sanjay Nayar said.

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