RPL makes grand debut, closes at Rs 85.45 per share
Mumbai, May 11 (UNI) Reliance Petroleum Limited (RPL) made a grand debut today opening at Rs 101.95 on the Bombay Stock Exchange (BSE) and at Rs 99.95 on the National Stock Exchange (NSE).
RPL listed with 70 per cent premium on the stock markets as against the fixed issue price of Rs 60 for every Rs 10 share.
RPL touched a high of Rs 105 on the NSE in the intra-day trade before profit booking led it to slide below Rs 100, the intra-day low on the BSE was Rs 81 and it was Rs 85 on the NSE.
However, RPL closed below market expectations of between Rs 90 to Rs 100 on the first day close.
RPL finally closed at Rs 85.45 on the BSE with more than 7.27 crore shares worth around Rs 700 crore traded.
On the NSE RPL closed at Rs 85.40 with a huge 31.51 crore shares worth Rs 2,792 crore traded.
RPL closed at premium of 42.4 per cent at Rs 85.45 on the BSE much lower as compared to the grand opening with a premium of 70 per cent.
The total market turnover for RPL was Rs 5,910 crore in the Cash and F&O (Future&Options) market, according to an analyst.
However, the scene was not so good in the oil and gas sector today as the BSE Oil and Gas index suffered maximum damages of 4.01 percent due to heavy selling pressure in Reliance Industries and ONGC as the Left victory could stop expected hike in the prices of petroleum products.
RPL's main promoter Reliance Industries was the big loser down by 5.26 per cent at Rs 1108.50 and ONGC too was down by 1.81 per cent at Rs 1,457.55.
Earlier in the morning Reliance Industries Limited (RIL), Chairman, Mukesh Ambani struck the gong at 0954 hrs in the BSE central hall marking the birth of RPL in the capital market and the opening of much-awaited trading in RPL shares.
With the RPL lisiting today, the marketcap of the Mukesh Ambani group crossed Rs two lakh crore mark.
''Listing of RPL today marks the birth of the company in the capital market,'' BSE Managing Director and CEO Rajnikant Patel remarked.
''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,'' J M Morgan Stanley said, 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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