The Hindu Business Line : Reliance closes firm after yo-yoing

THE Reliance Industries stock today remained volatile; but amid a dull market closed firm on the eve of its announcement of results for 2003-04. The counter saw 45 block deals involving 6.8 lakh shares on the Bombay Stock Exchange and 85 block trades involving13.8 lakh shares on the National Stock Exchange. The stock clocked a volume of 32 lakh shares on the BSE and 65 lakh shares on the NSE. The NSE delivery volume (24.45 per cent) suggested that there were both investment and trading interest in the counter.

The stock's futures contracts today showed an increase in the open interest by 12.5 per cent (compared to yesterday) before the settlement tomorrow.

This indicated that a section of market players were firm that RIL would meet the Street expectation of 25 per cent bottomline growth in the fourth quarter results, Mr Ketan Thacker of Anagram Stockbroking commented.

It finished at Rs 540.30 (Rs 539) after moving within a range between Rs 548.90 and Rs 537. At today's closing price, the stock traded at 15.6 times its trailing four quarter earnings per share. The counter's 52-week high was seen at Rs 610.45 and the 52-week low at Rs 258.