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Reliance Industries’ shares surged over 2 per cent in the early trade on the bourses today in anticipation of good first quarter numbers, which are scheduled to be announced later in the day.
After opening the day on a robust note, the stock touched an early high of Rs 892.95, up 2.21 per cent from its previous close on the BSE, while on the NSE, the scrip jumped by 2.13 per cent to hit a high of Rs 892.
In the previous trading session, the stock settled over 1 per cent higher on the stock exchanges.
The country’s most valued company and the biggest private sector entity is scheduled to announce its financial results for the quarter ended June 30, 2011, later today.
Marketmen said the stock also gained after the Cabinet Committee on Economic Affairs gave approval to BP’s plan to buy a 30 per cent stake in the oil and gas blocks operated by Reliance for $7.2 billion.
The Reliance-BP deal, whose value may increase to $20 billion on the basis of future performance payments and investment, will give Reliance access to BP’s expertise in deep-water drilling and accelerate the development and production at its fields, particularly the under-performing eastern offshore KG-D6 acreage.
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