Stocks

RIL stocks up on deal with UK’s BP

Mumbai | Updated on March 12, 2018 Published on February 22, 2011

Shares of Reliance Industries jumped by nearly 5 per cent in early trade on the BSE today as investors cheered the company’s $7.2 billion deal with UK energy giant BP.

BP Plc will buy a 30 per cent stake in 23 oil and gas blocks held by Reliance Industries, including the giant KG-D6 gas fields off the East Coast, for $7.2 billion, and could further pay $1.8 billion in case of exploratory success that results in the development of commercial discoveries.

Bolstered by the development, shares of Reliance Industries climbed by 4.96 per cent to a one-month high of Rs 1,004 apiece on the Bombay Stock Exchange.

Similarly, the scrip surged by 5.06 per cent on the National Stock Exchange to Rs 1,004.80 in the morning session.

“Strong buying interest in Reliance Industries post the deal announcement lifted the stock. Besides, the stock has corrected quite a lot in recent sessions and is likely to continue today’s rally in the coming sessions,” Geojit BNP Paribas Financial Services Research Head, Mr Alex Mathews, said.

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Published on February 22, 2011
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