RIL Goes Up On Hopes Of HPCL Bid

Mumbai, Aug 29: | Updated: Aug 30 2003, 05:30am hrs
The stock of Reliance Industries Ltd (RIL) rose by 1.39 per cent on The Stock Exchange, Mumbai (BSE) on Friday on optimism that the petrochemical major will be bidding for Hindustan Petroleum Corporation Ltd (HPCL).

The stock opened at Rs 395, touched a high of Rs 404.75 in intra-day trading and finally settled at Rs 398.55 on the BSE. On the National Stock Exchange (NSE), the share price of RIL appreciated by 1.78 per cent to end the day at Rs 400.70, as compared with its previous close of Rs 393.70.

The stock touched a low of Rs 393.30 on BSE, while on NSE it dropped to Rs 393.75. RIL clocked trading volumes of 31,38,380 shares on BSE, whilst on NSE a total of 65,88,927 shares changed hands.

Dealers said that RIL, being a refinery major, is expected to appreciate further as it is one of the bidders for HPCL. Said a dealer with a domestic brokerage firm: If RIL is able to bid successfully for HPCL it will be able to consolidate and further strengthen its position.

In addition refining margins are expected to increase which will benefit the company.

According to a BSE broker,There is a lot of interest in oil and gas stocks and analysts are re-rating the sector.