RIL rises 1 pc on BSE ahead of shareholders' meet

MUMBAI: Share of Reliance Industries (RIL) rose by 1 per cent in the morning trade on the BSE, ahead of an annual general meeting where it is expected to announce mega investment plans, possibly in the power and telecom sectors.

Share of the Mukesh Ambani-led RIL climbed 1.18 per cent to a high of Rs 1,084 on the Bombay Stock Exchange, and the stock jumped 1.17 per cent to a high of Rs 1,084 on the National Stock Exchange.

RIL, the heavyweight counter in the BSE benchmark Sensex, helped the index climb 0.33 per cent to touch a high of 17,675.51 points.

Mukesh (53) is holding the company's 36th annual general meeting at Mumbai's Birla Matoshree auditorium, the first after the Supreme Court judgement on the bitter gas dispute. At the meeting, he is expected to inform shareholders about his plans to use the USD 2-3 billion surplus cash that the company generates every year.

Another Mukesh Ambani Group firm Reliance Industrial Infrastructure Ltd soared 2.08 per cent to a high of Rs 1,027 on the BSE.

Friday also marks five years to the day since matriarch Kokilaben Ambani brought about a family settlement, dividing the Reliance Group empire between the two brothers.

It remains to be seen whether Mukesh will make any comments on the dispute over pricing and supply of gas from RIL's KG-D6 fields to Anil Ambani Group's power plants.