RIL surges 2% on bourses; adds Rs 5,796 cr to its m-cap
Stocks of RIL surged over 2%, adding Rs 5,796 cr to its market capitalisation, after the Oil Ministry referred the $ 7.2 bn Reliance-BP deal to the Cabinet Committee on Economic Affairs for approval.
By PTI | Updated:
MUMBAI: Stocks of Reliance Industries today surged over 2 per cent on the Bombay Stock Exchange, adding Rs 5,796 crore to its market capitalisation, after the Oil Ministry referred the $7.2 billion Reliance-BP deal to the Cabinet Committee on Economic Affairs ( CCEA) for approval.
RIL, which witnessed an intra-day high of Rs 875 on the BSE, settled for the day at Rs 870 -- up 2.08 per cent from its last close. Hence, RIL market capitalisation went up Rs 5,796 crore to Rs 2,84,901 crore.
On the National Stock Exchange, the stock ended 2.23 per cent up at Rs 871 from the previous close after surging to intra-day high of Rs 874.90.
Marketmen said the uptrend in the counter came on the back of the ministry's decision to refer the $ 7.2 billion deal to the CCEA for approval. The government move came four months after UK's BP Plc agreed to buy a 30 per cent stake in RIL's oil and gas blocks.
The deal is the single largest FDI in the country and Reliance had on February 25 made a formal application to the Oil Ministry for approval of the transfer of stake to Europe's second biggest oil company.
The decision to refer the deal to CCEA, which takes it a step closer to the closure, came more than a month after the Ministry of Home Affairs gave security clearance to the BP for the RIL stake acquisition.
RIL, which witnessed an intra-day high of Rs 875 on the BSE, settled for the day at Rs 870 -- up 2.08 per cent from its last close. Hence, RIL market capitalisation went up Rs 5,796 crore to Rs 2,84,901 crore.
On the National Stock Exchange, the stock ended 2.23 per cent up at Rs 871 from the previous close after surging to intra-day high of Rs 874.90.
Marketmen said the uptrend in the counter came on the back of the ministry's decision to refer the $ 7.2 billion deal to the CCEA for approval. The government move came four months after UK's BP Plc agreed to buy a 30 per cent stake in RIL's oil and gas blocks.
The deal is the single largest FDI in the country and Reliance had on February 25 made a formal application to the Oil Ministry for approval of the transfer of stake to Europe's second biggest oil company.
The decision to refer the deal to CCEA, which takes it a step closer to the closure, came more than a month after the Ministry of Home Affairs gave security clearance to the BP for the RIL stake acquisition.
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