The Hindu : Business : RIL buyback fails to impact market

Online edition of India's National Newspaper
Tuesday, Dec 28, 2004

Business

Business

RIL buyback fails to impact market

MUMBAI, DEC. 27. Though today's crucial Reliance Industries board meeting failed to make any positive impact on the company's shares, the overall sentiment remained bullish on the stock market and the Sensex closed past the 6500-mark at a new historic high of 6513.03, up by 14.97 points, on good buying by foreign funds, completing three-session gaining streak.The BSE-30 share sensitive index opened slightly lower at 6484.84 against last Friday's close of 6498.06.

Led by steel major Tata Steel, most of the metal shares was at the forefront followed by cement banking and healthcare stocks, helping the Sensex to close in the positive terrain, dealers said.

The ongoing tussle between the Ambani brothers, Anil and Mukesh, since mid-November, took a new turn this morning when the Vice-Chairman and Managing Director, Mr. Anil Ambani, slammed the move of buyback for which the meeting was being held.

As a result, share prices dipped to a low of Rs. 505 before bouncing back to a high of Rs. 544.80 when the news that the RIL board had approved the buyback of its shares at a price not exceeding Rs. 570 per share.

— PTI

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