The Hindu : Business : RIL hogs limelight

Online edition of India's National Newspaper
Friday, Jun 17, 2005

Business

Business

RIL hogs limelight

MUMBAI: Reliance Industries rallied on the Bombay Stock Exchange on Thursday on heavy buying after reports that the Ambani brothers were close to resolving their differences over ownership issues by July 6. However, the Sensex ended marginally lower by 6.57 points at 6900.41 and arrested the three-day gaining spree.

As differences over ownership issue in Reliance were about to resolve, investors' confidence was boosted up and they resorted to heavy buying in the flagship company RIL which closed smartly higher, market analysts said. RIL opened firm at Rs. 582.25 and rallied to a high of Rs. 591.35, before closing at Rs. 590.80, showing a smart rally of Rs. 15.85 or 2.76 per cent over yesterday's close of Rs. 574.95.

The BSE benchmark 30-share sensitive index opened a shade lower at 6906.12 against yesterday's close of 6906.98 and rose smartly to an intra-day high of 6933.26. Later, in volatile trading, it fell sharply to 6869.47 and finally ended at 6900.41.

The index, which was rising steadily since Monday gained by 124.99 points in the last three days and crossed the 6900-level yesterday to end at three-month high of 6906.98, just 47.88 points away from the all time intra-day high of 6954.86 recorded on March 9.

Generally, prices moved down on fresh selling, but as select index-based shares firmed up, it cushioned the fall to a large extent. Major gainers were Infosys Technologies, Bajaj Auto, HDFC, HDFC Bank, REL, Tata Motors and TCS. The broad-based BSE-100 index dropped by 13.88 points to 3684.19.

The volume of business rose further to Rs. 2,692.69 crore from Rs. 2,420.63 crore. RIL clocked the highest turnover of Rs. 183.04 crore.

— PTI

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