Reliance Industries (RIL) was up 4.4% to Rs 1,288 on the BSE in early morning trade extending its rally on the bourses. The stock was trading at its highest level since May 23, 2008, when it touched 1,318.50 during intra-day trade.
RIL on Thursday after market hours informed the stock exchanges that entities forming part of the promoter group of the company intend to acquire from other promoter group entities by way of ‘inter-se’ transfer aggregating up to 1,190 million shares of RIL.
The oil giant, however, clarified that this is an inter-se transfer of shares among promoter entities and the move would not lead to any change in promoter shareholding.
Meanwhile, in past three weeks, the stock outperformed the market by surging 25% from Rs 1,030 on February 20, as compared to 1.6% rise in the S&P BSE Sensex. Read More…