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Namrata Gada

Stock has gained 11.10% in a week

Mumbai May 22 The stock of Reliance Industries has appreciated 15.18 per cent over the month and 11.10 per cent over the week.

It touched its 52-week high on Monday at Rs 1,780.

Analysts attribute the rise to media reports on the discovery of gas in KG basin, though the company has not acknowledged the same.

"Media reports on the new gas finds may be pushing the stock up. Fundamentally, everything still remains the same for the company," said an oil and gas analyst.

Reliance Petro

Reliance Industries Ltd has a holding in Reliance Petroleum Ltd. The stock of Reliance Petroleum has been on the upward march.

"Market analysts estimate that the new Reliance Petroleum project in Jamnagar will be completed six months prior to the December 2008 deadline. This has been pushing the stock up and in turn the stock of Reliance Industries," said Mr Rohit Nagraj, Oil and Gas analyst, Angel Broking.

Another analyst said the Reliance Petroleum's project should be completed by March 2008 and reflect in the FY09 numbers of Reliance Industries.

Refining margins up

"Refining margins are very strong in the quarter and there is appreciation of around $4-5 in refining margins which should help Reliance Industries," said an analyst.

Though there has been no information from Reliance Industries, market players are expecting the company to offer an FCCB issue at a premium to the current share price. "There is news that the conversion price for the FCCB could be as high as Rs 2,000," said an analyst.

On the BSE today, the Reliance Industries stock ended up 0.78% at Rs 1,775.25.

More Stories on : Stock Markets | Stocks | Reliance Industries Ltd | Petroleum

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