RIL on gaining spree; rises 2.5 pc on shale gas buy reports

The scrip has witnessed a gain of 7.18 per cent in the last five trading sessions, making its investors wealthier by Rs 22,538 crore. Shares of the Mukesh Ambani-led energy major settled at Rs 1,026.75, up 2.58 per cent on the Bombay Stock Exchange.

The company's market capitalisation today stood at Rs 3,35,856 crore, reflecting a gain of a whopping Rs 22,538 from Rs 3,13,318.07 crore on September 9. The scrip also witnessed an upsurge of 2.63 per cent on the National Stock Exchange to finish the day at Rs 1,026.65.

"Reports of shale gas deal combined with the fresh buying at lower levels powered the rally on Reliance counter," Geojit BNP Paribas Research Head Alex Mathews said.
According to the media buzz, RIL is in talks with US-based Chesapeake Energy to buy a stake in Eagle Ford shale gas project. Reliance Industries Ltd, that holds the maximum weightage in the Sensex also helped in the rise of the 30-share barometer of the BSE that ended the day higher by 177.26 points, or 0.9 per cent at 19,594.75.

The counter was the biggest contributor in the Sensex gain with the addition of 59.39 percentage points. It was also among the volume toppers with about 86 lakh shares traded on the bourses.

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