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Thursday, March 06, 2008

Market overview_ Rel Indus recovers

Reliance Industries rose 1.08% to Rs 2265.70 at 15:17 IST on BSE on reports that its unit Reliance Retail has signed a joint venture with Pearle Europe for the launch of a chain of optical stores in India.
BSE Sensex was up 175.78 points or 1.08% to 16,515.68, as expectations of a US interest rate cut strengthened. On BSE, 5.38 lakh shares were traded in the counter. The scrip had an average daily volume of 7.82 lakh shares in the past one quarter.

The stock hit a high of Rs 2442 and a low of Rs 2227.90 so far during the day. The stock had a 52-week high of Rs 3,252.10 on 15 January 2008 and a 52-week low of Rs 1,250 on 5 March 2007.

Reliance Industries net profit rose 162.2% to Rs 8,079 crore on 22.7% rise in sales to Rs 34,590 crore in Q3 December 2007 over Q3 December 2006. Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas.

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