Reliance advances on advance tax

DALAL STREET SPIKES

Reliance Industries surged nearly five per cent to touch its all-time high of Rs 2443.90, from Rs 2289.35 to Rs 2393.55. Volumes were strong at nearly 2.4 million shares.

The rally followed the reports of the company's payment of advance tax in September 2007, which is said to be 46 per cent higher at Rs 649 crore compared with that in September 2006. This translates into an assurance of higher earnings growth for the current financial year.