RIL jumps after LIC hikes stake

Reliance Industries rose 4.67% to Rs 904 at 14:43 IST on BSE after the company said that Life Insurance Corporation of India has raised its stake in the company.

The disclosure was made after market hours yesterday, 2 March 2015.

Meanwhile, the BSE Sensex was up 106.21 points, or 0.36%, to 29,565.35.

On BSE, so far 6.08 lakh shares were traded in the counter, compared with an average volume of 4.44 lakh shares in the past one quarter.

The stock hit a high of Rs 905 and a low of Rs 867.40 so far during the day. The stock hit a 52-week high of Rs 1,142.50 on 16 March 2014. The stock hit a 52-week low of Rs 798 on 3 March 2014.

The stock had underperformed the market over the past one month till 2 March 2015, falling 4.87% compared with 1.16% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 10.26% as against Sensex's 3.57% rise.

The large-cap company has an equity capital of Rs 3235.69 crore. Face value per share is Rs 10.

Life Insurance Corporation of India (LIC), India's biggest institutional investor, has raised its stake in RIL to 9.084% from 6.987% through acquisition of additional shares via open market purchases. LIC acquired additional 6.78 crore shares of RIL through open market purchases during the period from 23 January 2010 and 28 February 2015.

As per RIL's shareholding pattern as on 31 December 2014, LIC's holding in RIL stood at 8.67% as on 31 December 2014.

RIL's consolidated net profit fell 4.5% to Rs 5256 crore on 20.2% decline in total income to Rs 95868 in Q3 December 2014 over Q3 December 2013.

RIL is a part of Reliance Group and is into exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals).

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