Fund buying steers Reliance to gains

DALAL STREET SPIKES

Reliance Industries advanced on the bourses, consolidating recent gains despite a choppy market. The counter hit an all-time high of Rs 579.50 before closing at Rs 560.95, up by 4.50 per cent. More than 73.21 lakh shares were traded on the BSE.

The counter is attracting buying interest from domestic funds as well as FIIs. In fact, the latter are said to be quite active on the counter.

Certain foreign brokerages are said to have given a 'buy' rating to the RIL stock. Analysts are very positive about the petrochemicals business with the company benefitting substantially from the revival in the global petrochemicals cycle and upbeat about prospects for RIL's oil exploration business.

The company's telecom venture Reliance Infocomm is also expected to do very well, according to market sources. The company is also said to be very aggressively pursuing the setting up of 500 petrol pumps across the country by March 2004.