Reliance flares up on Orissa gas find

DALAL STREET SPIKES

Reliance Industries recovered nearly all its yesterday's loss after the company announced news of an acquisition and gas find in Orissa in its annual general meeting on Thursday.

The stocks of index heavyweight was among the biggest gainer in the Sensex basket to close nearly 3 per cent higher to Rs 422.80 as it announced the discovery of four to five trillion cubic feet of gas off India's eastern coast and the acquisition of a German polyester firm for about 80 million euros.

The Reliance counter was extremely volatile. RIL also announced that it has finalised the purchase of Frankfurt-based leading polyester maker Trevira.

Trevira is a division of Hoechst, now owned by Franco-German company Aventis. The stock yesterday had crashed over 5 per cent in intra-day trades on selling by a leading foreign fund.