Shares of the country's most valued firm,
Reliance Industries , jumped by nearly 5 per cent in early trade on the BSE today as the investors cheered the company's USD 7.2 billion deal with UK energy giant BP.
BP Plc will buy a 30 per cent stake in 23 oil and gas blocks held by Reliance Industries, including the giant KG-D6 gas fields off the East Coast, for USD 7.2 billion, and could further pay USD 1.8 billion in case of exploratory success that results in development of commercial discoveries.
Bolstered by the development, shares of Reliance Industries climbed by 4.96 per cent to a one-month high of Rs 1,004 apiece on the Bombay Stock Exchange.
Similarly, the scrip surged by 5.06 per cent on the National Stock Exchange to Rs 1,004.80 in the morning session.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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