RIL up nearly 6%, investors gain Rs 16,000 cr

Shares of Reliance Industries on Monday rose sharply by about 6 per cent, making investors richer by Rs 16,267 crore, ahead of a crucial meeting of an oversight panel to consider clearing annual investment plans for KG-D6 block.

The RIL scrip vaulted 6.19 per cent to an over 4-month high of Rs 788.90 on the BSE during the day, before finally settling at Rs 785.30, up 5.71 per cent over Friday's close.

At the NSE, the stock concluded at Rs 783.50, up 5.51 per cent. In the process, the market cap of RIL surged 16,267 crore to Rs 2,57,150, the highest for any listed company in the country.

On the volume front, 14.52 lakh shares of the company were traded on the BSE today while over 85 lakh shares changed hands on the NSE.

"Reliance Industries has seen a prolonged phase of price consolidation and today's rise comes as a welcome respite for long term investors in the stock," Milan Bavishi Head Research Inventure Growth & Securities said.

Rally in RIL counter also pushed the Sensex 215.03 points higher at 17,412.96 as the Mukesh Ambani-led oil & gas giant alone contributed 90.11 points to the overall gain in the Sensex.

The Oil Ministry has convened a meeting of an oversight panel this week to consider clearing annual investment plans for KG-D6 block of Reliance Industries that have been pending for past two years.