Shares of Reliance Industries on Friday surged nearly 2% on the bourses and added nearly Rs 4,200 crore to its market valuation ahead of its first quarter results, scheduled to come out on Monday.
At the end of the trading session the stock settled at Rs 873.60, higher by 1.49% from last close. Accordingly, the market valuations of the company increased to Rs 2,85,985 crore on Friday from Rs 2,81,794 crore on Thursday.
The country's most valued company and the biggest private sector entity is scheduled to announce the financial results of the Company for the quarter ended June 30, 2011 on July 25.
According to Ashika Stock Broking's research head (Equities) Paras Bothra, "besides, the anticipation of good first quarter numbers, the stock also gained on expectation that the the cabinet committee on economic affairs is likely to give approval to BP's plan to buy stakes in oil and gas blocks operated by Reliance for $7.2 billion".
The Reliance-BP deal, that may increase to $20 billion with future performance payments and investment, will give Reliance access to BP's expertise in deep-water drilling and accelerate development and production at its fields particularly the under performing eastern offshore KG-D6.
Shares of the company opened on a bullish note and then rallied ahead to an intra-day high of Rs 876.40, up 1.81% from its previous close on BSE.
On the National Stock Exchange as well the stock opened at Rs 866, then surged ahead to an intra-day high of Rs 877 and finally ended the day at Rs 873, up 1.41% from its last close.
On the volume front, 4.23 lakh shares exchanged hands on the BSE and 34.98 lakh shares got traded on the NSE.