Shares of Reliance Industries surged by over 2 % in early trade on the bourses today in anticipation of good first quarter numbers from the market leader, which are scheduled to be announced later in the day.
After opening the day on a robust note, the stock touched an early high of Rs 892.95, up 2.21 % from its previous close on the BSE, while on the NSE, the scrip jumped by 2.13 % to hit a high of Rs 892.
In the previous trading session, shares of RIL settled over 1 % higher on the stock exchanges. The country's most valued company and the biggest private sector entity is scheduled to announce its financial results for the quarter ended June 30, 2011, today.
Marketmen said the stock also gained on hopes that the Cabinet Committee on Economic Affairs is likely to give approval to BP's plan to buy a stake in oil and gas blocks operated by Reliance for USD 7.2 billion.
The Reliance-BP deal, whose value may increase to USD 20 billion on the basis of 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 acreage.