RNRL stock jumps 23% after HC verdict
Shares of Reliance Natural Resources Ltd today surged more than 23 per cent on the Bombay Stock Exchange after the Bombay High Court verdict came on its gas dispute with Reliance Industries Ltd.india Updated: Jun 15, 2009 14:34 IST
Shares of Reliance Natural Resources Ltd (RNRL) today surged more than 23 per cent on the Bombay Stock Exchange (BSE) after the Bombay High Court verdict came on its gas dispute with Reliance Industries Ltd.
The scrip opened firm on the BSE at Rs 88.95 and then gained momentum and witnessed an intra-day high of Rs 107.70, a jump of 23 per cent from its previous closing price.
The Bombay High Court today ruled that RIL would sell gas at USD 2.34 per mmBtu to RNRL.
A similar movement was seen on the National Stock Exchange, where the scrip opened at Rs 88.85, then rallied further to its day's high of Rs 108, a surge of 23.56 per cent from the last closing price.
Shares of Reliance Industries were trading in negative territory and dipped over four per cent on the bourses. RIL was later trading at Rs 2,257, down 4.23 per cent on the BSE and also at Rs 2,257, down 4.45 per cent on the NSE.
Huge volumes were witnessed on the RNRL counter as a whopping 12 crore shares changed hands on the two bourses together.
The RNRL stock was later trading at Rs 104.40, up 19.59 per cent on the BSE and at Rs 104.95, 20.08 per cent on the NSE.