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Thursday, January 14, 2016

Reliance Industries hit 52 week highs

Shares of Reliance Industries surged nearly 4 per cent, hitting 52-week high, on the Bombay Stock Exchange after media report suggested that its subsidiary Reliance Jio Infocomm (RJIL) has received approval from the government’s green panel to build the Indian part of the Asia-Africa-Europe One (AAE-1) submarine cable under the Coastal Regulation Zone (CRZ). According to Financial Express report, this license authorises RJIL to provide all telecommunication services except Global Mobile Personal Communication by Satellite Service. The company is scheduled to hold a meeting of the board of directors of the company on January 19, 2016, to consider and approve the standalone and consolidated unaudited financial results of the for the third quarter ended December 31, 2015. Tracking firm trend in broader market, shares of the company jumped 3.85 per cent and touched 52-week high in intra-day trade to Rs 1085.40 a piece on Bombay Stock Exchange. In a similar trend, stocks of the company advanced 3.57 per cent in intra-day trade to Rs 1,082.75 a piece on National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 24,833.25, up 151.22 points, or 0.61 per cent, at 14:35 hours.