Sunday, Sep 21, 2014

Reliance Industries shares soar 9 pct as Narendra Modi scripts BJP’s Lok Sabha elections 2014 win

Press Trust of India | Mumbai | Posted: May 16, 2014 11:47 am

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Shares of Reliance Industries Ltd (RIL) today soared by as much as 9 per cent as the Narendra Modi’s BJP-led NDA appeared to be heading for victory as the Lok Sabha elections results 2014 were unveiled.

Mukesh Ambani-led Reliance Industries scrip surged 8.47 per cent to touch one-year peak of Rs 1,142.50 at the BSE as result trends poured in this morning indicating a clear lead for the BJP and its allies.

On the NSE, the blue-chip stock zoomed 8.71 per cent to hit its fresh 52-week high of Rs 1,145.25.

Shares of another listed-entity Reliance Industrial Infrastructure Ltd rose by 3.94 per cent to Rs 455.85.

Later, RIL was trading at Rs 1,112.80, up 5.6 per cent. RIL shares have gained 20.6 per cent since BJP announced Gujarat Chief Minister Narendra Modi as its Prime Ministerial candidate for the 2014 Lok Sabha elections on September 13 last year.

The energy major’s market capitalisation has gone up by Rs 58,196.85 crore in these eight months.

Shares of Reliance Industrial Infrastructure has gained 38.58 per cent during this period.

The broader market too was witnessing sharp gains as the Sensex was trading 824.32 points higher at 24,759.27 at 1050 hrs. Earlier it had crossed the 25,000 mark, gaining more than 1,100 points.

Ambani’s Reliance has refineries at Jamnagar in Gujarat.

The BJP-led NDA appears to be heading for a victory in the Lok Sabha elections with the trends in the counting of votes giving the saffron party leads in 257 seats on its own while its allies led in 39 seats.

BJP’s Prime Ministerial candidate Narendra Modi was leading in Varanasi by 19255 votes and by over 4.11 lakh votes in Vadodara.

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