RIL soars on eve of special session

Ahead of the crucial special trading session to discover the price of Reliance Industries shares following the demerger, RIL stole the limel...

Ahead of the crucial special trading session to discover the price of Reliance Industries shares following the demerger, RIL stole the limelight by gaining a whopping 6.31 per cent, or Rs 55.05, on the Bombay Stock Exchange (BSE) to end the day at a new all-time closing high of Rs 928.15.

However, as other shares fell across the board, the Sensex rose just 2.94 points (0.03 per cent) to settle at 9,314.13. The S&P CNX Nifty Index of the NSE lost 4 points (0.14 per cent) to 2,829.10.

On the National Stock Exchange (NSE), the stock ended the day at Rs 928.50, up 6.36 per cent. The stock witnessed volatility of Rs 64 during the day from its previous close of Rs 873 as compared to its intra-day high of Rs 937 with a record 5.1 crore shares changing hands on the BSE and the NSE.

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The RIL stock will be put on a special one-hour trading session on Wednesday to facilitate the ‘price-discovery’ of the demerged entity. The special session will be conducted both on the BSE and the NSE between 8:00 am to 9:00 am before the regular session begins at 9:55 am.

The price discovered in the special session will form the base price for the RIL shares for the regular session to be followed later in the day.

The rise in Reliance shares fuelled a general market rally in the opening session with the Sensex moving up by over 100 points. However, this gain could not be sustained as selling pressure emerged following the weakness in other Asian markets and selling by foreign investors.

‘‘The rally in Reliance restricted the fall in the Sensex,’’ said stock dealer Pawan Dharnidharka. RIL has 11.3 per cent weightage in the BSE Sensex. Of the BSE turnover of Rs 4,394 crore, RIL’s contribution was Rs 1,425 crore.

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Only RIL shares will be traded in the one-hour special trading session. There are no circuit filters in RIL during the special trading session. The transactions done in RIL during the special trading session will be settled along with the trades carried out in RIL during the regular trading session of the same day.

The Sensex moved 132.29 points for the day, between a low of 9,289.23 and a high of 9,421.52.

D-day Arrives For Reliance Shareholders

		In the first-ever such exercise in the history of India’s capital markets, the BSE and the NSE will hold a special one-hour trading session in Reliance Industries shares today between 8 am and 9 am so that a new price can be ‘discovered’ to reflect the split in the group. Reliance Shoots Up Ahead of the special season, Reliance— which has 23-lakh shareholders— went up by 6.3% to Rs 928.15 on Tuesday. What will be the price today? Shares of Reliance— now owned by Mukesh Ambani — are expected to fall today after the market takes note of the demerger of four businesses to younger brother Anil. The price discovered in the special session will be used in the normal session later. Reliance shares will be in a no-delivery period for a week from today though trading will continue as usual. Story continues below this ad Expertspeak “I believe that the Reliance scrip would list at Rs 700-725 today. I don’t think that the new value would have a bearing on the Sensex as the base market cap for Reliance would be reworked at the special trading hour.” —Raj Gandhi, analyst, Angel Broking “The price of the Reliance share post demerger would be between Rs 650-700. We have a positive outlook for Reliance scrips in the future.” —Sharmila Joshi, Head of Research, Asit C Mehta

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