IIP: smart gains

The manufacturing sector was the key driver

 Reliance trades at a higher price-book multiple compared with IPCL because it has benefits of scale, and has high-growth businesses such as oil and gas exploration and retail, besides refining.

On Monday, the IPCL share closed 1.5 per cent lower at Rs 265, while Reliance was marginally lower at Rs 1316. For Reliance shareholders, the impact of this merger is not going to be too significant