Stocks of petrochemicals and oil and gas major Reliance Industries hit a 52-week high of Rs 361.70 on the BSE, before closing 2.57 per cent higher at Rs 357.25. Up to 65 lakh shares of the company were traded today.
Reliance has posted a 20.2 per cent growth in first quarter net profit at Rs 1,104 crore, up from Rs 918 crore in the corresponding period last year. Total income surged by 16.9 per cent to Rs 12,688 crore from Rs 10,851 crore.
According to market sources, there was hectic short covering in RIL in the derivatives market following the first quarter results. Derivatives contracts for the month of July 2003 expire today. The stock had been a firm feature of the market of late, having risen sharply in the last few months on FII buying.
