Reliance Industries gained 2.3% to Rs 821.95 at 15:10 IST on BSE, with the stock extending Tuesday's gain triggered after the company's telecom subsidiary and Bharti Airtel signed an agreement for international data connectivity.
Shares of Bharti Airtel stock rose 0.85% at Rs 302.
Meanwhile, the S&P BSE Sensex was up 231.75 points or 1.21% at 19,411.11.
On BSE, 6.11 lakh shares of Reliance Industries (RIL) were traded as against average daily volume of 4.27 lakh shares in the past one quarter.
The stock hit a high of Rs 826.85 and a low of Rs 806 so far during the day. The stock had hit a 52-week high of Rs 954.80 on 21 January 2013. The stock had hit a 52-week low of Rs 671 on 8 May 2012.
The stock had underperformed the market over the past one month till 23 April 2013, falling 0.9% compared with the Sensex's 2.37% rise. The scrip had also underperformed the market in past one quarter, falling 12.98% as against Sensex's 4.23% fall.
The large-cap company has equity capital of Rs 3229.33 crore. Face value per share is Rs 10.
Shares of RIL gained 4.07% in two trading days from a recent low of Rs 789.75 on 22 April 2013 after the company's telecom subsidiary and Bharti Airtel signed an agreement for international data connectivity on Tuesday, 23 April 2013. The stock market remained shut on Wednesday, 24 April 2013, on account of Mahavir Jayanti.
Bharti Airtel and RIL's telecom arm -- Reliance Jio Infocomm - on Tuesday, 23 April 2013, announced that they have signed an Indefeasible Right to Use (IRU) agreement, under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region. It will connect Reliance Jio directly to the world's major business hubs and ISPs, thereby, helping the operator to meet the bandwidth demand and provide ultra-fast data experience to its customers.
The deal marks Reliance Jio's continued efforts to rapidly grow and expand both its international and domestic network and infrastructure by building an ecosystem with multiple carriers and service providers. Bharti and Reliance Jio will continue to build on this strategic framework and consider other mutual areas of cooperation and development to leverage their respective assets towards offering their customers a much richer experience, the two companies said in a joint statement.
RIL's net profit surged 31.9% to Rs 5589 crore on 1.2% decline in net sales to Rs 84198 crore in Q4 March 2013 over Q4 March 2012.
RIL's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and infotel. RIL is the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products.
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