Reliance Industries rose 1% to Rs 954.45 at 10:12 IST on BSE after the company's subsidiary announced the closing of recently announced sale of its interest in certain upstream assets.
The announcement was made during trading hours today, 24 November 2017.Meanwhile, the S&P BSE Sensex was up 111.41 points, or 0.33% to 33,699.49.
On the BSE, 95,000 shares were traded in the counter so far, compared with average daily volumes of 5.44 lakh shares in the past one quarter. The stock had hit a high of Rs 959 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 948 so far during the day. The stock hit a 52-week low of Rs 492 on 28 November 2016.
The stock had underperformed the market over the past 30 days till 23 November 2017, rising 0.55% compared with 1.65% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 20.60% as against Sensex's 6.30% rise. The scrip had also outperformed the market in past one year, rising 90.81% as against Sensex's 29.88% rise.
The large-cap company has equity capital of Rs 6333.07 crore. Face value per share is Rs 10.
Reliance Marcellus II, LLC (Reliance) a subsidiary of Reliance Holding USA, Inc., and Reliance Industries (RIL), announced the closing of recently announced sale of its interest in certain upstream assets; which were operated by Carrizo Oil & Gas, Inc to BKV Chelsea LLC, an affiliate of Kalnin Ventures.
In a transaction announced on 6 October 2017, Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of 1 April 2017. Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved.
The transaction closed on 21 November 2017 and Reliance received the purchase consideration subject to usual and customary purchase price adjustments.
On a consolidated basis, net profit of Reliance Industries rose 12.79% to Rs 8097 crore on 20.12% rise in net sales to Rs 91481 crore in Q2 September 2017 over Q2 September 2016.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
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