RIL shares climb over 4% on LIC stake hike, earnings optimism

Mumbai: Shares of Reliance Industries Limited rose over 4 percent today, adding Rs 12,318.53 crore to investor wealth, on growing earnings optimism and as insurance major LIC increased its stake in the Mukesh Ambani-led firm to over nine percent.[caption id=“attachment_2131813” align=“alignleft” width=“380”]  Chairman and Managing Director of Reliance Industries Mukesh Ambani. Reuters[/caption] The scrip ended the day with a gain of 4.39 percent at Rs 901.65 on the BSE. During the day, it surged 4.95 percent to Rs 906.50. The blue-chip stock was the biggest gainer among the 30-Sensex stocks. At the NSE, it jumped 4.15 percent to settle at Rs 900.15. Led by the surge in the stock the company’s market value surged Rs 12,318.53 crore to Rs 2,91,730.53 crore. On the volume front, 7.08 lakh shares of the company changed hands at the BSE and over 47 lakh shares were traded at the NSE during the day. Insurance behemoth LIC has increased its stake in Mukesh Ambani-led Reliance Industries Ltd by 2.09 percent after buying 6.78 crore shares in the open market. At yesterday’s market prices, state-run LIC’s stake in RIL is worth upwards of Rs 25,150 crore. LIC, which had 6.98 percent stake earlier, increased its shareholding in the company to 9.08 per cent by buying shares between January 23, 2010, and February 28, 2015, RIL had said in a filing to the BSE yesterday. Besides, reports said some foreign brokerages upgraded the RIL stock on hopes of robust earnings in March quarter as crude oil prices have shown a rebound. Disclosure: Firstpost is part of Network18 which is owned by Reliance Industries Limited. PTI