RIL gains on ongoing share buyback programme

Shares in Reliance Industries gain 1.6 percent as traders say the company is increasing the volumes of its ongoing share buyback programme.

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The Indian energy conglomerate has bought 14.3 million shares since its buyback opened on February 1, traders estimate. It will close on January 2013.

Reliance had purchased 167,768 shares from the market as of early afternoon on Thursday.

Reliance Industries shares have dropped 9.3 percent this month as of Wednesday’s close, as investors remain concerned about its earnings outlook and its gas reserves.

Reuters