 "RIL hikes stake in EIH, stock surges 9% in Sat trade")
Shares in Indian hospitality firm EIH rose as much as 9.36 percent on Saturday after a subsidiary of Reliance Industries bought an additional 3.73 percent stake for Rs 192 crore in an open market transaction.
Shares of EIH, owner of the Oberoi chain of hotels, rose to a session’s high of Rs 103.20 per share and closed at Rs 98.10.
[caption id=“attachment_232843” align=“alignleft” width=“380” caption=“An increased RIL stake saw the shares of EIH rise. Reuters”]
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Reliance Industries raised its stake from 14.8 percent to 18.53 percent in EIH. It bought shares from Gaylord Impex and Pivet Finances for Rs 90 each, data from the stock exchange showed.
The Bombay Stock Exchange was open on Saturday to test a new disaster management software. The markets were otherwise flat as traders put all eyes on the UP poll results ahead. There was some buying in IT, power and bank stocks as all the three indices ended in positive.
The biggest gainers in an otherwise quite trading were Hindustan Copper, MMTC, Reliance Power. With crude falling 2.28 percent, oil marketing companies like HPCL, BPCL and Indian Oil Corporation were also in the green. A drop in oil prices is seen as a positive for these companies as their share of subsidy is closely linked to inetrnational oil prices.
Redinton India, Amtek Auto, JSW Ispat and IRB Infra were the major losers in the day’s trade.
For the week, the index fell 1.6 percent, after losing 2 percent in the previous week.