Reliance stocks hit new highs

MUMBAI: Key stocks from the Reliance stable, both Mukesh Ambani group and Anil Ambani group, were in the forefront of the Friday’s rally, hitting new highs amid frenzied trading. On NSE, they accounted for 26% of the total-traded turnover for the day.

Shares of Reliance Natural Resources, owned by Anil Dhirubhai Ambani Group, surged 35% to close at Rs 77, leaving most market observers baffled. “There has been news about Reliance Natural applying for gas distribution licence, but this does not justify the rise in the stock price.

Short-covering in the derivatives segment could have pushed up the prices,” says a BSE broker. Index heavyweight Reliance Industries hit a record of Rs 2,294, before settling at Rs 2,274, up 2% over the previous close.

According to sources, the huge gain in Reliance group companies boosted the overall market sentiment. But at the same time, they feel valuations are beginning to look stretched.

Power utility company Reliance Energy rose 2.2% to close at Rs 1,010, after touching a new high of Rs 1,033 intra-day.
Reliance Petroleum, which is building a refinery that is expected to go on stream next year, shot up 12% to close at Rs 155. The shares have risen 42% over the past one month.