Fund raising plan fuels Reliance Petroleum

Reliance Petroleum surged 7.26% to Rs 167.60 at 15:06 IST on BSE after the company said it has executed a facility agreement to raise $500 million for the refinery project at Jamnagar, Gujarat.

The company made this announcement during trading hours today, 1 April 2008.

Meanwhile, the BSE Sensex was up 41.66 points, or 0.27%, to 15,686.10.

On BSE, 1.06 crore shares were traded in the counter. The scrip had an average daily volume of 1.22 crore shares in the past one quarter.

The stock hit a high of Rs 168 so far during the day. The stock had a 52-week high of Rs 277.55 on 2 January 2008 and a 52-week low of Rs 64.30 on 2 April 2007.

The large-cap scrip had outperformed the market over the past one month till 31 March 2008, declining 10.82% compared to the Sensex's fall of 11%. It had underperformed the market in the past one quarter, declining 30.95% compared to Sensex's decline of 22.94%.

The company's current equity is Rs 4500 crore. Face value per share is Rs 10.

Reliance Petroleum (RPL) was incorporated as a 100% subsidiary of Reliance Industries (RIL) in October 2005 to set up a grassroot petroleum refinery and polypropylene (PP) plant in the special economic zone (SEZ) at Jamnagar.