Reliance Petroleum speeds up

Reliance Petroleum rose 1.54% to Rs 187.60 after the company said its 5.80 lakh barrel a day export-oriented refinery at Jamnagar, Gujarat would be completed ahead of its schedule start of December 2008.

OnThe stock hit a high of Rs 190 and low of Rs 186.05 so far during the day. The stock had a 52-week high of Rs 295 on 1 November 2007 and a 52-week low of Rs 73.90 on 16 April 2007.

The large-cap scrip had has outperformed the market over the past one month till 16 April 2008, gaining 22.29% compared to the Sensex's return of 9.51%. It also outperformed the market in the past one quarter, declining 14.10% compared to Sensex's decline of 17.55%.

From a recent low of Rs 156.25 on 31 March 2008, the stock has gained 18.30% to Rs 184.85 on 16 April 2008, ahead of the news

The company's current equity is Rs 4500 crore. Face value per share is Rs 10. Promoters held 75.38% stake in the company (as at end December 2007).

In an announcement made after trading hours yesterday, 16 April 2008, Mukesh Ambani-promoted Reliance Petroleum (RPL) informed that as on March 2008, the company has utilised Rs 23,319 crore for the project as against a projected Rs 22,130 crore. During the quarter ended March 2008, the company achieved 90% overall progress in implementation of its complex refinery. RPL is building the refinery adjacent to parent Reliance Industries' existing 6.60 lakh barrels per day refinery at Jamnagar.

RPL was initially 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