Healthy rollover spurs Reliance Petroleum
Reliance Petroleum jumped 5.28% to Rs 162.60 at 14:51 IST on BSE as the stock saw a strong 82% rollover of derivatives positions from March 2008 series to April 2008 when the March 2008 derivatives contracts expired on Thursday, 27 March 2008.
Meanwhile, the BSE Sensex was up 225.99 points, or 1.41%, to 16,241.55, on positive cues from Asian markets.
On BSE, 82.25 lakh shares of the scrip were traded. The stock had an average daily volume of 1.21 crore shares on BSE in past one quarter.
The scrip had touched a high of Rs 163.60 and a low of Rs 154.45 so far during the day. The stock had hit a 52-week high of Rs 295 on 1 November 2007 and a 52-week low of Rs 68.50 on 3 April 2007.
The scrip had outperformed the market over the past one month till 27 March 2008, declining 6.65% compared to the Sensex's fall of 10.16%. It underperformed the market in the past one quarter, sliding 30.57% compared to Sensex's decline of 20.74%.
The Mukesh Ambani-controlled refining firm has an equity capital of Rs 4500 crore. Face value per share is Rs 10. Reliance Industries, the parent company, holds 70.38% stake in Reliance Petroleum (as at end December 2007).
A rollover is defined as the transferring of a position from one month to the next.
Reliance Petroleum 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.