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Reliance Natural up on revised gas pact
Shares in Reliance Natural hit an intra-day high of over 6 percent on Friday after chairman Anil Ambani signed a revised gas supply agreement with brother Mukesh’s Reliance Industries.
The counter, which had opened lower, trimmed gains made after the announcement and closed 3.2 percent up at 65.95 rupees. Shares in Reliance Industries closed 1.1 percent higher.
Reliance Natural was the most traded main stock on the BSE. About 26.9 million shares changed hands, more than double their average volume for 30 days.
The new pact, according to sources, entails 28 mmscmd gas supply for 17 years at $4.2/mmbtu.
Do you think the revised pact will help Reliance Natural attain new highs?