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Shares in Sensex heavyweight Reliance Industries rose over 2 percent in trade on news that was in talks with U.S.-based Chesapeake Energy to buy a stake in Eagle Ford shale gas project.
Reliance Industries closed 2.5 percent higher at 1026 rupees, having led the gainers list on the Sensex which ended at a fresh 32-month high at 19594.
The stock has had a disappointing run so far this year with a negative return of over 5 percent.
Do you think shares in Reliance Industries will pick up steam and cross the 1200-rupees mark this year?
Shares in Reliance Industries closed 3 percent lower on Tuesday, a day after the company pushed ahead with its diversification plan by acquiring a stake in hotel chain EIH for $217.5 million.
Reliance is already active in petrochemicals, refining, oil and gas, and retail.
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.
Shares in companies controlled by the billionaire Ambani brothers were among the big gainers on Monday after the two moved towards resolving a long-running strife.
The BSE Sensex ended 0.15 pct higher led by Reliance Industries which gained 2.5 percent at 1021 rupees.
Shares in Reliance Industries ended 2 percent higher on Thursday at 1075 rupees on reports that it would buy along with Atlas more Marcellus acreage.
Independent oil and gas company Atlas Energy Inc said it would buy 42,344 acres in the gas-rich Marcellus shale along with Reliance, weeks after the two announced a joint venture.
from India Insight:
(UPDATE: Reliance Industries has gained an overseas foothold by agreeing to pay $1.7 billion to form a joint venture with U.S.-based Atlas Energy. India's largest-listed firm will pick up a 40 percent stake in Atlas's operations in the booming Marcellus Shale)
The ruthless efficiency and smooth execution that marked Reliance Industries' development of the world’s largest refining complex in western India and its vast gas fields off the country's east coast has eluded the top-listed Indian firm during its recent attempts at overseas takeovers.