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Home » IANS » RIL-RE volumes jump to record 3.4 crore; price spurts 23%

RIL-RE volumes jump to record 3.4 crore; price spurts 23%

By IANS
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New Delhi, May 28 (IANS) Demand for Reliance Industries – Rights Entitlement (RIL-RE) soared on the penultimate day of trading on Thursday.

RIL-Res’ traded volumes spurted to 3.44 crore on Thursday, the highest daily volume since REs started trading from Wednesday. Friday will be the final day for online RE trading.

On Thursday, RIL-RE volumes surpassed the volumes in Reliance Industries scrip, as 1.92 crore RIL shares were traded on the NSE and the BSE.

The volume spurt in RIL-REs was supported by a jump in price. The volume-weighted average price (VWAP) of REs stood at Rs 221.51 on Thursday, up 23.2 per cent from Wednesday. This was the highest single day gain posted by RIL-RE so far.

Along with volumes and price, the premium RIL-RE commanded over their intrinsic value also gained on Thursday. At the closing price of RIL scrip at Rs 1472.25, the intrinsic value of RIL-RE stood at Rs 215.25 (the difference over Rights Issue price of Rs 1,257).

Considering RE’s closing price of Rs 229.8, the premium stood at Rs 14.50, higher than Wednesday’s Rs 12.95.

Throughout all the six trading sessions, RIL-RE has consistently traded at a marked premium to their intrinsic value, indicating strong buyer interest in the Right Entitlements.

With just one more day to go, 11.1 crore REs have changed hands on the stock exchanges so far. The cumulative value of RE trades crossed Rs 2,150 crore.

The RIL-RE closed at Rs 229.8 on NSE, up 14 per cent over the previous day’s closing price, after touching a high of Rs 235 intra-day.

RIL-RE trading began on Wednesday, simultaneously with the Rights Issue. The company has come out with a Rights Issue in 1:15 ratio for the first time in three decades to enable all the shareholders to participate in its growth in consumer/technology businesses, where new strategic investors have started to join.

–IANS

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(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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