Reliance Petroleum Continues Its Recent Upsurge

Reliance PetroleumContinuing its recent rise, Reliance Petroleum gained 3.26% to Rs 112.60 in afternoon trading.

Today, the scrip had touched its all-time high of Rs 112.50. It hit a low of Rs 109.30 during the day thus far. It has had its 52-week low was Rs 51 on 25 July 2006.

There were 55.22 lakh shares for trading on the BSE counter. In the past one quarter, the normal daily volume in the stock was 33.94 lakh shares on BSE.

Reliance Petroleum’s share price turned down from Rs 101.70 on 5 June 2007 to Rs 94.95 on 15 June 2007. It had ascended 14.74% since then to a lifetime closing high of Rs 108.95 on 27 June 2007

In the last one month to 27 June 2007, the stock had lifted 6.55% as against the Sensex's 0.53% declension. It had outperformed the stock market in the past three month phase, ascending 47.03% versus the Sensex's 11.18% admiration.

In May 2007, Reliance Petroleum stated that it had made notable growth on all implementation fronts for its universal sized, complex industrial plant coming up in a Special Economic Zone (SEZ) at Jamnagar in Gujarat with the overall project completion nearing 50% in just 15 months since commencement of the project.

According to the reports, American petroleum major Chevron may raise its stake in Reliance Petroleum. Chevron already holds up 5% in the company that appeared with an initial public offer in April 2006.

RPL was incorporated as a 100% subsidiary of Reliance Industries (RIL) in October 2005 to establish a grassroot petroleum refinery and polypropylene (PP) plant in the SEZ at Jamnagar.