The stripped down Reliance Industries' stock on Wednesday surpassed market expectations and closed at Rs 715.50 at a special session to determine its value after the demerger of the firm's power, finance and telecom businesses as part of a ownership settlement.
As a result of the exclusive trading, the newly discovered base price of RIL, the flagship company of the Reliance group founded by late Dhirubhai Ambani, which would now function as a pure petroleum/petrochemicals company, will be Rs 714.19 on the Bombay Stock Exchange and Rs 714.39 on the National Stock Exchange.
The stock of RIL as a combined entity had zoomed 6.3 per cent higher at Rs 928.15 on Tuesday, virtually double the less than Rs 500 it commanded during troubled times -- the peak of the ownership battle between older Ambani Mukesh and his brother Anil.
Opening at Rs 702.90 on Wednesday, RIL equity attracted investors in hoards and as many as six crore (60 million) shares changed hands during the hour-long trading, in which 1,640 block deals were recorded.
The transactions amounted to over Rs 4,500 crore (Rs 45 billion) during the session, as against a daily average of two crore (20 million) share transactions, reinforcing the position of RIL as an investor friendly scrip.
The new price is considered by the analysts and stock market dealers as "a very good response" considering the fact that it was on the strength of the business that remains with the flagship company controlled by Mukesh Ambani after demerger of investments in areas that have gone to younger brother Anil.
The counter that opened for a special trade to discover its price was the only instance of its kind in the bourses' history. It recorded high volumes and block trades.
Brokers said the price opening was above the expectation of the general investors but some hesitancy was witnessed, as most of them waited for the final shape of the scrip to emerge after the regular trading.
"RIL scrip having a smaller-than-expected decline in its market value after discarding phone, power and financial services units, is well in line with expectations of the market participants and general investors," said Rajiv Malik, a NSE broker.
Commenting on the drop of 24 per cent to open at Rs 702.90 and a rise to over Rs 727.75, he said it was good sign and continuation of RIL's legacy of rewarding investors.
Most of the funds and analysts opined that the share would shed over 26 per cent or over Rs 280 from its market value recorded on the previous day.
However, a surge in its prices to touch a record high of Rs 937.50 in previous day's trading, made the scrip more stronger to enter the market as an investors' favourite, marketmen said.
Reliance shares had jumped 54 per cent to Rs 928.15 since June 19, when the two Ambani brothers - Mukesh and Anil agreed to split the family business, easing concerns about a slow growth of businesses in the group.
The company, which entered the capital market in 1977 with a small market capitalisation of Rs 10 crore (Rs 100 million), has rewarded its original investors with compounded returns of 43 per cent per annum and kicked up the market capitalisation to Rs 1,29,000 crore (Rs 1290 billion) on Tuesday.
The group's $23 billion in annual sales account for 3.5 per cent of India's gross domestic product.
"The broking fraternity expect the market to remain above in the regular trading which would commence at 1000 hrs but a plunge in the Asian market might dent the trading sentiment here," said another leading Delhi-based broker Manoj Choraria.
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