Equity Alert: RIL unch after fire at Nagothane petchem complex unit

[K.Karthik Raja]

Equity Alert: RIL unch after fire at Nagothane petchem complex unit
MUMBAI--2:55PM--Reliance Industries shares did not react to news
of a
fire at one unit at Nagothane petchem complex, dealers said. The unit
was
closed for repair when the fire broke out.
The stock was up over 1% at 2,273 rupees. Dealers attribute gains
in the
stock to short covering.
The company said the fire is under control, but has confirmed that
four workers were dead and two injured.
"Operation wise this news is not likely to have any big impact.
The
company will have to close the unit, which was anyways closed for
maintenance, for a little longer," an analyst said.
Technical analysts expect support for the stock at 2,200 rupees
and
resistance around 2,400 rupees in the near term.
So far 4.1 mln shares have been traded on NSE. June futures of the
stock
were at 2-point premium to the spot, with 1% drop in open interest.