Equity Alert: Reliance Petroleum up; to raise $500 mln for refinery
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K.Karthik Raja
Apr 1, 2008, 6:15:43 AM4/1/08
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Equity Alert: Reliance Petroleum up; to raise $500 mln for refinery
MUMBAI--3:27PM--Reliance Petroleum shares extended gains to end up
7% at 166.50 rupees after the company confirmed reports it was
planning to raise $500 mln for its Jamnagar refinery, dealers said.
The share can rise up to 173 rupees in three-four sessions and has
support at 160 rupees, a technical analyst said.
"The report only brings in positive sentiment that the project
which is
set to be commissioned in the second half of 2009 is on schedule as
the amount raised will be deployed for the completion of the
project,"
"However, surge in Reliance Petroleum today is more on account of
weak sentiment prevailing in the broad market and investors entering
the share as a safe bet as the downside is capped," he said.
K.Karthik Raja
MUMBAI--3:27PM--Reliance Petroleum shares extended gains to end up
7% at 166.50 rupees after the company confirmed reports it was
planning to raise $500 mln for its Jamnagar refinery, dealers said.
The share can rise up to 173 rupees in three-four sessions and has
support at 160 rupees, a technical analyst said.
"The report only brings in positive sentiment that the project
which is
set to be commissioned in the second half of 2009 is on schedule as
the amount raised will be deployed for the completion of the
project,"
"However, surge in Reliance Petroleum today is more on account of
weak sentiment prevailing in the broad market and investors entering
the share as a safe bet as the downside is capped," he said.
K.Karthik Raja
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