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Reliance
Natural lists at Rs17.5
Mumbai:
Shares of Reliance Natural Resources (RNRL), controlled
by Anil Ambani Group, has debuted at Rs17.50 on both BSE
and NSE.
Shares of RNRL with a face value of Rs5 closed at Rs18.55
on the BSE and at Rs18.30 on NSE on Wednesday. Over 2.33
crore shares were traded on the BSE and another 4.31 crore
shares on the NSE.
This is the third company, which was spun-off from flagship
Reliance Industries Ltd (RIL), to be listed on the stock
exchanges. Reliance Energy Ventures and Reliance Capital
Ventures were listed on the stock exchanges in February.
Reliance Communications Ventures the fourth and last company
spun off from RIL will be listed on the stock exchanges
later this month.
All the four companies became part of the Anil Ambani
Group, as part of a settlement agreement between Ambani
brothers Anil and Mukesh Ambani.
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Silver
touches a record Rs13,750 a kg
Mumbai:
Spot silver price in the Mumbai bullion market opened
at an all-time-high of Rs13,750 per kg on Wednesday and
closed at Rs13,700 per kg, Rs50 lower. The opening price
was 0.65 per cent higher than the closing price of the
previous day.
Silver has been rising as the stocks of the central government
are getting exhausted. In the past fortnight it has been
moving between Rs13,300 to Rs13,700 per kg.
The present silver price is still Rs800 lower than the
cost insurance and freight (CIF) rate of the imported
silver. Hence, the domestic silver may touch this level
anytime to sell in parlance with international price said
silver importers.
So far the government has sold about 1,800 tonnes of silver
this year out of the total annual requirement of about
3,000 tonnes per annum.
Trader said gold traders are shifting their attention
towards silver as an investment option and silver would
outperform gold very soon. The present rise in domestic
silver prices could be attributed marginally to the supply
constraints from the Mineral and Metal Trading Corporation
(MMTC).
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