RIL gains over 4% on share buyback plan

Reliance Inds.reliance-inds12150008India's most valued and a highly cash rich firm, Reliance Industries Ltd (RIL) gained as much as 4.7 per cent during the early morning trade on Bombay Stock Exchange after the company announced that it will buyback its shares.

Shares of the company, after gaining as much as 4.52 per cent, were trading at Rs 773.80 a piece, up 4.22 per cent from previous close on BSE at 2.00 PM.

In its filing to the Bombay Stock Exchange, company said that “a meeting of the Board of Directors of the Company will be held on January 20, 2012, inter alia, to consider and approve a proposal for Buy Back of the Company's equity shares in accordance with all applicable provisions of law".

In the similar fashion, shares of the company were trading at Rs 773 a piece, up 4.22 per cent on National Stock Exchange.

Meanwhile, the broader 30-share Sensex was trading at 16427.99 down by 38.06 points or 0.23% at 2.00 pm IST.

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