Reliance Industrial Limited share price rises on receiving Rs.13,150.7 Crore as ‘First call’
Reliance Industrial limited share price has gained in early trade on June 10, after the company has already received Rs.13,150.7 Crore as the first call on the partly paid-up equity shares. The company till May 31 has only received Rs.13,150.7 Crore on the first call which represents around 99 percent of the total amount which is due, the company in its regulatory filing said.
The company has fixed the date of May 12, 2021, for determining the holder of the partly paid-up equity shares who shall be liable to pay the money on the first call. The company had an allotment of 42,26,26,894 on the paid-up of Rs.2.50 on basis of last year.
“The holder of the aforesaid partly paid-up equity shares, whose names appeared on the register of members as on May 12, 2021. They are required to pay the first call amount of Rs.314.25 per equity share (comprising Rs.2.50 towards face value and Rs.311.75 towards the securities premium) between Monday, May 17, 2021, and Monday, May 31, 2021 (Both days inclusive) the company said.
The company completed the corporate transaction for the credit of 220.127.116.110 - Rs 5 paid-up shares. These 18.104.22.1680 shares of paid-up capital of 5 rupees have been listed and would be available for trading on the stock exchange starting June 10, 2021, he added.
"Reliance Industries (RIL) has been trading in a range between Rs 1,850 and Rs 2,150 for the past six months. The stock has given a decisive twist to a symmetrical triangle pattern and currently hovers above the upper band of the triangle pattern on a weekly. range,” said Rohan Patil, Technical Analyst, Bonanza Portfolio.
Reliance saw above-average volume activity during the breakout, indicating a price-volume breakout on a weekly scale, he added. “The stock is trading above its 50- and 100-day exponential moving averages over the weekly time frame, which is good for this in the short term. The Momentum RSI oscillator (14) is reading above 60 with positive crossover, trying to accelerate higher on the daily and weekly intervals,” Patil said.
"Buy Reliance Industries with a target price of Rs 2,300 and a stop loss of Rs 2,100," Patil said. The share reached a 52-week high of Rs. 2,368.80 on September 16,2020 and 52 week low of Rs.1,495 on June 12,2020. Its trading percent is 7.66 percent which is below its 52 weeks high and 46.31 percent above its 52-week low.