RIL mulls share buyback, shares surge 4 per cent

Reliance Industries (RIL) shares surged by over 4 per cent on Wednesday over the company's announcement that it will consider a share buyback on Friday. The scrip closed 4.2 per cent higher at Rs.771.25 at the Bombay Stock Exchange after touching a high of Rs.786.80.

"A meeting of the Board of Directors of the company will be held on January 20, to consider and approve a proposal for buyback of equity shares in accordance with all applicable provisions of law," RIL said in a filing to the Bombay Stock Exchange.

The company will also announce its third quarter results on Friday.

RIL carries 9.78 per cent weight on the Sensex.

Despite the surge in RIL stocks the BSE Sensex closed flat on Wednesday at 16,451.47 points, 14.58 points or 0.09 percent down from its previous close at 16,466.05 points.