RIL strikes lifetime high in firm market

India's largest private sector company Reliance Industries (RIL) extended gains to strike a fresh an all- time of Rs 1,874. The index heavyweight was now up 2.8% to Rs 1,872, on 5.8 lakh shares. The Bombay High Court on Wednesday, 18 July 2007, refused to stay an interim order barring Reliance Industries (RIL) from selling gas from its KG basin field to any other firm except Anil Ambani's Reliance Natural Resources (RNRL) and state-run NTPC. A division bench of Justices J N Patel and Ahmed Sayed also adjourned by eight weeks the hearing on RIL's appeal against the previous interim order.

The court, however, said the government can go ahead with the process of fixing of gas price as per the contract for the field, without any prejudice to either party.