Mukesh Ambani says at 22.5 pct of share buyback target

(Reuters) - Reliance Industries has bought back 27 million shares to date, 22.5 percent of its share buyback target, Chairman Mukesh Ambani said.

Reliance announced in January it would buy back up to 120 million shares at a maximum value of 104.4 billion rupees, its first share buyback since 2005 and the biggest ever in India.

The energy-focused conglomerate reported its second consecutive quarterly drop in profit during the three months to March, its shares are near a three-year low, and its rising cash pile has fuelled investor  (curtsey : reuter)disquiet.

Rupesh Yatesh Dalal

Head Research Department

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Stung by gas woes, Ambani plots growth for Reliance Industries

(Reuters) - Billionaire Mukesh Ambani admitted disappointment over the D6 block, Reliance Industries' flagship gas field, but remained upbeat in front of shareholders of his Reliance Industries (RELI.NS), whose falling stock price has seen it overtaken as India's most valuable.

Ambani, India's richest man, said Reliance aimed to double its operating profit in the next 4-5 years