Reliance Industries (RIL) current trading higher by 2.4% at Rs 864.70, and is close to its maximum buyback price of Rs 870 per share. The company's buyback programme commenced from February 1.

The RIL stock has rallied 16.7% from Rs 740, since the announcement of buyback offers on January 18, compared with 7.8% rise in the benchmark index Sensex.

India’s most valued company proposed to buyback of up to 120 million fully paid-up equity shares of Rs 10 each, at a price not exceeding Rs 870 apiece, payable in cash, up to an aggregate amount not exceeding Rs 10,440 crore, from the open market.

Meanwhile, on Tuesday, Goldman Sachs upgraded RIL to buy from neutral, citing a potential lift in margins on increased refining and recovering oil demand.

A combined 1.68 million shares have changed hands on the counter so far on both the exchanges.