Reliance Industries becomes 1st Indian company to hit Rs 19-trillion m-cap

 

Mukesh Ambani-led Reliance Industries Ltd's (RIL) became the first Indian listed company to touch the Rs 19-trillion market capitalisation-mark after its shares scaled a record high. The stock hit a new high of Rs 2,827.10, up 2 per cent on the BSE in Wednesday's intra-day trade in an otherwise weak market.

According to the BSE data, RIL m-cap stood at Rs 19.02 trillion at 09:33 AM, with the stock up 1.3 per cent at Rs 2,811.85. In comparison, the S&P BSE Sensex was down 0.61 per cent at 56,977.

In the past seven trading days, the stock price of RIL has appreciated by 11 per cent from a level of Rs 2,544 on April 18, 2022. In the past three months, the stock has rallied 20 per cent, as compared to 0.42 per cent decline in the S&P BSE Sensex.

"Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore gross refining margin (GRM) is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business that opening more opportunities for the company," said Santosh Meena, Head of Research, Swastika Investmart.

RIL is one of India's biggest conglomerates with a presence in refining or marketing petrochemicals (O2C), oil and gas exploration, retail, digital services and media, making it a well-diversified business entity. In April-December period (9MFY22), O2C and oil and gas contributed 50 per cent to the EBITDA level whereas retail, digital and others contributed 10 per cent, 34 per cent and 6 per cent, respectively.

RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) on Tuesday signed a shareholder agreement for a chemical project in Ruwais, Abu Dhabi. The development acquires significance as it will focus on chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production, which is used in a wide range of industrial applications.

This is expected to unlock new revenue streams for RIL as well as the Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, who are strategic partners in TA’ZIZ, a joint venture company. CLICK HERE FOR FULL REPORT

Read Complete Article


Comments

Post a Comment

Popular posts from this blog

Before Bahubali 2, makers to release Bahubali 1 again

Image
Rana Daggubati and Prabhas are overwhelmed with the response to the trailer of Bahubali 2 Director S S Rajamouli wants the audiences to revisit the world of "Bahubali" before the release of " Bahubali 2: The Conclusion" . Rajamouli today said they are planning to show the first part a week before the second edition hits theatres on April 28. "We are planning to release part one maybe one or two weeks before the release of part two in southern states so people can get back into the narrative," Rajamouli said at the trailer launch of the Hindi version here. Both Rana Daggubati and Prabhas are overwhelmed with the response to the trailer. "The fans are happy with it. It's overwhelming to be a part of the film," Rana said. The Tamil version of the trailer had leaked online hours before its official release and the makers called it "technical glitch". "This particular thing is neither due to leakage or pirac
Read more

Samsung rolls out 'Made in India' privacy app for Galaxy A71, Galaxy A51

Image
  Smartphone maker  Samsung  on Monday said it has rolled out privacy app AltZLife developed at its India R&D centre on select handsets in the country. The app allows users of the Galaxy A71 and Galaxy A51  smartphones  to quickly switch to privacy mode from normal mode by double-clicking the power button and also automatically save images and videos in private folders based on the usage pattern. "The AltZLife feature will be available to the existing as well as new users of Galaxy A71 and Galaxy A51 through a software update on August 10, 2020,"  Samsung  said in a statement. According to a research conducted by Samsung, 79 per cent of generation-Z (those born between mid-90s and early 2000s) users admit to having content such as images, applications and private chats on their  smartphones  that they do not want family or others to see. Samsung  India Senior Director (Mobile Business) Manu Sharma said the app helps eliminate the anxiety that consumers usuall
Read more

Truecaller version 12 with new features for Android users launched

Image
  Swedish caller identification app  Truecaller  on Thursday rolled out its latest version 12 with a new Video Caller ID feature addition, call recording for free users, and a redesigned user interface (UI). A total of five features have been announced as part of the  Truecaller  Version 12 update. " Truecaller  is a vital part of communication for over 22 crore Indians, for both their professional and personal needs. We are humbled by the level of trust people have shown in us but we are also driven by the goal of transforming communication," Rishit Jhunjhunwala, Chief Product Officer and Managing Director, Truecaller India said in a statement. Video Caller ID feature allows users to set a short video that plays automatically when they call friends and family. Users can choose from one of the built-in video templates or record their own video. Another feature is Call Announce. Once enabled, the new optional feature will speak the caller ID for incoming phone calls ou
Read more