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
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