After reaching a new high, Mukesh Ambani’s Reliance Industries Ltd (RIL) became the first Indian listed firm to have a market capitalization of Rs 19 trillion. In an otherwise sluggish market, the stock set a record high of Rs 2,827.10, up 2% on the BSE in intraday trade on Wednesday RIL’s market capitalization was Rs 19.02 trillion at 09:33 a.m., according to BSE data, with the stock up 1.3 percent at Rs 2,811.85. The S&P BSE Sensex, on the other hand, was down 0.61 percent at stock price has increased by 11% in the last seven trading days, from a low of Rs 2,544 on April 18, 2022. The stock has gained 20% in the last three months, compared to a 0.42 percent fall 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, is a well-diversified commercial entity with a presence in refining or marketing petrochemicals (O2C), oil and gas exploration, retail, digital services, and media, making it one of India’s largest conglomerates. O2C and oil and gas contributed 50% of EBITDA in the 9MFY22 period, whereas retail, digital, and others contributed 10%, 34%, and 6%, respectively.
On Tuesday, RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) inked a shareholder agreement for a chemical project in Abu Dhabi’s Ruwais. The development is significant because it will concentrate on the manufacturing of chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC), which are all used in a variety of industrial applications.