Reliance Industries creates history, for the first time, market cap crosses Rs 19 lakh crore, shares at record high
RIL joins hands with Taazee for UAE chemicals project.
Reliance’s stock opened today with a fall of Rs 16 at Rs 2759.70. Within minutes of trading, the stock reached a new 52-week high of Rs 2,827.10.
Mukesh Ambani, the second richest person in the country amid weakness in the marketMukesh Ambani) Company of Reliance Industries Limited (Reliance Industries Ltd) created a new history today. RIL ,RIL Market CapThe market cap of ) crossed Rs 19 lakh crore for the first time. During Wednesday’s trading, the company’s market cap increased to Rs 19,00,648.47 crore, with Reliance’s stock rising 1.20 per cent to reach Rs 2,809.10. During trading, the stock rose 1.85 per cent to reach an all-time high of Rs 2,827.10. Reliance is the first company in the country to cross the market cap of Rs 19 lakh crore.
According to market experts, the rise in Reliance shares has come due to the increase in Gross Refining Margin (GRM) in Singapore. The earnings of Reliance Industries will increase with the increase of $ 4 in GRM. As the Singapore GRM shoots around 7 to 8 dollars. The market expects the Reliance Petrochemical business to strengthen in the fourth quarter of FY 2022.
The main reason for the increase in GRM is the rising prices of crude oil. This improves the margins of petrochemical companies like Reliance.
Country’s first company with 19 lakh crore market cap
Reliance Industries has become the first company in the country to cross the market cap of Rs 19 lakh crore. RIL’s stock has gained 11 per cent in the last seven trading days. In the last three months, the stock has gained 20 per cent. During this, the Sensex has fallen 0.42 percent.
RIL joins hands with TA’ZIZ for UAE chemical project
Reliance Industries has signed a formal shareholder agreement for the $2 billion Tajiz Chemicals Joint Venture Project in the United Arab Emirates (UAE). Apart from this, RIL has also entered into an agreement with Abu Dhabi National Oil Company (ADNOC) for exploration and production of conventional and non-conventional resources.
RIL chief Mukesh Ambani said, I am very happy to see the rapid progress of the joint venture between Reliance Industries and Tajiz. This joint venture is a witness to the strong relationship between India and the United Arab Emirates.
Canceled deal with Future Group
Let us tell you that Reliance Industries has canceled its deal worth Rs 24,713 crore with Future Group. RIL has said that the deal cannot be implemented unless it is approved in the meeting of secured lenders. The secured creditors of Future Retail Limited (FRL) had rejected the deal to acquire the company from Reliance Retail with a majority vote. The proposal did not get the required support of at least 75 per cent of the secured creditors.