RIL share price: RIL m-cap hits Rs 19 lakh crore as stock hits record high

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New Delhi: Reliance Industries (RIL) has added another feather to its cap by becoming the first-ever Indian company to reach a market capitalization (m-cap) of Rs 19 lakh crore.

Despite weakness in broader markets, the biggest domestic firm rose 2% to 2,827.10 rupees apiece, its new all-time high. The certificate stood at Rs 2,775.70 on Tuesday. At its peak, the market capitalization of the oil-to-telecom giant stood at Rs 19,03,658.88 crore, with a free float market cap of Rs 9,70,866.03 crore.

With the rise, Reliance, led by Mukesh Ambani, overtook Chinese lender ICBC, US drinks maker Pepsico, Japanese auto giant Toyota and major media outlet Disney. With a total m-cap of $248 billion, it is still behind Bank of America, Coca Cola, Pfizer, Abbvie, Eli Lilly, Novo Nordisk, Costco and BHP Group, which have an m-cap of between $250 billion and $300 billion. of dollars.



Santosh Meena, Head of Research, Swastika Investmart, said RIL is firing on all cylinders because its petchem business is doing extremely well thanks to a spike in oil and gas prices where Singapore’s GRM is at an all-time high . “Its telecommunications business is unaffected by geopolitical tensions and inflation as it explores synergies in its retail business,” Meena added. “It is growing in the renewable energy sector which opens up more opportunities.”

According to Meena, the certificate could reach Rs 3,000 on the upside, while Rs 2,500 should act as immediate and strong support for the meter.

Reliance Industries and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) on Tuesday signed a formal shareholder agreement for the TA’ZIZ EDC and PVC project. The joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with a total investment of over $2 billion.

Global brokerage Morgan Stanley continues to remain “overweight” on Reliance Industries with a target price of Rs 2,926. The stock is among its top picks. “RIL’s multi-year earnings and NAV upgrade cycle is in full play right now. Although the stock has outperformed local indices year-to-date, it should see further appreciation from investors. in current quarterly earnings,” Morgan Stanley said in a recent note.

In its report published on April 13, the national brokerage firm

gave Reliance Industries a buy rating with a target price of R2,880.

Recently, RIL’s telecommunications entity led by Mukesh Ambani, Reliance Jio took a lead over Bharti Airtel to become the country’s second-largest fixed-line service provider in February 2022, according to data released by industry regulator TRAI.

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